HEDALO: 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.
HEDALO
Largest movements
- Tangible fixed assets -€10,095
down €10,095 (-2.3%), from €438,491 to €428,396
of which Land and buildings: -€9,610
- Cash +€9,776
up €9,776 (+52.9%), from €18,483 to €28,259
mainly Net result for the year (+€22,505) and Depreciation (+€11,520)
- Debts after one year -€19,090
down €19,090 (-5.4%), from €350,386 to €331,296
- Reserves +€13,505
up €13,505 (+16.9%), from €80,135 to €93,640
- Other debts +€9,225
up €9,225 (+2.8%), from €328,496 to €337,721
- Gross operating margin +€6,707
up €6,707 (+12.2%), from €54,777 to €61,484
- Depreciation -€2,254
down €2,254 (-16.4%), from €13,774 to €11,520
- Taxes -€1,777
down €1,777 (-15.0%), from €11,843 to €10,066
- Financial charges +€1,348
up €1,348 (+11.0%), from €12,291 to €13,639
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 | €802,473 | €806,025 | +€3,552 | +0.4% |
| Fixed assets | 21/28 | €766,661 | €756,566 | -€10,095 | -1.3% |
| Tangible fixed assets | 22/27 | €438,491 | €428,396 | -€10,095 | -2.3% |
| Land and buildings | 22 | €415,658 | €406,048 | -€9,610 | -2.3% |
| Plant, machinery and equipment | 23 | €13,155 | €12,241 | -€914 | -6.9% |
| Furniture and vehicles | 24 | €9,678 | €2,163 | -€7,515 | -77.7% |
| Other tangible fixed assets | 26 | - | €7,944 | +€7,944 | |
| Financial fixed assets | 28 | €328,170 | €328,170 | = | 0.0% |
| Current assets | 29/58 | €35,812 | €49,459 | +€13,647 | +38.1% |
| Amounts receivable within one year | 40/41 | €9,829 | €13,700 | +€3,871 | +39.4% |
| Trade receivables | 40 | €9,829 | €13,481 | +€3,652 | +37.2% |
| Other amounts receivable | 41 | - | €219 | +€219 | |
| Current investments | 50/53 | €7,500 | €7,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,483 | €28,259 | +€9,776 | +52.9% |
| Total equity and liabilities | 10/49 | €802,473 | €806,025 | +€3,552 | +0.4% |
| Equity | 10/15 | €86,335 | €99,840 | +€13,505 | +15.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €80,135 | €93,640 | +€13,505 | +16.9% |
| Distributable reserves | 133 | €80,135 | €93,640 | +€13,505 | +16.9% |
| Amounts payable | 17/49 | €716,138 | €706,185 | -€9,953 | -1.4% |
| Amounts payable after more than one year | 17 | €350,386 | €331,296 | -€19,090 | -5.4% |
| Financial debts | 170/4 | €350,386 | €331,296 | -€19,090 | -5.4% |
| Amounts payable within one year | 42/48 | €365,752 | €374,889 | +€9,137 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €18,808 | €19,090 | +€282 | +1.5% |
| Trade debts | 44 | €5,803 | €5,495 | -€308 | -5.3% |
| Suppliers | 440/4 | €5,803 | €5,495 | -€308 | -5.3% |
| Taxes, remuneration and social security | 45 | €12,645 | €12,583 | -€62 | -0.5% |
| Taxes | 450/3 | €9,618 | €9,708 | +€90 | +0.9% |
| Remuneration and social security | 454/9 | €3,027 | €2,875 | -€152 | -5.0% |
| Other amounts payable | 47/48 | €328,496 | €337,721 | +€9,225 | +2.8% |
| Non-recurring operating income | 76A | - | €2,685 | +€2,685 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,774 | €11,520 | -€2,254 | -16.4% |
| Other operating charges | 640/8 | €3,824 | €3,705 | -€119 | -3.1% |
| Non-recurring operating charges | 66A | - | €236 | +€236 | |
| Gross operating margin | 9900 | €54,777 | €61,484 | +€6,707 | +12.2% |
| Operating profit (loss) | 9901 | €37,179 | €46,023 | +€8,844 | +23.8% |
| Financial income | 75/76B | €128 | €187 | +€59 | +46.1% |
| Recurring financial income | 75 | €128 | €187 | +€59 | +46.1% |
| Financial charges | 65/66B | €12,291 | €13,639 | +€1,348 | +11.0% |
| Recurring financial charges | 65 | €12,291 | €13,639 | +€1,348 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €25,016 | €32,571 | +€7,555 | +30.2% |
| Income taxes | 67/77 | €11,843 | €10,066 | -€1,777 | -15.0% |
| Profit (loss) for the period | 9904 | €13,173 | €22,505 | +€9,332 | +70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,173 | €22,505 | +€9,332 | +70.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.