HEBO: 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.
HEBO
Largest movements
- Cash +€121,351
up €121,351 (+111.3%), from €108,994 to €230,344
mainly Other debts (+€303,632) and Net result for the year (+€282,205)
- Deferred charges and accrued income +€118,060
new in 2026: €118,060
- Stocks and contracts +€110,685
up €110,685 (+14.4%), from €771,175 to €881,860
- Other debts +€303,632
up €303,632 (+427.0%), from €71,100 to €374,732
- Reserves -€117,795
down €117,795 (-18.0%), from €656,047 to €538,252
of which Distributable reserves: -€117,795
- Trade debts +€113,288
up €113,288 (+41.8%), from €270,922 to €384,210
- Short-term financial debts +€100,000
up €100,000 (+33.3%), from €300,000 to €400,000
- Debts after one year -€70,019
down €70,019 (-26.3%), from €266,442 to €196,423
- Gross operating margin +€240,500
up €240,500 (+49.5%), from €486,316 to €726,816
- Staff costs +€66,560
up €66,560 (+45.6%), from €145,853 to €212,413
- Taxes +€51,527
up €51,527 (+75.4%), from €68,309 to €119,836
- Depreciation +€19,188
up €19,188 (+21.9%), from €87,772 to €106,960
- Financial charges +€7,869
up €7,869 (+13.3%), from €59,216 to €67,085
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,797,420 | €2,165,481 | +€368,062 | +20.5% |
| Fixed assets | 21/28 | €355,466 | €353,746 | -€1,720 | -0.5% |
| Intangible fixed assets | 21 | - | €767 | +€767 | |
| Tangible fixed assets | 22/27 | €355,466 | €352,979 | -€2,487 | -0.7% |
| Plant, machinery and equipment | 23 | €25,748 | €17,266 | -€8,482 | -32.9% |
| Furniture and vehicles | 24 | €73,878 | €74,354 | +€475 | +0.6% |
| Leasing and similar rights | 25 | €165,227 | €183,892 | +€18,665 | +11.3% |
| Other tangible fixed assets | 26 | €90,612 | €77,467 | -€13,145 | -14.5% |
| Current assets | 29/58 | €1,441,954 | €1,811,735 | +€369,782 | +25.6% |
| Stocks and contracts in progress | 3 | €771,175 | €881,860 | +€110,685 | +14.4% |
| Stocks | 30/36 | €771,175 | €881,860 | +€110,685 | +14.4% |
| Amounts receivable within one year | 40/41 | €561,785 | €581,471 | +€19,686 | +3.5% |
| Trade receivables | 40 | €551,635 | €570,033 | +€18,398 | +3.3% |
| Other amounts receivable | 41 | €10,150 | €11,438 | +€1,288 | +12.7% |
| Cash at bank and in hand | 54/58 | €108,994 | €230,344 | +€121,351 | +111.3% |
| Deferred charges and accrued income | 490/1 | - | €118,060 | +€118,060 | |
| Total equity and liabilities | 10/49 | €1,797,420 | €2,165,481 | +€368,062 | +20.5% |
| Equity | 10/15 | €718,547 | €600,752 | -€117,795 | -16.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €656,047 | €538,252 | -€117,795 | -18.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €649,797 | €532,002 | -€117,795 | -18.1% |
| Amounts payable | 17/49 | €1,078,873 | €1,564,730 | +€485,857 | +45.0% |
| Amounts payable after more than one year | 17 | €266,442 | €196,423 | -€70,019 | -26.3% |
| Financial debts | 170/4 | €266,442 | €196,423 | -€70,019 | -26.3% |
| Amounts payable within one year | 42/48 | €812,431 | €1,368,306 | +€555,876 | +68.4% |
| Current portion of amounts payable after more than one year | 42 | €156,254 | €171,954 | +€15,700 | +10.0% |
| Financial debts | 43 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Credit institutions | 430/8 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Trade debts | 44 | €270,922 | €384,210 | +€113,288 | +41.8% |
| Suppliers | 440/4 | €270,922 | €384,210 | +€113,288 | +41.8% |
| Taxes, remuneration and social security | 45 | €14,154 | €37,410 | +€23,256 | +164.3% |
| Taxes | 450/3 | €3,624 | €19,836 | +€16,211 | +447.3% |
| Remuneration and social security | 454/9 | €10,530 | €17,574 | +€7,044 | +66.9% |
| Other amounts payable | 47/48 | €71,100 | €374,732 | +€303,632 | +427.0% |
| Non-recurring operating income | 76A | €19,229 | €4,606 | -€14,624 | -76.0% |
| Remuneration, social security and pensions | 62 | €145,853 | €212,413 | +€66,560 | +45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,772 | €106,960 | +€19,188 | +21.9% |
| Other operating charges | 640/8 | €15,132 | €10,125 | -€5,007 | -33.1% |
| Non-recurring operating charges | 66A | - | €4,548 | +€4,548 | |
| Gross operating margin | 9900 | €486,316 | €726,816 | +€240,500 | +49.5% |
| Operating profit (loss) | 9901 | €237,559 | €392,770 | +€155,212 | +65.3% |
| Financial income | 75/76B | €78,677 | €76,355 | -€2,321 | -3.0% |
| Recurring financial income | 75 | €78,677 | €76,355 | -€2,321 | -3.0% |
| Financial charges | 65/66B | €59,216 | €67,085 | +€7,869 | +13.3% |
| Recurring financial charges | 65 | €59,216 | €67,085 | +€7,869 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €257,019 | €402,041 | +€145,021 | +56.4% |
| Income taxes | 67/77 | €68,309 | €119,836 | +€51,527 | +75.4% |
| Profit (loss) for the period | 9904 | €188,711 | €282,205 | +€93,494 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €188,711 | €282,205 | +€93,494 | +49.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.