H.E.D.: 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
H.E.D.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6,987
2024 · €7,338-€351
Equity
€1.1m
2024 · €1.1m+€6,987
Cash
€1.0m
2024 · €1.0m-€1,548
Balance sheet total
€1.1m
2024 · €1.1m-€1,557
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€3,382
down €3,382 (-11.8%), from €28,666 to €25,284
- Depreciation -€3,045
down €3,045 (-25.8%), from €11,790 to €8,745
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
€7,338
Gross operating margin
-€3,382
Depreciation
+€3,045
Other operating charges
-€183
Financial charges
-€195
Taxes
+€12
Deferred taxes and other
+€352
Result 2025
€6,987
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
+€7,276
Investment
-€8,825
Financing
€0
Cash 2024
€1.0m
From operations (derived)
+€7,276
Net result for the year
+€6,987
Depreciation
+€8,745
Receivables within one year
+€116
Deferred charges and accrued income
-€28
Provisions
-€1,882
Trade debts
-€5,395
Tax, wage and social debts
-€1,267
Investment (derived)
-€8,825
Investment in fixed assets (net)
-€8,825
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,128,173 | €1,126,616 | -€1,557 | -0.1% |
| Fixed assets | 21/28 | €101,613 | €101,693 | +€80 | +0.1% |
| Tangible fixed assets | 22/27 | €101,613 | €101,693 | +€80 | +0.1% |
| Land and buildings | 22 | €101,286 | €101,693 | +€407 | +0.4% |
| Plant, machinery and equipment | 23 | €327 | - | -€327 | |
| Current assets | 29/58 | €1,026,560 | €1,024,923 | -€1,637 | -0.2% |
| Amounts receivable within one year | 40/41 | €1,601 | €1,485 | -€116 | -7.3% |
| Trade receivables | 40 | €1,192 | €1,051 | -€141 | -11.8% |
| Other amounts receivable | 41 | €409 | €434 | +€25 | +6.0% |
| Cash at bank and in hand | 54/58 | €1,024,450 | €1,022,902 | -€1,548 | -0.2% |
| Deferred charges and accrued income | 490/1 | €508 | €536 | +€28 | +5.5% |
| Total equity and liabilities | 10/49 | €1,128,173 | €1,126,616 | -€1,557 | -0.1% |
| Equity | 10/15 | €1,101,057 | €1,108,044 | +€6,987 | +0.6% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €851,432 | €858,419 | +€6,987 | +0.8% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,901 | €47,254 | -€5,647 | -10.7% |
| Distributable reserves | 133 | €773,741 | €786,375 | +€12,634 | +1.6% |
| Profit (loss) carried forward | 14 | €1,731 | €1,731 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €16,975 | €15,093 | -€1,882 | -11.1% |
| Deferred taxes | 168 | €16,975 | €15,093 | -€1,882 | -11.1% |
| Amounts payable | 17/49 | €10,141 | €3,479 | -€6,662 | -65.7% |
| Amounts payable within one year | 42/48 | €10,141 | €3,479 | -€6,662 | -65.7% |
| Trade debts | 44 | €5,395 | - | -€5,395 | |
| Suppliers | 440/4 | €5,395 | - | -€5,395 | |
| Taxes, remuneration and social security | 45 | €4,747 | €3,479 | -€1,267 | -26.7% |
| Taxes | 450/3 | €4,747 | €3,479 | -€1,267 | -26.7% |
| Non-recurring operating income | 76A | €250 | €1,297 | +€1,047 | +418.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,790 | €8,745 | -€3,045 | -25.8% |
| Other operating charges | 640/8 | €4,585 | €4,768 | +€183 | +4.0% |
| Gross operating margin | 9900 | €28,666 | €25,284 | -€3,382 | -11.8% |
| Operating profit (loss) | 9901 | €12,291 | €11,771 | -€520 | -4.2% |
| Financial charges | 65/66B | €504 | €699 | +€195 | +38.7% |
| Recurring financial charges | 65 | €504 | €699 | +€195 | +38.7% |
| Profit (loss) for the period before taxes | 9903 | €11,787 | €11,073 | -€715 | -6.1% |
| Transfer from deferred taxes | 780 | €1,530 | €1,882 | +€352 | +23.0% |
| Income taxes | 67/77 | €5,979 | €5,968 | -€12 | -0.2% |
| Profit (loss) for the period | 9904 | €7,338 | €6,987 | -€351 | -4.8% |
| Transfer from tax-exempt reserves | 789 | €4,590 | €5,647 | +€1,056 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,928 | €12,634 | +€706 | +5.9% |
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 28 September 2026 via checked.be.