HEGDES: 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.
HEGDES
Largest movements
- Cash +€98,910
up €98,910 (+177.5%), from €55,723 to €154,634
mainly Net result for the year (+€205,619) and Tax, wage and social debts (+€31,105)
- Receivables within one year +€84,051
up €84,051, from €0 to €84,051
of which Trade receivables: +€77,268
- Stocks and contracts +€31,396
up €31,396 (+12.7%), from €246,430 to €277,826
- Current investments +€15,000
up €15,000 (+16.7%), from €90,000 to €105,000
- Reserves +€205,700
up €205,700 (+76.5%), from €269,000 to €474,700
- Tax, wage and social debts +€31,105
up €31,105 (+342.5%), from €9,082 to €40,187
- Trade debts -€8,942
down €8,942 (-8.7%), from €102,420 to €93,478
- Gross operating margin +€83,594
up €83,594 (+45.7%), from €183,091 to €266,685
- Taxes +€23,114
up €23,114 (+59.5%), from €38,831 to €61,945
- Financial charges -€10,127
down €10,127 (-96.5%), from €10,499 to €372
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 | €392,924 | €621,938 | +€229,013 | +58.3% |
| Fixed assets | 21/28 | €771 | €427 | -€344 | -44.6% |
| Tangible fixed assets | 22/27 | €771 | €427 | -€344 | -44.6% |
| Plant, machinery and equipment | 23 | €771 | €427 | -€344 | -44.6% |
| Current assets | 29/58 | €392,153 | €621,511 | +€229,357 | +58.5% |
| Stocks and contracts in progress | 3 | €246,430 | €277,826 | +€31,396 | +12.7% |
| Stocks | 30/36 | €246,430 | €277,826 | +€31,396 | +12.7% |
| Amounts receivable within one year | 40/41 | €0 | €84,051 | +€84,051 | |
| Trade receivables | 40 | €0 | €77,268 | +€77,268 | |
| Other amounts receivable | 41 | - | €6,784 | +€6,784 | |
| Current investments | 50/53 | €90,000 | €105,000 | +€15,000 | +16.7% |
| Cash at bank and in hand | 54/58 | €55,723 | €154,634 | +€98,910 | +177.5% |
| Total equity and liabilities | 10/49 | €392,924 | €621,938 | +€229,013 | +58.3% |
| Equity | 10/15 | €279,126 | €484,745 | +€205,619 | +73.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €269,000 | €474,700 | +€205,700 | +76.5% |
| Distributable reserves | 133 | €269,000 | €474,700 | +€205,700 | +76.5% |
| Profit (loss) carried forward | 14 | €126 | €45 | -€81 | -64.5% |
| Amounts payable | 17/49 | €113,799 | €137,193 | +€23,394 | +20.6% |
| Amounts payable within one year | 42/48 | €113,799 | €137,193 | +€23,394 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €102,420 | €93,478 | -€8,942 | -8.7% |
| Suppliers | 440/4 | €102,420 | €93,478 | -€8,942 | -8.7% |
| Taxes, remuneration and social security | 45 | €9,082 | €40,187 | +€31,105 | +342.5% |
| Taxes | 450/3 | €9,082 | €40,187 | +€31,105 | +342.5% |
| Other amounts payable | 47/48 | €2,297 | €3,528 | +€1,231 | +53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €261 | €344 | +€83 | +31.7% |
| Other operating charges | 640/8 | €613 | €610 | -€3 | -0.6% |
| Gross operating margin | 9900 | €183,091 | €266,685 | +€83,594 | +45.7% |
| Operating profit (loss) | 9901 | €182,217 | €265,731 | +€83,514 | +45.8% |
| Financial income | 75/76B | €3,150 | €2,205 | -€945 | -30.0% |
| Recurring financial income | 75 | €3,150 | €2,205 | -€945 | -30.0% |
| Financial charges | 65/66B | €10,499 | €372 | -€10,127 | -96.5% |
| Recurring financial charges | 65 | €10,499 | €372 | -€10,127 | -96.5% |
| Profit (loss) for the period before taxes | 9903 | €174,868 | €267,564 | +€92,696 | +53.0% |
| Income taxes | 67/77 | €38,831 | €61,945 | +€23,114 | +59.5% |
| Profit (loss) for the period | 9904 | €136,037 | €205,619 | +€69,582 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €136,037 | €205,619 | +€69,582 | +51.1% |
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 10 October 2026 via checked.be.