HEDO: 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
HEDO
NACE 68.310, Real estate agency activities
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€234,498
2025 · €196,167+€38,331
Equity
€2.0m
2025 · €1.9m+€134,498
Cash
€784,575
2025 · €1.1m-€291,237
Balance sheet total
€2.3m
2025 · €2.7m-€321,236
Largest movements
Assets
- Cash -€291,237
down €291,237 (-27.1%), from €1.1m to €784,575
mainly Other debts (-€247,496) and Investment in fixed assets (net) (-€163,439)
Equity and liabilities
- Other debts -€247,496
down €247,496 (-54.7%), from €452,672 to €205,176
- Profit (loss) carried forward +€134,498
up €134,498 (+23.7%), from €568,203 to €702,701
- Provisions -€127,567
down €127,567 (-74.6%), from €171,041 to €43,474
- Trade debts -€44,165
down €44,165 (-76.0%), from €58,106 to €13,942
- Tax, wage and social debts -€31,885
down €31,885 (-67.7%), from €47,117 to €15,232
Income statement
- Provisions -€127,567
new in 2026: -€127,567
- Gross operating margin +€56,915
up €56,915 (+10.8%), from €524,761 to €581,676
- Write-downs +€8,261
no longer reported in 2026 (was -€8,261)
- Other operating charges +€6,239
up €6,239 (+5.3%), from €117,303 to €123,542
From the 2025 result to the 2026 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 2025
€196,167
Gross operating margin
+€56,915
Depreciation
-€5,146
Write-downs
-€8,261
Provisions
+€127,567
Other operating charges
-€6,239
Other operating items
-€127,567
Financial income
+€1,103
Financial charges
-€271
Taxes
+€230
Result 2026
€234,498
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€30,327
Investment
-€163,439
Financing
-€97,472
Cash 2025
€1.1m
From operations (derived)
-€30,327
Net result for the year
+€234,498
Depreciation
+€183,967
Receivables within one year
+€9,802
Deferred charges and accrued income
-€331
Provisions
-€127,567
Trade debts
-€44,165
Tax, wage and social debts
-€31,885
Other debts
-€247,496
Accrued charges and deferred income
-€7,149
Investment (derived)
-€163,439
Investment in fixed assets (net)
-€163,439
Financing
-€97,472
Debts after one year
+€2,528
Contributions, distributions and other
-€100,000
Cash 2026
€784,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,662,765 | €2,341,529 | -€321,236 | -12.1% |
| Fixed assets | 21/28 | €1,533,631 | €1,513,103 | -€20,529 | -1.3% |
| Tangible fixed assets | 22/27 | €1,533,630 | €1,513,101 | -€20,529 | -1.3% |
| Land and buildings | 22 | €1,401,404 | €1,458,566 | +€57,162 | +4.1% |
| Plant, machinery and equipment | 23 | €68,626 | €54,535 | -€14,091 | -20.5% |
| Assets under construction and advance payments | 27 | €63,600 | - | -€63,600 | |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €1,129,134 | €828,426 | -€300,707 | -26.6% |
| Amounts receivable within one year | 40/41 | €50,525 | €40,723 | -€9,802 | -19.4% |
| Trade receivables | 40 | €50,525 | €40,343 | -€10,182 | -20.2% |
| Other amounts receivable | 41 | - | €380 | +€380 | |
| Cash at bank and in hand | 54/58 | €1,075,812 | €784,575 | -€291,237 | -27.1% |
| Deferred charges and accrued income | 490/1 | €2,797 | €3,128 | +€331 | +11.8% |
| Total equity and liabilities | 10/49 | €2,662,765 | €2,341,529 | -€321,236 | -12.1% |
| Equity | 10/15 | €1,864,083 | €1,998,581 | +€134,498 | +7.2% |
| Contributions | 10/11 | €520,800 | €520,800 | = | 0.0% |
| Capital | 10 | €520,800 | €520,800 | = | 0.0% |
| Issued capital | 100 | €520,800 | €520,800 | = | 0.0% |
| Reserves | 13 | €775,080 | €775,080 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,080 | €52,080 | = | 0.0% |
| Legal reserve | 130 | €52,080 | €52,080 | = | 0.0% |
| Distributable reserves | 133 | €723,000 | €723,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €568,203 | €702,701 | +€134,498 | +23.7% |
| Provisions and deferred taxes | 16 | €171,041 | €43,474 | -€127,567 | -74.6% |
| Provisions for liabilities and charges | 160/5 | €171,041 | €43,474 | -€127,567 | -74.6% |
| Major repairs and maintenance | 162 | €171,041 | €43,474 | -€127,567 | -74.6% |
| Amounts payable | 17/49 | €627,641 | €299,474 | -€328,167 | -52.3% |
| Amounts payable after more than one year | 17 | €31,500 | €34,028 | +€2,528 | +8.0% |
| Other amounts payable | 178/9 | €31,500 | €34,028 | +€2,528 | +8.0% |
| Amounts payable within one year | 42/48 | €557,895 | €234,349 | -€323,546 | -58.0% |
| Trade debts | 44 | €58,106 | €13,942 | -€44,165 | -76.0% |
| Suppliers | 440/4 | €58,106 | €13,942 | -€44,165 | -76.0% |
| Taxes, remuneration and social security | 45 | €47,117 | €15,232 | -€31,885 | -67.7% |
| Taxes | 450/3 | €47,117 | €15,232 | -€31,885 | -67.7% |
| Other amounts payable | 47/48 | €452,672 | €205,176 | -€247,496 | -54.7% |
| Accrued charges and deferred income | 492/3 | €38,246 | €31,097 | -€7,149 | -18.7% |
| Non-recurring operating income | 76A | - | €59,677 | +€59,677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,821 | €183,967 | +€5,146 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,261 | - | +€8,261 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€127,567 | -€127,567 | |
| Other operating charges | 640/8 | €117,303 | €123,542 | +€6,239 | +5.3% |
| Non-recurring operating charges | 66A | - | €127,567 | +€127,567 | |
| Gross operating margin | 9900 | €524,761 | €581,676 | +€56,915 | +10.8% |
| Operating profit (loss) | 9901 | €236,898 | €274,167 | +€37,268 | +15.7% |
| Financial income | 75/76B | €201 | €1,304 | +€1,103 | +550% |
| Recurring financial income | 75 | €201 | €1,304 | +€1,103 | +550% |
| Financial charges | 65/66B | €1,255 | €1,526 | +€271 | +21.6% |
| Recurring financial charges | 65 | €1,255 | €1,526 | +€271 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €235,844 | €273,944 | +€38,101 | +16.2% |
| Income taxes | 67/77 | €39,677 | €39,447 | -€230 | -0.6% |
| Profit (loss) for the period | 9904 | €196,167 | €234,498 | +€38,331 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €196,167 | €234,498 | +€38,331 | +19.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.