HZC: 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.
HZC
Largest movements
- Tangible fixed assets +€57,222
up €57,222 (+145.6%), from €39,288 to €96,510
of which Leasing and similar rights: +€46,385
- Cash +€22,578
up €22,578 (+239.9%), from €9,413 to €31,992
mainly Net result for the year (+€42,360) and Debts after one year (+€37,773)
- Receivables within one year +€17,313
up €17,313 (+126.1%), from €13,730 to €31,043
of which Trade receivables: +€12,610
- Profit (loss) carried forward +€42,360
up €42,360 (+292.0%), from €14,506 to €56,866
- Debts after one year +€37,773
up €37,773 (+134.7%), from €28,033 to €65,806
- Tax, wage and social debts +€13,564
up €13,564 (+307.3%), from €4,414 to €17,978
- Current portion of long-term debt +€7,400
up €7,400 (+79.3%), from €9,333 to €16,732
- Trade debts -€3,092
no longer reported in 2025 (was €3,092)
- Gross operating margin +€53,291
up €53,291 (+260.3%), from €20,474 to €73,765
- Depreciation +€11,963
up €11,963 (+2163.6%), from €553 to €12,516
- Taxes +€9,266
up €9,266 (+215.6%), from €4,298 to €13,564
- Other operating charges +€2,629
up €2,629 (+242.0%), from €1,087 to €3,716
- Financial charges +€1,493
up €1,493 (+227.1%), from €658 to €2,151
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,059 | €159,941 | +€96,882 | +153.6% |
| Fixed assets | 21/28 | €39,288 | €96,510 | +€57,222 | +145.6% |
| Tangible fixed assets | 22/27 | €39,288 | €96,510 | +€57,222 | +145.6% |
| Plant, machinery and equipment | 23 | €781 | €1,970 | +€1,188 | +152.1% |
| Furniture and vehicles | 24 | - | €9,648 | +€9,648 | |
| Leasing and similar rights | 25 | €38,507 | €84,892 | +€46,385 | +120.5% |
| Current assets | 29/58 | €23,771 | €63,431 | +€39,660 | +166.8% |
| Amounts receivable within one year | 40/41 | €13,730 | €31,043 | +€17,313 | +126.1% |
| Trade receivables | 40 | €4,848 | €17,458 | +€12,610 | +260.1% |
| Other amounts receivable | 41 | €8,882 | €13,585 | +€4,703 | +53.0% |
| Cash at bank and in hand | 54/58 | €9,413 | €31,992 | +€22,578 | +239.9% |
| Deferred charges and accrued income | 490/1 | €628 | €397 | -€231 | -36.8% |
| Total equity and liabilities | 10/49 | €63,059 | €159,941 | +€96,882 | +153.6% |
| Equity | 10/15 | €16,006 | €58,366 | +€42,360 | +264.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,506 | €56,866 | +€42,360 | +292.0% |
| Amounts payable | 17/49 | €47,053 | €101,576 | +€54,522 | +115.9% |
| Amounts payable after more than one year | 17 | €28,033 | €65,806 | +€37,773 | +134.7% |
| Financial debts | 170/4 | €28,033 | €65,806 | +€37,773 | +134.7% |
| Amounts payable within one year | 42/48 | €18,956 | €35,705 | +€16,749 | +88.4% |
| Current portion of amounts payable after more than one year | 42 | €9,333 | €16,732 | +€7,400 | +79.3% |
| Financial debts | 43 | €2,117 | €995 | -€1,122 | -53.0% |
| Credit institutions | 430/8 | €2,117 | €995 | -€1,122 | -53.0% |
| Trade debts | 44 | €3,092 | - | -€3,092 | |
| Suppliers | 440/4 | €3,092 | - | -€3,092 | |
| Taxes, remuneration and social security | 45 | €4,414 | €17,978 | +€13,564 | +307.3% |
| Taxes | 450/3 | €4,414 | €17,978 | +€13,564 | +307.3% |
| Accrued charges and deferred income | 492/3 | €65 | €65 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €553 | €12,516 | +€11,963 | +2163.6% |
| Other operating charges | 640/8 | €1,087 | €3,716 | +€2,629 | +242.0% |
| Gross operating margin | 9900 | €20,474 | €73,765 | +€53,291 | +260.3% |
| Operating profit (loss) | 9901 | €18,834 | €57,533 | +€38,699 | +205.5% |
| Financial income | 75/76B | €627 | €541 | -€87 | -13.8% |
| Recurring financial income | 75 | €627 | €541 | -€87 | -13.8% |
| Financial charges | 65/66B | €658 | €2,151 | +€1,493 | +227.1% |
| Recurring financial charges | 65 | €658 | €2,151 | +€1,493 | +227.1% |
| Profit (loss) for the period before taxes | 9903 | €18,804 | €55,923 | +€37,120 | +197.4% |
| Income taxes | 67/77 | €4,298 | €13,564 | +€9,266 | +215.6% |
| Profit (loss) for the period | 9904 | €14,506 | €42,360 | +€27,854 | +192.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,506 | €42,360 | +€27,854 | +192.0% |
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 10 October 2026 via checked.be.