HED2TO: 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.
HED2TO
Largest movements
- Receivables within one year +€62,458
up €62,458 (+143,055%), from €44 to €62,501
- Receivables after one year -€52,007
no longer reported in 2025 (was €52,007)
- Tangible fixed assets -€3,138
down €3,138 (-25.8%), from €12,149 to €9,011
of which Furniture and vehicles: -€2,584
- Cash -€1,178
down €1,178 (-16.5%), from €7,138 to €5,960
mainly Receivables within one year (-€62,458) and Contributions, distributions and other (-€18,008)
- Other debts +€18,008
new in 2025: €18,008
- Tax, wage and social debts -€8,066
down €8,066 (-90.7%), from €8,889 to €822
- Reserves -€5,368
down €5,368 (-10.9%), from €49,054 to €43,686
of which Distributable reserves: -€5,368
- Trade debts +€3,048
up €3,048 (+259%), from €1,178 to €4,226
- Short-term financial debts -€1,005
no longer reported in 2025 (was €1,005)
- Gross operating margin -€7,065
down €7,065 (-25.1%), from €28,147 to €21,082
- Financial charges -€1,346
down €1,346 (-76.3%), from €1,765 to €419
- Taxes +€1,176
up €1,176 (+54.8%), from €2,147 to €3,322
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 | €75,326 | €82,073 | +€6,747 | +9.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €12,149 | €9,011 | -€3,138 | -25.8% |
| Tangible fixed assets | 22/27 | €12,149 | €9,011 | -€3,138 | -25.8% |
| Plant, machinery and equipment | 23 | €1,677 | €1,209 | -€468 | -27.9% |
| Furniture and vehicles | 24 | €10,299 | €7,716 | -€2,584 | -25.1% |
| Other tangible fixed assets | 26 | €173 | €87 | -€87 | -50.0% |
| Current assets | 29/58 | €63,177 | €73,062 | +€9,885 | +15.6% |
| Amounts receivable after more than one year | 29 | €52,007 | - | -€52,007 | |
| Other amounts receivable | 291 | €52,007 | - | -€52,007 | |
| Stocks and contracts in progress | 3 | €3,871 | €3,745 | -€126 | -3.2% |
| Stocks | 30/36 | €3,871 | €3,745 | -€126 | -3.2% |
| Amounts receivable within one year | 40/41 | €44 | €62,501 | +€62,458 | +143,055% |
| Other amounts receivable | 41 | €44 | €62,501 | +€62,458 | +143,055% |
| Cash at bank and in hand | 54/58 | €7,138 | €5,960 | -€1,178 | -16.5% |
| Deferred charges and accrued income | 490/1 | €117 | €855 | +€737 | +627% |
| Total equity and liabilities | 10/49 | €75,326 | €82,073 | +€6,747 | +9.0% |
| Equity | 10/15 | €64,254 | €58,886 | -€5,368 | -8.4% |
| Contributions | 10/11 | €15,200 | €15,200 | = | 0.0% |
| Reserves | 13 | €49,054 | €43,686 | -€5,368 | -10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €47,194 | €41,826 | -€5,368 | -11.4% |
| Amounts payable | 17/49 | €11,072 | €23,187 | +€12,115 | +109% |
| Amounts payable within one year | 42/48 | €11,072 | €23,057 | +€11,985 | +108% |
| Financial debts | 43 | €1,005 | - | -€1,005 | |
| Credit institutions | 430/8 | €1,005 | - | -€1,005 | |
| Trade debts | 44 | €1,178 | €4,226 | +€3,048 | +259% |
| Suppliers | 440/4 | €1,178 | €4,226 | +€3,048 | +259% |
| Taxes, remuneration and social security | 45 | €8,889 | €822 | -€8,066 | -90.7% |
| Taxes | 450/3 | €8,889 | €822 | -€8,066 | -90.7% |
| Other amounts payable | 47/48 | - | €18,008 | +€18,008 | |
| Accrued charges and deferred income | 492/3 | - | €130 | +€130 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,439 | €3,468 | +€29 | +0.9% |
| Other operating charges | 640/8 | €1,431 | €1,257 | -€174 | -12.1% |
| Gross operating margin | 9900 | €28,147 | €21,082 | -€7,065 | -25.1% |
| Operating profit (loss) | 9901 | €23,278 | €16,357 | -€6,921 | -29.7% |
| Financial income | 75/76B | €7 | €24 | +€17 | +246% |
| Recurring financial income | 75 | €7 | €24 | +€17 | +246% |
| Financial charges | 65/66B | €1,765 | €419 | -€1,346 | -76.3% |
| Recurring financial charges | 65 | €1,765 | €419 | -€1,346 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €21,520 | €15,962 | -€5,558 | -25.8% |
| Income taxes | 67/77 | €2,147 | €3,322 | +€1,176 | +54.8% |
| Profit (loss) for the period | 9904 | €19,373 | €12,640 | -€6,733 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,373 | €12,640 | -€6,733 | -34.8% |
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 13 October 2026 via checked.be.