HEBAGO: 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.
HEBAGO
Largest movements
- Cash +€54,340
up €54,340 (+100.6%), from €54,003 to €108,343
mainly Net result for the year (+€52,253) and Depreciation (+€4,468)
- Tangible fixed assets -€4,150
down €4,150 (-23.9%), from €17,337 to €13,187
of which Furniture and vehicles: -€4,052
- Reserves +€52,253
up €52,253 (+92.0%), from €56,771 to €109,024
- Debts after one year -€3,970
no longer reported in 2025 (was €3,970)
- Tax, wage and social debts +€3,779
up €3,779 (+55.3%), from €6,832 to €10,612
- Gross operating margin +€15,814
up €15,814 (+27.0%), from €58,558 to €74,372
- Taxes +€3,794
up €3,794 (+33.2%), from €11,436 to €15,230
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 | €74,306 | €125,327 | +€51,021 | +68.7% |
| Fixed assets | 21/28 | €17,337 | €13,187 | -€4,150 | -23.9% |
| Tangible fixed assets | 22/27 | €17,337 | €13,187 | -€4,150 | -23.9% |
| Plant, machinery and equipment | 23 | €141 | €43 | -€98 | -69.6% |
| Furniture and vehicles | 24 | €17,196 | €13,144 | -€4,052 | -23.6% |
| Current assets | 29/58 | €56,969 | €112,140 | +€55,172 | +96.8% |
| Amounts receivable within one year | 40/41 | €2,236 | €2,765 | +€530 | +23.7% |
| Trade receivables | 40 | €632 | - | -€632 | |
| Other amounts receivable | 41 | €1,604 | €2,765 | +€1,161 | +72.4% |
| Cash at bank and in hand | 54/58 | €54,003 | €108,343 | +€54,340 | +100.6% |
| Deferred charges and accrued income | 490/1 | €731 | €1,032 | +€302 | +41.3% |
| Total equity and liabilities | 10/49 | €74,306 | €125,327 | +€51,021 | +68.7% |
| Equity | 10/15 | €57,771 | €110,024 | +€52,253 | +90.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €56,771 | €109,024 | +€52,253 | +92.0% |
| Distributable reserves | 133 | €56,771 | €109,024 | +€52,253 | +92.0% |
| Amounts payable | 17/49 | €16,535 | €15,303 | -€1,232 | -7.5% |
| Amounts payable after more than one year | 17 | €3,970 | - | -€3,970 | |
| Financial debts | 170/4 | €3,970 | - | -€3,970 | |
| Amounts payable within one year | 42/48 | €12,565 | €15,303 | +€2,739 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €5,061 | €3,970 | -€1,090 | -21.5% |
| Trade debts | 44 | €672 | €721 | +€50 | +7.4% |
| Suppliers | 440/4 | €672 | €721 | +€50 | +7.4% |
| Taxes, remuneration and social security | 45 | €6,832 | €10,612 | +€3,779 | +55.3% |
| Taxes | 450/3 | €6,832 | €10,612 | +€3,779 | +55.3% |
| Remuneration, social security and pensions | 62 | €1,760 | €1,760 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,297 | €4,468 | +€170 | +4.0% |
| Other operating charges | 640/8 | €428 | €208 | -€221 | -51.5% |
| Non-recurring operating charges | 66A | - | €2 | +€2 | |
| Gross operating margin | 9900 | €58,558 | €74,372 | +€15,814 | +27.0% |
| Operating profit (loss) | 9901 | €52,073 | €67,935 | +€15,862 | +30.5% |
| Financial income | 75/76B | €47 | €77 | +€31 | +65.8% |
| Recurring financial income | 75 | €47 | €77 | +€31 | +65.8% |
| Financial charges | 65/66B | €740 | €528 | -€211 | -28.6% |
| Recurring financial charges | 65 | €740 | €528 | -€211 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €51,379 | €67,483 | +€16,104 | +31.3% |
| Income taxes | 67/77 | €11,436 | €15,230 | +€3,794 | +33.2% |
| Profit (loss) for the period | 9904 | €39,943 | €52,253 | +€12,310 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,943 | €52,253 | +€12,310 | +30.8% |
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 2 October 2026 via checked.be.