HADESA: 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.
HADESA
Largest movements
- Current investments +€748,518
up €748,518 (+22.2%), from €3.4m to €4.1m
- Cash -€376,480
down €376,480 (-69.8%), from €539,116 to €162,637
mainly Current investments (-€748,518) and Contributions, distributions and other (-€391,979)
- Receivables within one year -€45,847
no longer reported in 2025 (was €45,847)
of which Other amounts receivable: -€23,248
- Reserves +€483,905
up €483,905 (+13.2%), from €3.7m to €4.2m
- Tax, wage and social debts -€161,321
down €161,321 (-53.1%), from €303,722 to €142,401
- Financial income -€570,871
down €570,871 (-87.9%), from €649,383 to €78,512
- Gross operating margin +€138,305
up €138,305 (+12.8%), from €1.1m to €1.2m
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 | €4,027,670 | €4,342,714 | +€315,043 | +7.8% |
| Fixed assets | 21/28 | €72,440 | €62,616 | -€9,824 | -13.6% |
| Tangible fixed assets | 22/27 | €69,710 | €59,886 | -€9,824 | -14.1% |
| Furniture and vehicles | 24 | €13,605 | €12,534 | -€1,072 | -7.9% |
| Other tangible fixed assets | 26 | €56,104 | €47,352 | -€8,752 | -15.6% |
| Financial fixed assets | 28 | €2,730 | €2,730 | = | 0.0% |
| Current assets | 29/58 | €3,955,231 | €4,280,098 | +€324,867 | +8.2% |
| Amounts receivable within one year | 40/41 | €45,847 | - | -€45,847 | |
| Trade receivables | 40 | €22,599 | - | -€22,599 | |
| Other amounts receivable | 41 | €23,248 | - | -€23,248 | |
| Current investments | 50/53 | €3,366,043 | €4,114,561 | +€748,518 | +22.2% |
| Cash at bank and in hand | 54/58 | €539,116 | €162,637 | -€376,480 | -69.8% |
| Deferred charges and accrued income | 490/1 | €4,225 | €2,900 | -€1,324 | -31.4% |
| Total equity and liabilities | 10/49 | €4,027,670 | €4,342,714 | +€315,043 | +7.8% |
| Equity | 10/15 | €3,685,658 | €4,169,564 | +€483,905 | +13.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,679,458 | €4,163,364 | +€483,905 | +13.2% |
| Distributable reserves | 133 | €3,679,458 | €4,163,364 | +€483,905 | +13.2% |
| Amounts payable | 17/49 | €342,012 | €173,150 | -€168,862 | -49.4% |
| Amounts payable within one year | 42/48 | €342,012 | €173,150 | -€168,862 | -49.4% |
| Trade debts | 44 | €10,946 | €12,839 | +€1,893 | +17.3% |
| Suppliers | 440/4 | €10,946 | €12,839 | +€1,893 | +17.3% |
| Advances received on contracts in progress | 46 | €27,344 | - | -€27,344 | |
| Taxes, remuneration and social security | 45 | €303,722 | €142,401 | -€161,321 | -53.1% |
| Taxes | 450/3 | €303,722 | €142,401 | -€161,321 | -53.1% |
| Other amounts payable | 47/48 | - | €17,910 | +€17,910 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,619 | €14,170 | +€2,551 | +22.0% |
| Other operating charges | 640/8 | €1,596 | €1,648 | +€52 | +3.3% |
| Gross operating margin | 9900 | €1,078,520 | €1,216,825 | +€138,305 | +12.8% |
| Operating profit (loss) | 9901 | €1,065,305 | €1,201,007 | +€135,702 | +12.7% |
| Financial income | 75/76B | €649,383 | €78,512 | -€570,871 | -87.9% |
| Recurring financial income | 75 | €649,383 | €78,512 | -€570,871 | -87.9% |
| Financial charges | 65/66B | €4,903 | €7,770 | +€2,867 | +58.5% |
| Recurring financial charges | 65 | €4,903 | €7,770 | +€2,867 | +58.5% |
| Profit (loss) for the period before taxes | 9903 | €1,709,785 | €1,271,749 | -€438,035 | -25.6% |
| Income taxes | 67/77 | €393,179 | €395,865 | +€2,686 | +0.7% |
| Profit (loss) for the period | 9904 | €1,316,606 | €875,885 | -€440,721 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,316,606 | €875,885 | -€440,721 | -33.5% |
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 16 October 2026 via checked.be.