Hebe: 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
Hebe
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€119,560
2024 · €129,784-€249,344
Equity
€11.8m
2024 · €1.2m+€10.6m
Cash
€5,856
2024 · €46,827-€40,970
Balance sheet total
€17.4m
2024 · €4.9m+€12.5m
Largest movements
Assets
- Tangible fixed assets +€9.6m
up €9.6m (+304.2%), from €3.1m to €12.7m
of which Land and buildings: +€9.6m
- Financial fixed assets +€3.1m
up €3.1m (+205.2%), from €1.5m to €4.6m
Equity and liabilities
- Revaluation surpluses +€10.7m
new in 2025: €10.7m
- Debts after one year +€1.7m
up €1.7m (+56.2%), from €3.0m to €4.7m
of which Financial debts: +€1.7m
Income statement
- Depreciation +€267,287
up €267,287 (+148.5%), from €179,998 to €447,286
- Taxes -€53,700
no longer reported in 2025 (was €53,700)
- Financial charges +€35,131
up €35,131 (+53.4%), from €65,825 to €100,956
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
€129,784
Gross operating margin
+€3,336
Depreciation
-€267,287
Other operating charges
-€3,940
Financial income
-€21
Financial charges
-€35,131
Taxes
+€53,700
Result 2025
-€119,560
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
+€563,533
Investment
-€13.1m
Financing
+€12.5m
Cash 2024
€46,827
From operations (derived)
+€563,533
Net result for the year
-€119,560
Depreciation
+€447,286
Receivables within one year
+€117,233
Smaller working-capital items
-€20,977
Other debts
+€139,552
Investment (derived)
-€13.1m
Investment in fixed assets (net)
-€13.1m
Financing
+€12.5m
Debts after one year
+€1.7m
Current portion of long-term debt
+€66,875
Contributions, distributions and other
+€10.7m
Cash 2025
€5,856
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,949,832 | €17,417,156 | +€12.5m | +251.9% |
| Fixed assets | 21/28 | €4,640,376 | €17,272,416 | +€12.6m | +272.2% |
| Tangible fixed assets | 22/27 | €3,140,326 | €12,694,182 | +€9.6m | +304.2% |
| Land and buildings | 22 | €3,113,153 | €12,675,126 | +€9.6m | +307.1% |
| Plant, machinery and equipment | 23 | €1,902 | €690 | -€1,213 | -63.8% |
| Furniture and vehicles | 24 | €25,271 | €18,367 | -€6,904 | -27.3% |
| Financial fixed assets | 28 | €1,500,050 | €4,578,234 | +€3.1m | +205.2% |
| Current assets | 29/58 | €309,456 | €144,740 | -€164,716 | -53.2% |
| Amounts receivable within one year | 40/41 | €252,976 | €135,743 | -€117,233 | -46.3% |
| Trade receivables | 40 | €3,126 | €4,003 | +€877 | +28.0% |
| Other amounts receivable | 41 | €249,849 | €131,740 | -€118,109 | -47.3% |
| Cash at bank and in hand | 54/58 | €46,827 | €5,856 | -€40,970 | -87.5% |
| Deferred charges and accrued income | 490/1 | €9,653 | €3,141 | -€6,513 | -67.5% |
| Total equity and liabilities | 10/49 | €4,949,832 | €17,417,156 | +€12.5m | +251.9% |
| Equity | 10/15 | €1,243,011 | €11,841,439 | +€10.6m | +852.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | - | €10,717,988 | +€10.7m | |
| Reserves | 13 | €1,224,419 | €1,104,859 | -€119,560 | -9.8% |
| Tax-exempt reserves | 132 | €252,936 | €239,833 | -€13,104 | -5.2% |
| Distributable reserves | 133 | €971,483 | €865,026 | -€106,457 | -11.0% |
| Provisions and deferred taxes | 16 | €84,312 | €79,944 | -€4,368 | -5.2% |
| Deferred taxes | 168 | €84,312 | €79,944 | -€4,368 | -5.2% |
| Amounts payable | 17/49 | €3,622,509 | €5,495,773 | +€1.9m | +51.7% |
| Amounts payable after more than one year | 17 | €3,006,001 | €4,695,961 | +€1.7m | +56.2% |
| Financial debts | 170/4 | €2,938,923 | €4,592,883 | +€1.7m | +56.3% |
| Other amounts payable | 178/9 | €67,078 | €103,078 | +€36,000 | +53.7% |
| Amounts payable within one year | 42/48 | €604,483 | €792,942 | +€188,459 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €198,996 | €265,871 | +€66,875 | +33.6% |
| Trade debts | 44 | €7,880 | €6,244 | -€1,636 | -20.8% |
| Suppliers | 440/4 | €7,880 | €6,244 | -€1,636 | -20.8% |
| Taxes, remuneration and social security | 45 | €70,024 | €53,691 | -€16,332 | -23.3% |
| Taxes | 450/3 | €70,024 | €53,691 | -€16,332 | -23.3% |
| Other amounts payable | 47/48 | €327,583 | €467,135 | +€139,552 | +42.6% |
| Accrued charges and deferred income | 492/3 | €12,024 | €6,870 | -€5,154 | -42.9% |
| Non-recurring operating income | 76A | €9,356 | - | -€9,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,998 | €447,286 | +€267,287 | +148.5% |
| Other operating charges | 640/8 | €36,015 | €39,955 | +€3,940 | +10.9% |
| Gross operating margin | 9900 | €460,924 | €464,259 | +€3,336 | +0.7% |
| Operating profit (loss) | 9901 | €244,911 | -€22,982 | -€267,892 | |
| Financial income | 75/76B | €31 | €10 | -€21 | -68.7% |
| Recurring financial income | 75 | €31 | €10 | -€21 | -68.7% |
| Financial charges | 65/66B | €65,825 | €100,956 | +€35,131 | +53.4% |
| Recurring financial charges | 65 | €65,825 | €100,956 | +€35,131 | +53.4% |
| Profit (loss) for the period before taxes | 9903 | €179,116 | -€123,928 | -€303,044 | |
| Transfer from deferred taxes | 780 | €4,368 | €4,368 | = | 0.0% |
| Income taxes | 67/77 | €53,700 | - | -€53,700 | |
| Profit (loss) for the period | 9904 | €129,784 | -€119,560 | -€249,344 | |
| Transfer from tax-exempt reserves | 789 | €13,104 | €13,104 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €142,887 | -€106,457 | -€249,344 |
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.