HEGEO: 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.
HEGEO
Largest movements
- Stocks and contracts -€6,469
down €6,469 (-74.2%), from €8,719 to €2,250
- Cash -€2,370
down €2,370 (-32.0%), from €7,414 to €5,044
mainly Net result for the year (-€10,862) and Trade debts (-€2,699)
- Receivables within one year -€1,550
down €1,550 (-93.1%), from €1,665 to €115
- Profit (loss) carried forward -€10,862
down €10,862 (-176%), from -€6,167 to -€17,029
- Trade debts -€2,699
down €2,699 (-88.2%), from €3,059 to €360
- Other debts +€2,014
up €2,014 (+9.6%), from €21,042 to €23,056
- Tax, wage and social debts +€1,053
up €1,053 (+42.1%), from €2,502 to €3,555
- Other operating charges -€1,201
down €1,201 (-48.9%), from €2,454 to €1,253
- Gross operating margin +€474
up €474 (+5.3%), from -€9,019 to -€8,545
- Depreciation +€200
up €200 (+24.8%), from €807 to €1,007
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 | €20,436 | €9,942 | -€10,494 | -51.3% |
| Formation expenses | 20 | €432 | €301 | -€131 | -30.3% |
| Fixed assets | 21/28 | €2,206 | €2,232 | +€26 | +1.2% |
| Tangible fixed assets | 22/27 | €2,206 | €2,232 | +€26 | +1.2% |
| Land and buildings | 22 | €1,006 | €730 | -€276 | -27.4% |
| Plant, machinery and equipment | 23 | €1,200 | €800 | -€400 | -33.3% |
| Furniture and vehicles | 24 | - | €702 | +€702 | |
| Current assets | 29/58 | €17,798 | €7,409 | -€10,389 | -58.4% |
| Stocks and contracts in progress | 3 | €8,719 | €2,250 | -€6,469 | -74.2% |
| Stocks | 30/36 | €8,719 | €2,250 | -€6,469 | -74.2% |
| Amounts receivable within one year | 40/41 | €1,665 | €115 | -€1,550 | -93.1% |
| Trade receivables | 40 | €1,665 | €115 | -€1,550 | -93.1% |
| Cash at bank and in hand | 54/58 | €7,414 | €5,044 | -€2,370 | -32.0% |
| Total equity and liabilities | 10/49 | €20,436 | €9,942 | -€10,494 | -51.3% |
| Equity | 10/15 | -€6,167 | -€17,029 | -€10,862 | -176% |
| Profit (loss) carried forward | 14 | -€6,167 | -€17,029 | -€10,862 | -176% |
| Amounts payable | 17/49 | €26,603 | €26,971 | +€368 | +1.4% |
| Amounts payable within one year | 42/48 | €26,603 | €26,971 | +€368 | +1.4% |
| Trade debts | 44 | €3,059 | €360 | -€2,699 | -88.2% |
| Suppliers | 440/4 | €3,059 | €360 | -€2,699 | -88.2% |
| Taxes, remuneration and social security | 45 | €2,502 | €3,555 | +€1,053 | +42.1% |
| Taxes | 450/3 | €2,502 | €3,555 | +€1,053 | +42.1% |
| Other amounts payable | 47/48 | €21,042 | €23,056 | +€2,014 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €807 | €1,007 | +€200 | +24.8% |
| Other operating charges | 640/8 | €2,454 | €1,253 | -€1,201 | -48.9% |
| Gross operating margin | 9900 | -€9,019 | -€8,545 | +€474 | +5.3% |
| Operating profit (loss) | 9901 | -€12,280 | -€10,804 | +€1,476 | +12.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.5% |
| Financial charges | 65/66B | €71 | €58 | -€13 | -18.4% |
| Recurring financial charges | 65 | €71 | €58 | -€13 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,350 | -€10,862 | +€1,488 | +12.1% |
| Profit (loss) for the period | 9904 | -€12,350 | -€10,862 | +€1,488 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,350 | -€10,862 | +€1,488 | +12.1% |
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 13 October 2026 via checked.be.