HEGO: 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.
HEGO
Largest movements
- Receivables within one year -€138,263
down €138,263 (-16.9%), from €816,848 to €678,585
of which Other amounts receivable: -€150,070
- Cash +€39,231
up €39,231 (+11.7%), from €334,423 to €373,653
mainly Receivables within one year (+€138,263) and Investment in fixed assets (net) (+€10,933)
- Trade debts -€61,072
down €61,072 (-23.5%), from €259,833 to €198,761
- Other debts -€44,478
down €44,478 (-4.9%), from €914,439 to €869,961
- Depreciation -€16,528
down €16,528 (-96.0%), from €17,222 to €694
- Gross operating margin -€10,588
down €10,588 (-78.7%), from €13,462 to €2,874
- Financial charges +€2,502
up €2,502 (+53.3%), from €4,691 to €7,193
- Financial income -€958
down €958 (-6.6%), from €14,451 to €13,493
- Other operating charges -€596
down €596 (-15.5%), from €3,854 to €3,258
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 | €2,209,022 | €2,097,888 | -€111,134 | -5.0% |
| Fixed assets | 21/28 | €1,057,277 | €1,045,650 | -€11,627 | -1.1% |
| Tangible fixed assets | 22/27 | €12,633 | €1,006 | -€11,627 | -92.0% |
| Land and buildings | 22 | €11,238 | €0 | -€11,238 | -100.0% |
| Plant, machinery and equipment | 23 | €1,395 | €1,006 | -€388 | -27.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,044,644 | €1,044,644 | = | 0.0% |
| Current assets | 29/58 | €1,151,745 | €1,052,238 | -€99,507 | -8.6% |
| Amounts receivable within one year | 40/41 | €816,848 | €678,585 | -€138,263 | -16.9% |
| Trade receivables | 40 | €25,782 | €37,589 | +€11,807 | +45.8% |
| Other amounts receivable | 41 | €791,066 | €640,996 | -€150,070 | -19.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €334,423 | €373,653 | +€39,231 | +11.7% |
| Deferred charges and accrued income | 490/1 | €475 | €0 | -€475 | -100.0% |
| Total equity and liabilities | 10/49 | €2,209,022 | €2,097,888 | -€111,134 | -5.0% |
| Equity | 10/15 | €1,015,473 | €1,020,500 | +€5,027 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €996,873 | €1,001,900 | +€5,027 | +0.5% |
| Distributable reserves | 133 | €996,873 | €1,001,900 | +€5,027 | +0.5% |
| Amounts payable | 17/49 | €1,193,550 | €1,077,388 | -€116,161 | -9.7% |
| Amounts payable after more than one year | 17 | €6,311 | €4,402 | -€1,909 | -30.3% |
| Financial debts | 170/4 | €6,311 | €4,402 | -€1,909 | -30.3% |
| Amounts payable within one year | 42/48 | €1,187,238 | €1,072,587 | -€114,651 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €12,218 | €1,909 | -€10,308 | -84.4% |
| Trade debts | 44 | €259,833 | €198,761 | -€61,072 | -23.5% |
| Suppliers | 440/4 | €259,833 | €198,761 | -€61,072 | -23.5% |
| Taxes, remuneration and social security | 45 | €749 | €1,956 | +€1,207 | +161.0% |
| Taxes | 450/3 | €749 | €1,956 | +€1,207 | +161.0% |
| Other amounts payable | 47/48 | €914,439 | €869,961 | -€44,478 | -4.9% |
| Accrued charges and deferred income | 492/3 | - | €399 | +€399 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,222 | €694 | -€16,528 | -96.0% |
| Other operating charges | 640/8 | €3,854 | €3,258 | -€596 | -15.5% |
| Gross operating margin | 9900 | €13,462 | €2,874 | -€10,588 | -78.7% |
| Operating profit (loss) | 9901 | -€7,614 | -€1,078 | +€6,537 | +85.8% |
| Financial income | 75/76B | €14,451 | €13,493 | -€958 | -6.6% |
| Recurring financial income | 75 | €14,451 | €13,493 | -€958 | -6.6% |
| Financial charges | 65/66B | €4,691 | €7,193 | +€2,502 | +53.3% |
| Recurring financial charges | 65 | €4,691 | €7,193 | +€2,502 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €2,146 | €5,222 | +€3,076 | +143.3% |
| Income taxes | 67/77 | €585 | €195 | -€391 | -66.8% |
| Profit (loss) for the period | 9904 | €1,561 | €5,027 | +€3,467 | +222.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,561 | €5,027 | +€3,467 | +222.1% |
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 11 October 2026 via checked.be.