HEFSPAN: 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.
What changed
HEFSPAN
NACE 28.220, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€157,888
2024 · €331,130-€173,241
Equity
€2.0m
2024 · €1.9m+€157,888
Cash
€19,535
2024 · €20,636-€1,101
Balance sheet total
€2.6m
2024 · €2.4m+€150,188
Largest movements
Assets
- Stocks and contracts +€99,455
up €99,455 (+12.6%), from €791,897 to €891,351
- Tangible fixed assets +€26,275
up €26,275 (+7.0%), from €376,013 to €402,288
of which Leasing and similar rights: +€57,714
Equity and liabilities
- Reserves +€157,888
up €157,888 (+8.6%), from €1.8m to €2.0m
of which Distributable reserves: +€157,888
- Short-term financial debts -€45,833
down €45,833 (-66.3%), from €69,167 to €23,333
- Debts after one year +€40,993
new in 2025: €40,993
Income statement
- Gross operating margin -€198,887
down €198,887 (-34.0%), from €584,327 to €385,440
- Taxes -€60,808
down €60,808 (-54.5%), from €111,584 to €50,776
- Depreciation +€43,721
up €43,721 (+74.2%), from €58,924 to €102,645
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.
Result 2024
€331,130
Gross operating margin
-€198,887
Staff costs
+€175
Depreciation
-€43,721
Write-downs
+€1,921
Other operating charges
+€90
Other operating items
+€1,076
Financial income
+€1,856
Financial charges
+€3,441
Taxes
+€60,808
Result 2025
€157,888
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.
From operations
+€136,635
Investment
-€149,521
Financing
+€11,785
Cash 2024
€20,636
From operations (derived)
+€136,635
Net result for the year
+€157,888
Depreciation
+€102,645
Receivables after one year
+€2,237
Stocks and contracts
-€99,455
Receivables within one year
-€9,541
Deferred charges and accrued income
+€2,345
Trade debts
-€546
Tax, wage and social debts
-€4,087
Other debts
-€14,853
Investment (derived)
-€149,521
Investment in fixed assets (net)
-€128,921
Current investments
-€20,600
Financing
+€11,785
Debts after one year
+€40,993
Current portion of long-term debt
+€16,625
Short-term financial debts
-€45,833
Cash 2025
€19,535
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,430,342 | €2,580,530 | +€150,188 | +6.2% |
| Fixed assets | 21/28 | €376,013 | €402,288 | +€26,275 | +7.0% |
| Tangible fixed assets | 22/27 | €376,013 | €402,288 | +€26,275 | +7.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €138,195 | €147,462 | +€9,267 | +6.7% |
| Furniture and vehicles | 24 | €117,545 | €94,954 | -€22,591 | -19.2% |
| Leasing and similar rights | 25 | - | €57,714 | +€57,714 | |
| Other tangible fixed assets | 26 | €120,273 | €102,157 | -€18,115 | -15.1% |
| Current assets | 29/58 | €2,054,329 | €2,178,242 | +€123,913 | +6.0% |
| Amounts receivable after more than one year | 29 | €140,661 | €138,424 | -€2,237 | -1.6% |
| Other amounts receivable | 291 | €140,661 | €138,424 | -€2,237 | -1.6% |
| Stocks and contracts in progress | 3 | €791,897 | €891,351 | +€99,455 | +12.6% |
| Stocks | 30/36 | €791,897 | €891,351 | +€99,455 | +12.6% |
| Amounts receivable within one year | 40/41 | €639,088 | €648,628 | +€9,541 | +1.5% |
| Trade receivables | 40 | €621,734 | €614,275 | -€7,459 | -1.2% |
| Other amounts receivable | 41 | €17,354 | €34,354 | +€17,000 | +98.0% |
| Current investments | 50/53 | €446,463 | €467,064 | +€20,600 | +4.6% |
| Cash at bank and in hand | 54/58 | €20,636 | €19,535 | -€1,101 | -5.3% |
| Deferred charges and accrued income | 490/1 | €15,585 | €13,240 | -€2,345 | -15.0% |
| Total equity and liabilities | 10/49 | €2,430,342 | €2,580,530 | +€150,188 | +6.2% |
| Equity | 10/15 | €1,854,815 | €2,012,703 | +€157,888 | +8.5% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Reserves | 13 | €1,833,744 | €1,991,632 | +€157,888 | +8.6% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,796,244 | €1,954,132 | +€157,888 | +8.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €575,527 | €567,827 | -€7,700 | -1.3% |
| Amounts payable after more than one year | 17 | - | €40,993 | +€40,993 | |
| Financial debts | 170/4 | - | €40,993 | +€40,993 | |
| Amounts payable within one year | 42/48 | €575,527 | €526,833 | -€48,693 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €16,625 | +€16,625 | |
| Financial debts | 43 | €69,167 | €23,333 | -€45,833 | -66.3% |
| Credit institutions | 430/8 | €69,167 | €23,333 | -€45,833 | -66.3% |
| Trade debts | 44 | €208,381 | €207,835 | -€546 | -0.3% |
| Suppliers | 440/4 | €208,381 | €207,835 | -€546 | -0.3% |
| Taxes, remuneration and social security | 45 | €39,409 | €35,322 | -€4,087 | -10.4% |
| Taxes | 450/3 | €35,405 | €29,428 | -€5,977 | -16.9% |
| Remuneration and social security | 454/9 | €4,004 | €5,893 | +€1,890 | +47.2% |
| Other amounts payable | 47/48 | €258,571 | €243,718 | -€14,853 | -5.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €64,460 | €0 | -€64,460 | -100.0% |
| Remuneration, social security and pensions | 62 | €73,658 | €73,483 | -€175 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,924 | €102,645 | +€43,721 | +74.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,378 | €1,458 | -€1,921 | -56.9% |
| Other operating charges | 640/8 | €3,903 | €3,813 | -€90 | -2.3% |
| Non-recurring operating charges | 66A | €1,076 | €0 | -€1,076 | -100.0% |
| Gross operating margin | 9900 | €584,327 | €385,440 | -€198,887 | -34.0% |
| Operating profit (loss) | 9901 | €443,388 | €204,041 | -€239,346 | -54.0% |
| Financial income | 75/76B | €11,356 | €13,213 | +€1,856 | +16.3% |
| Recurring financial income | 75 | €11,356 | €13,213 | +€1,856 | +16.3% |
| Financial charges | 65/66B | €12,030 | €8,590 | -€3,441 | -28.6% |
| Recurring financial charges | 65 | €12,030 | €8,590 | -€3,441 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €442,714 | €208,664 | -€234,050 | -52.9% |
| Income taxes | 67/77 | €111,584 | €50,776 | -€60,808 | -54.5% |
| Profit (loss) for the period | 9904 | €331,130 | €157,888 | -€173,241 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €331,130 | €157,888 | -€173,241 | -52.3% |
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 1 October 2026 via checked.be.