HUMACON: 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.
HUMACON
Largest movements
- Cash +€1.5m
up €1.5m (+12,136%), from €12,437 to €1.5m
mainly Short-term financial debts (+€1.1m) and Depreciation (+€576,854)
- Financial fixed assets -€666,600
down €666,600 (-12.9%), from €5.2m to €4.5m
- Receivables within one year -€453,848
down €453,848 (-60.6%), from €749,256 to €295,408
of which Other amounts receivable: -€469,798
- Intangible fixed assets -€441,913
no longer reported in 2025 (was €441,913)
- Short-term financial debts +€1.1m
up €1.1m (+125%), from €843,506 to €1.9m
- Reserves -€772,720
down €772,720 (-28.2%), from €2.7m to €2.0m
of which Tax-exempt reserves: -€772,720
- Profit (loss) carried forward +€721,760
up €721,760 (+56.6%), from -€1.3m to -€552,388
- Debts after one year -€549,183
down €549,183 (-12.5%), from €4.4m to €3.9m
- Provisions -€290,988
down €290,988 (-28.7%), from €1.0m to €722,468
of which Deferred taxes: -€258,386
- Financial income +€444,384
up €444,384 (+1,704%), from €26,083 to €470,467
- Taxes +€192,723
up €192,723 (+439%), from €43,893 to €236,616
- Financial charges -€114,321
down €114,321 (-43.8%), from €260,820 to €146,499
- Write-downs +€90,994
up €90,994 (+45.5%), from €200,000 to €290,994
- Gross operating margin -€70,631
down €70,631 (-12.3%), from €576,045 to €505,414
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 | €9,401,406 | €9,336,046 | -€65,360 | -0.7% |
| Fixed assets | 21/28 | €8,115,490 | €7,049,865 | -€1.1m | -13.1% |
| Intangible fixed assets | 21 | €441,913 | - | -€441,913 | |
| Tangible fixed assets | 22/27 | €2,509,644 | €2,552,533 | +€42,889 | +1.7% |
| Land and buildings | 22 | €2,509,644 | €2,552,533 | +€42,889 | +1.7% |
| Financial fixed assets | 28 | €5,163,933 | €4,497,333 | -€666,600 | -12.9% |
| Current assets | 29/58 | €1,285,916 | €2,286,180 | +€1.0m | +77.8% |
| Stocks and contracts in progress | 3 | €518,516 | €464,200 | -€54,315 | -10.5% |
| Stocks | 30/36 | €518,516 | €464,200 | -€54,315 | -10.5% |
| Amounts receivable within one year | 40/41 | €749,256 | €295,408 | -€453,848 | -60.6% |
| Trade receivables | 40 | €2,172 | €18,121 | +€15,950 | +734% |
| Other amounts receivable | 41 | €747,084 | €277,286 | -€469,798 | -62.9% |
| Cash at bank and in hand | 54/58 | €12,437 | €1,521,697 | +€1.5m | +12,136% |
| Deferred charges and accrued income | 490/1 | €5,708 | €4,875 | -€833 | -14.6% |
| Total equity and liabilities | 10/49 | €9,401,406 | €9,336,046 | -€65,360 | -0.7% |
| Equity | 10/15 | €1,573,933 | €1,520,535 | -€53,397 | -3.4% |
| Contributions | 10/11 | €104,115 | €104,115 | = | 0.0% |
| Reserves | 13 | €2,735,692 | €1,962,973 | -€772,720 | -28.2% |
| Tax-exempt reserves | 132 | €2,543,059 | €1,770,339 | -€772,720 | -30.4% |
| Distributable reserves | 133 | €192,634 | €192,634 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,274,148 | -€552,388 | +€721,760 | +56.6% |
| Investment grants | 15 | €8,273 | €5,836 | -€2,438 | -29.5% |
| Provisions and deferred taxes | 16 | €1,013,456 | €722,468 | -€290,988 | -28.7% |
| Provisions for liabilities and charges | 160/5 | €163,012 | €130,410 | -€32,602 | -20.0% |
| Other liabilities and charges | 164/5 | €163,012 | €130,410 | -€32,602 | -20.0% |
| Deferred taxes | 168 | €850,444 | €592,058 | -€258,386 | -30.4% |
| Amounts payable | 17/49 | €6,814,017 | €7,093,042 | +€279,025 | +4.1% |
| Amounts payable after more than one year | 17 | €4,407,598 | €3,858,415 | -€549,183 | -12.5% |
| Financial debts | 170/4 | €4,407,598 | €3,858,415 | -€549,183 | -12.5% |
| Amounts payable within one year | 42/48 | €2,357,240 | €3,233,485 | +€876,246 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €523,030 | €533,191 | +€10,162 | +1.9% |
| Financial debts | 43 | €843,506 | €1,893,933 | +€1.1m | +125% |
| Credit institutions | 430/8 | €843,506 | €1,893,933 | +€1.1m | +125% |
| Trade debts | 44 | €7,788 | €10,863 | +€3,075 | +39.5% |
| Suppliers | 440/4 | €7,788 | €10,863 | +€3,075 | +39.5% |
| Taxes, remuneration and social security | 45 | - | €3,178 | +€3,178 | |
| Taxes | 450/3 | - | €339 | +€339 | |
| Remuneration and social security | 454/9 | - | €2,839 | +€2,839 | |
| Other amounts payable | 47/48 | €982,916 | €792,320 | -€190,596 | -19.4% |
| Accrued charges and deferred income | 492/3 | €49,179 | €1,142 | -€48,037 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €574,116 | €576,854 | +€2,739 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €200,000 | €290,994 | +€90,994 | +45.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€32,602 | -€32,602 | = | 0.0% |
| Other operating charges | 640/8 | €59,246 | €66,867 | +€7,621 | +12.9% |
| Gross operating margin | 9900 | €576,045 | €505,414 | -€70,631 | -12.3% |
| Operating profit (loss) | 9901 | -€224,714 | -€396,698 | -€171,984 | -76.5% |
| Financial income | 75/76B | €26,083 | €470,467 | +€444,384 | +1,704% |
| Recurring financial income | 75 | €26,083 | €470,467 | +€444,384 | +1,704% |
| Financial charges | 65/66B | €260,820 | €146,499 | -€114,321 | -43.8% |
| Recurring financial charges | 65 | €260,820 | €146,499 | -€114,321 | -43.8% |
| Profit (loss) for the period before taxes | 9903 | -€459,451 | -€72,729 | +€386,722 | +84.2% |
| Transfer from deferred taxes | 780 | €20,634 | €258,386 | +€237,752 | +1,152% |
| Income taxes | 67/77 | €43,893 | €236,616 | +€192,723 | +439% |
| Profit (loss) for the period | 9904 | -€482,711 | -€50,960 | +€431,751 | +89.4% |
| Transfer from tax-exempt reserves | 789 | €59,464 | €772,720 | +€713,256 | +1,199% |
| Profit (loss) for the period to be appropriated | 9905 | -€423,247 | €721,760 | +€1.1m |
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 13 October 2026 via checked.be.