HUDICO: 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.
HUDICO
Largest movements
- Receivables within one year +€158,144
up €158,144 (+865%), from €18,276 to €176,420
of which Other amounts receivable: +€101,907
- Cash +€70,556
up €70,556 (+174%), from €40,637 to €111,193
mainly Contributions, distributions and other (+€145,795) and Other debts (+€71,365)
- Tangible fixed assets +€44,041
up €44,041 (+6.7%), from €660,665 to €704,706
- Deferred charges and accrued income +€23,345
up €23,345 (+709%), from €3,293 to €26,638
- Investment grants +€145,795
new in 2025: €145,795
- Other debts +€71,365
up €71,365 (+14.9%), from €479,750 to €551,115
- Provisions +€48,598
new in 2025: €48,598
- Profit (loss) carried forward +€40,272
up €40,272, from -€2,457 to €37,815
- Debts after one year -€12,013
down €12,013 (-10.1%), from €118,522 to €106,509
- Depreciation +€26,696
up €26,696 (+79.4%), from €33,624 to €60,320
- Financial income +€13,984
up €13,984 (+1,705,354%), from €1 to €13,985
- Gross operating margin -€1,901
down €1,901 (-1.8%), from €103,208 to €101,307
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 | €722,968 | €1,018,957 | +€295,989 | +40.9% |
| Fixed assets | 21/28 | €660,665 | €704,706 | +€44,041 | +6.7% |
| Tangible fixed assets | 22/27 | €660,665 | €704,706 | +€44,041 | +6.7% |
| Plant, machinery and equipment | 23 | €660,665 | €704,706 | +€44,041 | +6.7% |
| Current assets | 29/58 | €62,302 | €314,251 | +€251,948 | +404% |
| Amounts receivable within one year | 40/41 | €18,276 | €176,420 | +€158,144 | +865% |
| Trade receivables | 40 | €11,012 | €67,250 | +€56,237 | +511% |
| Other amounts receivable | 41 | €7,264 | €109,170 | +€101,907 | +1,403% |
| Current investments | 50/53 | €97 | €0 | -€97 | -100% |
| Cash at bank and in hand | 54/58 | €40,637 | €111,193 | +€70,556 | +174% |
| Deferred charges and accrued income | 490/1 | €3,293 | €26,638 | +€23,345 | +709% |
| Total equity and liabilities | 10/49 | €722,968 | €1,018,957 | +€295,989 | +40.9% |
| Equity | 10/15 | €60,679 | €248,736 | +€188,057 | +310% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,162 | €3,153 | +€1,990 | +171% |
| Non-distributable reserves | 130/1 | €1,162 | €3,153 | +€1,990 | +171% |
| Legal reserve | 130 | €1,162 | €3,153 | +€1,990 | +171% |
| Profit (loss) carried forward | 14 | -€2,457 | €37,815 | +€40,272 | |
| Investment grants | 15 | - | €145,795 | +€145,795 | |
| Provisions and deferred taxes | 16 | - | €48,598 | +€48,598 | |
| Deferred taxes | 168 | - | €48,598 | +€48,598 | |
| Amounts payable | 17/49 | €662,289 | €721,623 | +€59,334 | +9.0% |
| Amounts payable after more than one year | 17 | €118,522 | €106,509 | -€12,013 | -10.1% |
| Financial debts | 170/4 | €118,522 | €106,509 | -€12,013 | -10.1% |
| Amounts payable within one year | 42/48 | €517,367 | €586,314 | +€68,947 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €11,854 | €12,013 | +€160 | +1.3% |
| Trade debts | 44 | €23,283 | €21,195 | -€2,088 | -9.0% |
| Suppliers | 440/4 | €23,283 | €21,195 | -€2,088 | -9.0% |
| Taxes, remuneration and social security | 45 | €2,480 | €1,991 | -€489 | -19.7% |
| Taxes | 450/3 | €909 | €373 | -€536 | -59.0% |
| Remuneration and social security | 454/9 | €1,571 | €1,618 | +€47 | +3.0% |
| Other amounts payable | 47/48 | €479,750 | €551,115 | +€71,365 | +14.9% |
| Accrued charges and deferred income | 492/3 | €26,400 | €28,800 | +€2,400 | +9.1% |
| Remuneration, social security and pensions | 62 | €9,484 | €9,594 | +€110 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,624 | €60,320 | +€26,696 | +79.4% |
| Other operating charges | 640/8 | €4,362 | €4,223 | -€139 | -3.2% |
| Gross operating margin | 9900 | €103,208 | €101,307 | -€1,901 | -1.8% |
| Operating profit (loss) | 9901 | €55,738 | €27,171 | -€28,568 | -51.3% |
| Financial income | 75/76B | €1 | €13,985 | +€13,984 | +1,705,354% |
| Recurring financial income | 75 | €1 | €13,985 | +€13,984 | +1,705,354% |
| Financial charges | 65/66B | €3,788 | €3,550 | -€238 | -6.3% |
| Recurring financial charges | 65 | €3,788 | €3,550 | -€238 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €51,951 | €37,606 | -€14,345 | -27.6% |
| Transfer from deferred taxes | 780 | - | €4,656 | +€4,656 | |
| Income taxes | 67/77 | €0 | €0 | = | 0.0% |
| Profit (loss) for the period | 9904 | €51,951 | €42,262 | -€9,689 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,951 | €42,262 | -€9,689 | -18.7% |
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 29 October 2026 via checked.be.