HEDIN CERTIFIED: 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.
What changed
HEDIN CERTIFIED
NACE 47.811, Retail sale of cars and light vans (up to 3.5 tonnes)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · -€2.0m+€3.3m
Equity
€7.7m
2024 · €6.4m+€1.3m
Cash
€82
2024 · €1.1m-€1.1m
Balance sheet total
€28.0m
2024 · €20.7m+€7.3m
Largest movements
Assets
- Receivables within one year +€25.1m
up €25.1m (+864%), from €2.9m to €28.0m
of which Trade receivables: +€25.1m
- Stocks and contracts -€16.6m
no longer reported in 2025 (was €16.6m)
- Cash -€1.1m
down €1.1m (-100.0%), from €1.1m to €82
mainly Receivables within one year (-€25.1m) and Trade debts (-€2.5m)
Equity and liabilities
- Short-term financial debts +€8.7m
up €8.7m (+79.2%), from €10.9m to €19.6m
- Trade debts -€2.5m
down €2.5m (-78.7%), from €3.2m to €677,149
- Profit (loss) carried forward +€1.3m
up €1.3m (+64.3%), from -€2.0m to -€718,680
Income statement
- Goods and materials +€4.7m
up €4.7m (+9.2%), from €51.3m to €56.0m
of which Change in stocks: decrease (increase): +€19.1m
- Turnover +€4.4m
up €4.4m (+8.5%), from €52.0m to €56.4m
- Write-downs -€1.5m
down €1.5m, from €530,170 to -€1.0m
- Other operating income -€1.4m
down €1.4m (-80.6%), from €1.8m to €339,483
- Services and other goods -€1.1m
down €1.1m (-49.3%), from €2.3m to €1.1m
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.
Result 2024
-€2.0m
Turnover
+€4.4m
Other operating income
-€1.4m
Goods and materials
-€4.7m
Services and other goods
+€1.1m
Staff costs
+€773,438
Depreciation
+€17,683
Write-downs
+€1.5m
Other operating charges
+€59,984
Other operating items
+€2.0m
Financial income
-€10,941
Financial charges
-€479,620
Taxes
-€28,824
Result 2025
€1.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€9.9m
Investment
+€91,150
Financing
+€8.7m
Cash 2024
€1.1m
From operations (derived)
-€9.9m
Net result for the year
+€1.3m
Depreciation
+€2,667
Stocks and contracts
+€16.6m
Receivables within one year
-€25.1m
Deferred charges and accrued income
+€16,237
Trade debts
-€2.5m
Tax, wage and social debts
-€105,284
Accrued charges and deferred income
-€80,900
Investment (derived)
+€91,150
Investment in fixed assets (net)
+€91,150
Financing
+€8.7m
Short-term financial debts
+€8.7m
Cash 2025
€82
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,748,947 | €28,019,958 | +€7.3m | +35.0% |
| Fixed assets | 21/28 | €93,817 | - | -€93,817 | |
| Tangible fixed assets | 22/27 | €93,817 | - | -€93,817 | |
| Plant, machinery and equipment | 23 | €13,911 | - | -€13,911 | |
| Other tangible fixed assets | 26 | €79,906 | - | -€79,906 | |
| Current assets | 29/58 | €20,655,130 | €28,019,958 | +€7.4m | +35.7% |
| Stocks and contracts in progress | 3 | €16,621,431 | - | -€16.6m | |
| Stocks | 30/36 | €16,621,431 | - | -€16.6m | |
| Goods purchased for resale | 34 | €16,621,431 | - | -€16.6m | |
| Amounts receivable within one year | 40/41 | €2,906,431 | €28,019,876 | +€25.1m | +864% |
| Trade receivables | 40 | €2,899,431 | €28,013,526 | +€25.1m | +866% |
| Other amounts receivable | 41 | €7,000 | €6,350 | -€650 | -9.3% |
| Cash at bank and in hand | 54/58 | €1,111,031 | €82 | -€1.1m | -100.0% |
| Deferred charges and accrued income | 490/1 | €16,237 | - | -€16,237 | |
| Total equity and liabilities | 10/49 | €20,748,947 | €28,019,958 | +€7.3m | +35.0% |
| Equity | 10/15 | €6,378,511 | €7,674,939 | +€1.3m | +20.3% |
| Contributions | 10/11 | €5,019,108 | €5,019,108 | = | 0.0% |
