HEDGE Consulting: 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.
HEDGE Consulting
Largest movements
- Receivables within one year -€32,995
down €32,995 (-27.3%), from €120,713 to €87,718
of which Other amounts receivable: -€31,432
- Cash -€4,434
down €4,434 (-55.3%), from €8,025 to €3,591
mainly Contributions, distributions and other (-€144,524) and Current portion of long-term debt (-€4,933)
- Profit (loss) carried forward -€92,623
down €92,623 (-100%), from €92,623 to €0
- Other debts +€51,042
up €51,042 (+5,942%), from €859 to €51,901
- Tax, wage and social debts +€10,438
up €10,438 (+113%), from €9,236 to €19,674
- Current portion of long-term debt -€4,933
down €4,933 (-65.0%), from €7,586 to €2,653
- Short-term financial debts -€4,146
down €4,146 (-100%), from €4,146 to €0
- Gross operating margin -€14,929
down €14,929 (-19.3%), from €77,176 to €62,247
- Taxes -€1,183
down €1,183 (-6.9%), from €17,178 to €15,996
- Financial income +€1,154
up €1,154 (+18.4%), from €6,256 to €7,410
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 | €129,268 | €91,556 | -€37,712 | -29.2% |
| Fixed assets | 21/28 | €530 | €89 | -€440 | -83.1% |
| Tangible fixed assets | 22/27 | €530 | €89 | -€440 | -83.1% |
| Furniture and vehicles | 24 | €530 | €89 | -€440 | -83.1% |
| Current assets | 29/58 | €128,738 | €91,466 | -€37,272 | -29.0% |
| Amounts receivable within one year | 40/41 | €120,713 | €87,718 | -€32,995 | -27.3% |
| Trade receivables | 40 | €11,875 | €10,313 | -€1,563 | -13.2% |
| Other amounts receivable | 41 | €108,838 | €77,406 | -€31,432 | -28.9% |
| Cash at bank and in hand | 54/58 | €8,025 | €3,591 | -€4,434 | -55.3% |
| Deferred charges and accrued income | 490/1 | - | €157 | +€157 | |
| Total equity and liabilities | 10/49 | €129,268 | €91,556 | -€37,712 | -29.2% |
| Equity | 10/15 | €95,623 | €3,000 | -€92,623 | -96.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,623 | €0 | -€92,623 | -100% |
| Amounts payable | 17/49 | €33,645 | €88,556 | +€54,911 | +163% |
| Amounts payable after more than one year | 17 | €7,753 | €9,100 | +€1,347 | +17.4% |
| Financial debts | 170/4 | €7,753 | €9,100 | +€1,347 | +17.4% |
| Amounts payable within one year | 42/48 | €25,458 | €78,806 | +€53,349 | +210% |
| Current portion of amounts payable after more than one year | 42 | €7,586 | €2,653 | -€4,933 | -65.0% |
| Financial debts | 43 | €4,146 | €0 | -€4,146 | -100% |
| Credit institutions | 430/8 | €4,146 | €0 | -€4,146 | -100% |
| Trade debts | 44 | €3,631 | €4,579 | +€947 | +26.1% |
| Suppliers | 440/4 | €3,631 | €4,579 | +€947 | +26.1% |
| Taxes, remuneration and social security | 45 | €9,236 | €19,674 | +€10,438 | +113% |
| Taxes | 450/3 | €9,236 | €19,674 | +€10,438 | +113% |
| Other amounts payable | 47/48 | €859 | €51,901 | +€51,042 | +5,942% |
| Accrued charges and deferred income | 492/3 | €435 | €649 | +€215 | +49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440 | €440 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €420 | +€32 | +8.4% |
| Gross operating margin | 9900 | €77,176 | €62,247 | -€14,929 | -19.3% |
| Operating profit (loss) | 9901 | €76,349 | €61,387 | -€14,962 | -19.6% |
| Financial income | 75/76B | €6,256 | €7,410 | +€1,154 | +18.4% |
| Recurring financial income | 75 | €6,256 | €7,410 | +€1,154 | +18.4% |
| Financial charges | 65/66B | €1,585 | €899 | -€686 | -43.3% |
| Recurring financial charges | 65 | €1,585 | €899 | -€686 | -43.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €81,019 | €67,897 | -€13,122 | -16.2% |
| Income taxes | 67/77 | €17,178 | €15,996 | -€1,183 | -6.9% |
| Profit (loss) for the period | 9904 | €63,841 | €51,901 | -€11,939 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,841 | €51,901 | -€11,939 | -18.7% |
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 29 October 2026 via checked.be.