HEFREMA: 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.
HEFREMA
Largest movements
- Tangible fixed assets -€69,224
down €69,224 (-6.1%), from €1.1m to €1.1m
of which Land and buildings: -€54,443
- Cash -€42,224
down €42,224 (-79.9%), from €52,844 to €10,621
mainly Net result for the year (-€62,276) and Receivables within one year (-€15,546)
- Profit (loss) carried forward -€57,743
down €57,743 (-30.2%), from -€191,355 to -€249,097
- Financial income -€52,361
down €52,361 (-100.0%), from €52,364 to €3
of which Non-recurring financial income: -€52,364
- Financial charges -€2,774
down €2,774 (-14.0%), from €19,751 to €16,978
- Other operating charges -€1,851
down €1,851 (-23.4%), from €7,899 to €6,048
- Depreciation +€1,236
up €1,236 (+1.5%), from €83,301 to €84,538
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 | €1,777,225 | €1,680,723 | -€96,502 | -5.4% |
| Fixed assets | 21/28 | €1,625,526 | €1,556,302 | -€69,224 | -4.3% |
| Tangible fixed assets | 22/27 | €1,143,635 | €1,074,411 | -€69,224 | -6.1% |
| Land and buildings | 22 | €1,010,914 | €956,471 | -€54,443 | -5.4% |
| Other tangible fixed assets | 26 | €132,721 | €117,939 | -€14,781 | -11.1% |
| Financial fixed assets | 28 | €481,891 | €481,891 | = | 0.0% |
| Current assets | 29/58 | €151,699 | €124,421 | -€27,278 | -18.0% |
| Amounts receivable after more than one year | 29 | €600 | €0 | -€600 | -100.0% |
| Other amounts receivable | 291 | €600 | €0 | -€600 | -100.0% |
| Amounts receivable within one year | 40/41 | €98,254 | €113,800 | +€15,546 | +15.8% |
| Trade receivables | 40 | €54 | €0 | -€54 | -100.0% |
| Other amounts receivable | 41 | €98,200 | €113,800 | +€15,600 | +15.9% |
| Cash at bank and in hand | 54/58 | €52,844 | €10,621 | -€42,224 | -79.9% |
| Total equity and liabilities | 10/49 | €1,777,225 | €1,680,723 | -€96,502 | -5.4% |
| Equity | 10/15 | €766,822 | €704,545 | -€62,276 | -8.1% |
| Contributions | 10/11 | €844,249 | €844,249 | = | 0.0% |
| Capital | 10 | €844,249 | €844,249 | = | 0.0% |
| Issued capital | 100 | €844,249 | €844,249 | = | 0.0% |
| Reserves | 13 | €113,928 | €109,394 | -€4,534 | -4.0% |
| Non-distributable reserves | 130/1 | €17,900 | €17,900 | = | 0.0% |
| Legal reserve | 130 | €17,900 | €17,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €60,935 | €56,401 | -€4,534 | -7.4% |
| Distributable reserves | 133 | €35,093 | €35,093 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€191,355 | -€249,097 | -€57,743 | -30.2% |
| Provisions and deferred taxes | 16 | €20,312 | €18,800 | -€1,511 | -7.4% |
| Deferred taxes | 168 | €20,312 | €18,800 | -€1,511 | -7.4% |
| Amounts payable | 17/49 | €990,092 | €957,377 | -€32,715 | -3.3% |
| Amounts payable after more than one year | 17 | €843,249 | €827,970 | -€15,279 | -1.8% |
| Financial debts | 170/4 | €843,249 | €827,970 | -€15,279 | -1.8% |
| Amounts payable within one year | 42/48 | €127,121 | €112,459 | -€14,662 | -11.5% |
| Trade debts | 44 | €9,324 | €6,562 | -€2,762 | -29.6% |
| Suppliers | 440/4 | €9,324 | €6,562 | -€2,762 | -29.6% |
| Other amounts payable | 47/48 | €117,797 | €105,897 | -€11,900 | -10.1% |
| Accrued charges and deferred income | 492/3 | €19,721 | €16,948 | -€2,773 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,301 | €84,538 | +€1,236 | +1.5% |
| Other operating charges | 640/8 | €7,899 | €6,048 | -€1,851 | -23.4% |
| Gross operating margin | 9900 | €44,176 | €43,773 | -€403 | -0.9% |
| Operating profit (loss) | 9901 | -€47,024 | -€46,813 | +€211 | +0.4% |
| Financial income | 75/76B | €52,364 | €3 | -€52,361 | -100.0% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +29900.0% |
| Non-recurring financial income | 76B | €52,364 | €0 | -€52,364 | -100.0% |
| Financial charges | 65/66B | €19,751 | €16,978 | -€2,774 | -14.0% |
| Recurring financial charges | 65 | €19,751 | €16,978 | -€2,774 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,412 | -€63,787 | -€49,376 | -342.6% |
| Transfer from deferred taxes | 780 | €1,511 | €1,511 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€12,900 | -€62,276 | -€49,376 | -382.7% |
| Transfer from tax-exempt reserves | 789 | €4,534 | €4,534 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,367 | -€57,743 | -€49,376 | -590.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.