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.
H.E.D.
Largest movements
- Receivables within one year +€40,672
up €40,672 (+2832.1%), from €1,436 to €42,108
of which Trade receivables: +€39,202
- Deferred charges and accrued income -€25,416
down €25,416 (-91.2%), from €27,859 to €2,443
- Trade debts +€12,925
up €12,925 (+5348.5%), from €242 to €13,167
- Profit (loss) carried forward +€10,713
up €10,713 (+52.9%), from -€20,242 to -€9,529
- Other debts -€6,921
down €6,921 (-36.6%), from €18,934 to €12,012
- Accrued charges and deferred income -€4,537
down €4,537 (-95.8%), from €4,736 to €199
- Tax, wage and social debts +€3,201
up €3,201 (+22.5%), from €14,209 to €17,410
of which Taxes: +€9,704
- Gross operating margin +€79,588
up €79,588 (+565.4%), from €14,077 to €93,665
- Staff costs +€64,630
up €64,630 (+599.4%), from €10,782 to €75,412
- Financial charges +€3,217
up €3,217 (+1077.7%), from €298 to €3,515
- Other operating charges +€3,008
up €3,008 (+552.3%), from €545 to €3,553
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 | €36,479 | €51,859 | +€15,380 | +42.2% |
| Fixed assets | 21/28 | €350 | €350 | = | 0.0% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €36,129 | €51,509 | +€15,380 | +42.6% |
| Amounts receivable within one year | 40/41 | €1,436 | €42,108 | +€40,672 | +2832.1% |
| Trade receivables | 40 | - | €39,202 | +€39,202 | |
| Other amounts receivable | 41 | €1,436 | €2,906 | +€1,470 | +102.4% |
| Cash at bank and in hand | 54/58 | €6,834 | €6,959 | +€125 | +1.8% |
| Deferred charges and accrued income | 490/1 | €27,859 | €2,443 | -€25,416 | -91.2% |
| Total equity and liabilities | 10/49 | €36,479 | €51,859 | +€15,380 | +42.2% |
| Equity | 10/15 | -€1,642 | €9,071 | +€10,713 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,242 | -€9,529 | +€10,713 | +52.9% |
| Amounts payable | 17/49 | €38,121 | €42,789 | +€4,668 | +12.2% |
| Amounts payable within one year | 42/48 | €33,384 | €42,589 | +€9,205 | +27.6% |
| Trade debts | 44 | €242 | €13,167 | +€12,925 | +5348.5% |
| Suppliers | 440/4 | €242 | €13,167 | +€12,925 | +5348.5% |
| Taxes, remuneration and social security | 45 | €14,209 | €17,410 | +€3,201 | +22.5% |
| Taxes | 450/3 | €1,411 | €11,115 | +€9,704 | +687.8% |
| Remuneration and social security | 454/9 | €12,799 | €6,295 | -€6,503 | -50.8% |
| Other amounts payable | 47/48 | €18,934 | €12,012 | -€6,921 | -36.6% |
| Accrued charges and deferred income | 492/3 | €4,736 | €199 | -€4,537 | -95.8% |
| Remuneration, social security and pensions | 62 | €10,782 | €75,412 | +€64,630 | +599.4% |
| Other operating charges | 640/8 | €545 | €3,553 | +€3,008 | +552.3% |
| Gross operating margin | 9900 | €14,077 | €93,665 | +€79,588 | +565.4% |
| Operating profit (loss) | 9901 | €2,750 | €14,700 | +€11,950 | +434.6% |
| Financial charges | 65/66B | €298 | €3,515 | +€3,217 | +1077.7% |
| Recurring financial charges | 65 | €298 | €3,515 | +€3,217 | +1077.7% |
| Profit (loss) for the period before taxes | 9903 | €2,451 | €11,185 | +€8,733 | +356.3% |
| Income taxes | 67/77 | €38 | €472 | +€434 | +1136.8% |
| Profit (loss) for the period | 9904 | €2,413 | €10,713 | +€8,299 | +343.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,413 | €10,713 | +€8,299 | +343.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.