HECO: 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.
HECO
Largest movements
- Cash -€69,422
down €69,422 (-44.9%), from €154,649 to €85,227
mainly Net result for the year (-€334,190)
- Receivables within one year -€30,103
down €30,103 (-15.5%), from €193,765 to €163,662
of which Trade receivables: -€29,014
- Stocks and contracts -€15,655
down €15,655 (-3.9%), from €404,508 to €388,853
- Tangible fixed assets -€15,394
down €15,394 (-26.4%), from €58,382 to €42,988
of which Plant, machinery and equipment: -€13,292
- Profit (loss) carried forward -€334,190
down €334,190 (-55.5%), from -€602,453 to -€936,644
- Other debts +€164,521
up €164,521 (+37.0%), from €445,243 to €609,764
- Trade debts +€19,744
up €19,744 (+2.4%), from €823,812 to €843,555
- Gross operating margin -€117,811
down €117,811 (-47.8%), from €246,294 to €128,483
- Staff costs -€61,995
down €61,995 (-14.3%), from €433,236 to €371,241
- Financial charges +€10,504
up €10,504 (+22.3%), from €47,135 to €57,640
- Depreciation -€8,084
down €8,084 (-34.4%), from €23,479 to €15,394
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 | €822,171 | €684,102 | -€138,069 | -16.8% |
| Fixed assets | 21/28 | €58,382 | €42,988 | -€15,394 | -26.4% |
| Tangible fixed assets | 22/27 | €58,382 | €42,988 | -€15,394 | -26.4% |
| Land and buildings | 22 | €462 | €276 | -€185 | -40.1% |
| Plant, machinery and equipment | 23 | €49,572 | €36,280 | -€13,292 | -26.8% |
| Furniture and vehicles | 24 | €1,423 | €664 | -€759 | -53.4% |
| Other tangible fixed assets | 26 | €6,926 | €5,768 | -€1,158 | -16.7% |
| Current assets | 29/58 | €763,788 | €641,114 | -€122,675 | -16.1% |
| Stocks and contracts in progress | 3 | €404,508 | €388,853 | -€15,655 | -3.9% |
| Stocks | 30/36 | €404,508 | €388,853 | -€15,655 | -3.9% |
| Amounts receivable within one year | 40/41 | €193,765 | €163,662 | -€30,103 | -15.5% |
| Trade receivables | 40 | €156,835 | €127,821 | -€29,014 | -18.5% |
| Other amounts receivable | 41 | €36,930 | €35,841 | -€1,089 | -2.9% |
| Cash at bank and in hand | 54/58 | €154,649 | €85,227 | -€69,422 | -44.9% |
| Deferred charges and accrued income | 490/1 | €10,866 | €3,372 | -€7,494 | -69.0% |
| Total equity and liabilities | 10/49 | €822,171 | €684,102 | -€138,069 | -16.8% |
| Equity | 10/15 | -€522,482 | -€856,672 | -€334,190 | -64.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €59,971 | €59,971 | = | 0.0% |
| Distributable reserves | 133 | €59,971 | €59,971 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€602,453 | -€936,644 | -€334,190 | -55.5% |
| Amounts payable | 17/49 | €1,344,653 | €1,540,774 | +€196,121 | +14.6% |
| Amounts payable within one year | 42/48 | €1,323,406 | €1,513,676 | +€190,270 | +14.4% |
| Trade debts | 44 | €823,812 | €843,555 | +€19,744 | +2.4% |
| Suppliers | 440/4 | €823,812 | €843,555 | +€19,744 | +2.4% |
| Taxes, remuneration and social security | 45 | €54,351 | €60,356 | +€6,006 | +11.0% |
| Taxes | 450/3 | €9,113 | €9,347 | +€234 | +2.6% |
| Remuneration and social security | 454/9 | €45,238 | €51,010 | +€5,772 | +12.8% |
| Other amounts payable | 47/48 | €445,243 | €609,764 | +€164,521 | +37.0% |
| Accrued charges and deferred income | 492/3 | €21,247 | €27,098 | +€5,851 | +27.5% |
| Remuneration, social security and pensions | 62 | €433,236 | €371,241 | -€61,995 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,479 | €15,394 | -€8,084 | -34.4% |
| Other operating charges | 640/8 | €18,207 | €19,060 | +€853 | +4.7% |
| Gross operating margin | 9900 | €246,294 | €128,483 | -€117,811 | -47.8% |
| Operating profit (loss) | 9901 | -€228,628 | -€277,213 | -€48,585 | -21.3% |
| Financial income | 75/76B | €689 | €663 | -€26 | -3.8% |
| Recurring financial income | 75 | €689 | €663 | -€26 | -3.8% |
| Financial charges | 65/66B | €47,135 | €57,640 | +€10,504 | +22.3% |
| Recurring financial charges | 65 | €47,135 | €57,640 | +€10,504 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | -€275,075 | -€334,190 | -€59,116 | -21.5% |
| Profit (loss) for the period | 9904 | -€275,075 | -€334,190 | -€59,116 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€275,075 | -€334,190 | -€59,116 | -21.5% |
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 14 October 2026 via checked.be.