HEC.S.: 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.
HEC.S.
Largest movements
- Cash +€62,960
up €62,960 (+25.7%), from €244,821 to €307,781
mainly Net result for the year (+€49,344) and Tax, wage and social debts (+€18,401)
- Receivables within one year +€10,143
new in 2025: €10,143
- Tangible fixed assets -€5,825
down €5,825 (-8.4%), from €69,606 to €63,781
of which Furniture and vehicles: -€3,025
- Reserves +€49,344
up €49,344 (+28.8%), from €171,546 to €220,890
of which Distributable reserves: +€49,344
- Tax, wage and social debts +€18,401
up €18,401 (+74.6%), from €24,658 to €43,059
- Accrued charges and deferred income +€5,444
new in 2025: €5,444
- Turnover +€131,379
new in 2025: €131,379
- Gross operating margin +€21,468
up €21,468 (+22.1%), from €97,319 to €118,787
- Purchases and services +€12,592
new in 2025: €12,592
- Taxes +€6,520
up €6,520 (+48.6%), from €13,428 to €19,948
- Financial charges +€5,486
up €5,486 (+91433.3%), from €6 to €5,492
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 | €314,427 | €381,705 | +€67,278 | +21.4% |
| Fixed assets | 21/28 | €69,606 | €63,781 | -€5,825 | -8.4% |
| Tangible fixed assets | 22/27 | €69,606 | €63,781 | -€5,825 | -8.4% |
| Land and buildings | 22 | €64,400 | €61,600 | -€2,800 | -4.3% |
| Furniture and vehicles | 24 | €5,206 | €2,181 | -€3,025 | -58.1% |
| Current assets | 29/58 | €244,821 | €317,924 | +€73,103 | +29.9% |
| Amounts receivable within one year | 40/41 | - | €10,143 | +€10,143 | |
| Trade receivables | 40 | - | €10,143 | +€10,143 | |
| Cash at bank and in hand | 54/58 | €244,821 | €307,781 | +€62,960 | +25.7% |
| Total equity and liabilities | 10/49 | €314,427 | €381,705 | +€67,278 | +21.4% |
| Equity | 10/15 | €190,096 | €239,440 | +€49,344 | +26.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €171,546 | €220,890 | +€49,344 | +28.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Other | 1319 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €169,691 | €219,035 | +€49,344 | +29.1% |
| Amounts payable | 17/49 | €124,331 | €142,265 | +€17,934 | +14.4% |
| Amounts payable within one year | 42/48 | €124,331 | €136,821 | +€12,490 | +10.0% |
| Trade debts | 44 | €5,407 | €2,504 | -€2,903 | -53.7% |
| Suppliers | 440/4 | €5,407 | €2,504 | -€2,903 | -53.7% |
| Taxes, remuneration and social security | 45 | €24,658 | €43,059 | +€18,401 | +74.6% |
| Taxes | 450/3 | €24,658 | €43,059 | +€18,401 | +74.6% |
| Other amounts payable | 47/48 | €94,266 | €91,258 | -€3,008 | -3.2% |
| Accrued charges and deferred income | 492/3 | - | €5,444 | +€5,444 | |
| Turnover | 70 | - | €131,379 | +€131,379 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €12,592 | +€12,592 | |
| Remuneration, social security and pensions | 62 | €41,777 | €40,400 | -€1,377 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,396 | €5,825 | -€1,571 | -21.2% |
| Other operating charges | 640/8 | €321 | €162 | -€159 | -49.5% |
| Gross operating margin | 9900 | €97,319 | €118,787 | +€21,468 | +22.1% |
| Operating profit (loss) | 9901 | €47,825 | €72,400 | +€24,575 | +51.4% |
| Financial income | 75/76B | €2,032 | €2,384 | +€352 | +17.3% |
| Recurring financial income | 75 | €2,032 | €2,384 | +€352 | +17.3% |
| Financial charges | 65/66B | €6 | €5,492 | +€5,486 | +91433.3% |
| Recurring financial charges | 65 | €6 | €5,492 | +€5,486 | +91433.3% |
| Profit (loss) for the period before taxes | 9903 | €49,851 | €69,292 | +€19,441 | +39.0% |
| Income taxes | 67/77 | €13,428 | €19,948 | +€6,520 | +48.6% |
| Profit (loss) for the period | 9904 | €36,423 | €49,344 | +€12,921 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,423 | €49,344 | +€12,921 | +35.5% |
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 6 October 2026 via checked.be.