HEDGES PARTNERS: 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.
HEDGES PARTNERS
Largest movements
- Financial fixed assets +€43,126
new in 2025: €43,126
- Tangible fixed assets -€35,385
down €35,385 (-22.6%), from €156,442 to €121,057
of which Land and buildings: -€26,885
- Cash +€20,054
up €20,054 (+98.4%), from €20,373 to €40,427
mainly Depreciation (+€35,385) and Net result for the year (+€19,875)
- Receivables within one year -€8,428
down €8,428 (-35.2%), from €23,967 to €15,539
of which Trade receivables: -€10,684
- Reserves +€19,896
up €19,896 (+9.1%), from €217,557 to €237,454
of which Distributable reserves: +€19,896
- Depreciation +€14,988
up €14,988 (+73.5%), from €20,397 to €35,385
- Other operating charges -€12,168
down €12,168 (-80.5%), from €15,115 to €2,947
- Financial charges -€2,563
down €2,563 (-58.3%), from €4,393 to €1,830
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 | €242,927 | €262,295 | +€19,368 | +8.0% |
| Formation expenses | 20 | €2,736 | €2,736 | = | 0.0% |
| Fixed assets | 21/28 | €156,442 | €164,183 | +€7,741 | +4.9% |
| Tangible fixed assets | 22/27 | €156,442 | €121,057 | -€35,385 | -22.6% |
| Land and buildings | 22 | €105,433 | €78,548 | -€26,885 | -25.5% |
| Plant, machinery and equipment | 23 | €31,565 | €31,565 | +€0 | 0.0% |
| Furniture and vehicles | 24 | €16,522 | €10,943 | -€5,578 | -33.8% |
| Other tangible fixed assets | 26 | €2,922 | - | -€2,922 | |
| Financial fixed assets | 28 | - | €43,126 | +€43,126 | |
| Current assets | 29/58 | €83,750 | €95,376 | +€11,626 | +13.9% |
| Amounts receivable within one year | 40/41 | €23,967 | €15,539 | -€8,428 | -35.2% |
| Trade receivables | 40 | €23,243 | €12,559 | -€10,684 | -46.0% |
| Other amounts receivable | 41 | €724 | €2,980 | +€2,256 | +312% |
| Cash at bank and in hand | 54/58 | €20,373 | €40,427 | +€20,054 | +98.4% |
| Deferred charges and accrued income | 490/1 | €39,410 | €39,410 | = | 0.0% |
| Total equity and liabilities | 10/49 | €242,927 | €262,295 | +€19,368 | +8.0% |
| Equity | 10/15 | €236,736 | €256,612 | +€19,876 | +8.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | - | €18,592 | +€18,592 | |
| Issued capital | 100 | - | €18,592 | +€18,592 | |
| Reserves | 13 | €217,557 | €237,454 | +€19,896 | +9.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | - | €1,859 | +€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €215,698 | €235,595 | +€19,896 | +9.2% |
| Profit (loss) carried forward | 14 | €586 | €566 | -€20 | -3.4% |
| Amounts payable | 17/49 | €6,192 | €5,683 | -€508 | -8.2% |
| Amounts payable within one year | 42/48 | €6,192 | €5,683 | -€508 | -8.2% |
| Trade debts | 44 | €1,436 | €1,099 | -€336 | -23.4% |
| Suppliers | 440/4 | €1,436 | €1,099 | -€336 | -23.4% |
| Taxes, remuneration and social security | 45 | €3,789 | €4,584 | +€795 | +21.0% |
| Taxes | 450/3 | €3,789 | €3,315 | -€474 | -12.5% |
| Remuneration and social security | 454/9 | - | €1,269 | +€1,269 | |
| Other amounts payable | 47/48 | €967 | - | -€967 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,397 | €35,385 | +€14,988 | +73.5% |
| Other operating charges | 640/8 | €15,115 | €2,947 | -€12,168 | -80.5% |
| Non-recurring operating charges | 66A | €7,331 | - | -€7,331 | |
| Gross operating margin | 9900 | €66,262 | €65,901 | -€361 | -0.5% |
| Operating profit (loss) | 9901 | €23,420 | €27,569 | +€4,150 | +17.7% |
| Financial charges | 65/66B | €4,393 | €1,830 | -€2,563 | -58.3% |
| Recurring financial charges | 65 | €4,393 | €1,830 | -€2,563 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | €19,026 | €25,739 | +€6,713 | +35.3% |
| Income taxes | 67/77 | €5,985 | €5,864 | -€121 | -2.0% |
| Profit (loss) for the period | 9904 | €13,041 | €19,875 | +€6,834 | +52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,041 | €19,875 | +€6,834 | +52.4% |
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 25 October 2026 via checked.be.