HSTC: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HSTC
Largest movements
- Tangible fixed assets +€589,392
up €589,392 (+72.2%), from €816,862 to €1.4m
of which Assets under construction and advance payments: +€610,883
- Stocks and contracts -€374,000
down €374,000 (-85.8%), from €435,682 to €61,682
- Receivables within one year -€135,412
down €135,412 (-79.3%), from €170,738 to €35,326
of which Trade receivables: -€95,524
- Cash -€109,733
down €109,733 (-94.9%), from €115,575 to €5,842
mainly Investment in fixed assets (net) (-€615,417) and Trade debts (-€149,677)
- Trade debts -€149,677
down €149,677 (-95.1%), from €157,397 to €7,721
- Debts after one year +€107,192
up €107,192 (+34.1%), from €314,263 to €421,455
of which Financial debts: +€107,820
- Other debts -€61,941
down €61,941 (-6.5%), from €956,085 to €894,144
- Profit (loss) carried forward +€40,034
up €40,034 (+102%), from €39,089 to €79,124
- Tax, wage and social debts +€29,285
up €29,285 (+208%), from €14,106 to €43,391
of which Taxes: +€35,921
- Gross operating margin +€58,167
up €58,167 (+70.1%), from €83,021 to €141,188
- Other operating charges +€43,144
up €43,144 (+1,110%), from €3,887 to €47,031
- Financial charges -€5,865
down €5,865 (-27.0%), from €21,758 to €15,893
- Taxes +€5,770
up €5,770 (+63.4%), from €9,095 to €14,865
- Depreciation +€2,331
up €2,331 (+9.8%), from €23,695 to €26,025
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,545,659 | €1,516,180 | -€29,479 | -1.9% |
| Fixed assets | 21/28 | €817,612 | €1,407,004 | +€589,392 | +72.1% |
| Tangible fixed assets | 22/27 | €816,862 | €1,406,254 | +€589,392 | +72.2% |
| Land and buildings | 22 | €474,924 | €457,788 | -€17,135 | -3.6% |
| Plant, machinery and equipment | 23 | €10,143 | €11,437 | +€1,294 | +12.8% |
| Furniture and vehicles | 24 | €18,445 | €12,796 | -€5,649 | -30.6% |
| Assets under construction and advance payments | 27 | €313,350 | €924,233 | +€610,883 | +195% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €728,047 | €109,176 | -€618,871 | -85.0% |
| Stocks and contracts in progress | 3 | €435,682 | €61,682 | -€374,000 | -85.8% |
| Stocks | 30/36 | €435,682 | €61,682 | -€374,000 | -85.8% |
| Amounts receivable within one year | 40/41 | €170,738 | €35,326 | -€135,412 | -79.3% |
| Trade receivables | 40 | €130,773 | €35,249 | -€95,524 | -73.0% |
| Other amounts receivable | 41 | €39,965 | €77 | -€39,888 | -99.8% |
| Cash at bank and in hand | 54/58 | €115,575 | €5,842 | -€109,733 | -94.9% |
| Deferred charges and accrued income | 490/1 | €6,052 | €6,327 | +€274 | +4.5% |
| Total equity and liabilities | 10/49 | €1,545,659 | €1,516,180 | -€29,479 | -1.9% |
| Equity | 10/15 | €84,514 | €124,548 | +€40,034 | +47.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €24,964 | €24,964 | = | 0.0% |
| Distributable reserves | 133 | €24,964 | €24,964 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,089 | €79,124 | +€40,034 | +102% |
| Amounts payable | 17/49 | €1,461,145 | €1,391,632 | -€69,513 | -4.8% |
| Amounts payable after more than one year | 17 | €314,263 | €421,455 | +€107,192 | +34.1% |
| Financial debts | 170/4 | €309,093 | €416,913 | +€107,820 | +34.9% |
| Other amounts payable | 178/9 | €5,170 | €4,542 | -€628 | -12.1% |
| Amounts payable within one year | 42/48 | €1,146,882 | €970,177 | -€176,705 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €19,294 | €24,921 | +€5,627 | +29.2% |
| Trade debts | 44 | €157,397 | €7,721 | -€149,677 | -95.1% |
| Suppliers | 440/4 | €157,397 | €7,721 | -€149,677 | -95.1% |
| Taxes, remuneration and social security | 45 | €14,106 | €43,391 | +€29,285 | +208% |
| Taxes | 450/3 | €7,470 | €43,391 | +€35,921 | +481% |
| Remuneration and social security | 454/9 | €6,636 | €0 | -€6,636 | -100% |
| Other amounts payable | 47/48 | €956,085 | €894,144 | -€61,941 | -6.5% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,695 | €26,025 | +€2,331 | +9.8% |
| Other operating charges | 640/8 | €3,887 | €47,031 | +€43,144 | +1,110% |
| Gross operating margin | 9900 | €83,021 | €141,188 | +€58,167 | +70.1% |
| Operating profit (loss) | 9901 | €55,439 | €68,132 | +€12,692 | +22.9% |
| Financial income | 75/76B | €378 | €2,661 | +€2,283 | +604% |
| Recurring financial income | 75 | €378 | €2,661 | +€2,283 | +604% |
| Financial charges | 65/66B | €21,758 | €15,893 | -€5,865 | -27.0% |
| Recurring financial charges | 65 | €21,758 | €15,893 | -€5,865 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €34,059 | €54,899 | +€20,839 | +61.2% |
| Income taxes | 67/77 | €9,095 | €14,865 | +€5,770 | +63.4% |
| Profit (loss) for the period | 9904 | €24,964 | €40,034 | +€15,070 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,964 | €40,034 | +€15,070 | +60.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.