HEFRA: 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.
HEFRA
Largest movements
- Current investments +€5.6m
new in 2025: €5.6m
- Cash -€5.1m
down €5.1m (-86.0%), from €5.9m to €820,522
mainly Current investments (-€5.6m) and Tax, wage and social debts (-€172,941)
- Reserves +€666,411
up €666,411 (+6.7%), from €9.9m to €10.6m
of which Distributable reserves: +€666,411
- Tax, wage and social debts -€172,941
down €172,941 (-69.5%), from €248,687 to €75,747
of which Taxes: -€186,622
- Gross operating margin +€163,511
up €163,511 (+16.0%), from €1.0m to €1.2m
- Financial income -€95,717
down €95,717 (-50.3%), from €190,380 to €94,663
- Staff costs +€87,335
up €87,335 (+46.0%), from €189,676 to €277,010
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 | €10,222,415 | €10,725,973 | +€503,558 | +4.9% |
| Fixed assets | 21/28 | €1,579,708 | €1,578,815 | -€892 | -0.1% |
| Tangible fixed assets | 22/27 | €1,579,708 | €1,578,815 | -€892 | -0.1% |
| Land and buildings | 22 | €1,579,708 | €1,578,815 | -€892 | -0.1% |
| Current assets | 29/58 | €8,642,707 | €9,147,157 | +€504,450 | +5.8% |
| Amounts receivable within one year | 40/41 | €2,760,350 | €2,721,485 | -€38,865 | -1.4% |
| Trade receivables | 40 | €97,792 | €102,983 | +€5,191 | +5.3% |
| Other amounts receivable | 41 | €2,662,558 | €2,618,502 | -€44,056 | -1.7% |
| Current investments | 50/53 | - | €5,600,000 | +€5.6m | |
| Cash at bank and in hand | 54/58 | €5,876,333 | €820,522 | -€5.1m | -86.0% |
| Deferred charges and accrued income | 490/1 | €6,025 | €5,150 | -€874 | -14.5% |
| Total equity and liabilities | 10/49 | €10,222,415 | €10,725,973 | +€503,558 | +4.9% |
| Equity | 10/15 | €9,937,779 | €10,604,190 | +€666,411 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,919,179 | €10,585,590 | +€666,411 | +6.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,917,319 | €10,583,730 | +€666,411 | +6.7% |
| Amounts payable | 17/49 | €284,636 | €121,783 | -€162,853 | -57.2% |
| Amounts payable within one year | 42/48 | €284,636 | €121,783 | -€162,853 | -57.2% |
| Trade debts | 44 | €15,981 | €26,068 | +€10,087 | +63.1% |
| Suppliers | 440/4 | €15,981 | €26,068 | +€10,087 | +63.1% |
| Taxes, remuneration and social security | 45 | €248,687 | €75,747 | -€172,941 | -69.5% |
| Taxes | 450/3 | €213,543 | €26,921 | -€186,622 | -87.4% |
| Remuneration and social security | 454/9 | €35,145 | €48,826 | +€13,681 | +38.9% |
| Other amounts payable | 47/48 | €19,968 | €19,968 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | 0.0% |
| Non-recurring operating income | 76A | €29,797 | €30,906 | +€1,109 | +3.7% |
| Remuneration, social security and pensions | 62 | €189,676 | €277,010 | +€87,335 | +46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,133 | €892 | -€2,240 | -71.5% |
| Other operating charges | 640/8 | €79,806 | €82,305 | +€2,500 | +3.1% |
| Gross operating margin | 9900 | €1,019,523 | €1,183,034 | +€163,511 | +16.0% |
| Operating profit (loss) | 9901 | €746,909 | €822,826 | +€75,916 | +10.2% |
| Financial income | 75/76B | €190,380 | €94,663 | -€95,717 | -50.3% |
| Recurring financial income | 75 | €190,380 | €94,663 | -€95,717 | -50.3% |
| Financial charges | 65/66B | €465 | €485 | +€20 | +4.3% |
| Recurring financial charges | 65 | €465 | €485 | +€20 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €936,825 | €917,004 | -€19,821 | -2.1% |
| Income taxes | 67/77 | €235,220 | €230,593 | -€4,627 | -2.0% |
| Profit (loss) for the period | 9904 | €701,604 | €686,411 | -€15,193 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €701,604 | €686,411 | -€15,193 | -2.2% |
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 5 October 2026 via checked.be.