| Capital | 10 | €5,005,876 | €5,005,876 | = | 0.0% |
| Issued capital | 100 | €5,005,876 | €5,005,876 | = | 0.0% |
| Contributions outside capital | 11 | €13,232 | €13,232 | = | 0.0% |
| Share premium | 1100/10 | €13,232 | €13,232 | = | 0.0% |
| Reserves | 13 | €3,374,511 | €3,374,511 | = | 0.0% |
| Non-distributable reserves | 130/1 | €430,550 | €430,550 | = | 0.0% |
| Legal reserve | 130 | €430,550 | €430,550 | = | 0.0% |
| Distributable reserves | 133 | €2,943,961 | €2,943,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,015,108 | -€718,680 | +€1.3m | +64.3% |
| Amounts payable | 17/49 | €14,370,436 | €20,345,019 | +€6.0m | +41.6% |
| Amounts payable within one year | 42/48 | €14,260,363 | €20,315,846 | +€6.1m | +42.5% |
| Financial debts | 43 | €10,943,637 | €19,611,152 | +€8.7m | +79.2% |
| Other loans | 439 | €10,943,637 | €19,611,152 | +€8.7m | +79.2% |
| Trade debts | 44 | €3,183,897 | €677,149 | -€2.5m | -78.7% |
| Suppliers | 440/4 | €3,183,897 | €677,149 | -€2.5m | -78.7% |
| Taxes, remuneration and social security | 45 | €132,829 | €27,545 | -€105,284 | -79.3% |
| Taxes | 450/3 | €3,023 | €27,545 | +€24,522 | +811% |
| Remuneration and social security | 454/9 | €129,806 | - | -€129,806 | |
| Accrued charges and deferred income | 492/3 | €110,073 | €29,173 | -€80,900 | -73.5% |
| Operating income | 70/76A | €53,766,237 | €58,787,263 | +€5.0m | +9.3% |
| Turnover | 70 | €52,013,013 | €56,447,780 | +€4.4m | +8.5% |
| Other operating income | 74 | €1,753,224 | €339,483 | -€1.4m | -80.6% |
| Non-recurring operating income | 76A | - | €2,000,000 | +€2.0m | |
| Operating charges | 60/66A | €55,508,936 | €56,699,041 | +€1.2m | +2.1% |
| Goods for resale, raw materials and consumables | 60 | €51,323,210 | €56,020,698 | +€4.7m | +9.2% |
| Purchases | 600/8 | €52,995,510 | €38,574,760 | -€14.4m | -27.2% |
| Change in stocks: decrease (increase) | 609 | -€1,672,300 | €17,445,938 | +€19.1m | |
| Services and other goods | 61 | €2,255,814 | €1,144,046 | -€1.1m | -49.3% |
| Remuneration, social security and pensions | 62 | €1,259,973 | €486,535 | -€773,438 | -61.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,350 | €2,667 | -€17,683 | -86.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €530,170 | -€1,014,340 | -€1.5m | |
| Other operating charges | 640/8 | €119,419 | €59,435 | -€59,984 | -50.2% |
| Operating profit (loss) | 9901 | -€1,742,699 | €2,088,222 | +€3.8m | |
| Financial income | 75/76B | €40,769 | €29,828 | -€10,941 | -26.8% |
| Recurring financial income | 75 | €40,769 | €29,828 | -€10,941 | -26.8% |
| Income from current assets | 751 | €40,724 | - | -€40,724 | |
| Other financial income | 752/9 | €45 | €29,828 | +€29,783 | +66,184% |
| Financial charges | 65/66B | €314,185 | €793,805 | +€479,620 | +153% |
| Recurring financial charges | 65 | €314,185 | €793,805 | +€479,620 | +153% |
| Debt charges | 650 | €312,091 | €793,099 | +€481,008 | +154% |
| Other financial charges | 652/9 | €2,094 | €706 | -€1,388 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,016,115 | €1,324,245 | +€3.3m | |
| Income taxes | 67/77 | -€1,007 | €27,817 | +€28,824 | |
| Taxes | 670/3 | €3,023 | €27,817 | +€24,794 | +820% |
| Tax adjustments and reversals of tax provisions | 77 | €4,030 | - | -€4,030 | |
| Profit (loss) for the period | 9904 | -€2,015,108 | €1,296,428 | +€3.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,015,108 | €1,296,428 | +€3.3m |
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 26 October 2026 via checked.be.