HEDIFA: 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.
HEDIFA
Largest movements
- Intangible fixed assets -€45,000
down €45,000 (-21.8%), from €206,066 to €161,066
- Tangible fixed assets -€38,418
down €38,418 (-19.2%), from €199,753 to €161,336
of which Plant, machinery and equipment: -€27,353
- Cash -€14,113
down €14,113 (-37.8%), from €37,298 to €23,185
mainly Net result for the year (-€82,922) and Tax, wage and social debts (-€30,839)
- Stocks and contracts +€11,029
up €11,029 (+116.1%), from €9,496 to €20,525
- Profit (loss) carried forward -€82,922
down €82,922 (-64.2%), from -€129,136 to -€212,058
- Trade debts +€66,185
up €66,185 (+328.3%), from €20,159 to €86,343
- Tax, wage and social debts -€30,839
down €30,839 (-40.0%), from €77,148 to €46,309
of which Remuneration and social security: -€21,890
- Other debts -€25,017
down €25,017 (-9.8%), from €256,108 to €231,092
- Debts after one year -€13,487
down €13,487 (-7.1%), from €190,075 to €176,588
- Staff costs +€29,488
up €29,488 (+7.5%), from €395,495 to €424,983
- Gross operating margin -€8,053
down €8,053 (-1.8%), from €448,694 to €440,641
- Other operating charges +€5,006
up €5,006 (+178.1%), from €2,811 to €7,817
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 | €461,797 | €374,935 | -€86,862 | -18.8% |
| Fixed assets | 21/28 | €405,819 | €322,401 | -€83,418 | -20.6% |
| Intangible fixed assets | 21 | €206,066 | €161,066 | -€45,000 | -21.8% |
| Tangible fixed assets | 22/27 | €199,753 | €161,336 | -€38,418 | -19.2% |
| Plant, machinery and equipment | 23 | €171,519 | €144,166 | -€27,353 | -15.9% |
| Furniture and vehicles | 24 | €28,235 | €17,170 | -€11,065 | -39.2% |
| Current assets | 29/58 | €55,978 | €52,534 | -€3,444 | -6.2% |
| Stocks and contracts in progress | 3 | €9,496 | €20,525 | +€11,029 | +116.1% |
| Stocks | 30/36 | €9,496 | €20,525 | +€11,029 | +116.1% |
| Amounts receivable within one year | 40/41 | €8,248 | €7,540 | -€708 | -8.6% |
| Trade receivables | 40 | €3,448 | - | -€3,448 | |
| Other amounts receivable | 41 | €4,800 | €7,540 | +€2,740 | +57.1% |
| Cash at bank and in hand | 54/58 | €37,298 | €23,185 | -€14,113 | -37.8% |
| Deferred charges and accrued income | 490/1 | €935 | €1,284 | +€349 | +37.3% |
| Total equity and liabilities | 10/49 | €461,797 | €374,935 | -€86,862 | -18.8% |
| Equity | 10/15 | -€108,136 | -€191,058 | -€82,922 | -76.7% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,136 | -€212,058 | -€82,922 | -64.2% |
| Amounts payable | 17/49 | €569,933 | €565,993 | -€3,940 | -0.7% |
| Amounts payable after more than one year | 17 | €190,075 | €176,588 | -€13,487 | -7.1% |
| Financial debts | 170/4 | €190,075 | €176,588 | -€13,487 | -7.1% |
| Amounts payable within one year | 42/48 | €379,858 | €389,405 | +€9,548 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €26,443 | €24,919 | -€1,524 | -5.8% |
| Trade debts | 44 | €20,159 | €86,343 | +€66,185 | +328.3% |
| Suppliers | 440/4 | €20,159 | €86,343 | +€66,185 | +328.3% |
| Advances received on contracts in progress | 46 | - | €743 | +€743 | |
| Taxes, remuneration and social security | 45 | €77,148 | €46,309 | -€30,839 | -40.0% |
| Taxes | 450/3 | €27,517 | €18,569 | -€8,949 | -32.5% |
| Remuneration and social security | 454/9 | €49,630 | €27,740 | -€21,890 | -44.1% |
| Other amounts payable | 47/48 | €256,108 | €231,092 | -€25,017 | -9.8% |
| Remuneration, social security and pensions | 62 | €395,495 | €424,983 | +€29,488 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,230 | €84,739 | -€491 | -0.6% |
| Other operating charges | 640/8 | €2,811 | €7,817 | +€5,006 | +178.1% |
| Gross operating margin | 9900 | €448,694 | €440,641 | -€8,053 | -1.8% |
| Operating profit (loss) | 9901 | -€34,843 | -€76,898 | -€42,055 | -120.7% |
| Financial income | 75/76B | €0 | €1 | +€1 | +275.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +275.0% |
| Financial charges | 65/66B | €8,954 | €6,025 | -€2,929 | -32.7% |
| Recurring financial charges | 65 | €8,954 | €6,025 | -€2,929 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | -€43,797 | -€82,922 | -€39,125 | -89.3% |
| Profit (loss) for the period | 9904 | -€43,797 | -€82,922 | -€39,125 | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,797 | -€82,922 | -€39,125 | -89.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.