HEDCON: 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.
HEDCON
Largest movements
- Receivables within one year +€78,280
up €78,280 (+9,622%), from €814 to €79,094
of which Other amounts receivable: +€78,544
- Receivables after one year -€68,600
down €68,600 (-100%), from €68,600 to €0
- Advances received +€52,244
up €52,244, from €0 to €52,244
- Profit (loss) carried forward -€30,686
new in 2025: -€30,686
- Tax, wage and social debts -€16,095
down €16,095 (-60.8%), from €26,470 to €10,375
of which Taxes: -€16,095
- Trade debts +€11,104
up €11,104 (+64.5%), from €17,225 to €28,329
- Debts after one year -€8,482
down €8,482 (-36.8%), from €23,042 to €14,560
- Gross operating margin -€20,707
down €20,707, from €13,413 to -€7,294
- Financial charges +€2,987
up €2,987 (+130%), from €2,296 to €5,283
- Taxes -€1,764
down €1,764 (-68.7%), from €2,568 to €805
- Other operating charges +€1,535
up €1,535 (+27.6%), from €5,559 to €7,094
- Financial income +€964
up €964 (+28.6%), from €3,370 to €4,335
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 | €144,371 | €152,809 | +€8,438 | +5.8% |
| Fixed assets | 21/28 | €74,956 | €73,698 | -€1,258 | -1.7% |
| Tangible fixed assets | 22/27 | €9,786 | €8,528 | -€1,258 | -12.9% |
| Land and buildings | 22 | €9,263 | €8,244 | -€1,019 | -11.0% |
| Furniture and vehicles | 24 | €523 | €283 | -€239 | -45.8% |
| Financial fixed assets | 28 | €65,170 | €65,170 | = | 0.0% |
| Current assets | 29/58 | €69,415 | €79,111 | +€9,697 | +14.0% |
| Amounts receivable after more than one year | 29 | €68,600 | €0 | -€68,600 | -100% |
| Other amounts receivable | 291 | €68,600 | €0 | -€68,600 | -100% |
| Amounts receivable within one year | 40/41 | €814 | €79,094 | +€78,280 | +9,622% |
| Trade receivables | 40 | €814 | €550 | -€264 | -32.4% |
| Other amounts receivable | 41 | €0 | €78,544 | +€78,544 | |
| Cash at bank and in hand | 54/58 | €1 | €18 | +€17 | +1,986% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €144,371 | €152,809 | +€8,438 | +5.8% |
| Equity | 10/15 | €38,837 | €8,151 | -€30,686 | -79.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,637 | €32,637 | = | 0.0% |
| Distributable reserves | 133 | €32,637 | €32,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€30,686 | -€30,686 | |
| Amounts payable | 17/49 | €105,534 | €144,658 | +€39,124 | +37.1% |
| Amounts payable after more than one year | 17 | €23,042 | €14,560 | -€8,482 | -36.8% |
| Financial debts | 170/4 | €23,042 | €14,560 | -€8,482 | -36.8% |
| Amounts payable within one year | 42/48 | €82,492 | €130,098 | +€47,606 | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €8,129 | €8,482 | +€352 | +4.3% |
| Trade debts | 44 | €17,225 | €28,329 | +€11,104 | +64.5% |
| Suppliers | 440/4 | €17,225 | €28,329 | +€11,104 | +64.5% |
| Advances received on contracts in progress | 46 | €0 | €52,244 | +€52,244 | |
| Taxes, remuneration and social security | 45 | €26,470 | €10,375 | -€16,095 | -60.8% |
| Taxes | 450/3 | €26,470 | €10,375 | -€16,095 | -60.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €30,668 | €30,668 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €12,720 | €13,286 | +€566 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,117 | €1,258 | +€142 | +12.7% |
| Other operating charges | 640/8 | €5,559 | €7,094 | +€1,535 | +27.6% |
| Gross operating margin | 9900 | €13,413 | -€7,294 | -€20,707 | |
| Operating profit (loss) | 9901 | -€5,984 | -€28,933 | -€22,949 | -384% |
| Financial income | 75/76B | €3,370 | €4,335 | +€964 | +28.6% |
| Recurring financial income | 75 | €3,370 | €4,335 | +€964 | +28.6% |
| Financial charges | 65/66B | €2,296 | €5,283 | +€2,987 | +130% |
| Recurring financial charges | 65 | €2,296 | €5,283 | +€2,987 | +130% |
| Profit (loss) for the period before taxes | 9903 | -€4,909 | -€29,881 | -€24,972 | -509% |
| Income taxes | 67/77 | €2,568 | €805 | -€1,764 | -68.7% |
| Profit (loss) for the period | 9904 | -€7,478 | -€30,686 | -€23,208 | -310% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,478 | -€30,686 | -€23,208 | -310% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.