HEFCO: what changed
Two fiscal 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.
HEFCO
Largest movements
- Cash +€33,334
up €33,334 (+31.8%), from €104,817 to €138,152
mainly Net result for the year (+€17,837) and Depreciation (+€15,235)
- Tangible fixed assets -€15,235
down €15,235 (-8.5%), from €178,359 to €163,124
- Receivables within one year -€6,978
down €6,978 (-14.7%), from €47,447 to €40,469
of which Trade receivables: -€6,955
- Profit (loss) carried forward +€17,837
up €17,837 (+76.1%), from -€23,442 to -€5,605
- Other debts -€16,111
down €16,111 (-6.5%), from €246,907 to €230,796
- Trade debts +€11,386
up €11,386 (+19.6%), from €58,124 to €69,510
- Debts after one year -€6,224
down €6,224 (-59.4%), from €10,471 to €4,247
- Staff costs -€32,025
down €32,025 (-100.0%), from €32,025 to €0
- Gross operating margin -€16,164
down €16,164 (-23.3%), from €69,378 to €53,214
- Depreciation -€1,182
down €1,182 (-7.2%), from €16,417 to €15,235
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 | €338,049 | €347,972 | +€9,924 | +2.9% |
| Fixed assets | 21/28 | €178,359 | €163,124 | -€15,235 | -8.5% |
| Tangible fixed assets | 22/27 | €178,359 | €163,124 | -€15,235 | -8.5% |
| Land and buildings | 22 | €164,342 | €157,093 | -€7,248 | -4.4% |
| Plant, machinery and equipment | 23 | €1,624 | €848 | -€776 | -47.8% |
| Furniture and vehicles | 24 | €12,393 | €5,182 | -€7,211 | -58.2% |
| Current assets | 29/58 | €159,690 | €184,848 | +€25,159 | +15.8% |
| Amounts receivable within one year | 40/41 | €47,447 | €40,469 | -€6,978 | -14.7% |
| Trade receivables | 40 | €44,286 | €37,332 | -€6,955 | -15.7% |
| Other amounts receivable | 41 | €3,161 | €3,138 | -€23 | -0.7% |
| Cash at bank and in hand | 54/58 | €104,817 | €138,152 | +€33,334 | +31.8% |
| Deferred charges and accrued income | 490/1 | €7,425 | €6,227 | -€1,198 | -16.1% |
| Total equity and liabilities | 10/49 | €338,049 | €347,972 | +€9,924 | +2.9% |
| Equity | 10/15 | €10,255 | €28,092 | +€17,837 | +173.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €15,105 | €15,105 | = | 0.0% |
| Distributable reserves | 133 | €15,105 | €15,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,442 | -€5,605 | +€17,837 | +76.1% |
| Amounts payable | 17/49 | €327,794 | €319,880 | -€7,913 | -2.4% |
| Amounts payable after more than one year | 17 | €10,471 | €4,247 | -€6,224 | -59.4% |
| Financial debts | 170/4 | €10,471 | €4,247 | -€6,224 | -59.4% |
| Amounts payable within one year | 42/48 | €317,322 | €315,633 | -€1,689 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €6,052 | €6,224 | +€172 | +2.8% |
| Trade debts | 44 | €58,124 | €69,510 | +€11,386 | +19.6% |
| Suppliers | 440/4 | €58,124 | €69,510 | +€11,386 | +19.6% |
| Taxes, remuneration and social security | 45 | €6,239 | €9,103 | +€2,864 | +45.9% |
| Taxes | 450/3 | €6,239 | €9,103 | +€2,864 | +45.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €246,907 | €230,796 | -€16,111 | -6.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €32,025 | €0 | -€32,025 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,417 | €15,235 | -€1,182 | -7.2% |
| Other operating charges | 640/8 | €10,862 | €11,152 | +€290 | +2.7% |
| Gross operating margin | 9900 | €69,378 | €53,214 | -€16,164 | -23.3% |
| Operating profit (loss) | 9901 | €10,074 | €26,827 | +€16,753 | +166.3% |
| Financial income | 75/76B | €446 | €170 | -€275 | -61.8% |
| Recurring financial income | 75 | €446 | €170 | -€275 | -61.8% |
| Financial charges | 65/66B | €9,216 | €9,160 | -€56 | -0.6% |
| Recurring financial charges | 65 | €9,216 | €9,160 | -€56 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €1,304 | €17,837 | +€16,533 | +1268.1% |
| Profit (loss) for the period | 9904 | €1,304 | €17,837 | +€16,533 | +1268.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,304 | €17,837 | +€16,533 | +1268.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.