THE HNC: 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.
THE HNC
Largest movements
- Receivables within one year +€30,457
up €30,457 (+9,638%), from €316 to €30,773
of which Trade receivables: +€27,742
- Other debts +€168,567
up €168,567 (+1,517%), from €11,115 to €179,682
- Debts after one year -€80,736
down €80,736 (-25.4%), from €318,000 to €237,264
- Reserves -€70,068
down €70,068 (-95.0%), from €73,785 to €3,717
- Trade debts +€14,125
up €14,125 (+4,662%), from €303 to €14,428
- Financial income +€174,978
up €174,978 (+795,355%), from €22 to €175,000
- Gross operating margin +€36,611
up €36,611 (+40.8%), from €89,780 to €126,391
- Taxes +€7,382
up €7,382 (+50.6%), from €14,587 to €21,969
- Financial charges +€6,427
up €6,427 (+66.3%), from €9,700 to €16,127
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 | €978,596 | €1,009,250 | +€30,654 | +3.1% |
| Fixed assets | 21/28 | €971,798 | €966,109 | -€5,689 | -0.6% |
| Tangible fixed assets | 22/27 | €21,798 | €16,109 | -€5,689 | -26.1% |
| Plant, machinery and equipment | 23 | €5,449 | €4,565 | -€884 | -16.2% |
| Furniture and vehicles | 24 | €10,701 | €7,169 | -€3,532 | -33.0% |
| Other tangible fixed assets | 26 | €5,648 | €4,375 | -€1,273 | -22.5% |
| Financial fixed assets | 28 | €950,000 | €950,000 | = | 0.0% |
| Current assets | 29/58 | €6,798 | €43,141 | +€36,343 | +535% |
| Amounts receivable within one year | 40/41 | €316 | €30,773 | +€30,457 | +9,638% |
| Trade receivables | 40 | - | €27,742 | +€27,742 | |
| Other amounts receivable | 41 | €316 | €3,031 | +€2,715 | +859% |
| Cash at bank and in hand | 54/58 | €6,482 | €12,368 | +€5,886 | +90.8% |
| Total equity and liabilities | 10/49 | €978,596 | €1,009,250 | +€30,654 | +3.1% |
| Equity | 10/15 | €560,785 | €490,717 | -€70,068 | -12.5% |
| Contributions | 10/11 | €487,000 | €487,000 | = | 0.0% |
| Reserves | 13 | €73,785 | €3,717 | -€70,068 | -95.0% |
| Distributable reserves | 133 | €73,785 | €3,717 | -€70,068 | -95.0% |
| Amounts payable | 17/49 | €417,811 | €518,533 | +€100,722 | +24.1% |
| Amounts payable after more than one year | 17 | €318,000 | €237,264 | -€80,736 | -25.4% |
| Financial debts | 170/4 | €318,000 | €237,264 | -€80,736 | -25.4% |
| Amounts payable within one year | 42/48 | €99,811 | €281,269 | +€181,458 | +182% |
| Current portion of amounts payable after more than one year | 42 | €77,940 | €80,735 | +€2,795 | +3.6% |
| Trade debts | 44 | €303 | €14,428 | +€14,125 | +4,662% |
| Suppliers | 440/4 | €303 | €14,428 | +€14,125 | +4,662% |
| Taxes, remuneration and social security | 45 | €10,453 | €6,424 | -€4,029 | -38.5% |
| Taxes | 450/3 | €10,144 | €6,424 | -€3,720 | -36.7% |
| Remuneration and social security | 454/9 | €309 | - | -€309 | |
| Other amounts payable | 47/48 | €11,115 | €179,682 | +€168,567 | +1,517% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,093 | €6,886 | +€793 | +13.0% |
| Other operating charges | 640/8 | €2,919 | €2,692 | -€227 | -7.8% |
| Gross operating margin | 9900 | €89,780 | €126,391 | +€36,611 | +40.8% |
| Operating profit (loss) | 9901 | €80,768 | €116,813 | +€36,045 | +44.6% |
| Financial income | 75/76B | €22 | €175,000 | +€174,978 | +795,355% |
| Recurring financial income | 75 | €22 | €175,000 | +€174,978 | +795,355% |
| Financial charges | 65/66B | €9,700 | €16,127 | +€6,427 | +66.3% |
| Recurring financial charges | 65 | €9,700 | €16,127 | +€6,427 | +66.3% |
| Profit (loss) for the period before taxes | 9903 | €71,090 | €275,686 | +€204,596 | +288% |
| Income taxes | 67/77 | €14,587 | €21,969 | +€7,382 | +50.6% |
| Profit (loss) for the period | 9904 | €56,503 | €253,717 | +€197,214 | +349% |
| Profit (loss) for the period to be appropriated | 9905 | €56,503 | €253,717 | +€197,214 | +349% |
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 28 October 2026 via checked.be.