HEDWIGE PROJECT: 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.
HEDWIGE PROJECT
Largest movements
- Stocks and contracts -€1,731
down €1,731 (-48.3%), from €3,585 to €1,854
- Tangible fixed assets +€1,394
up €1,394 (+36.7%), from €3,803 to €5,197
- Cash +€1,201
up €1,201 (+122%), from €987 to €2,188
mainly Net result for the year (+€3,132) and Stocks and contracts (+€1,731)
- Deferred charges and accrued income +€500
new in 2025: €500
- Receivables within one year -€193
down €193 (-7.9%), from €2,428 to €2,235
of which Other amounts receivable: -€559
- Profit (loss) carried forward +€3,132
up €3,132 (+63.9%), from -€4,902 to -€1,771
- Other debts -€2,518
down €2,518 (-81.3%), from €3,096 to €579
- Tax, wage and social debts +€465
up €465 (+43.9%), from €1,060 to €1,525
- Gross operating margin +€2,443
up €2,443 (+118%), from €2,077 to €4,520
- Financial charges -€293
down €293 (-31.6%), from €928 to €635
- Taxes +€223
new in 2025: €223
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 | €11,753 | €12,925 | +€1,171 | +10.0% |
| Fixed assets | 21/28 | €4,753 | €6,147 | +€1,394 | +29.3% |
| Tangible fixed assets | 22/27 | €3,803 | €5,197 | +€1,394 | +36.7% |
| Land and buildings | 22 | €3,803 | €5,197 | +€1,394 | +36.7% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €7,000 | €6,777 | -€223 | -3.2% |
| Stocks and contracts in progress | 3 | €3,585 | €1,854 | -€1,731 | -48.3% |
| Stocks | 30/36 | €3,585 | €1,854 | -€1,731 | -48.3% |
| Amounts receivable within one year | 40/41 | €2,428 | €2,235 | -€193 | -7.9% |
| Trade receivables | 40 | - | €366 | +€366 | |
| Other amounts receivable | 41 | €2,428 | €1,869 | -€559 | -23.0% |
| Cash at bank and in hand | 54/58 | €987 | €2,188 | +€1,201 | +122% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €11,753 | €12,925 | +€1,171 | +10.0% |
| Equity | 10/15 | €7,498 | €10,629 | +€3,132 | +41.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,902 | -€1,771 | +€3,132 | +63.9% |
| Amounts payable | 17/49 | €4,255 | €2,295 | -€1,960 | -46.1% |
| Amounts payable within one year | 42/48 | €4,255 | €2,295 | -€1,960 | -46.1% |
| Trade debts | 44 | €99 | €192 | +€92 | +93.1% |
| Suppliers | 440/4 | €99 | €192 | +€92 | +93.1% |
| Taxes, remuneration and social security | 45 | €1,060 | €1,525 | +€465 | +43.9% |
| Taxes | 450/3 | €1,060 | €1,525 | +€465 | +43.9% |
| Other amounts payable | 47/48 | €3,096 | €579 | -€2,518 | -81.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194 | €212 | +€18 | +9.4% |
| Other operating charges | 640/8 | €315 | €319 | +€4 | +1.1% |
| Gross operating margin | 9900 | €2,077 | €4,520 | +€2,443 | +118% |
| Operating profit (loss) | 9901 | €1,568 | €3,990 | +€2,421 | +154% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €928 | €635 | -€293 | -31.6% |
| Recurring financial charges | 65 | €928 | €635 | -€293 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €640 | €3,355 | +€2,715 | +424% |
| Income taxes | 67/77 | - | €223 | +€223 | |
| Profit (loss) for the period | 9904 | €640 | €3,132 | +€2,492 | +389% |
| Profit (loss) for the period to be appropriated | 9905 | €640 | €3,132 | +€2,492 | +389% |
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 17 October 2026 via checked.be.