HEFO: 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.
HEFO
Largest movements
- Cash +€532,893
up €532,893 (+181.1%), from €294,304 to €827,198
mainly Net result for the year (+€573,454) and Receivables within one year (+€529,903)
- Receivables within one year -€529,903
down €529,903 (-80.7%), from €656,434 to €126,531
of which Trade receivables: -€463,899
- Tangible fixed assets +€79,373
up €79,373 (+23.5%), from €337,756 to €417,129
of which Furniture and vehicles: +€77,689
- Profit (loss) carried forward +€73,454
up €73,454 (+13.3%), from €552,073 to €625,527
- Trade debts +€44,483
up €44,483 (+25.0%), from €178,254 to €222,738
- Current portion of long-term debt -€19,819
down €19,819 (-81.0%), from €24,459 to €4,640
- Gross operating margin +€26,444
up €26,444 (+3.1%), from €851,285 to €877,729
- Taxes +€10,997
up €10,997 (+6.1%), from €179,931 to €190,928
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 | €1,288,764 | €1,373,726 | +€84,962 | +6.6% |
| Fixed assets | 21/28 | €338,026 | €417,399 | +€79,373 | +23.5% |
| Tangible fixed assets | 22/27 | €337,756 | €417,129 | +€79,373 | +23.5% |
| Plant, machinery and equipment | 23 | €104,637 | €106,321 | +€1,685 | +1.6% |
| Furniture and vehicles | 24 | €233,119 | €310,808 | +€77,689 | +33.3% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €950,738 | €956,327 | +€5,589 | +0.6% |
| Amounts receivable within one year | 40/41 | €656,434 | €126,531 | -€529,903 | -80.7% |
| Trade receivables | 40 | €496,396 | €32,497 | -€463,899 | -93.5% |
| Other amounts receivable | 41 | €160,038 | €94,034 | -€66,004 | -41.2% |
| Cash at bank and in hand | 54/58 | €294,304 | €827,198 | +€532,893 | +181.1% |
| Deferred charges and accrued income | 490/1 | - | €2,599 | +€2,599 | |
| Total equity and liabilities | 10/49 | €1,288,764 | €1,373,726 | +€84,962 | +6.6% |
| Equity | 10/15 | €572,894 | €646,348 | +€73,454 | +12.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Other | 1109/19 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €361 | €361 | = | 0.0% |
| Tax-exempt reserves | 132 | €361 | €361 | = | 0.0% |
| Profit (loss) carried forward | 14 | €552,073 | €625,527 | +€73,454 | +13.3% |
| Amounts payable | 17/49 | €715,870 | €727,378 | +€11,508 | +1.6% |
| Amounts payable within one year | 42/48 | €715,870 | €727,378 | +€11,508 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €24,459 | €4,640 | -€19,819 | -81.0% |
| Trade debts | 44 | €178,254 | €222,738 | +€44,483 | +25.0% |
| Suppliers | 440/4 | €178,254 | €222,738 | +€44,483 | +25.0% |
| Taxes, remuneration and social security | 45 | €13,156 | - | -€13,156 | |
| Taxes | 450/3 | €13,156 | - | -€13,156 | |
| Other amounts payable | 47/48 | €500,000 | €500,000 | = | 0.0% |
| Non-recurring operating income | 76A | €125,953 | €76,484 | -€49,469 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,688 | €111,972 | -€8,716 | -7.2% |
| Other operating charges | 640/8 | €5,557 | €2,381 | -€3,176 | -57.1% |
| Non-recurring operating charges | 66A | €12,328 | - | -€12,328 | |
| Gross operating margin | 9900 | €851,285 | €877,729 | +€26,444 | +3.1% |
| Operating profit (loss) | 9901 | €712,712 | €763,376 | +€50,664 | +7.1% |
| Financial income | 75/76B | €2,556 | €2,632 | +€76 | +3.0% |
| Recurring financial income | 75 | €2,556 | €2,632 | +€76 | +3.0% |
| Financial charges | 65/66B | €1,268 | €1,626 | +€359 | +28.3% |
| Recurring financial charges | 65 | €1,268 | €1,626 | +€359 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €714,000 | €764,382 | +€50,382 | +7.1% |
| Income taxes | 67/77 | €179,931 | €190,928 | +€10,997 | +6.1% |
| Profit (loss) for the period | 9904 | €534,069 | €573,454 | +€39,385 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €534,069 | €573,454 | +€39,385 | +7.4% |
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 8 October 2026 via checked.be.