HeDeS: 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.
HeDeS
Largest movements
- Receivables within one year +€20,148
up €20,148 (+2,171%), from €928 to €21,076
of which Other amounts receivable: +€18,643
- Tangible fixed assets +€14,859
up €14,859 (+161%), from €9,213 to €24,072
of which Land and buildings: +€16,106
- Cash -€14,758
down €14,758 (-86.3%), from €17,110 to €2,352
mainly Investment in fixed assets (net) (-€21,848) and Receivables within one year (-€20,148)
- Stocks and contracts +€4,387
new in 2025: €4,387
- Deferred charges and accrued income -€2,243
down €2,243 (-13.6%), from €16,542 to €14,299
- Other debts -€17,163
no longer reported in 2025 (was €17,163)
- Debts after one year +€13,420
new in 2025: €13,420
- Profit (loss) carried forward +€10,767
up €10,767, from -€10,495 to €272
- Tax, wage and social debts +€5,673
up €5,673 (+42.5%), from €13,356 to €19,029
of which Taxes: +€3,873
- Trade debts +€5,639
up €5,639 (+94.4%), from €5,976 to €11,615
- Gross operating margin +€12,356
up €12,356 (+99.8%), from €12,375 to €24,731
- Depreciation +€5,433
up €5,433 (+302%), from €1,799 to €7,232
- Financial charges +€2,775
up €2,775 (+653%), from €425 to €3,200
- Taxes +€2,700
new in 2025: €2,700
- Other operating charges +€432
up €432 (+72.4%), from €597 to €1,029
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 | €44,600 | €66,750 | +€22,150 | +49.7% |
| Fixed assets | 21/28 | €10,020 | €24,636 | +€14,616 | +146% |
| Intangible fixed assets | 21 | €807 | €564 | -€243 | -30.1% |
| Tangible fixed assets | 22/27 | €9,213 | €24,072 | +€14,859 | +161% |
| Land and buildings | 22 | €6,899 | €23,005 | +€16,106 | +233% |
| Furniture and vehicles | 24 | €2,314 | €1,067 | -€1,247 | -53.9% |
| Current assets | 29/58 | €34,580 | €42,114 | +€7,534 | +21.8% |
| Stocks and contracts in progress | 3 | - | €4,387 | +€4,387 | |
| Stocks | 30/36 | - | €4,387 | +€4,387 | |
| Amounts receivable within one year | 40/41 | €928 | €21,076 | +€20,148 | +2,171% |
| Trade receivables | 40 | - | €1,505 | +€1,505 | |
| Other amounts receivable | 41 | €928 | €19,571 | +€18,643 | +2,009% |
| Cash at bank and in hand | 54/58 | €17,110 | €2,352 | -€14,758 | -86.3% |
| Deferred charges and accrued income | 490/1 | €16,542 | €14,299 | -€2,243 | -13.6% |
| Total equity and liabilities | 10/49 | €44,600 | €66,750 | +€22,150 | +49.7% |
| Equity | 10/15 | €8,105 | €18,872 | +€10,767 | +133% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,495 | €272 | +€10,767 | |
| Amounts payable | 17/49 | €36,495 | €47,878 | +€11,383 | +31.2% |
| Amounts payable after more than one year | 17 | - | €13,420 | +€13,420 | |
| Financial debts | 170/4 | - | €13,420 | +€13,420 | |
| Amounts payable within one year | 42/48 | €36,495 | €34,458 | -€2,037 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,814 | +€3,814 | |
| Trade debts | 44 | €5,976 | €11,615 | +€5,639 | +94.4% |
| Suppliers | 440/4 | €5,976 | €11,615 | +€5,639 | +94.4% |
| Taxes, remuneration and social security | 45 | €13,356 | €19,029 | +€5,673 | +42.5% |
| Taxes | 450/3 | €13,356 | €17,229 | +€3,873 | +29.0% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €17,163 | - | -€17,163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,799 | €7,232 | +€5,433 | +302% |
| Other operating charges | 640/8 | €597 | €1,029 | +€432 | +72.4% |
| Gross operating margin | 9900 | €12,375 | €24,731 | +€12,356 | +99.8% |
| Operating profit (loss) | 9901 | €9,979 | €16,470 | +€6,491 | +65.0% |
| Financial income | 75/76B | - | €197 | +€197 | |
| Recurring financial income | 75 | - | €197 | +€197 | |
| Non-recurring financial income | 76B | - | €197 | +€197 | |
| Financial charges | 65/66B | €425 | €3,200 | +€2,775 | +653% |
| Recurring financial charges | 65 | €425 | €3,200 | +€2,775 | +653% |
| Profit (loss) for the period before taxes | 9903 | €9,554 | €13,467 | +€3,913 | +41.0% |
| Income taxes | 67/77 | - | €2,700 | +€2,700 | |
| Profit (loss) for the period | 9904 | €9,554 | €10,767 | +€1,213 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,554 | €10,767 | +€1,213 | +12.7% |
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.