HEDSIC: 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
HEDSIC
NACE 70.200, Business and other management consultancy
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€72,355
31-12-2024 · €12,410+€59,945
Equity
€405,746
31-12-2024 · €333,391+€72,355
Cash
€12,549
31-12-2024 · €2,651+€9,899
Balance sheet total
€3.4m
31-12-2024 · €3.0m+€407,166
Largest movements
Assets
- Receivables within one year +€378,779
up €378,779 (+40.2%), from €941,494 to €1.3m
of which Other amounts receivable: +€366,682
Equity and liabilities
- Other debts +€419,856
up €419,856 (+27.8%), from €1.5m to €1.9m
- Debts after one year -€96,288
down €96,288 (-10.3%), from €932,764 to €836,476
- Reserves +€72,355
up €72,355 (+23.0%), from €314,791 to €387,146
Income statement
- Staff costs -€84,537
down €84,537 (-74.1%), from €114,159 to €29,622
- Gross operating margin -€46,738
down €46,738 (-21.7%), from €215,874 to €169,136
- Financial income +€10,818
up €10,818 (+51.5%), from €21,004 to €31,822
- Other operating charges -€10,612
down €10,612 (-79.0%), from €13,430 to €2,818
- Depreciation -€6,554
down €6,554 (-22.1%), from €29,721 to €23,167
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€12,410
Gross operating margin
-€46,738
Staff costs
+€84,537
Depreciation
+€6,554
Other operating charges
+€10,612
Other operating items
-€8,264
Financial income
+€10,818
Financial charges
+€300
Taxes
+€2,125
Result 31-12-2025
€72,355
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€119,380
Investment
-€22,477
Financing
-€87,004
Cash 31-12-2024
€2,651
From operations (derived)
+€119,380
Net result for the year
+€72,355
Depreciation
+€23,167
Receivables within one year
-€378,779
Deferred charges and accrued income
-€19,178
Trade debts
-€21,985
Tax, wage and social debts
+€22,766
Other debts
+€419,856
Accrued charges and deferred income
+€1,178
Investment (derived)
-€22,477
Investment in fixed assets (net)
-€22,477
Financing
-€87,004
Debts after one year
-€96,288
Current portion of long-term debt
+€9,284
Cash 31-12-2025
€12,549
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,981,274 | €3,388,439 | +€407,166 | +13.7% |
| Fixed assets | 21/28 | €1,701,888 | €1,701,198 | -€690 | 0.0% |
| Tangible fixed assets | 22/27 | €706,953 | €706,263 | -€690 | -0.1% |
| Land and buildings | 22 | €699,777 | €680,917 | -€18,860 | -2.7% |
| Plant, machinery and equipment | 23 | €153 | €12 | -€142 | -92.3% |
| Furniture and vehicles | 24 | €7,023 | €25,335 | +€18,312 | +261% |
| Financial fixed assets | 28 | €994,935 | €994,935 | = | 0.0% |
| Current assets | 29/58 | €1,279,386 | €1,687,241 | +€407,856 | +31.9% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €941,494 | €1,320,273 | +€378,779 | +40.2% |
| Trade receivables | 40 | €23,595 | €35,692 | +€12,097 | +51.3% |
| Other amounts receivable | 41 | €917,899 | €1,284,581 | +€366,682 | +39.9% |
| Cash at bank and in hand | 54/58 | €2,651 | €12,549 | +€9,899 | +373% |
| Deferred charges and accrued income | 490/1 | €35,241 | €54,419 | +€19,178 | +54.4% |
| Total equity and liabilities | 10/49 | €2,981,274 | €3,388,439 | +€407,166 | +13.7% |
| Equity | 10/15 | €333,391 | €405,746 | +€72,355 | +21.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €314,791 | €387,146 | +€72,355 | +23.0% |
| Distributable reserves | 133 | €314,791 | €387,146 | +€72,355 | +23.0% |
| Amounts payable | 17/49 | €2,647,883 | €2,982,693 | +€334,811 | +12.6% |
| Amounts payable after more than one year | 17 | €932,764 | €836,476 | -€96,288 | -10.3% |
| Financial debts | 170/4 | €932,764 | €836,476 | -€96,288 | -10.3% |
| Amounts payable within one year | 42/48 | €1,709,757 | €2,139,678 | +€429,920 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €94,969 | €104,252 | +€9,284 | +9.8% |
| Trade debts | 44 | €33,098 | €11,113 | -€21,985 | -66.4% |
| Suppliers | 440/4 | €33,098 | €11,113 | -€21,985 | -66.4% |
| Taxes, remuneration and social security | 45 | €71,004 | €93,770 | +€22,766 | +32.1% |
| Taxes | 450/3 | €56,852 | €93,770 | +€36,919 | +64.9% |
| Remuneration and social security | 454/9 | €14,152 | - | -€14,152 | |
| Other amounts payable | 47/48 | €1,510,687 | €1,930,542 | +€419,856 | +27.8% |
| Accrued charges and deferred income | 492/3 | €5,362 | €6,540 | +€1,178 | +22.0% |
| Non-recurring operating income | 76A | - | €17,266 | +€17,266 | |
| Remuneration, social security and pensions | 62 | €114,159 | €29,622 | -€84,537 | -74.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,721 | €23,167 | -€6,554 | -22.1% |
| Other operating charges | 640/8 | €13,430 | €2,818 | -€10,612 | -79.0% |
| Non-recurring operating charges | 66A | €2,997 | €11,261 | +€8,264 | +276% |
| Gross operating margin | 9900 | €215,874 | €169,136 | -€46,738 | -21.7% |
| Operating profit (loss) | 9901 | €55,567 | €102,268 | +€46,701 | +84.0% |
| Financial income | 75/76B | €21,004 | €31,822 | +€10,818 | +51.5% |
| Recurring financial income | 75 | €21,004 | €31,822 | +€10,818 | +51.5% |
| Financial charges | 65/66B | €33,705 | €33,405 | -€300 | -0.9% |
| Recurring financial charges | 65 | €33,705 | €33,405 | -€300 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €42,865 | €100,685 | +€57,820 | +135% |
| Income taxes | 67/77 | €30,455 | €28,330 | -€2,125 | -7.0% |
| Profit (loss) for the period | 9904 | €12,410 | €72,355 | +€59,945 | +483% |
| Profit (loss) for the period to be appropriated | 9905 | €12,410 | €72,355 | +€59,945 | +483% |
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.