Hedgefoxes: what changed
Hedgefoxes
Largest movements
- Cash +€121,013
up €121,013 (+51.0%), from €237,197 to €358,210
mainly Net result for the year (+€96,866) and Other debts (+€80,636)
- Receivables within one year -€17,215
down €17,215 (-49.2%), from €34,996 to €17,781
of which Trade receivables: -€16,698
- Deferred charges and accrued income -€3,850
down €3,850 (-77.7%), from €4,957 to €1,107
- Other debts +€80,636
up €80,636 (+1,552%), from €5,196 to €85,832
- Tax, wage and social debts +€13,109
up €13,109 (+135%), from €9,738 to €22,847
- Reserves +€11,230
up €11,230 (+4.7%), from €240,736 to €251,966
- Trade debts -€4,269
down €4,269 (-83.6%), from €5,108 to €839
- Gross operating margin +€20,419
up €20,419 (+17.2%), from €118,419 to €138,838
- Taxes +€15,065
up €15,065 (+59.1%), from €25,481 to €40,545
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €279,378 | €380,084 | +€100,706 | +36.0% |
| Fixed assets | 21/28 | €2,228 | €2,986 | +€758 | +34.0% |
| Tangible fixed assets | 22/27 | €2,228 | €2,986 | +€758 | +34.0% |
| Land and buildings | 22 | €659 | €233 | -€425 | -64.6% |
| Furniture and vehicles | 24 | €1,569 | €2,753 | +€1,184 | +75.4% |
| Current assets | 29/58 | €277,150 | €377,098 | +€99,948 | +36.1% |
| Amounts receivable within one year | 40/41 | €34,996 | €17,781 | -€17,215 | -49.2% |
| Trade receivables | 40 | €34,474 | €17,776 | -€16,698 | -48.4% |
| Other amounts receivable | 41 | €521 | €4 | -€517 | -99.2% |
| Cash at bank and in hand | 54/58 | €237,197 | €358,210 | +€121,013 | +51.0% |
| Deferred charges and accrued income | 490/1 | €4,957 | €1,107 | -€3,850 | -77.7% |
| Total equity and liabilities | 10/49 | €279,378 | €380,084 | +€100,706 | +36.0% |
| Equity | 10/15 | €259,336 | €270,566 | +€11,230 | +4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €240,736 | €251,966 | +€11,230 | +4.7% |
| Distributable reserves | 133 | €240,736 | €251,966 | +€11,230 | +4.7% |
| Amounts payable | 17/49 | €20,042 | €109,517 | +€89,476 | +446% |
| Amounts payable within one year | 42/48 | €20,042 | €109,517 | +€89,476 | +446% |
| Trade debts | 44 | €5,108 | €839 | -€4,269 | -83.6% |
| Suppliers | 440/4 | €5,108 | €839 | -€4,269 | -83.6% |
| Taxes, remuneration and social security | 45 | €9,738 | €22,847 | +€13,109 | +135% |
| Taxes | 450/3 | €9,738 | €22,847 | +€13,109 | +135% |
| Other amounts payable | 47/48 | €5,196 | €85,832 | +€80,636 | +1,552% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,731 | €842 | -€889 | -51.4% |
| Other operating charges | 640/8 | €532 | €549 | +€17 | +3.2% |
| Gross operating margin | 9900 | €118,419 | €138,838 | +€20,419 | +17.2% |
| Operating profit (loss) | 9901 | €116,156 | €137,447 | +€21,291 | +18.3% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €116,117 | €137,411 | +€21,295 | +18.3% |
| Income taxes | 67/77 | €25,481 | €40,545 | +€15,065 | +59.1% |
| Profit (loss) for the period | 9904 | €90,636 | €96,866 | +€6,230 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,636 | €96,866 | +€6,230 | +6.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.