Hefrepa: 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.
Hefrepa
Largest movements
- Cash +€20,263
up €20,263 (+39.8%), from €50,859 to €71,122
mainly Depreciation (+€13,964) and Net result for the year (+€8,733)
- Tangible fixed assets -€12,152
down €12,152 (-10.4%), from €117,355 to €105,203
of which Land and buildings: -€13,371
- Profit (loss) carried forward +€8,733
up €8,733 (+16.9%), from €51,755 to €60,488
- Taxes +€2,565
up €2,565 (+274.3%), from €935 to €3,500
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 | €181,856 | €188,954 | +€7,098 | +3.9% |
| Fixed assets | 21/28 | €117,355 | €105,203 | -€12,152 | -10.4% |
| Tangible fixed assets | 22/27 | €117,355 | €105,203 | -€12,152 | -10.4% |
| Land and buildings | 22 | €114,299 | €100,928 | -€13,371 | -11.7% |
| Plant, machinery and equipment | 23 | €3,056 | €4,275 | +€1,219 | +39.9% |
| Current assets | 29/58 | €64,501 | €83,751 | +€19,250 | +29.8% |
| Amounts receivable within one year | 40/41 | €13,642 | €12,629 | -€1,013 | -7.4% |
| Trade receivables | 40 | €9,629 | €9,629 | = | 0.0% |
| Other amounts receivable | 41 | €4,013 | €3,000 | -€1,013 | -25.2% |
| Cash at bank and in hand | 54/58 | €50,859 | €71,122 | +€20,263 | +39.8% |
| Total equity and liabilities | 10/49 | €181,856 | €188,954 | +€7,098 | +3.9% |
| Equity | 10/15 | €161,755 | €170,488 | +€8,733 | +5.4% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,755 | €60,488 | +€8,733 | +16.9% |
| Amounts payable | 17/49 | €20,101 | €18,466 | -€1,635 | -8.1% |
| Amounts payable within one year | 42/48 | €20,101 | €18,466 | -€1,635 | -8.1% |
| Trade debts | 44 | €3,750 | €2,325 | -€1,425 | -38.0% |
| Suppliers | 440/4 | €3,750 | €2,325 | -€1,425 | -38.0% |
| Taxes, remuneration and social security | 45 | €1,185 | €975 | -€210 | -17.7% |
| Taxes | 450/3 | €1,185 | €975 | -€210 | -17.7% |
| Other amounts payable | 47/48 | €15,166 | €15,166 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,783 | €13,964 | +€181 | +1.3% |
| Other operating charges | 640/8 | €4,149 | €4,076 | -€73 | -1.8% |
| Gross operating margin | 9900 | €30,395 | €30,318 | -€77 | -0.3% |
| Operating profit (loss) | 9901 | €12,463 | €12,278 | -€185 | -1.5% |
| Financial charges | 65/66B | €44 | €45 | +€1 | +2.3% |
| Recurring financial charges | 65 | €44 | €45 | +€1 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €12,419 | €12,233 | -€186 | -1.5% |
| Income taxes | 67/77 | €935 | €3,500 | +€2,565 | +274.3% |
| Profit (loss) for the period | 9904 | €11,484 | €8,733 | -€2,751 | -24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,484 | €8,733 | -€2,751 | -24.0% |
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 28 September 2026 via checked.be.