HEDI: 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.
HEDI
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-15.2%), from €10.7m to €9.1m
- Cash +€1.6m
up €1.6m (+86.2%), from €1.8m to €3.4m
mainly Receivables within one year (+€1.6m) and Net result for the year (+€451,957)
- Current investments +€491,488
up €491,488 (+5.8%), from €8.5m to €9.0m
- Profit (loss) carried forward +€451,957
up €451,957 (+3.0%), from €15.3m to €15.8m
- Financial income -€69,471
down €69,471 (-7.5%), from €927,704 to €858,233
- Financial charges -€37,244
down €37,244 (-16.5%), from €225,372 to €188,128
- Gross operating margin -€34,087
down €34,087 (-128.0%), from -€26,622 to -€60,710
- Taxes -€21,457
down €21,457 (-12.1%), from €177,777 to €156,319
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 | €21,199,224 | €21,644,523 | +€445,299 | +2.1% |
| Fixed assets | 21/28 | €101,004 | €101,004 | = | 0.0% |
| Financial fixed assets | 28 | €101,004 | €101,004 | = | 0.0% |
| Current assets | 29/58 | €21,098,220 | €21,543,519 | +€445,299 | +2.1% |
| Amounts receivable within one year | 40/41 | €10,744,937 | €9,109,738 | -€1.6m | -15.2% |
| Other amounts receivable | 41 | €10,744,937 | €9,109,738 | -€1.6m | -15.2% |
| Current investments | 50/53 | €8,509,349 | €9,000,837 | +€491,488 | +5.8% |
| Cash at bank and in hand | 54/58 | €1,843,934 | €3,432,943 | +€1.6m | +86.2% |
| Total equity and liabilities | 10/49 | €21,199,224 | €21,644,523 | +€445,299 | +2.1% |
| Equity | 10/15 | €15,378,682 | €15,830,639 | +€451,957 | +2.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,310,482 | €15,762,439 | +€451,957 | +3.0% |
| Amounts payable | 17/49 | €5,820,542 | €5,813,884 | -€6,658 | -0.1% |
| Amounts payable within one year | 42/48 | €5,820,542 | €5,813,884 | -€6,658 | -0.1% |
| Trade debts | 44 | €4,600 | €0 | -€4,600 | -100.0% |
| Suppliers | 440/4 | €4,600 | €0 | -€4,600 | -100.0% |
| Taxes, remuneration and social security | 45 | €160,598 | €21,459 | -€139,139 | -86.6% |
| Taxes | 450/3 | €160,598 | €21,459 | -€139,139 | -86.6% |
| Other amounts payable | 47/48 | €5,655,344 | €5,792,425 | +€137,081 | +2.4% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | -€26,622 | -€60,710 | -€34,087 | -128.0% |
| Operating profit (loss) | 9901 | -€27,708 | -€61,828 | -€34,120 | -123.1% |
| Financial income | 75/76B | €927,704 | €858,233 | -€69,471 | -7.5% |
| Recurring financial income | 75 | €927,704 | €858,233 | -€69,471 | -7.5% |
| Financial charges | 65/66B | €225,372 | €188,128 | -€37,244 | -16.5% |
| Recurring financial charges | 65 | €225,372 | €188,128 | -€37,244 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €674,624 | €608,276 | -€66,348 | -9.8% |
| Income taxes | 67/77 | €177,777 | €156,319 | -€21,457 | -12.1% |
| Profit (loss) for the period | 9904 | €496,847 | €451,957 | -€44,891 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €496,847 | €451,957 | -€44,891 | -9.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.