Hedeko: 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.
Hedeko
Largest movements
- Receivables within one year +€19,089
up €19,089 (+446%), from €4,283 to €23,372
of which Trade receivables: +€13,568
- Cash -€18,486
down €18,486 (-99.7%), from €18,541 to €55
mainly Contributions, distributions and other (-€19,282) and Receivables within one year (-€19,089)
- Deferred charges and accrued income -€765
down €765 (-66.0%), from €1,158 to €393
- Tangible fixed assets +€377
up €377 (+8.3%), from €4,551 to €4,928
of which Plant, machinery and equipment: +€1,661
- Reserves +€20,763
new in 2025: €20,763
- Profit (loss) carried forward -€19,282
no longer reported in 2025 (was €19,282)
- Tax, wage and social debts -€1,499
down €1,499 (-29.9%), from €5,019 to €3,521
- Gross operating margin +€21,811
up €21,811 (+358%), from €6,090 to €27,901
- Depreciation -€3,632
down €3,632 (-78.8%), from €4,612 to €980
- Taxes +€2,960
up €2,960 (+145%), from €2,044 to €5,004
- Financial charges +€973
up €973 (+521%), from €187 to €1,160
- Other operating charges -€921
down €921 (-83.2%), from €1,106 to €185
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 | €29,194 | €29,136 | -€59 | -0.2% |
| Formation expenses | 20 | €660 | €387 | -€273 | -41.4% |
| Fixed assets | 21/28 | €4,551 | €4,928 | +€377 | +8.3% |
| Tangible fixed assets | 22/27 | €4,551 | €4,928 | +€377 | +8.3% |
| Plant, machinery and equipment | 23 | - | €1,661 | +€1,661 | |
| Furniture and vehicles | 24 | €1,790 | €854 | -€935 | -52.3% |
| Other tangible fixed assets | 26 | €2,761 | €2,412 | -€349 | -12.6% |
| Current assets | 29/58 | €23,983 | €23,820 | -€163 | -0.7% |
| Amounts receivable within one year | 40/41 | €4,283 | €23,372 | +€19,089 | +446% |
| Trade receivables | 40 | €426 | €13,994 | +€13,568 | +3,184% |
| Other amounts receivable | 41 | €3,857 | €9,378 | +€5,520 | +143% |
| Cash at bank and in hand | 54/58 | €18,541 | €55 | -€18,486 | -99.7% |
| Deferred charges and accrued income | 490/1 | €1,158 | €393 | -€765 | -66.0% |
| Total equity and liabilities | 10/49 | €29,194 | €29,136 | -€59 | -0.2% |
| Equity | 10/15 | €21,782 | €23,263 | +€1,482 | +6.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €20,763 | +€20,763 | |
| Distributable reserves | 133 | - | €20,763 | +€20,763 | |
| Profit (loss) carried forward | 14 | €19,282 | - | -€19,282 | |
| Amounts payable | 17/49 | €7,413 | €5,872 | -€1,541 | -20.8% |
| Amounts payable within one year | 42/48 | €7,413 | €5,872 | -€1,541 | -20.8% |
| Trade debts | 44 | €2,394 | €2,352 | -€42 | -1.8% |
| Suppliers | 440/4 | €2,394 | €2,352 | -€42 | -1.8% |
| Taxes, remuneration and social security | 45 | €5,019 | €3,521 | -€1,499 | -29.9% |
| Taxes | 450/3 | €5,019 | €3,521 | -€1,499 | -29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,612 | €980 | -€3,632 | -78.8% |
| Other operating charges | 640/8 | €1,106 | €185 | -€921 | -83.2% |
| Gross operating margin | 9900 | €6,090 | €27,901 | +€21,811 | +358% |
| Operating profit (loss) | 9901 | €372 | €26,736 | +€26,364 | +7,078% |
| Financial income | 75/76B | €487 | €191 | -€296 | -60.7% |
| Recurring financial income | 75 | €487 | €191 | -€296 | -60.7% |
| Financial charges | 65/66B | €187 | €1,160 | +€973 | +521% |
| Recurring financial charges | 65 | €187 | €1,160 | +€973 | +521% |
| Profit (loss) for the period before taxes | 9903 | €673 | €25,767 | +€25,094 | +3,730% |
| Income taxes | 67/77 | €2,044 | €5,004 | +€2,960 | +145% |
| Profit (loss) for the period | 9904 | -€1,371 | €20,763 | +€22,135 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,371 | €20,763 | +€22,135 |
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 15 October 2026 via checked.be.