HEDACH: 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.
What changed
HEDACH
NACE 16.230, Manufacture of other builders' carpentry and joinery
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€116,640
2024 · -€78,086+€194,726
Equity
€525,439
2024 · €530,447-€5,008
Cash
€7,442
2024 · €4,609+€2,833
Balance sheet total
€1.1m
2024 · €1.2m-€121,581
Largest movements
Assets
- Tangible fixed assets -€84,105
down €84,105 (-15.3%), from €548,566 to €464,461
of which Land and buildings: -€62,955
- Receivables within one year -€78,990
down €78,990 (-87.5%), from €90,256 to €11,265
of which Trade receivables: -€76,723
- Stocks and contracts +€38,949
up €38,949 (+6.6%), from €592,259 to €631,208
Equity and liabilities
- Debts after one year -€124,148
down €124,148 (-31.7%), from €391,418 to €267,270
Income statement
- Gross operating margin +€199,402
up €199,402 (+61.8%), from €322,896 to €522,298
- Depreciation -€46,870
down €46,870 (-32.1%), from €146,110 to €99,240
- Staff costs +€35,626
up €35,626 (+16.3%), from €218,742 to €254,369
- Taxes +€11,583
up €11,583 (+4645.0%), from €249 to €11,832
- Financial income -€9,592
down €9,592 (-28.7%), from €33,467 to €23,874
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.
Result 2024
-€78,086
Gross operating margin
+€199,402
Staff costs
-€35,626
Depreciation
+€46,870
Other operating charges
+€2,754
Financial income
-€9,592
Financial charges
+€2,502
Taxes
-€11,583
Result 2025
€116,640
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.
From operations
+€260,253
Investment
-€15,135
Financing
-€242,284
Cash 2024
€4,609
From operations (derived)
+€260,253
Net result for the year
+€116,640
Depreciation
+€99,240
Stocks and contracts
-€38,949
Receivables within one year
+€78,990
Smaller working-capital items
+€255
Trade debts
-€2,503
Tax, wage and social debts
+€482
Other debts
+€8,500
Accrued charges and deferred income
-€2,403
Investment (derived)
-€15,135
Investment in fixed assets (net)
-€15,135
Financing
-€242,284
Debts after one year
-€124,148
Current portion of long-term debt
+€3,512
Contributions, distributions and other
-€121,648
Cash 2025
€7,442
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,248,066 | €1,126,485 | -€121,581 | -9.7% |
| Fixed assets | 21/28 | €548,771 | €464,666 | -€84,105 | -15.3% |
| Tangible fixed assets | 22/27 | €548,566 | €464,461 | -€84,105 | -15.3% |
| Land and buildings | 22 | €514,835 | €451,880 | -€62,955 | -12.2% |
| Plant, machinery and equipment | 23 | €12,518 | €7,421 | -€5,097 | -40.7% |
| Furniture and vehicles | 24 | €13,295 | €5,160 | -€8,135 | -61.2% |
| Leasing and similar rights | 25 | €7,918 | - | -€7,918 | |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €699,294 | €661,819 | -€37,475 | -5.4% |
| Stocks and contracts in progress | 3 | €592,259 | €631,208 | +€38,949 | +6.6% |
| Stocks | 30/36 | €592,259 | €631,208 | +€38,949 | +6.6% |
| Amounts receivable within one year | 40/41 | €90,256 | €11,265 | -€78,990 | -87.5% |
| Trade receivables | 40 | €83,200 | €6,477 | -€76,723 | -92.2% |
| Other amounts receivable | 41 | €7,056 | €4,789 | -€2,267 | -32.1% |
| Cash at bank and in hand | 54/58 | €4,609 | €7,442 | +€2,833 | +61.5% |
| Deferred charges and accrued income | 490/1 | €12,171 | €11,904 | -€268 | -2.2% |
| Total equity and liabilities | 10/49 | €1,248,066 | €1,126,485 | -€121,581 | -9.7% |
| Equity | 10/15 | €530,447 | €525,439 | -€5,008 | -0.9% |
| Contributions | 10/11 | €342,876 | €342,876 | = | 0.0% |
| Capital | 10 | €342,000 | €342,000 | = | 0.0% |
| Issued capital | 100 | €342,000 | €342,000 | = | 0.0% |
| Contributions outside capital | 11 | €876 | €876 | = | 0.0% |
| Share premium | 1100/10 | €876 | €876 | = | 0.0% |
| Reserves | 13 | €34,200 | €34,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,200 | €34,200 | = | 0.0% |
| Legal reserve | 130 | €34,200 | €34,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,487 | €124,127 | +€1,640 | +1.3% |
| Investment grants | 15 | €30,885 | €24,236 | -€6,648 | -21.5% |
| Provisions and deferred taxes | 16 | €117 | €104 | -€13 | -11.1% |
| Deferred taxes | 168 | €117 | €104 | -€13 | -11.1% |
| Amounts payable | 17/49 | €717,501 | €600,942 | -€116,560 | -16.2% |
| Amounts payable after more than one year | 17 | €391,418 | €267,270 | -€124,148 | -31.7% |
| Financial debts | 170/4 | €391,418 | €267,270 | -€124,148 | -31.7% |
| Amounts payable within one year | 42/48 | €323,575 | €333,566 | +€9,991 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €121,582 | €125,093 | +€3,512 | +2.9% |
| Trade debts | 44 | €6,334 | €3,832 | -€2,503 | -39.5% |
| Suppliers | 440/4 | €6,334 | €3,832 | -€2,503 | -39.5% |
| Taxes, remuneration and social security | 45 | €45,049 | €45,531 | +€482 | +1.1% |
| Taxes | 450/3 | €22,270 | €19,841 | -€2,429 | -10.9% |
| Remuneration and social security | 454/9 | €22,780 | €25,691 | +€2,911 | +12.8% |
| Other amounts payable | 47/48 | €150,610 | €159,110 | +€8,500 | +5.6% |
| Accrued charges and deferred income | 492/3 | €2,508 | €105 | -€2,403 | -95.8% |
| Remuneration, social security and pensions | 62 | €218,742 | €254,369 | +€35,626 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,110 | €99,240 | -€46,870 | -32.1% |
| Other operating charges | 640/8 | €37,084 | €34,330 | -€2,754 | -7.4% |
| Gross operating margin | 9900 | €322,896 | €522,298 | +€199,402 | +61.8% |
| Operating profit (loss) | 9901 | -€79,040 | €134,359 | +€213,399 | |
| Financial income | 75/76B | €33,467 | €23,874 | -€9,592 | -28.7% |
| Recurring financial income | 75 | €33,467 | €23,874 | -€9,592 | -28.7% |
| Financial charges | 65/66B | €32,276 | €29,774 | -€2,502 | -7.8% |
| Recurring financial charges | 65 | €32,276 | €29,774 | -€2,502 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€77,849 | €128,459 | +€206,309 | |
| Transfer from deferred taxes | 780 | €13 | €13 | = | 0.0% |
| Income taxes | 67/77 | €249 | €11,832 | +€11,583 | +4645.0% |
| Profit (loss) for the period | 9904 | -€78,086 | €116,640 | +€194,726 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78,086 | €116,640 | +€194,726 |
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 9 October 2026 via checked.be.