HEBUFIN: 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.
HEBUFIN
Largest movements
- Current investments -€105,981
down €105,981 (-51.9%), from €204,184 to €98,203
- Cash +€61,373
up €61,373 (+265.5%), from €23,116 to €84,489
mainly Net result for the year (+€216,329) and Current investments (+€105,981)
- Tangible fixed assets -€40,531
down €40,531 (-5.4%), from €753,858 to €713,327
of which Land and buildings: -€38,211
- Reserves -€54,096
down €54,096 (-13.9%), from €388,292 to €334,196
- Other debts +€35,290
up €35,290 (+9.1%), from €387,328 to €422,618
- Tax, wage and social debts -€28,235
down €28,235 (-98.4%), from €28,685 to €450
of which Taxes: -€28,685
- Debts after one year -€19,800
down €19,800 (-12.5%), from €158,400 to €138,600
- Gross operating margin +€31,258
up €31,258 (+9.8%), from €319,515 to €350,773
- Taxes +€11,299
up €11,299 (+19.0%), from €59,574 to €70,873
- Financial charges -€8,376
down €8,376 (-27.5%), from €30,471 to €22,094
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 | €1,020,930 | €951,731 | -€69,199 | -6.8% |
| Fixed assets | 21/28 | €760,437 | €725,906 | -€34,531 | -4.5% |
| Tangible fixed assets | 22/27 | €753,858 | €713,327 | -€40,531 | -5.4% |
| Land and buildings | 22 | €750,420 | €712,208 | -€38,211 | -5.1% |
| Furniture and vehicles | 24 | €3,439 | €1,119 | -€2,320 | -67.5% |
| Financial fixed assets | 28 | €6,579 | €12,579 | +€6,000 | +91.2% |
| Current assets | 29/58 | €260,492 | €225,825 | -€34,668 | -13.3% |
| Amounts receivable within one year | 40/41 | €30,450 | €40,465 | +€10,015 | +32.9% |
| Trade receivables | 40 | - | €450 | +€450 | |
| Other amounts receivable | 41 | €30,450 | €40,015 | +€9,565 | +31.4% |
| Current investments | 50/53 | €204,184 | €98,203 | -€105,981 | -51.9% |
| Cash at bank and in hand | 54/58 | €23,116 | €84,489 | +€61,373 | +265.5% |
| Deferred charges and accrued income | 490/1 | €2,743 | €2,667 | -€75 | -2.8% |
| Total equity and liabilities | 10/49 | €1,020,930 | €951,731 | -€69,199 | -6.8% |
| Equity | 10/15 | €406,892 | €352,796 | -€54,096 | -13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,292 | €334,196 | -€54,096 | -13.9% |
| Distributable reserves | 133 | €388,292 | €334,196 | -€54,096 | -13.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €614,038 | €598,935 | -€15,103 | -2.5% |
| Amounts payable after more than one year | 17 | €158,400 | €138,600 | -€19,800 | -12.5% |
| Financial debts | 170/4 | €158,400 | €138,600 | -€19,800 | -12.5% |
| Amounts payable within one year | 42/48 | €437,157 | €444,504 | +€7,347 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €19,800 | €19,800 | = | 0.0% |
| Financial debts | 43 | €268 | €540 | +€272 | +101.4% |
| Credit institutions | 430/8 | €268 | €540 | +€272 | +101.4% |
| Trade debts | 44 | €1,075 | €1,095 | +€20 | +1.9% |
| Suppliers | 440/4 | €1,075 | €1,095 | +€20 | +1.9% |
| Taxes, remuneration and social security | 45 | €28,685 | €450 | -€28,235 | -98.4% |
| Taxes | 450/3 | €28,685 | €0 | -€28,685 | -100.0% |
| Remuneration and social security | 454/9 | - | €450 | +€450 | |
| Other amounts payable | 47/48 | €387,328 | €422,618 | +€35,290 | +9.1% |
| Accrued charges and deferred income | 492/3 | €18,481 | €15,831 | -€2,650 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,066 | €40,531 | +€465 | +1.2% |
| Other operating charges | 640/8 | €5,277 | €5,338 | +€61 | +1.2% |
| Gross operating margin | 9900 | €319,515 | €350,773 | +€31,258 | +9.8% |
| Operating profit (loss) | 9901 | €274,172 | €304,903 | +€30,731 | +11.2% |
| Financial income | 75/76B | €5,248 | €4,393 | -€855 | -16.3% |
| Recurring financial income | 75 | €5,248 | €4,393 | -€855 | -16.3% |
| Financial charges | 65/66B | €30,471 | €22,094 | -€8,376 | -27.5% |
| Recurring financial charges | 65 | €30,471 | €22,094 | -€8,376 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €248,949 | €287,202 | +€38,253 | +15.4% |
| Income taxes | 67/77 | €59,574 | €70,873 | +€11,299 | +19.0% |
| Profit (loss) for the period | 9904 | €189,375 | €216,329 | +€26,954 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €189,375 | €216,329 | +€26,954 | +14.2% |
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 29 September 2026 via checked.be.