Heda Projects: 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.
Heda Projects
Largest movements
- Cash +€59,180
up €59,180 (+132.0%), from €44,829 to €104,010
mainly Net result for the year (+€47,125) and Tax, wage and social debts (+€12,489)
- Tangible fixed assets -€9,408
down €9,408 (-22.4%), from €41,950 to €32,542
- Receivables within one year -€2,249
down €2,249 (-14.0%), from €16,058 to €13,809
- Reserves +€47,125
up €47,125 (+117.8%), from €40,009 to €87,134
- Tax, wage and social debts +€12,489
up €12,489 (+68.8%), from €18,155 to €30,644
- Debts after one year -€7,929
down €7,929 (-27.8%), from €28,574 to €20,644
- Trade debts -€1,955
down €1,955 (-48.7%), from €4,010 to €2,056
- Gross operating margin +€15,276
up €15,276 (+27.2%), from €56,102 to €71,378
- Depreciation +€4,318
up €4,318 (+84.8%), from €5,090 to €9,408
- Taxes +€2,911
up €2,911 (+30.9%), from €9,412 to €12,323
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 | €102,837 | €151,590 | +€48,753 | +47.4% |
| Fixed assets | 21/28 | €41,950 | €32,542 | -€9,408 | -22.4% |
| Tangible fixed assets | 22/27 | €41,950 | €32,542 | -€9,408 | -22.4% |
| Furniture and vehicles | 24 | €41,950 | €32,542 | -€9,408 | -22.4% |
| Current assets | 29/58 | €60,887 | €119,048 | +€58,161 | +95.5% |
| Amounts receivable within one year | 40/41 | €16,058 | €13,809 | -€2,249 | -14.0% |
| Trade receivables | 40 | €16,058 | €13,809 | -€2,249 | -14.0% |
| Cash at bank and in hand | 54/58 | €44,829 | €104,010 | +€59,180 | +132.0% |
| Deferred charges and accrued income | 490/1 | - | €1,229 | +€1,229 | |
| Total equity and liabilities | 10/49 | €102,837 | €151,590 | +€48,753 | +47.4% |
| Equity | 10/15 | €43,009 | €90,134 | +€47,125 | +109.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €40,009 | €87,134 | +€47,125 | +117.8% |
| Distributable reserves | 133 | €40,009 | €87,134 | +€47,125 | +117.8% |
| Amounts payable | 17/49 | €59,828 | €61,456 | +€1,628 | +2.7% |
| Amounts payable after more than one year | 17 | €28,574 | €20,644 | -€7,929 | -27.8% |
| Financial debts | 170/4 | €28,574 | €20,644 | -€7,929 | -27.8% |
| Amounts payable within one year | 42/48 | €31,255 | €40,812 | +€9,557 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €7,593 | €7,929 | +€337 | +4.4% |
| Trade debts | 44 | €4,010 | €2,056 | -€1,955 | -48.7% |
| Suppliers | 440/4 | €4,010 | €2,056 | -€1,955 | -48.7% |
| Taxes, remuneration and social security | 45 | €18,155 | €30,644 | +€12,489 | +68.8% |
| Taxes | 450/3 | €18,155 | €30,644 | +€12,489 | +68.8% |
| Other amounts payable | 47/48 | €1,496 | €183 | -€1,314 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,090 | €9,408 | +€4,318 | +84.8% |
| Other operating charges | 640/8 | €412 | €1,012 | +€600 | +145.8% |
| Gross operating margin | 9900 | €56,102 | €71,378 | +€15,276 | +27.2% |
| Operating profit (loss) | 9901 | €50,600 | €60,958 | +€10,358 | +20.5% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €1,179 | €1,525 | +€346 | +29.4% |
| Recurring financial charges | 65 | €1,179 | €1,525 | +€346 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €49,421 | €59,448 | +€10,027 | +20.3% |
| Income taxes | 67/77 | €9,412 | €12,323 | +€2,911 | +30.9% |
| Profit (loss) for the period | 9904 | €40,009 | €47,125 | +€7,116 | +17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,009 | €47,125 | +€7,116 | +17.8% |
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 11 October 2026 via checked.be.