Hedeba: 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.
Hedeba
Largest movements
- Financial fixed assets +€153,350
up €153,350 (+29.8%), from €513,800 to €667,150
- Receivables within one year +€139,939
up €139,939 (+443.6%), from €31,547 to €171,486
of which Trade receivables: +€144,365
- Cash -€102,105
down €102,105 (-67.1%), from €152,145 to €50,040
mainly Investment in fixed assets (net) (-€155,457) and Receivables within one year (-€139,939)
- Tangible fixed assets -€58,979
down €58,979 (-13.3%), from €442,952 to €383,973
of which Leasing and similar rights: -€391,563
- Reserves +€211,297
up €211,297 (+67.5%), from €312,860 to €524,157
- Debts after one year -€100,204
down €100,204 (-16.1%), from €620,853 to €520,649
- Other debts +€73,888
up €73,888 (+369.4%), from €20,000 to €93,888
- Profit (loss) carried forward -€56,132
down €56,132 (-100.0%), from €56,132 to €0
- Financial income +€106,403
up €106,403 (+346.7%), from €30,692 to €137,095
- Gross operating margin +€30,704
up €30,704 (+22.0%), from €139,822 to €170,526
- Taxes +€19,812
up €19,812 (+72.5%), from €27,322 to €47,134
- Depreciation +€5,636
up €5,636 (+10.2%), from €55,450 to €61,086
- Other operating charges +€1,709
up €1,709 (+84.6%), from €2,019 to €3,728
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 | €1,140,444 | €1,272,649 | +€132,205 | +11.6% |
| Fixed assets | 21/28 | €956,752 | €1,051,123 | +€94,371 | +9.9% |
| Tangible fixed assets | 22/27 | €442,952 | €383,973 | -€58,979 | -13.3% |
| Land and buildings | 22 | - | €352,290 | +€352,290 | |
| Plant, machinery and equipment | 23 | €600 | €2,484 | +€1,884 | +314.0% |
| Furniture and vehicles | 24 | €50,789 | €29,199 | -€21,590 | -42.5% |
| Leasing and similar rights | 25 | €391,563 | - | -€391,563 | |
| Financial fixed assets | 28 | €513,800 | €667,150 | +€153,350 | +29.8% |
| Current assets | 29/58 | €183,692 | €221,526 | +€37,834 | +20.6% |
| Amounts receivable within one year | 40/41 | €31,547 | €171,486 | +€139,939 | +443.6% |
| Trade receivables | 40 | €27,121 | €171,486 | +€144,365 | +532.3% |
| Other amounts receivable | 41 | €4,426 | €0 | -€4,426 | -100.0% |
| Cash at bank and in hand | 54/58 | €152,145 | €50,040 | -€102,105 | -67.1% |
| Total equity and liabilities | 10/49 | €1,140,444 | €1,272,649 | +€132,205 | +11.6% |
| Equity | 10/15 | €381,392 | €536,557 | +€155,165 | +40.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €312,860 | €524,157 | +€211,297 | +67.5% |
| Distributable reserves | 133 | €312,860 | €524,157 | +€211,297 | +67.5% |
| Profit (loss) carried forward | 14 | €56,132 | €0 | -€56,132 | -100.0% |
| Amounts payable | 17/49 | €759,052 | €736,093 | -€22,959 | -3.0% |
| Amounts payable after more than one year | 17 | €620,853 | €520,649 | -€100,204 | -16.1% |
| Financial debts | 170/4 | €620,853 | €520,649 | -€100,204 | -16.1% |
| Amounts payable within one year | 42/48 | €133,699 | €215,444 | +€81,745 | +61.1% |
| Current portion of amounts payable after more than one year | 42 | €99,454 | €100,204 | +€750 | +0.8% |
| Trade debts | 44 | €35 | €1,366 | +€1,331 | +3801.7% |
| Suppliers | 440/4 | €35 | €1,366 | +€1,331 | +3801.7% |
| Taxes, remuneration and social security | 45 | €14,210 | €19,986 | +€5,776 | +40.6% |
| Taxes | 450/3 | €14,210 | €19,986 | +€5,776 | +40.6% |
| Other amounts payable | 47/48 | €20,000 | €93,888 | +€73,888 | +369.4% |
| Accrued charges and deferred income | 492/3 | €4,500 | €0 | -€4,500 | -100.0% |
| Non-recurring operating income | 76A | €1,650 | €0 | -€1,650 | -100.0% |
| Remuneration, social security and pensions | 62 | €122 | - | -€122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,450 | €61,086 | +€5,636 | +10.2% |
| Other operating charges | 640/8 | €2,019 | €3,728 | +€1,709 | +84.6% |
| Gross operating margin | 9900 | €139,822 | €170,526 | +€30,704 | +22.0% |
| Operating profit (loss) | 9901 | €82,231 | €105,713 | +€23,482 | +28.6% |
| Financial income | 75/76B | €30,692 | €137,095 | +€106,403 | +346.7% |
| Recurring financial income | 75 | €30,692 | €137,095 | +€106,403 | +346.7% |
| Financial charges | 65/66B | €7,311 | €7,508 | +€197 | +2.7% |
| Recurring financial charges | 65 | €7,311 | €7,508 | +€197 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €105,612 | €235,299 | +€129,687 | +122.8% |
| Income taxes | 67/77 | €27,322 | €47,134 | +€19,812 | +72.5% |
| Profit (loss) for the period | 9904 | €78,290 | €188,165 | +€109,875 | +140.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,290 | €188,165 | +€109,875 | +140.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.