HEDAPO: 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.
HEDAPO
Largest movements
- Tangible fixed assets -€60,509
down €60,509 (-16.4%), from €367,894 to €307,385
of which Leasing and similar rights: -€35,140
- Cash +€29,955
up €29,955 (+1201.3%), from €2,494 to €32,448
mainly Depreciation (+€47,795) and Investment in fixed assets (net) (+€12,714)
- Receivables within one year +€4,379
up €4,379 (+34.5%), from €12,695 to €17,074
of which Trade receivables: +€4,379
- Reserves -€18,126
down €18,126 (-39.5%), from €45,857 to €27,731
- Other debts -€6,821
down €6,821 (-2.3%), from €296,842 to €290,021
- Accrued charges and deferred income -€5,233
down €5,233 (-54.6%), from €9,580 to €4,347
- Gross operating margin -€41,728
down €41,728 (-43.9%), from €95,094 to €53,366
- Financial charges -€15,902
down €15,902 (-96.4%), from €16,499 to €596
- Taxes -€5,810
no longer reported in 2025 (was €5,810)
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 | €384,998 | €357,688 | -€27,310 | -7.1% |
| Fixed assets | 21/28 | €367,894 | €307,385 | -€60,509 | -16.4% |
| Tangible fixed assets | 22/27 | €367,894 | €307,385 | -€60,509 | -16.4% |
| Land and buildings | 22 | €873 | €523 | -€350 | -40.1% |
| Leasing and similar rights | 25 | €298,693 | €263,553 | -€35,140 | -11.8% |
| Other tangible fixed assets | 26 | €68,327 | €43,308 | -€25,019 | -36.6% |
| Current assets | 29/58 | €17,104 | €50,304 | +€33,200 | +194.1% |
| Amounts receivable within one year | 40/41 | €12,695 | €17,074 | +€4,379 | +34.5% |
| Trade receivables | 40 | €11,824 | €16,203 | +€4,379 | +37.0% |
| Other amounts receivable | 41 | €871 | €871 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,494 | €32,448 | +€29,955 | +1201.3% |
| Deferred charges and accrued income | 490/1 | €1,916 | €782 | -€1,134 | -59.2% |
| Total equity and liabilities | 10/49 | €384,998 | €357,688 | -€27,310 | -7.1% |
| Equity | 10/15 | €52,057 | €33,931 | -€18,126 | -34.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €45,857 | €27,731 | -€18,126 | -39.5% |
| Distributable reserves | 133 | €45,857 | €27,731 | -€18,126 | -39.5% |
| Amounts payable | 17/49 | €332,941 | €323,758 | -€9,183 | -2.8% |
| Amounts payable after more than one year | 17 | €25,109 | €25,109 | = | 0.0% |
| Financial debts | 170/4 | €25,109 | €25,109 | = | 0.0% |
| Amounts payable within one year | 42/48 | €298,252 | €294,302 | -€3,950 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €469 | €469 | = | 0.0% |
| Trade debts | 44 | €941 | €3,811 | +€2,871 | +305.2% |
| Suppliers | 440/4 | €941 | €3,811 | +€2,871 | +305.2% |
| Other amounts payable | 47/48 | €296,842 | €290,021 | -€6,821 | -2.3% |
| Accrued charges and deferred income | 492/3 | €9,580 | €4,347 | -€5,233 | -54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,274 | €47,795 | -€479 | -1.0% |
| Other operating charges | 640/8 | €10,515 | €10,387 | -€128 | -1.2% |
| Non-recurring operating charges | 66A | - | €12,714 | +€12,714 | |
| Gross operating margin | 9900 | €95,094 | €53,366 | -€41,728 | -43.9% |
| Operating profit (loss) | 9901 | €36,305 | -€17,530 | -€53,835 | |
| Financial income | 75/76B | €339 | - | -€339 | |
| Recurring financial income | 75 | €339 | - | -€339 | |
| Financial charges | 65/66B | €16,499 | €596 | -€15,902 | -96.4% |
| Recurring financial charges | 65 | €16,499 | €596 | -€15,902 | -96.4% |
| Profit (loss) for the period before taxes | 9903 | €20,145 | -€18,126 | -€38,271 | |
| Income taxes | 67/77 | €5,810 | - | -€5,810 | |
| Profit (loss) for the period | 9904 | €14,335 | -€18,126 | -€32,461 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,335 | -€18,126 | -€32,461 |
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 2 October 2026 via checked.be.