HEDEMO: 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.
What changed
HEDEMO
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€153,674
2024 · -€212,667+€58,994
Equity
€2.6m
2024 · €2.7m-€153,674
Cash
€62,708
2024 · €92,071-€29,363
Balance sheet total
€7.6m
2024 · €8.0m-€359,233
Largest movements
Assets
- Tangible fixed assets -€285,474
down €285,474 (-5.8%), from €4.9m to €4.6m
of which Land and buildings: -€285,474
Equity and liabilities
- Short-term financial debts +€900,000
up €900,000, from €0 to €900,000
- Current portion of long-term debt -€739,284
down €739,284 (-63.3%), from €1.2m to €429,220
- Debts after one year -€287,032
down €287,032 (-9.5%), from €3.0m to €2.7m
- Provisions -€278,139
down €278,139 (-65.2%), from €426,706 to €148,567
- Other debts +€196,329
up €196,329 (+49.9%), from €393,601 to €589,930
Income statement
- Depreciation +€40,165
up €40,165 (+29.3%), from €136,912 to €177,077
- Gross operating margin -€21,871
down €21,871 (-7.9%), from €275,899 to €254,028
- Taxes -€13,671
down €13,671 (-3.9%), from €351,507 to €337,836
- Financial charges -€10,585
down €10,585 (-7.6%), from €139,286 to €128,700
- Other operating charges -€5,746
down €5,746 (-11.8%), from €48,898 to €43,152
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.
Result 2024
-€212,667
Gross operating margin
-€21,871
Depreciation
-€40,165
Other operating charges
+€5,746
Financial income
-€333
Financial charges
+€10,585
Taxes
+€13,671
Deferred taxes and other
+€91,360
Result 2025
-€153,674
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€71,909
Investment
+€168,862
Financing
-€126,316
Cash 2024
€92,071
From operations (derived)
-€71,909
Net result for the year
-€153,674
Depreciation
+€177,077
Receivables within one year
-€15,285
Smaller working-capital items
-€900
Provisions
-€278,139
Trade debts
+€2,683
Other debts
+€196,329
Investment (derived)
+€168,862
Investment in fixed assets (net)
+€168,862
Financing
-€126,316
Debts after one year
-€287,032
Current portion of long-term debt
-€739,284
Short-term financial debts
+€900,000
Cash 2025
€62,708
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,950,553 | €7,591,320 | -€359,233 | -4.5% |
| Fixed assets | 21/28 | €7,742,220 | €7,396,281 | -€345,939 | -4.5% |
| Intangible fixed assets | 21 | €886,452 | €825,988 | -€60,465 | -6.8% |
| Tangible fixed assets | 22/27 | €4,933,924 | €4,648,450 | -€285,474 | -5.8% |
| Land and buildings | 22 | €4,919,883 | €4,634,409 | -€285,474 | -5.8% |
| Furniture and vehicles | 24 | €14,041 | €14,041 | = | 0.0% |
| Financial fixed assets | 28 | €1,921,843 | €1,921,843 | = | 0.0% |
| Current assets | 29/58 | €208,334 | €195,039 | -€13,294 | -6.4% |
| Amounts receivable within one year | 40/41 | €115,094 | €130,378 | +€15,285 | +13.3% |
| Trade receivables | 40 | €3,443 | €3,659 | +€216 | +6.3% |
| Other amounts receivable | 41 | €111,651 | €126,720 | +€15,069 | +13.5% |
| Cash at bank and in hand | 54/58 | €92,071 | €62,708 | -€29,363 | -31.9% |
| Deferred charges and accrued income | 490/1 | €1,170 | €1,954 | +€784 | +67.0% |
| Total equity and liabilities | 10/49 | €7,950,553 | €7,591,320 | -€359,233 | -4.5% |
| Equity | 10/15 | €2,712,046 | €2,558,373 | -€153,674 | -5.7% |
| Contributions | 10/11 | €481,021 | €481,021 | = | 0.0% |
| Capital | 10 | €481,021 | €481,021 | = | 0.0% |
| Issued capital | 100 | €481,021 | €481,021 | = | 0.0% |
| Revaluation surpluses | 12 | €61,163 | €61,163 | = | 0.0% |
| Reserves | 13 | €2,169,862 | €2,016,188 | -€153,674 | -7.1% |
| Non-distributable reserves | 130/1 | €79,772 | €79,772 | = | 0.0% |
| Legal reserve | 130 | €79,772 | €79,772 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,271,365 | €436,947 | -€834,418 | -65.6% |
| Distributable reserves | 133 | €818,725 | €1,499,469 | +€680,745 | +83.1% |
| Provisions and deferred taxes | 16 | €426,706 | €148,567 | -€278,139 | -65.2% |
| Deferred taxes | 168 | €426,706 | €148,567 | -€278,139 | -65.2% |
| Amounts payable | 17/49 | €4,811,801 | €4,884,381 | +€72,580 | +1.5% |
| Amounts payable after more than one year | 17 | €3,035,367 | €2,748,335 | -€287,032 | -9.5% |
| Financial debts | 170/4 | €3,035,367 | €2,748,335 | -€287,032 | -9.5% |
| Amounts payable within one year | 42/48 | €1,776,072 | €2,136,045 | +€359,973 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €1,168,504 | €429,220 | -€739,284 | -63.3% |
| Financial debts | 43 | €0 | €900,000 | +€900,000 | |
| Credit institutions | 430/8 | €0 | €900,000 | +€900,000 | |
| Trade debts | 44 | €39,999 | €42,682 | +€2,683 | +6.7% |
| Suppliers | 440/4 | €39,999 | €42,682 | +€2,683 | +6.7% |
| Taxes, remuneration and social security | 45 | €173,968 | €174,214 | +€245 | +0.1% |
| Taxes | 450/3 | €173,968 | €174,214 | +€245 | +0.1% |
| Other amounts payable | 47/48 | €393,601 | €589,930 | +€196,329 | +49.9% |
| Accrued charges and deferred income | 492/3 | €362 | €0 | -€362 | -100% |
| Non-recurring operating income | 76A | €127,462 | - | -€127,462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,912 | €177,077 | +€40,165 | +29.3% |
| Other operating charges | 640/8 | €48,898 | €43,152 | -€5,746 | -11.8% |
| Gross operating margin | 9900 | €275,899 | €254,028 | -€21,871 | -7.9% |
| Operating profit (loss) | 9901 | €90,090 | €33,799 | -€56,290 | -62.5% |
| Financial income | 75/76B | €1,257 | €924 | -€333 | -26.5% |
| Recurring financial income | 75 | €1,257 | €924 | -€333 | -26.5% |
| Financial charges | 65/66B | €139,286 | €128,700 | -€10,585 | -7.6% |
| Recurring financial charges | 65 | €139,286 | €128,700 | -€10,585 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€47,939 | -€93,977 | -€46,038 | -96.0% |
| Transfer from deferred taxes | 780 | €186,779 | €291,651 | +€104,872 | +56.1% |
| Transfer to deferred taxes | 680 | - | €13,512 | +€13,512 | |
| Income taxes | 67/77 | €351,507 | €337,836 | -€13,671 | -3.9% |
| Profit (loss) for the period | 9904 | -€212,667 | -€153,674 | +€58,994 | +27.7% |
| Transfer from tax-exempt reserves | 789 | €773,157 | €874,954 | +€101,797 | +13.2% |
| Transfer to tax-exempt reserves | 689 | - | €40,536 | +€40,536 | |
| Profit (loss) for the period to be appropriated | 9905 | €560,490 | €680,745 | +€120,255 | +21.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.