HEGOA Studio: 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.
HEGOA Studio
Largest movements
- Cash -€25,612
down €25,612 (-36.6%), from €69,987 to €44,375
mainly Receivables within one year (-€20,069) and Tax, wage and social debts (-€6,834)
- Receivables within one year +€20,069
up €20,069 (+160.3%), from €12,521 to €32,590
of which Other amounts receivable: +€11,270
- Tangible fixed assets -€1,184
down €1,184 (-47.6%), from €2,488 to €1,304
- Tax, wage and social debts -€6,834
down €6,834 (-27.9%), from €24,490 to €17,656
- Trade debts +€2,998
up €2,998 (+312.9%), from €958 to €3,956
- Profit (loss) carried forward -€2,678
down €2,678 (-4.5%), from €59,328 to €56,650
- Gross operating margin -€39,278
down €39,278, from €38,625 to -€653
- Taxes -€7,848
down €7,848 (-97.5%), from €8,053 to €205
- Depreciation +€463
up €463 (+27.1%), from €1,710 to €2,173
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 | €88,842 | €82,329 | -€6,513 | -7.3% |
| Fixed assets | 21/28 | €6,334 | €5,361 | -€973 | -15.4% |
| Intangible fixed assets | 21 | €3,846 | €4,057 | +€211 | +5.5% |
| Tangible fixed assets | 22/27 | €2,488 | €1,304 | -€1,184 | -47.6% |
| Furniture and vehicles | 24 | €2,488 | €1,304 | -€1,184 | -47.6% |
| Current assets | 29/58 | €82,508 | €76,968 | -€5,540 | -6.7% |
| Amounts receivable within one year | 40/41 | €12,521 | €32,590 | +€20,069 | +160.3% |
| Trade receivables | 40 | €7,856 | €16,655 | +€8,799 | +112.0% |
| Other amounts receivable | 41 | €4,665 | €15,935 | +€11,270 | +241.6% |
| Cash at bank and in hand | 54/58 | €69,987 | €44,375 | -€25,612 | -36.6% |
| Deferred charges and accrued income | 490/1 | - | €3 | +€3 | |
| Total equity and liabilities | 10/49 | €88,842 | €82,329 | -€6,513 | -7.3% |
| Equity | 10/15 | €63,328 | €60,650 | -€2,678 | -4.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,328 | €56,650 | -€2,678 | -4.5% |
| Amounts payable | 17/49 | €25,514 | €21,679 | -€3,835 | -15.0% |
| Amounts payable within one year | 42/48 | €25,448 | €21,612 | -€3,836 | -15.1% |
| Trade debts | 44 | €958 | €3,956 | +€2,998 | +312.9% |
| Suppliers | 440/4 | €958 | €3,956 | +€2,998 | +312.9% |
| Taxes, remuneration and social security | 45 | €24,490 | €17,656 | -€6,834 | -27.9% |
| Taxes | 450/3 | €24,490 | €17,656 | -€6,834 | -27.9% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,710 | €2,173 | +€463 | +27.1% |
| Other operating charges | 640/8 | - | €8 | +€8 | |
| Gross operating margin | 9900 | €38,625 | -€653 | -€39,278 | |
| Operating profit (loss) | 9901 | €36,915 | -€2,834 | -€39,749 | |
| Financial income | 75/76B | €155 | €431 | +€276 | +178.1% |
| Recurring financial income | 75 | €155 | €431 | +€276 | +178.1% |
| Financial charges | 65/66B | €81 | €70 | -€11 | -13.6% |
| Recurring financial charges | 65 | €81 | €70 | -€11 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €36,989 | -€2,473 | -€39,462 | |
| Income taxes | 67/77 | €8,053 | €205 | -€7,848 | -97.5% |
| Profit (loss) for the period | 9904 | €28,936 | -€2,678 | -€31,614 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,936 | -€2,678 | -€31,614 |
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 3 October 2026 via checked.be.