HEDERA: 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.
HEDERA
Largest movements
- Tangible fixed assets -€29,570
down €29,570 (-12.7%), from €232,978 to €203,408
of which Furniture and vehicles: -€34,787
- Deferred charges and accrued income +€10,924
up €10,924 (+61.0%), from €17,921 to €28,845
- Receivables within one year +€9,241
up €9,241 (+8.1%), from €114,188 to €123,430
of which Trade receivables: +€6,397
- Reserves +€50,275
up €50,275 (+14.5%), from €346,300 to €396,574
of which Distributable reserves: +€64,170
- Debts after one year -€35,055
down €35,055 (-31.3%), from €111,842 to €76,786
- Current portion of long-term debt -€20,069
down €20,069 (-35.2%), from €57,029 to €36,961
- Tax, wage and social debts -€17,203
down €17,203 (-32.7%), from €52,657 to €35,454
of which Taxes: -€13,855
- Trade debts +€11,606
up €11,606 (+43.5%), from €26,710 to €38,316
- Gross operating margin -€56,365
down €56,365 (-11.5%), from €489,200 to €432,835
- Taxes -€15,874
down €15,874 (-41.5%), from €38,259 to €22,385
- Staff costs -€11,844
down €11,844 (-4.3%), from €275,180 to €263,337
- Depreciation +€10,178
up €10,178 (+13.8%), from €73,497 to €83,675
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 | €726,351 | €716,769 | -€9,583 | -1.3% |
| Fixed assets | 21/28 | €233,617 | €204,047 | -€29,570 | -12.7% |
| Tangible fixed assets | 22/27 | €232,978 | €203,408 | -€29,570 | -12.7% |
| Land and buildings | 22 | €52,696 | €42,210 | -€10,486 | -19.9% |
| Plant, machinery and equipment | 23 | €41,396 | €57,099 | +€15,703 | +37.9% |
| Furniture and vehicles | 24 | €138,887 | €104,100 | -€34,787 | -25.0% |
| Financial fixed assets | 28 | €638 | €638 | = | 0.0% |
| Current assets | 29/58 | €492,735 | €512,722 | +€19,987 | +4.1% |
| Stocks and contracts in progress | 3 | €9,060 | €13,480 | +€4,420 | +48.8% |
| Stocks | 30/36 | €9,060 | €13,480 | +€4,420 | +48.8% |
| Amounts receivable within one year | 40/41 | €114,188 | €123,430 | +€9,241 | +8.1% |
| Trade receivables | 40 | €113,179 | €119,576 | +€6,397 | +5.7% |
| Other amounts receivable | 41 | €1,009 | €3,854 | +€2,845 | +281.8% |
| Cash at bank and in hand | 54/58 | €351,565 | €346,967 | -€4,598 | -1.3% |
| Deferred charges and accrued income | 490/1 | €17,921 | €28,845 | +€10,924 | +61.0% |
| Total equity and liabilities | 10/49 | €726,351 | €716,769 | -€9,583 | -1.3% |
| Equity | 10/15 | €373,833 | €424,108 | +€50,275 | +13.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €346,300 | €396,574 | +€50,275 | +14.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,080 | €8,185 | -€13,895 | -62.9% |
| Distributable reserves | 133 | €322,361 | €386,530 | +€64,170 | +19.9% |
| Profit (loss) carried forward | 14 | €8,942 | €8,942 | = | 0.0% |
| Provisions and deferred taxes | 16 | €6,506 | €2,632 | -€3,874 | -59.5% |
| Deferred taxes | 168 | €6,506 | €2,632 | -€3,874 | -59.5% |
| Amounts payable | 17/49 | €346,012 | €290,028 | -€55,984 | -16.2% |
| Amounts payable after more than one year | 17 | €111,842 | €76,786 | -€35,055 | -31.3% |
| Financial debts | 170/4 | €111,842 | €76,786 | -€35,055 | -31.3% |
| Amounts payable within one year | 42/48 | €229,169 | €208,609 | -€20,560 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €57,029 | €36,961 | -€20,069 | -35.2% |
| Trade debts | 44 | €26,710 | €38,316 | +€11,606 | +43.5% |
| Suppliers | 440/4 | €26,710 | €38,316 | +€11,606 | +43.5% |
| Taxes, remuneration and social security | 45 | €52,657 | €35,454 | -€17,203 | -32.7% |
| Taxes | 450/3 | €21,137 | €7,282 | -€13,855 | -65.5% |
| Remuneration and social security | 454/9 | €31,520 | €28,172 | -€3,348 | -10.6% |
| Other amounts payable | 47/48 | €92,773 | €97,878 | +€5,106 | +5.5% |
| Accrued charges and deferred income | 492/3 | €5,001 | €4,633 | -€368 | -7.4% |
| Remuneration, social security and pensions | 62 | €275,180 | €263,337 | -€11,844 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,497 | €83,675 | +€10,178 | +13.8% |
| Other operating charges | 640/8 | €6,300 | €7,129 | +€829 | +13.2% |
| Gross operating margin | 9900 | €489,200 | €432,835 | -€56,365 | -11.5% |
| Operating profit (loss) | 9901 | €134,223 | €78,694 | -€55,528 | -41.4% |
| Financial income | 75/76B | €1,271 | €1,868 | +€596 | +46.9% |
| Recurring financial income | 75 | €1,271 | €1,868 | +€596 | +46.9% |
| Financial charges | 65/66B | €13,899 | €11,776 | -€2,123 | -15.3% |
| Recurring financial charges | 65 | €13,899 | €11,776 | -€2,123 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €121,595 | €68,786 | -€52,809 | -43.4% |
| Transfer from deferred taxes | 780 | €4,000 | €3,874 | -€126 | -3.2% |
| Income taxes | 67/77 | €38,259 | €22,385 | -€15,874 | -41.5% |
| Profit (loss) for the period | 9904 | €87,336 | €50,275 | -€37,061 | -42.4% |
| Transfer from tax-exempt reserves | 789 | €14,400 | €13,895 | -€505 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €101,736 | €64,170 | -€37,566 | -36.9% |
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 11 October 2026 via checked.be.