HEFREMA: 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.
HEFREMA
Largest movements
- Tangible fixed assets -€70,595
down €70,595 (-29.3%), from €240,858 to €170,263
of which Land and buildings: -€42,545
- Cash +€62,620
up €62,620 (+785.3%), from €7,974 to €70,594
mainly Net result for the year (+€246,941) and Depreciation (+€79,518)
- Receivables within one year -€39,803
down €39,803 (-8.0%), from €497,247 to €457,444
of which Trade receivables: -€107,095
- Reserves +€246,941
up €246,941 (+37.8%), from €652,768 to €899,709
- Trade debts -€153,468
down €153,468 (-32.4%), from €473,525 to €320,057
- Short-term financial debts -€72,846
down €72,846 (-39.2%), from €185,711 to €112,864
of which Credit institutions: -€47,682
- Debts after one year -€61,375
down €61,375 (-49.5%), from €123,920 to €62,545
of which Other amounts payable: -€36,504
- Tax, wage and social debts +€20,130
up €20,130 (+22.3%), from €90,358 to €110,488
of which Remuneration and social security: +€16,988
- Gross operating margin +€186,596
up €186,596 (+24.0%), from €775,870 to €962,465
- Write-downs +€40,929
up €40,929 (+74.9%), from €54,611 to €95,540
- Taxes +€33,284
up €33,284 (+58.9%), from €56,549 to €89,833
- Staff costs +€26,932
up €26,932 (+7.3%), from €369,103 to €396,035
- Depreciation -€13,333
down €13,333 (-14.4%), from €92,851 to €79,518
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 | €1,643,236 | €1,607,467 | -€35,768 | -2.2% |
| Fixed assets | 21/28 | €240,858 | €170,263 | -€70,595 | -29.3% |
| Tangible fixed assets | 22/27 | €240,858 | €170,263 | -€70,595 | -29.3% |
| Land and buildings | 22 | €90,248 | €47,703 | -€42,545 | -47.1% |
| Plant, machinery and equipment | 23 | €16,755 | €13,408 | -€3,347 | -20.0% |
| Furniture and vehicles | 24 | €133,854 | €109,152 | -€24,703 | -18.5% |
| Current assets | 29/58 | €1,402,378 | €1,437,204 | +€34,827 | +2.5% |
| Amounts receivable after more than one year | 29 | - | €6,700 | +€6,700 | |
| Other amounts receivable | 291 | - | €6,700 | +€6,700 | |
| Stocks and contracts in progress | 3 | €881,131 | €886,435 | +€5,303 | +0.6% |
| Stocks | 30/36 | €881,131 | €886,435 | +€5,303 | +0.6% |
| Amounts receivable within one year | 40/41 | €497,247 | €457,444 | -€39,803 | -8.0% |
| Trade receivables | 40 | €332,075 | €224,979 | -€107,095 | -32.3% |
| Other amounts receivable | 41 | €165,172 | €232,464 | +€67,292 | +40.7% |
| Cash at bank and in hand | 54/58 | €7,974 | €70,594 | +€62,620 | +785.3% |
| Deferred charges and accrued income | 490/1 | €16,025 | €16,032 | +€7 | 0.0% |
| Total equity and liabilities | 10/49 | €1,643,236 | €1,607,467 | -€35,768 | -2.2% |
| Equity | 10/15 | €714,768 | €961,709 | +€246,941 | +34.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €652,768 | €899,709 | +€246,941 | +37.8% |
| Distributable reserves | 133 | €652,768 | €899,709 | +€246,941 | +37.8% |
| Amounts payable | 17/49 | €928,468 | €645,758 | -€282,710 | -30.4% |
| Amounts payable after more than one year | 17 | €123,920 | €62,545 | -€61,375 | -49.5% |
| Financial debts | 170/4 | €66,721 | €41,850 | -€24,871 | -37.3% |
| Other amounts payable | 178/9 | €57,199 | €20,695 | -€36,504 | -63.8% |
| Amounts payable within one year | 42/48 | €789,189 | €583,118 | -€206,071 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €23,729 | €24,871 | +€1,143 | +4.8% |
| Financial debts | 43 | €185,711 | €112,864 | -€72,846 | -39.2% |
| Credit institutions | 430/8 | €124,042 | €76,360 | -€47,682 | -38.4% |
| Other loans | 439 | €61,669 | €36,504 | -€25,165 | -40.8% |
| Trade debts | 44 | €473,525 | €320,057 | -€153,468 | -32.4% |
| Suppliers | 440/4 | €473,525 | €320,057 | -€153,468 | -32.4% |
| Advances received on contracts in progress | 46 | - | €469 | +€469 | |
| Taxes, remuneration and social security | 45 | €90,358 | €110,488 | +€20,130 | +22.3% |
| Taxes | 450/3 | €57,341 | €60,483 | +€3,142 | +5.5% |
| Remuneration and social security | 454/9 | €33,017 | €50,006 | +€16,988 | +51.5% |
| Other amounts payable | 47/48 | €15,867 | €14,368 | -€1,499 | -9.4% |
| Accrued charges and deferred income | 492/3 | €15,359 | €96 | -€15,263 | -99.4% |
| Remuneration, social security and pensions | 62 | €369,103 | €396,035 | +€26,932 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,851 | €79,518 | -€13,333 | -14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,611 | €95,540 | +€40,929 | +74.9% |
| Other operating charges | 640/8 | €4,250 | €3,403 | -€847 | -19.9% |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | €775,870 | €962,465 | +€186,596 | +24.0% |
| Operating profit (loss) | 9901 | €255,054 | €387,957 | +€132,902 | +52.1% |
| Financial income | 75/76B | €427 | €471 | +€44 | +10.4% |
| Recurring financial income | 75 | €427 | €471 | +€44 | +10.4% |
| Financial charges | 65/66B | €43,641 | €51,654 | +€8,013 | +18.4% |
| Recurring financial charges | 65 | €43,641 | €51,654 | +€8,013 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €211,840 | €336,774 | +€124,934 | +59.0% |
| Income taxes | 67/77 | €56,549 | €89,833 | +€33,284 | +58.9% |
| Profit (loss) for the period | 9904 | €155,291 | €246,941 | +€91,650 | +59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €155,291 | €246,941 | +€91,650 | +59.0% |
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 11 October 2026 via checked.be.