HTK: what changed
Two fiscal 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.
What changed
HTK
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.7m
2024 · €1.5m+€2.1m
Equity
€16.9m
2024 · €13.2m+€3.7m
Cash
€217,741
2024 · €165,884+€51,858
Balance sheet total
€17.1m
2024 · €13.5m+€3.6m
Largest movements
Assets
- Receivables within one year +€3.5m
up €3.5m (+14493.5%), from €24,217 to €3.5m
Equity and liabilities
- Profit (loss) carried forward +€3.5m
up €3.5m (+76.7%), from €4.5m to €8.0m
- Reserves +€200,000
up €200,000 (+34.3%), from €582,636 to €782,636
Income statement
- Financial income +€2.1m
up €2.1m (+137.9%), from €1.5m to €3.7m
- Financial charges -€3,589
down €3,589 (-60.5%), from €5,931 to €2,342
of which Financial charges: -€54,836
- Gross operating margin +€2,296
up €2,296 (+4.1%), from €55,423 to €57,719
- Depreciation -€1,027
down €1,027 (-2.1%), from €48,399 to €47,372
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.
Result 2024
€1.5m
Gross operating margin
+€2,296
Depreciation
+€1,027
Other operating charges
-€471
Financial income
+€2.1m
Financial charges
+€3,589
Result 2025
€3.7m
Cash bridge derived
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.
From operations
+€177,070
Investment
-€88,352
Financing
-€36,861
Cash 2024
€165,884
From operations (derived)
+€177,070
Net result for the year
+€3.7m
Depreciation
+€47,372
Smaller working-capital items
+€11,991
Receivables within one year
-€3.5m
Deferred charges and accrued income
-€48,235
Investment (derived)
-€88,352
Investment in fixed assets (net)
-€7,839
Current investments
-€80,513
Financing
-€36,861
Debts after one year
-€37,233
Current portion of long-term debt
+€372
Cash 2025
€217,741
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,458,961 | €17,103,065 | +€3.6m | +27.1% |
| Fixed assets | 21/28 | €7,000,821 | €6,961,288 | -€39,533 | -0.6% |
| Tangible fixed assets | 22/27 | €1,203,874 | €1,164,341 | -€39,533 | -3.3% |
| Land and buildings | 22 | €1,154,665 | €1,115,366 | -€39,299 | -3.4% |
| Plant, machinery and equipment | 23 | €47,987 | €47,429 | -€558 | -1.2% |
| Furniture and vehicles | 24 | €1,222 | €1,546 | +€324 | +26.5% |
| Financial fixed assets | 28 | €5,796,947 | €5,796,947 | = | 0.0% |
| Current assets | 29/58 | €6,458,140 | €10,141,777 | +€3.7m | +57.0% |
| Amounts receivable after more than one year | 29 | €505,000 | €498,096 | -€6,904 | -1.4% |
| Other amounts receivable | 291 | €505,000 | €498,096 | -€6,904 | -1.4% |
| Amounts receivable within one year | 40/41 | €24,217 | €3,534,153 | +€3.5m | +14493.5% |
| Other amounts receivable | 41 | €24,217 | €3,534,153 | +€3.5m | +14493.5% |
| Current investments | 50/53 | €5,755,322 | €5,835,835 | +€80,513 | +1.4% |
| Cash at bank and in hand | 54/58 | €165,884 | €217,741 | +€51,858 | +31.3% |
| Deferred charges and accrued income | 490/1 | €7,716 | €55,952 | +€48,235 | +625.1% |
| Total equity and liabilities | 10/49 | €13,458,961 | €17,103,065 | +€3.6m | +27.1% |
| Equity | 10/15 | €13,234,541 | €16,910,419 | +€3.7m | +27.8% |
| Contributions | 10/11 | €8,122,919 | €8,122,919 | = | 0.0% |
| Capital | 10 | €8,122,919 | €8,122,919 | = | 0.0% |
| Issued capital | 100 | €8,122,919 | €8,122,919 | = | 0.0% |
| Reserves | 13 | €582,636 | €782,636 | +€200,000 | +34.3% |
| Non-distributable reserves | 130/1 | €582,636 | €782,636 | +€200,000 | +34.3% |
| Legal reserve | 130 | €582,636 | €782,636 | +€200,000 | +34.3% |
| Profit (loss) carried forward | 14 | €4,528,987 | €8,004,865 | +€3.5m | +76.7% |
| Amounts payable | 17/49 | €224,419 | €192,645 | -€31,774 | -14.2% |
| Amounts payable after more than one year | 17 | €186,680 | €149,447 | -€37,233 | -19.9% |
| Financial debts | 170/4 | €183,470 | €146,237 | -€37,233 | -20.3% |
| Other amounts payable | 178/9 | €3,210 | €3,210 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,739 | €43,198 | +€5,459 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €36,861 | €37,233 | +€372 | +1.0% |
| Trade debts | 44 | €620 | €5,734 | +€5,113 | +824.1% |
| Suppliers | 440/4 | €620 | €5,734 | +€5,113 | +824.1% |
| Other amounts payable | 47/48 | €257 | €231 | -€26 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,399 | €47,372 | -€1,027 | -2.1% |
| Other operating charges | 640/8 | €18,986 | €19,457 | +€471 | +2.5% |
| Gross operating margin | 9900 | €55,423 | €57,719 | +€2,296 | +4.1% |
| Operating profit (loss) | 9901 | -€11,963 | -€9,110 | +€2,853 | +23.8% |
| Financial income | 75/76B | €1,549,903 | €3,687,329 | +€2.1m | +137.9% |
| Recurring financial income | 75 | €1,549,903 | €3,687,329 | +€2.1m | +137.9% |
| Financial charges | 65/66B | €5,931 | €2,342 | -€3,589 | -60.5% |
| Recurring financial charges | 65 | €57,177 | €2,342 | -€54,836 | -95.9% |
| Non-recurring financial charges | 66B | -€51,247 | - | +€51,247 | |
| Profit (loss) for the period before taxes | 9903 | €1,532,009 | €3,675,878 | +€2.1m | +139.9% |
| Profit (loss) for the period | 9904 | €1,532,009 | €3,675,878 | +€2.1m | +139.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,532,009 | €3,675,878 | +€2.1m | +139.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.