HECO PROJECTS: 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.
HECO PROJECTS
Largest movements
- Stocks and contracts +€38,133
up €38,133 (+17.5%), from €217,682 to €255,815
of which Contracts in progress: +€20,000
- Cash +€11,353
up €11,353 (+302.1%), from €3,758 to €15,112
mainly Debts after one year (+€43,000) and Depreciation (+€10,689)
- Tangible fixed assets -€10,164
down €10,164 (-5.4%), from €189,986 to €179,821
of which Land and buildings: -€8,650
- Debts after one year +€43,000
up €43,000 (+116.2%), from €37,000 to €80,000
- Gross operating margin +€14,738
up €14,738, from -€237 to €14,500
- Depreciation -€1,147
down €1,147 (-9.7%), from €11,835 to €10,689
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 | €421,616 | €461,455 | +€39,839 | +9.4% |
| Fixed assets | 21/28 | €189,986 | €179,821 | -€10,164 | -5.4% |
| Tangible fixed assets | 22/27 | €189,986 | €179,821 | -€10,164 | -5.4% |
| Land and buildings | 22 | €182,653 | €174,003 | -€8,650 | -4.7% |
| Plant, machinery and equipment | 23 | €2,551 | €2,358 | -€193 | -7.5% |
| Furniture and vehicles | 24 | €4,782 | €3,460 | -€1,322 | -27.7% |
| Current assets | 29/58 | €231,630 | €281,634 | +€50,004 | +21.6% |
| Stocks and contracts in progress | 3 | €217,682 | €255,815 | +€38,133 | +17.5% |
| Stocks | 30/36 | €137,682 | €155,815 | +€18,133 | +13.2% |
| Contracts in progress | 37 | €80,000 | €100,000 | +€20,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €9,978 | €10,494 | +€516 | +5.2% |
| Trade receivables | 40 | €7,069 | €6,325 | -€744 | -10.5% |
| Other amounts receivable | 41 | €2,909 | €4,169 | +€1,260 | +43.3% |
| Cash at bank and in hand | 54/58 | €3,758 | €15,112 | +€11,353 | +302.1% |
| Deferred charges and accrued income | 490/1 | €212 | €214 | +€2 | +0.8% |
| Total equity and liabilities | 10/49 | €421,616 | €461,455 | +€39,839 | +9.4% |
| Equity | 10/15 | €377,064 | €378,820 | +€1,756 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €372,539 | €372,539 | = | 0.0% |
| Distributable reserves | 133 | €372,539 | €372,539 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,074 | -€12,319 | +€1,756 | +12.5% |
| Amounts payable | 17/49 | €44,552 | €82,635 | +€38,084 | +85.5% |
| Amounts payable after more than one year | 17 | €37,000 | €80,000 | +€43,000 | +116.2% |
| Financial debts | 170/4 | €37,000 | €80,000 | +€43,000 | +116.2% |
| Amounts payable within one year | 42/48 | €7,048 | €2,131 | -€4,916 | -69.8% |
| Trade debts | 44 | €2,724 | - | -€2,724 | |
| Suppliers | 440/4 | €2,724 | - | -€2,724 | |
| Other amounts payable | 47/48 | €4,324 | €2,131 | -€2,192 | -50.7% |
| Accrued charges and deferred income | 492/3 | €504 | €504 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,835 | €10,689 | -€1,147 | -9.7% |
| Other operating charges | 640/8 | €1,899 | €1,941 | +€42 | +2.2% |
| Gross operating margin | 9900 | -€237 | €14,500 | +€14,738 | |
| Operating profit (loss) | 9901 | -€13,971 | €1,871 | +€15,842 | |
| Financial income | 75/76B | €35 | €32 | -€3 | -8.5% |
| Recurring financial income | 75 | €35 | €32 | -€3 | -8.5% |
| Financial charges | 65/66B | €138 | €147 | +€9 | +6.5% |
| Recurring financial charges | 65 | €138 | €147 | +€9 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,074 | €1,756 | +€15,830 | |
| Profit (loss) for the period | 9904 | -€14,074 | €1,756 | +€15,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,074 | €1,756 | +€15,830 |
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 7 October 2026 via checked.be.