HEDMAY: what changed
What changed
HEDMAY
filed annual accounts (NBB)
Net result for the year
€572,228
2024 · €2.4m-€1.9m
Equity
€27.5m
2024 · €26.9m+€572,228
Cash
€1.1m
2024 · €2.5m-€1.4m
Balance sheet total
€27.9m
2024 · €27.3m+€608,452
Largest movements
Assets
- Current investments +€1.9m
up €1.9m (+9.0%), from €21.0m to €22.9m
- Cash -€1.4m
down €1.4m (-56.0%), from €2.5m to €1.1m
mainly Current investments (-€1.9m) and Investment in fixed assets (net) (-€498,124)
- Financial fixed assets +€417,533
up €417,533 (+20.4%), from €2.0m to €2.5m
Equity and liabilities
- Reserves +€572,000
up €572,000 (+2.1%), from €26.9m to €27.4m
of which Distributable reserves: +€572,000
Income statement
- Financial income -€1.3m
down €1.3m (-42.6%), from €3.1m to €1.8m
- Financial charges +€899,416
up €899,416, from -€72,294 to €827,122
- Taxes -€432,311
down €432,311 (-63.6%), from €679,663 to €247,352
- Other operating charges +€70,383
up €70,383 (+644%), from €10,926 to €81,309
- Gross operating margin -€8,983
down €8,983 (-37.9%), from -€23,699 to -€32,682
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.
Result 2024
€2.4m
Gross operating margin
-€8,983
Depreciation
+€4,122
Other operating charges
-€70,383
Financial income
-€1.3m
Financial charges
-€899,416
Taxes
+€432,311
Result 2025
€572,228
raises the resultlowers the result
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.
From operations
+€982,206
Investment
-€2.4m
Financing
€0
Cash 2024
€2.5m
From operations (derived)
+€982,206
Net result for the year
+€572,228
Depreciation
+€33,582
Receivables within one year
+€228,951
Deferred charges and accrued income
+€111,221
Trade debts
+€13,359
Tax, wage and social debts
+€47,504
Other debts
+€10,292
Accrued charges and deferred income
-€34,931
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€498,124
Current investments
-€1.9m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,307,122 | €27,915,574 | +€608,452 | +2.2% |
| Fixed assets | 21/28 | €2,598,652 | €3,063,194 | +€464,542 | +17.9% |
| Tangible fixed assets | 22/27 | €549,484 | €596,494 | +€47,009 | +8.6% |
| Land and buildings | 22 | €549,484 | €596,494 | +€47,009 | +8.6% |
| Financial fixed assets | 28 | €2,049,167 | €2,466,700 | +€417,533 | +20.4% |
| Current assets | 29/58 | €24,708,470 | €24,852,380 | +€143,909 | +0.6% |
| Amounts receivable within one year | 40/41 | €1,067,750 | €838,799 | -€228,951 | -21.4% |
| Other amounts receivable | 41 | €1,067,750 | €838,799 | -€228,951 | -21.4% |
| Current investments | 50/53 | €21,005,507 | €22,894,833 | +€1.9m | +9.0% |
| Cash at bank and in hand | 54/58 | €2,510,339 | €1,105,095 | -€1.4m | -56.0% |
| Deferred charges and accrued income | 490/1 | €124,873 | €13,652 | -€111,221 | -89.1% |
| Total equity and liabilities | 10/49 | €27,307,122 | €27,915,574 | +€608,452 | +2.2% |
| Equity | 10/15 | €26,902,747 | €27,474,975 | +€572,228 | +2.1% |
| Contributions | 10/11 | €25,970 | €25,970 | = | 0.0% |
| Reserves | 13 | €26,874,314 | €27,446,314 | +€572,000 | +2.1% |
| Non-distributable reserves | 130/1 | €2,597 | €2,597 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,597 | €2,597 | = | 0.0% |
| Distributable reserves | 133 | €26,871,717 | €27,443,717 | +€572,000 | +2.1% |
| Profit (loss) carried forward | 14 | €2,463 | €2,691 | +€228 | +9.2% |
| Amounts payable | 17/49 | €404,375 | €440,599 | +€36,224 | +9.0% |
| Amounts payable within one year | 42/48 | €369,444 | €440,599 | +€71,154 | +19.3% |
| Trade debts | 44 | €29,200 | €42,559 | +€13,359 | +45.8% |
| Suppliers | 440/4 | €29,200 | €42,559 | +€13,359 | +45.8% |
| Taxes, remuneration and social security | 45 | €339,400 | €386,904 | +€47,504 | +14.0% |
| Taxes | 450/3 | €339,400 | €386,904 | +€47,504 | +14.0% |
| Other amounts payable | 47/48 | €844 | €11,136 | +€10,292 | +1,219% |
| Accrued charges and deferred income | 492/3 | €34,931 | - | -€34,931 | |
| Non-recurring operating income | 76A | - | €57,516 | +€57,516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,704 | €33,582 | -€4,122 | -10.9% |
| Other operating charges | 640/8 | €10,926 | €81,309 | +€70,383 | +644% |
| Gross operating margin | 9900 | -€23,699 | -€32,682 | -€8,983 | -37.9% |
| Operating profit (loss) | 9901 | -€72,328 | -€147,573 | -€75,245 | -104% |
| Financial income | 75/76B | €3,124,197 | €1,794,275 | -€1.3m | -42.6% |
| Recurring financial income | 75 | €3,124,197 | €1,794,275 | -€1.3m | -42.6% |
| Financial charges | 65/66B | -€72,294 | €827,122 | +€899,416 | |
| Recurring financial charges | 65 | -€72,294 | €827,122 | +€899,416 | |
| Profit (loss) for the period before taxes | 9903 | €3,124,163 | €819,580 | -€2.3m | -73.8% |
| Income taxes | 67/77 | €679,663 | €247,352 | -€432,311 | -63.6% |
| Profit (loss) for the period | 9904 | €2,444,499 | €572,228 | -€1.9m | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,444,499 | €572,228 | -€1.9m | -76.6% |
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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.