HECARO: 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.
HECARO
Largest movements
- Current investments +€250,000
up €250,000 (+250%), from €100,000 to €350,000
- Cash +€184,164
up €184,164 (+71.8%), from €256,384 to €440,548
mainly Net result for the year (+€426,312) and Receivables within one year (+€6,219)
- Reserves +€426,312
up €426,312 (+35.6%), from €1.2m to €1.6m
- Financial income +€373,172
up €373,172 (+469%), from €79,571 to €452,743
- Taxes +€35,477
up €35,477 (+250%), from €14,214 to €49,692
- Gross operating margin +€7,100
up €7,100 (+33.3%), from €21,337 to €28,437
- Other operating charges -€370
down €370 (-24.7%), from €1,497 to €1,126
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.
Derived cash bridge
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 | €1,263,795 | €1,690,528 | +€426,733 | +33.8% |
| Fixed assets | 21/28 | €901,193 | €899,981 | -€1,212 | -0.1% |
| Tangible fixed assets | 22/27 | €6,158 | €4,946 | -€1,212 | -19.7% |
| Land and buildings | 22 | €6,158 | €4,946 | -€1,212 | -19.7% |
| Financial fixed assets | 28 | €895,035 | €895,035 | = | 0.0% |
| Current assets | 29/58 | €362,603 | €790,548 | +€427,945 | +118% |
| Amounts receivable within one year | 40/41 | €6,219 | €0 | -€6,219 | -100% |
| Other amounts receivable | 41 | €6,219 | €0 | -€6,219 | -100% |
| Current investments | 50/53 | €100,000 | €350,000 | +€250,000 | +250% |
| Cash at bank and in hand | 54/58 | €256,384 | €440,548 | +€184,164 | +71.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,263,795 | €1,690,528 | +€426,733 | +33.8% |
| Equity | 10/15 | €1,216,706 | €1,643,018 | +€426,312 | +35.0% |
| Contributions | 10/11 | €19,125 | €19,125 | = | 0.0% |
| Reserves | 13 | €1,197,581 | €1,623,893 | +€426,312 | +35.6% |
| Distributable reserves | 133 | €1,197,581 | €1,623,893 | +€426,312 | +35.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €47,089 | €47,510 | +€421 | +0.9% |
| Amounts payable within one year | 42/48 | €45,046 | €44,855 | -€191 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €172 | €0 | -€172 | -100% |
| Trade debts | 44 | €1,159 | €1,948 | +€790 | +68.2% |
| Suppliers | 440/4 | €1,159 | €1,948 | +€790 | +68.2% |
| Taxes, remuneration and social security | 45 | €6,294 | €3,442 | -€2,852 | -45.3% |
| Taxes | 450/3 | €2,833 | €3,442 | +€608 | +21.5% |
| Remuneration and social security | 454/9 | €3,461 | €0 | -€3,461 | -100% |
| Other amounts payable | 47/48 | €37,421 | €39,465 | +€2,043 | +5.5% |
| Accrued charges and deferred income | 492/3 | €2,043 | €2,655 | +€612 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,118 | €1,212 | +€94 | +8.4% |
| Other operating charges | 640/8 | €1,497 | €1,126 | -€370 | -24.7% |
| Gross operating margin | 9900 | €21,337 | €28,437 | +€7,100 | +33.3% |
| Operating profit (loss) | 9901 | €18,722 | €26,098 | +€7,376 | +39.4% |
| Financial income | 75/76B | €79,571 | €452,743 | +€373,172 | +469% |
| Recurring financial income | 75 | €79,571 | €452,743 | +€373,172 | +469% |
| Financial charges | 65/66B | €3,035 | €2,838 | -€197 | -6.5% |
| Recurring financial charges | 65 | €3,035 | €2,838 | -€197 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €95,259 | €476,004 | +€380,745 | +400% |
| Income taxes | 67/77 | €14,214 | €49,692 | +€35,477 | +250% |
| Profit (loss) for the period | 9904 | €81,044 | €426,312 | +€345,268 | +426% |
| Profit (loss) for the period to be appropriated | 9905 | €81,044 | €426,312 | +€345,268 | +426% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.