HEDOB: 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.
HEDOB
Largest movements
- Receivables within one year +€33,546
up €33,546 (+99.0%), from €33,874 to €67,420
of which Trade receivables: +€51,477
- Cash +€28,717
up €28,717 (+2,628%), from €1,093 to €29,810
mainly Net result for the year (+€69,833) and Tax, wage and social debts (+€23,377)
- Tangible fixed assets -€1,792
down €1,792 (-31.0%), from €5,787 to €3,995
of which Furniture and vehicles: -€1,478
- Tax, wage and social debts +€23,377
up €23,377 (+307%), from €7,618 to €30,995
- Other debts +€20,442
up €20,442 (+321%), from €6,365 to €26,807
- Reserves +€11,900
up €11,900 (+122%), from €9,785 to €21,685
of which Distributable reserves: +€11,900
- Profit (loss) carried forward +€4,833
up €4,833, from -€1,495 to €3,338
- Gross operating margin +€88,536
up €88,536 (+3,209%), from €2,759 to €91,295
- Taxes +€17,578
up €17,578 (+1,426%), from €1,232 to €18,811
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,561 | €102,744 | +€61,183 | +147% |
| Fixed assets | 21/28 | €5,787 | €3,995 | -€1,792 | -31.0% |
| Tangible fixed assets | 22/27 | €5,787 | €3,995 | -€1,792 | -31.0% |
| Plant, machinery and equipment | 23 | €1,153 | €839 | -€314 | -27.2% |
| Furniture and vehicles | 24 | €4,634 | €3,156 | -€1,478 | -31.9% |
| Current assets | 29/58 | €35,774 | €98,749 | +€62,975 | +176% |
| Amounts receivable within one year | 40/41 | €33,874 | €67,420 | +€33,546 | +99.0% |
| Trade receivables | 40 | €15,943 | €67,420 | +€51,477 | +323% |
| Other amounts receivable | 41 | €17,931 | - | -€17,931 | |
| Cash at bank and in hand | 54/58 | €1,093 | €29,810 | +€28,717 | +2,628% |
| Deferred charges and accrued income | 490/1 | €807 | €1,519 | +€712 | +88.3% |
| Total equity and liabilities | 10/49 | €41,561 | €102,744 | +€61,183 | +147% |
| Equity | 10/15 | €26,890 | €43,623 | +€16,733 | +62.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,785 | €21,685 | +€11,900 | +122% |
| Non-distributable reserves | 130/1 | €185 | €185 | = | 0.0% |
| Reserves not available under the articles | 1311 | €185 | €185 | = | 0.0% |
| Distributable reserves | 133 | €9,600 | €21,500 | +€11,900 | +124% |
| Profit (loss) carried forward | 14 | -€1,495 | €3,338 | +€4,833 | |
| Amounts payable | 17/49 | €14,671 | €59,121 | +€44,451 | +303% |
| Amounts payable within one year | 42/48 | €14,496 | €58,846 | +€44,351 | +306% |
| Trade debts | 44 | €513 | €1,044 | +€531 | +104% |
| Suppliers | 440/4 | €513 | €1,044 | +€531 | +104% |
| Taxes, remuneration and social security | 45 | €7,618 | €30,995 | +€23,377 | +307% |
| Taxes | 450/3 | €7,618 | €30,995 | +€23,377 | +307% |
| Other amounts payable | 47/48 | €6,365 | €26,807 | +€20,442 | +321% |
| Accrued charges and deferred income | 492/3 | €175 | €275 | +€100 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,792 | €1,792 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,005 | €907 | -€98 | -9.7% |
| Gross operating margin | 9900 | €2,759 | €91,295 | +€88,536 | +3,209% |
| Operating profit (loss) | 9901 | -€38 | €88,596 | +€88,634 | |
| Financial income | 75/76B | €99 | €668 | +€569 | +573% |
| Recurring financial income | 75 | €99 | €668 | +€569 | +573% |
| Financial charges | 65/66B | €817 | €621 | -€196 | -24.0% |
| Recurring financial charges | 65 | €817 | €621 | -€196 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | -€756 | €88,644 | +€89,400 | |
| Income taxes | 67/77 | €1,232 | €18,811 | +€17,578 | +1,426% |
| Profit (loss) for the period | 9904 | -€1,988 | €69,833 | +€71,821 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,988 | €69,833 | +€71,821 |
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 1 November 2026 via checked.be.