HEDERA: 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.
HEDERA
Largest movements
- Tangible fixed assets +€194,968
up €194,968 (+127.9%), from €152,386 to €347,354
of which Plant, machinery and equipment: +€99,788
- Cash +€98,243
up €98,243 (+186.7%), from €52,610 to €150,852
mainly Debts after one year (+€110,220) and Other debts (+€99,914)
- Deferred charges and accrued income +€13,463
new in 2025: €13,463
- Receivables within one year -€7,173
down €7,173 (-23.2%), from €30,890 to €23,717
- Debts after one year +€110,220
up €110,220 (+215.0%), from €51,265 to €161,485
- Other debts +€99,914
up €99,914 (+180.5%), from €55,368 to €155,282
- Tax, wage and social debts +€29,037
up €29,037 (+760.7%), from €3,817 to €32,854
- Trade debts +€26,244
up €26,244 (+225.7%), from €11,628 to €37,872
- Reserves +€22,817
up €22,817 (+29.1%), from €78,378 to €101,196
- Gross operating margin +€219,073
up €219,073 (+242.3%), from €90,412 to €309,485
- Staff costs +€198,931
new in 2025: €198,931
- Depreciation +€37,933
up €37,933 (+104.9%), from €36,167 to €74,100
- Taxes -€4,263
down €4,263 (-40.6%), from €10,491 to €6,229
- Financial charges +€3,982
up €3,982 (+184.1%), from €2,163 to €6,145
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 | €235,886 | €536,006 | +€300,120 | +127.2% |
| Fixed assets | 21/28 | €152,386 | €347,974 | +€195,588 | +128.4% |
| Tangible fixed assets | 22/27 | €152,386 | €347,354 | +€194,968 | +127.9% |
| Plant, machinery and equipment | 23 | €56,154 | €155,941 | +€99,788 | +177.7% |
| Furniture and vehicles | 24 | €96,232 | €191,413 | +€95,181 | +98.9% |
| Financial fixed assets | 28 | - | €620 | +€620 | |
| Current assets | 29/58 | €83,500 | €188,032 | +€104,532 | +125.2% |
| Amounts receivable within one year | 40/41 | €30,890 | €23,717 | -€7,173 | -23.2% |
| Trade receivables | 40 | €30,890 | €23,717 | -€7,173 | -23.2% |
| Cash at bank and in hand | 54/58 | €52,610 | €150,852 | +€98,243 | +186.7% |
| Deferred charges and accrued income | 490/1 | - | €13,463 | +€13,463 | |
| Total equity and liabilities | 10/49 | €235,886 | €536,006 | +€300,120 | +127.2% |
| Equity | 10/15 | €88,378 | €111,196 | +€22,817 | +25.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €78,378 | €101,196 | +€22,817 | +29.1% |
| Distributable reserves | 133 | €78,378 | €101,196 | +€22,817 | +29.1% |
| Amounts payable | 17/49 | €147,508 | €424,811 | +€277,303 | +188.0% |
| Amounts payable after more than one year | 17 | €51,265 | €161,485 | +€110,220 | +215.0% |
| Financial debts | 170/4 | €51,265 | €161,485 | +€110,220 | +215.0% |
| Amounts payable within one year | 42/48 | €93,337 | €263,326 | +€169,988 | +182.1% |
| Current portion of amounts payable after more than one year | 42 | €22,525 | €37,318 | +€14,793 | +65.7% |
| Trade debts | 44 | €11,628 | €37,872 | +€26,244 | +225.7% |
| Suppliers | 440/4 | €11,628 | €37,872 | +€26,244 | +225.7% |
| Taxes, remuneration and social security | 45 | €3,817 | €32,854 | +€29,037 | +760.7% |
| Taxes | 450/3 | €3,817 | €32,854 | +€29,037 | +760.7% |
| Other amounts payable | 47/48 | €55,368 | €155,282 | +€99,914 | +180.5% |
| Accrued charges and deferred income | 492/3 | €2,905 | - | -€2,905 | |
| Remuneration, social security and pensions | 62 | - | €198,931 | +€198,931 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,167 | €74,100 | +€37,933 | +104.9% |
| Other operating charges | 640/8 | €1,118 | €1,506 | +€389 | +34.8% |
| Gross operating margin | 9900 | €90,412 | €309,485 | +€219,073 | +242.3% |
| Operating profit (loss) | 9901 | €53,127 | €34,947 | -€18,180 | -34.2% |
| Financial income | 75/76B | €145 | €244 | +€99 | +68.3% |
| Recurring financial income | 75 | €145 | €244 | +€99 | +68.3% |
| Financial charges | 65/66B | €2,163 | €6,145 | +€3,982 | +184.1% |
| Recurring financial charges | 65 | €2,163 | €6,145 | +€3,982 | +184.1% |
| Profit (loss) for the period before taxes | 9903 | €51,108 | €29,046 | -€22,062 | -43.2% |
| Income taxes | 67/77 | €10,491 | €6,229 | -€4,263 | -40.6% |
| Profit (loss) for the period | 9904 | €40,617 | €22,817 | -€17,800 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,617 | €22,817 | -€17,800 | -43.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.