HEDONIA: 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
HEDONIA
NACE 86.951, Physiotherapy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,081
2024 · €22,312+€769
Equity
€93,429
2024 · €90,348+€3,081
Cash
€7,409
2024 · €5,139+€2,270
Balance sheet total
€323,613
2024 · €380,954-€57,341
Largest movements
Assets
- Tangible fixed assets -€53,019
down €53,019 (-47.1%), from €112,580 to €59,561
of which Other tangible fixed assets: -€31,155
- Receivables within one year -€6,593
down €6,593 (-5.6%), from €117,171 to €110,578
of which Trade receivables: -€40,000
Equity and liabilities
- Debts after one year -€58,756
down €58,756 (-29.8%), from €197,423 to €138,668
- Current portion of long-term debt +€5,877
up €5,877 (+10.2%), from €57,341 to €63,218
- Trade debts -€4,216
down €4,216 (-81.7%), from €5,160 to €944
Income statement
- Gross operating margin +€42,935
up €42,935 (+49.7%), from €86,359 to €129,294
- Financial income -€2,785
down €2,785 (-98.0%), from €2,842 to €57
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
€22,312
Gross operating margin
+€42,935
Staff costs
-€192
Depreciation
+€813
Other operating charges
-€424
Other operating items
-€40,000
Financial income
-€2,785
Financial charges
+€1,090
Taxes
-€667
Result 2025
€23,081
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
+€75,149
Investment
€0
Financing
-€72,879
Cash 2024
€5,139
From operations (derived)
+€75,149
Net result for the year
+€23,081
Depreciation
+€53,019
Receivables within one year
+€6,593
Trade debts
-€4,216
Tax, wage and social debts
-€818
Accrued charges and deferred income
-€2,509
Financing
-€72,879
Debts after one year
-€58,756
Current portion of long-term debt
+€5,877
Contributions, distributions and other
-€20,000
Cash 2025
€7,409
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €380,954 | €323,613 | -€57,341 | -15.1% |
| Fixed assets | 21/28 | €112,580 | €59,561 | -€53,019 | -47.1% |
| Tangible fixed assets | 22/27 | €112,580 | €59,561 | -€53,019 | -47.1% |
| Land and buildings | 22 | €26,182 | €11,666 | -€14,516 | -55.4% |
| Plant, machinery and equipment | 23 | €11,033 | €3,686 | -€7,347 | -66.6% |
| Other tangible fixed assets | 26 | €75,365 | €44,210 | -€31,155 | -41.3% |
| Current assets | 29/58 | €268,374 | €264,052 | -€4,323 | -1.6% |
| Amounts receivable after more than one year | 29 | €146,064 | €146,064 | = | 0.0% |
| Other amounts receivable | 291 | €146,064 | €146,064 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €117,171 | €110,578 | -€6,593 | -5.6% |
| Trade receivables | 40 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 41 | €77,171 | €110,578 | +€33,407 | +43.3% |
| Cash at bank and in hand | 54/58 | €5,139 | €7,409 | +€2,270 | +44.2% |
| Total equity and liabilities | 10/49 | €380,954 | €323,613 | -€57,341 | -15.1% |
| Equity | 10/15 | €90,348 | €93,429 | +€3,081 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,515 | €7,515 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,655 | €5,655 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,233 | €67,314 | +€3,081 | +4.8% |
| Amounts payable | 17/49 | €290,606 | €230,184 | -€60,422 | -20.8% |
| Amounts payable after more than one year | 17 | €197,423 | €138,668 | -€58,756 | -29.8% |
| Financial debts | 170/4 | €197,423 | €138,668 | -€58,756 | -29.8% |
| Amounts payable within one year | 42/48 | €88,613 | €89,456 | +€843 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €57,341 | €63,218 | +€5,877 | +10.2% |
| Trade debts | 44 | €5,160 | €944 | -€4,216 | -81.7% |
| Suppliers | 440/4 | €5,160 | €944 | -€4,216 | -81.7% |
| Taxes, remuneration and social security | 45 | €6,112 | €5,294 | -€818 | -13.4% |
| Taxes | 450/3 | €6,112 | €5,294 | -€818 | -13.4% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,569 | €2,060 | -€2,509 | -54.9% |
| Remuneration, social security and pensions | 62 | €703 | €895 | +€192 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,831 | €53,019 | -€813 | -1.5% |
| Other operating charges | 640/8 | €2,084 | €2,508 | +€424 | +20.4% |
| Non-recurring operating charges | 66A | - | €40,000 | +€40,000 | |
| Gross operating margin | 9900 | €86,359 | €129,294 | +€42,935 | +49.7% |
| Operating profit (loss) | 9901 | €29,742 | €32,873 | +€3,131 | +10.5% |
| Financial income | 75/76B | €2,842 | €57 | -€2,785 | -98.0% |
| Recurring financial income | 75 | €2,842 | €57 | -€2,785 | -98.0% |
| Financial charges | 65/66B | €7,337 | €6,247 | -€1,090 | -14.9% |
| Recurring financial charges | 65 | €7,337 | €6,247 | -€1,090 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €25,247 | €26,683 | +€1,436 | +5.7% |
| Income taxes | 67/77 | €2,935 | €3,602 | +€667 | +22.7% |
| Profit (loss) for the period | 9904 | €22,312 | €23,081 | +€769 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,312 | €23,081 | +€769 | +3.4% |
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 14 October 2026 via checked.be.