HEFx: 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.
HEFx
Largest movements
- Tangible fixed assets -€86,026
down €86,026 (-8.3%), from €1.0m to €952,328
- Receivables within one year +€63,457
up €63,457 (+44.5%), from €142,515 to €205,972
of which Other amounts receivable: +€51,960
- Stocks and contracts -€30,936
down €30,936 (-8.0%), from €388,208 to €357,271
- Deferred charges and accrued income -€21,096
down €21,096 (-67.9%), from €31,074 to €9,978
- Debts after one year -€52,053
down €52,053 (-7.6%), from €689,337 to €637,284
- Tax, wage and social debts +€41,551
up €41,551 (+90.6%), from €45,855 to €87,406
of which Taxes: +€39,199
- Trade debts -€38,869
down €38,869 (-25.6%), from €151,995 to €113,126
- Other debts -€16,843
down €16,843 (-14.4%), from €116,985 to €100,142
- Staff costs +€25,869
up €25,869 (+14.4%), from €179,887 to €205,756
- Gross operating margin -€19,499
down €19,499 (-5.3%), from €369,514 to €350,015
- Taxes -€18,607
down €18,607 (-85.5%), from €21,761 to €3,154
- Financial income -€5,128
down €5,128 (-99.8%), from €5,138 to €10
- Write-downs +€4,877
up €4,877, from -€4,382 to €495
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.
Derived cash bridge
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 | €1,634,356 | €1,562,689 | -€71,667 | -4.4% |
| Fixed assets | 21/28 | €1,049,239 | €956,143 | -€93,096 | -8.9% |
| Intangible fixed assets | 21 | €10,885 | €3,815 | -€7,070 | -65.0% |
| Tangible fixed assets | 22/27 | €1,038,354 | €952,328 | -€86,026 | -8.3% |
| Land and buildings | 22 | €796,029 | €770,516 | -€25,513 | -3.2% |
| Plant, machinery and equipment | 23 | €172,369 | €142,541 | -€29,828 | -17.3% |
| Furniture and vehicles | 24 | €69,956 | €39,271 | -€30,685 | -43.9% |
| Current assets | 29/58 | €585,116 | €606,545 | +€21,429 | +3.7% |
| Stocks and contracts in progress | 3 | €388,208 | €357,271 | -€30,936 | -8.0% |
| Stocks | 30/36 | €388,208 | €357,271 | -€30,936 | -8.0% |
| Amounts receivable within one year | 40/41 | €142,515 | €205,972 | +€63,457 | +44.5% |
| Trade receivables | 40 | €142,515 | €154,013 | +€11,498 | +8.1% |
| Other amounts receivable | 41 | €0 | €51,960 | +€51,960 | |
| Cash at bank and in hand | 54/58 | €23,319 | €33,324 | +€10,004 | +42.9% |
| Deferred charges and accrued income | 490/1 | €31,074 | €9,978 | -€21,096 | -67.9% |
| Total equity and liabilities | 10/49 | €1,634,356 | €1,562,689 | -€71,667 | -4.4% |
| Equity | 10/15 | €528,950 | €530,525 | +€1,575 | +0.3% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €273,950 | €273,950 | = | 0.0% |
| Distributable reserves | 133 | €273,950 | €273,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €1,575 | +€1,575 | |
| Amounts payable | 17/49 | €1,105,406 | €1,032,164 | -€73,242 | -6.6% |
| Amounts payable after more than one year | 17 | €689,337 | €637,284 | -€52,053 | -7.6% |
| Financial debts | 170/4 | €689,337 | €637,284 | -€52,053 | -7.6% |
| Amounts payable within one year | 42/48 | €409,398 | €386,924 | -€22,475 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €69,493 | €66,134 | -€3,360 | -4.8% |
| Financial debts | 43 | €25,070 | €20,116 | -€4,954 | -19.8% |
| Credit institutions | 430/8 | €25,070 | €20,116 | -€4,954 | -19.8% |
| Trade debts | 44 | €151,995 | €113,126 | -€38,869 | -25.6% |
| Suppliers | 440/4 | €151,995 | €113,126 | -€38,869 | -25.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €45,855 | €87,406 | +€41,551 | +90.6% |
| Taxes | 450/3 | €32,638 | €71,837 | +€39,199 | +120% |
| Remuneration and social security | 454/9 | €13,217 | €15,569 | +€2,353 | +17.8% |
| Other amounts payable | 47/48 | €116,985 | €100,142 | -€16,843 | -14.4% |
| Accrued charges and deferred income | 492/3 | €6,670 | €7,956 | +€1,286 | +19.3% |
| Remuneration, social security and pensions | 62 | €179,887 | €205,756 | +€25,869 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,897 | €94,154 | +€257 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,382 | €495 | +€4,877 | |
| Other operating charges | 640/8 | €12,087 | €13,343 | +€1,256 | +10.4% |
| Gross operating margin | 9900 | €369,514 | €350,015 | -€19,499 | -5.3% |
| Operating profit (loss) | 9901 | €88,024 | €36,267 | -€51,757 | -58.8% |
| Financial income | 75/76B | €5,138 | €10 | -€5,128 | -99.8% |
| Recurring financial income | 75 | €5,138 | €10 | -€5,128 | -99.8% |
| Financial charges | 65/66B | €32,532 | €31,549 | -€983 | -3.0% |
| Recurring financial charges | 65 | €32,532 | €31,549 | -€983 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €60,629 | €4,728 | -€55,901 | -92.2% |
| Income taxes | 67/77 | €21,761 | €3,154 | -€18,607 | -85.5% |
| Profit (loss) for the period | 9904 | €38,869 | €1,575 | -€37,294 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,869 | €1,575 | -€37,294 | -95.9% |
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 25 October 2026 via checked.be.