HEFAH: 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.
HEFAH
Largest movements
- Financial fixed assets +€324,462
up €324,462 (+117.7%), from €275,776 to €600,238
- Receivables within one year +€80,595
up €80,595 (+1453.8%), from €5,544 to €86,139
of which Trade receivables: +€60,706
- Cash +€16,506
up €16,506 (+21.1%), from €78,185 to €94,692
mainly Other debts (+€366,248) and Debts after one year (+€90,570)
- Stocks and contracts -€10,441
down €10,441 (-100.0%), from €10,441 to €0
- Other debts +€366,248
up €366,248 (+583.5%), from €62,766 to €429,015
- Debts after one year +€90,570
up €90,570 (+3799.7%), from €2,384 to €92,954
- Profit (loss) carried forward -€41,939
down €41,939, from €0 to -€41,939
- Current portion of long-term debt +€13,442
up €13,442 (+336.9%), from €3,990 to €17,433
- Trade debts -€12,795
down €12,795 (-82.7%), from €15,473 to €2,678
- Gross operating margin -€141,742
down €141,742 (-37.8%), from €374,567 to €232,824
- Staff costs -€43,435
down €43,435 (-15.4%), from €282,864 to €239,430
- Taxes -€24,161
down €24,161 (-98.9%), from €24,438 to €277
- Financial charges +€13,762
up €13,762 (+247.8%), from €5,553 to €19,315
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.
Cash bridge derived
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 | €403,271 | €815,808 | +€412,538 | +102.3% |
| Fixed assets | 21/28 | €307,608 | €632,748 | +€325,140 | +105.7% |
| Tangible fixed assets | 22/27 | €31,832 | €32,510 | +€678 | +2.1% |
| Land and buildings | 22 | €9,514 | €16,552 | +€7,037 | +74.0% |
| Plant, machinery and equipment | 23 | €4,992 | €2,580 | -€2,411 | -48.3% |
| Furniture and vehicles | 24 | €17,326 | €13,378 | -€3,948 | -22.8% |
| Financial fixed assets | 28 | €275,776 | €600,238 | +€324,462 | +117.7% |
| Current assets | 29/58 | €95,663 | €183,060 | +€87,398 | +91.4% |
| Stocks and contracts in progress | 3 | €10,441 | €0 | -€10,441 | -100.0% |
| Stocks | 30/36 | €10,441 | €0 | -€10,441 | -100.0% |
| Amounts receivable within one year | 40/41 | €5,544 | €86,139 | +€80,595 | +1453.8% |
| Trade receivables | 40 | €1,083 | €61,789 | +€60,706 | +5605.9% |
| Other amounts receivable | 41 | €4,461 | €24,350 | +€19,889 | +445.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €78,185 | €94,692 | +€16,506 | +21.1% |
| Deferred charges and accrued income | 490/1 | €1,493 | €2,230 | +€737 | +49.3% |
| Total equity and liabilities | 10/49 | €403,271 | €815,808 | +€412,538 | +102.3% |
| Equity | 10/15 | €295,089 | €253,149 | -€41,939 | -14.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €274,629 | €274,629 | = | 0.0% |
| Distributable reserves | 133 | €274,629 | €274,629 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€41,939 | -€41,939 | |
| Amounts payable | 17/49 | €108,182 | €562,659 | +€454,477 | +420.1% |
| Amounts payable after more than one year | 17 | €2,384 | €92,954 | +€90,570 | +3799.7% |
| Financial debts | 170/4 | €2,384 | €92,954 | +€90,570 | +3799.7% |
| Amounts payable within one year | 42/48 | €105,799 | €469,705 | +€363,907 | +344.0% |
| Current portion of amounts payable after more than one year | 42 | €3,990 | €17,433 | +€13,442 | +336.9% |
| Trade debts | 44 | €15,473 | €2,678 | -€12,795 | -82.7% |
| Suppliers | 440/4 | €15,473 | €2,678 | -€12,795 | -82.7% |
| Taxes, remuneration and social security | 45 | €23,569 | €20,580 | -€2,989 | -12.7% |
| Taxes | 450/3 | €8,401 | €14,920 | +€6,519 | +77.6% |
| Remuneration and social security | 454/9 | €15,167 | €5,660 | -€9,508 | -62.7% |
| Other amounts payable | 47/48 | €62,766 | €429,015 | +€366,248 | +583.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €282,864 | €239,430 | -€43,435 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,581 | €12,215 | +€1,634 | +15.4% |
| Other operating charges | 640/8 | €1,075 | €3,607 | +€2,532 | +235.5% |
| Gross operating margin | 9900 | €374,567 | €232,824 | -€141,742 | -37.8% |
| Operating profit (loss) | 9901 | €80,046 | -€22,427 | -€102,473 | |
| Financial income | 75/76B | €1,666 | €79 | -€1,586 | -95.2% |
| Recurring financial income | 75 | €1,666 | €79 | -€1,586 | -95.2% |
| Financial charges | 65/66B | €5,553 | €19,315 | +€13,762 | +247.8% |
| Recurring financial charges | 65 | €5,553 | €19,315 | +€13,762 | +247.8% |
| Profit (loss) for the period before taxes | 9903 | €76,159 | -€41,663 | -€117,821 | |
| Income taxes | 67/77 | €24,438 | €277 | -€24,161 | -98.9% |
| Profit (loss) for the period | 9904 | €51,721 | -€41,939 | -€93,660 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,721 | -€41,939 | -€93,660 |
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 10 October 2026 via checked.be.