HECO ET CIE: what changed
What changed
HECO ET CIE
filed annual accounts (NBB)
Net result for the year
€296,089
2024 · €208,520+€87,569
Equity
€721,241
2024 · €425,152+€296,089
Cash
€732,227
2024 · €412,346+€319,880
Balance sheet total
€1.1m
2024 · €924,584+€205,837
Largest movements
Assets
- Cash +€319,880
up €319,880 (+77.6%), from €412,346 to €732,227
mainly Net result for the year (+€296,089) and Investment in fixed assets (net) (+€104,470)
- Tangible fixed assets -€150,761
down €150,761 (-29.7%), from €506,886 to €356,125
of which Land and buildings: -€117,811
- Receivables within one year +€36,840
up €36,840 (+908%), from €4,056 to €40,896
Equity and liabilities
- Reserves +€291,232
up €291,232 (+115%), from €253,337 to €544,569
of which Distributable reserves: +€500,000
- Provisions -€70,073
down €70,073 (-65.0%), from €107,877 to €37,804
- Debts after one year -€17,284
down €17,284 (-7.8%), from €222,595 to €205,311
of which Financial debts: -€15,172
Income statement
- Taxes +€233,011
up €233,011 (+7,082%), from €3,290 to €236,301
- Gross operating margin +€169,956
up €169,956 (+47.2%), from €359,804 to €529,759
- Depreciation -€7,878
down €7,878 (-14.5%), from €54,169 to €46,291
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€208,520
Gross operating margin
+€169,956
Depreciation
+€7,878
Other operating charges
+€4,674
Financial income
+€547
Financial charges
+€404
Taxes
-€233,011
Deferred taxes and other
+€137,120
Result 2025
€296,089
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€232,285
Investment
+€104,470
Financing
-€16,875
Cash 2024
€412,346
From operations (derived)
+€232,285
Net result for the year
+€296,089
Depreciation
+€46,291
Receivables within one year
-€36,840
Smaller working-capital items
+€7
Provisions
-€70,073
Other debts
-€3,188
Investment (derived)
+€104,470
Investment in fixed assets (net)
+€104,470
Financing
-€16,875
Debts after one year
-€17,284
Current portion of long-term debt
+€408
Cash 2025
€732,227
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €924,584 | €1,130,421 | +€205,837 | +22.3% |
| Fixed assets | 21/28 | €506,886 | €356,125 | -€150,761 | -29.7% |
| Tangible fixed assets | 22/27 | €506,886 | €356,125 | -€150,761 | -29.7% |
| Land and buildings | 22 | €421,651 | €303,840 | -€117,811 | -27.9% |
| Plant, machinery and equipment | 23 | €32,434 | €21,881 | -€10,553 | -32.5% |
| Furniture and vehicles | 24 | €52,801 | €30,404 | -€22,397 | -42.4% |
| Current assets | 29/58 | €417,698 | €774,296 | +€356,598 | +85.4% |
| Amounts receivable within one year | 40/41 | €4,056 | €40,896 | +€36,840 | +908% |
| Other amounts receivable | 41 | €4,056 | €40,896 | +€36,840 | +908% |
| Cash at bank and in hand | 54/58 | €412,346 | €732,227 | +€319,880 | +77.6% |
| Deferred charges and accrued income | 490/1 | €1,295 | €1,173 | -€122 | -9.4% |
| Total equity and liabilities | 10/49 | €924,584 | €1,130,421 | +€205,837 | +22.3% |
| Equity | 10/15 | €425,152 | €721,241 | +€296,089 | +69.6% |
| Contributions | 10/11 | €61,703 | €61,703 | = | 0.0% |
| Capital | 10 | €61,703 | €61,703 | = | 0.0% |
| Issued capital | 100 | €61,703 | €61,703 | = | 0.0% |
| Reserves | 13 | €253,337 | €544,569 | +€291,232 | +115% |
| Non-distributable reserves | 130/1 | €6,170 | €6,170 | = | 0.0% |
| Legal reserve | 130 | €6,170 | €6,170 | = | 0.0% |
| Tax-exempt reserves | 132 | €247,167 | €38,398 | -€208,768 | -84.5% |
| Distributable reserves | 133 | - | €500,000 | +€500,000 | |
| Profit (loss) carried forward | 14 | €110,112 | €114,970 | +€4,857 | +4.4% |
| Provisions and deferred taxes | 16 | €107,877 | €37,804 | -€70,073 | -65.0% |
| Deferred taxes | 168 | €107,877 | €37,804 | -€70,073 | -65.0% |
| Amounts payable | 17/49 | €391,555 | €371,376 | -€20,179 | -5.2% |
| Amounts payable after more than one year | 17 | €222,595 | €205,311 | -€17,284 | -7.8% |
| Financial debts | 170/4 | €219,543 | €204,371 | -€15,172 | -6.9% |
| Other amounts payable | 178/9 | €3,052 | €940 | -€2,112 | -69.2% |
| Amounts payable within one year | 42/48 | €158,707 | €156,118 | -€2,589 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €14,764 | €15,172 | +€408 | +2.8% |
| Trade debts | 44 | €430 | €620 | +€190 | +44.3% |
| Suppliers | 440/4 | €430 | €620 | +€190 | +44.3% |
| Other amounts payable | 47/48 | €143,513 | €140,325 | -€3,188 | -2.2% |
| Accrued charges and deferred income | 492/3 | €10,253 | €9,947 | -€306 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,169 | €46,291 | -€7,878 | -14.5% |
| Other operating charges | 640/8 | €17,391 | €12,717 | -€4,674 | -26.9% |
| Gross operating margin | 9900 | €359,804 | €529,759 | +€169,956 | +47.2% |
| Operating profit (loss) | 9901 | €288,243 | €470,751 | +€182,508 | +63.3% |
| Financial income | 75/76B | €117 | €664 | +€547 | +468% |
| Recurring financial income | 75 | €117 | €664 | +€547 | +468% |
| Financial charges | 65/66B | €9,503 | €9,098 | -€404 | -4.3% |
| Recurring financial charges | 65 | €9,503 | €9,098 | -€404 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €278,858 | €462,317 | +€183,460 | +65.8% |
| Transfer from deferred taxes | 780 | €1,655 | €70,073 | +€68,418 | +4,134% |
| Transfer to deferred taxes | 680 | €68,702 | - | -€68,702 | |
| Income taxes | 67/77 | €3,290 | €236,301 | +€233,011 | +7,082% |
| Profit (loss) for the period | 9904 | €208,520 | €296,089 | +€87,569 | +42.0% |
| Transfer from tax-exempt reserves | 789 | €3,214 | €208,768 | +€205,554 | +6,396% |
| Transfer to tax-exempt reserves | 689 | €206,107 | - | -€206,107 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,628 | €504,857 | +€499,230 | +8,871% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.