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
- Current investments -€398,489
down €398,489 (-27.5%), from €1.5m to €1.1m
- Tangible fixed assets +€352,355
up €352,355 (+25.5%), from €1.4m to €1.7m
of which Assets under construction and advance payments: +€389,948
- Cash +€29,804
up €29,804 (+61.7%), from €48,297 to €78,101
mainly Current investments (+€398,489) and Depreciation (+€37,593)
- Other debts -€53,521
down €53,521 (-41.3%), from €129,661 to €76,140
- Financial charges +€23,596
up €23,596, from -€11,481 to €12,114
- Gross operating margin +€8,785
up €8,785 (+16.4%), from €53,609 to €62,394
- Depreciation -€8,186
down €8,186 (-17.9%), from €45,779 to €37,593
- Financial income -€1,069
down €1,069 (-6.8%), from €15,833 to €14,764
- Taxes -€717
down €717 (-26.9%), from €2,667 to €1,950
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 | €2,903,666 | €2,888,093 | -€15,573 | -0.5% |
| Fixed assets | 21/28 | €1,384,207 | €1,736,562 | +€352,355 | +25.5% |
| Tangible fixed assets | 22/27 | €1,384,207 | €1,736,562 | +€352,355 | +25.5% |
| Land and buildings | 22 | €691,520 | €667,200 | -€24,320 | -3.5% |
| Plant, machinery and equipment | 23 | €21,891 | €15,540 | -€6,351 | -29.0% |
| Furniture and vehicles | 24 | €24,616 | €17,695 | -€6,922 | -28.1% |
| Assets under construction and advance payments | 27 | €646,180 | €1,036,128 | +€389,948 | +60.3% |
| Current assets | 29/58 | €1,519,460 | €1,151,531 | -€367,928 | -24.2% |
| Amounts receivable within one year | 40/41 | €13,863 | €14,634 | +€771 | +5.6% |
| Trade receivables | 40 | €11,789 | €12,155 | +€366 | +3.1% |
| Other amounts receivable | 41 | €2,074 | €2,479 | +€405 | +19.5% |
| Current investments | 50/53 | €1,451,688 | €1,053,199 | -€398,489 | -27.5% |
| Cash at bank and in hand | 54/58 | €48,297 | €78,101 | +€29,804 | +61.7% |
| Deferred charges and accrued income | 490/1 | €5,611 | €5,598 | -€13 | -0.2% |
| Total equity and liabilities | 10/49 | €2,903,666 | €2,888,093 | -€15,573 | -0.5% |
| Equity | 10/15 | €2,247,403 | €2,266,907 | +€19,504 | +0.9% |
| Contributions | 10/11 | €422,644 | €422,644 | = | 0.0% |
| Reserves | 13 | €1,749,928 | €1,769,432 | +€19,504 | +1.1% |
| Distributable reserves | 133 | €1,749,928 | €1,769,432 | +€19,504 | +1.1% |
| Profit (loss) carried forward | 14 | €74,831 | €74,831 | = | 0.0% |
| Amounts payable | 17/49 | €656,264 | €621,186 | -€35,077 | -5.3% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €146,664 | €113,057 | -€33,607 | -22.9% |
| Trade debts | 44 | €1,765 | €1,704 | -€61 | -3.5% |
| Suppliers | 440/4 | €1,765 | €1,704 | -€61 | -3.5% |
| Taxes, remuneration and social security | 45 | €15,238 | €35,214 | +€19,975 | +131% |
| Taxes | 450/3 | €15,238 | €35,214 | +€19,975 | +131% |
| Other amounts payable | 47/48 | €129,661 | €76,140 | -€53,521 | -41.3% |
| Accrued charges and deferred income | 492/3 | €9,599 | €8,129 | -€1,470 | -15.3% |
| Non-recurring operating income | 76A | €5,682 | €2,000 | -€3,682 | -64.8% |
| Remuneration, social security and pensions | 62 | €430 | €0 | -€430 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,779 | €37,593 | -€8,186 | -17.9% |
| Other operating charges | 640/8 | €5,284 | €5,996 | +€711 | +13.5% |
| Gross operating margin | 9900 | €53,609 | €62,394 | +€8,785 | +16.4% |
| Operating profit (loss) | 9901 | €2,116 | €18,805 | +€16,689 | +789% |
| Financial income | 75/76B | €15,833 | €14,764 | -€1,069 | -6.8% |
| Recurring financial income | 75 | €15,833 | €14,764 | -€1,069 | -6.8% |
| Financial charges | 65/66B | -€11,481 | €12,114 | +€23,596 | |
| Recurring financial charges | 65 | -€11,481 | €12,114 | +€23,596 | |
| Profit (loss) for the period before taxes | 9903 | €29,430 | €21,455 | -€7,975 | -27.1% |
| Income taxes | 67/77 | €2,667 | €1,950 | -€717 | -26.9% |
| Profit (loss) for the period | 9904 | €26,763 | €19,504 | -€7,259 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,763 | €19,504 | -€7,259 | -27.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.