HEDUVER: 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.
HEDUVER
Largest movements
- Tangible fixed assets -€148,059
down €148,059 (-7.4%), from €2.0m to €1.9m
of which Land and buildings: -€108,919
- Receivables within one year +€23,957
up €23,957 (+116%), from €20,567 to €44,524
of which Trade receivables: +€16,085
- Debts after one year -€52,877
down €52,877 (-12.5%), from €422,537 to €369,660
- Current portion of long-term debt -€36,097
down €36,097 (-62.3%), from €57,938 to €21,840
- Tax, wage and social debts -€29,834
down €29,834 (-83.2%), from €35,861 to €6,027
- Gross operating margin -€217,002
down €217,002 (-61.2%), from €354,802 to €137,800
- Taxes -€191,479
down €191,479, from €146,132 to -€45,347
- Financial income -€85,639
down €85,639 (-98.2%), from €87,228 to €1,590
of which Non-recurring financial income: -€86,694
- Other operating charges -€17,006
down €17,006 (-50.8%), from €33,493 to €16,486
- Depreciation -€13,568
down €13,568 (-8.0%), from €168,951 to €155,383
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 | €2,168,496 | €2,037,175 | -€131,321 | -6.1% |
| Fixed assets | 21/28 | €2,001,050 | €1,852,991 | -€148,059 | -7.4% |
| Tangible fixed assets | 22/27 | €2,001,050 | €1,852,991 | -€148,059 | -7.4% |
| Land and buildings | 22 | €1,888,827 | €1,779,908 | -€108,919 | -5.8% |
| Plant, machinery and equipment | 23 | €37,104 | €27,198 | -€9,906 | -26.7% |
| Furniture and vehicles | 24 | €75,119 | €45,885 | -€29,234 | -38.9% |
| Current assets | 29/58 | €167,446 | €184,184 | +€16,738 | +10.0% |
| Amounts receivable within one year | 40/41 | €20,567 | €44,524 | +€23,957 | +116% |
| Trade receivables | 40 | €20,567 | €36,652 | +€16,085 | +78.2% |
| Other amounts receivable | 41 | - | €7,872 | +€7,872 | |
| Current investments | 50/53 | €4,281 | - | -€4,281 | |
| Cash at bank and in hand | 54/58 | €137,500 | €134,494 | -€3,006 | -2.2% |
| Deferred charges and accrued income | 490/1 | €5,099 | €5,166 | +€67 | +1.3% |
| Total equity and liabilities | 10/49 | €2,168,496 | €2,037,175 | -€131,321 | -6.1% |
| Equity | 10/15 | €477,012 | €484,947 | +€7,935 | +1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €458,420 | €466,355 | +€7,935 | +1.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €113,586 | €106,625 | -€6,961 | -6.1% |
| Distributable reserves | 133 | €342,975 | €357,870 | +€14,895 | +4.3% |
| Provisions and deferred taxes | 16 | €37,862 | €35,542 | -€2,320 | -6.1% |
| Deferred taxes | 168 | €37,862 | €35,542 | -€2,320 | -6.1% |
| Amounts payable | 17/49 | €1,653,622 | €1,516,687 | -€136,935 | -8.3% |
| Amounts payable after more than one year | 17 | €422,537 | €369,660 | -€52,877 | -12.5% |
| Financial debts | 170/4 | €422,537 | €369,660 | -€52,877 | -12.5% |
| Amounts payable within one year | 42/48 | €1,230,085 | €1,146,027 | -€84,059 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €57,938 | €21,840 | -€36,097 | -62.3% |
| Trade debts | 44 | €48,133 | €31,749 | -€16,385 | -34.0% |
| Suppliers | 440/4 | €48,133 | €31,749 | -€16,385 | -34.0% |
| Taxes, remuneration and social security | 45 | €35,861 | €6,027 | -€29,834 | -83.2% |
| Taxes | 450/3 | €35,861 | €6,027 | -€29,834 | -83.2% |
| Other amounts payable | 47/48 | €1,088,153 | €1,086,411 | -€1,742 | -0.2% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,951 | €155,383 | -€13,568 | -8.0% |
| Other operating charges | 640/8 | €33,493 | €16,486 | -€17,006 | -50.8% |
| Gross operating margin | 9900 | €354,802 | €137,800 | -€217,002 | -61.2% |
| Operating profit (loss) | 9901 | €152,358 | -€34,069 | -€186,427 | |
| Financial income | 75/76B | €87,228 | €1,590 | -€85,639 | -98.2% |
| Recurring financial income | 75 | €535 | €1,590 | +€1,055 | +197% |
| Non-recurring financial income | 76B | €86,694 | - | -€86,694 | |
| Financial charges | 65/66B | €9,399 | €7,254 | -€2,145 | -22.8% |
| Recurring financial charges | 65 | €9,399 | €7,254 | -€2,145 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €230,188 | -€39,733 | -€269,921 | |
| Transfer from deferred taxes | 780 | €2,320 | €2,320 | = | 0.0% |
| Income taxes | 67/77 | €146,132 | -€45,347 | -€191,479 | |
| Profit (loss) for the period | 9904 | €86,376 | €7,935 | -€78,441 | -90.8% |
| Transfer from tax-exempt reserves | 789 | €6,961 | €6,961 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,337 | €14,895 | -€78,441 | -84.0% |
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 28 October 2026 via checked.be.