HEGOA WIND: 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.
What changed
HEGOA WIND
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.5m+€331,361
Equity
€7.6m
2024 · €5.8m+€1.8m
Cash
€203,615
2024 · €200,186+€3,429
Balance sheet total
€40.0m
2024 · €41.6m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€1.1m
down €1.1m (-3.1%), from €37.0m to €35.8m
of which Plant, machinery and equipment: -€7.7m
Equity and liabilities
- Other debts -€19.5m
down €19.5m (-71.4%), from €27.3m to €7.8m
- Debts after one year +€18.5m
up €18.5m (+439.8%), from €4.2m to €22.7m
- Trade debts -€2.3m
down €2.3m (-64.2%), from €3.5m to €1.3m
- Profit (loss) carried forward +€1.8m
up €1.8m (+96.6%), from €1.9m to €3.6m
Income statement
- Turnover +€2.7m
up €2.7m (+98.4%), from €2.8m to €5.5m
- Depreciation +€1.4m
up €1.4m (+126.7%), from €1.1m to €2.6m
- Financial charges +€890,620
up €890,620 (+1443.6%), from €61,697 to €952,317
- Other operating income +€795,951
up €795,951 (+223.1%), from €356,750 to €1.2m
- Other operating charges +€539,261
up €539,261 (+440.2%), from €122,516 to €661,778
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.
Result 2024
€1.5m
Turnover
+€2.7m
Other operating income
+€795,951
Services and other goods
-€107,748
Depreciation
-€1.4m
Provisions
-€373,976
Other operating charges
-€539,261
Other operating items
+€140,740
Financial income
+€1,999
Financial charges
-€890,620
Taxes
-€117
Result 2025
€1.8m
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.
From operations
-€16.9m
Investment
-€1.2m
Financing
+€18.2m
Cash 2024
€200,186
From operations (derived)
-€16.9m
Net result for the year
+€1.8m
Depreciation
+€2.6m
Receivables within one year
+€158,394
Deferred charges and accrued income
+€111,564
Provisions
+€99,237
Trade debts
-€2.3m
Other debts
-€19.5m
Accrued charges and deferred income
+€35,443
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€18.2m
Debts after one year
+€18.5m
Current portion of long-term debt
-€377,327
Cash 2025
€203,615
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,576,191 | €39,974,236 | -€1.6m | -3.9% |
| Fixed assets | 21/28 | €37,790,165 | €36,454,739 | -€1.3m | -3.5% |
| Intangible fixed assets | 21 | €824,749 | €629,678 | -€195,071 | -23.7% |
| Tangible fixed assets | 22/27 | €36,965,416 | €35,825,060 | -€1.1m | -3.1% |
| Plant, machinery and equipment | 23 | €36,965,416 | €29,240,083 | -€7.7m | -20.9% |
| Assets under construction and advance payments | 27 | - | €6,584,977 | +€6.6m | |
| Current assets | 29/58 | €3,786,026 | €3,519,497 | -€266,529 | -7.0% |
| Amounts receivable within one year | 40/41 | €3,362,077 | €3,203,684 | -€158,394 | -4.7% |
| Trade receivables | 40 | €3,014,092 | €3,135,028 | +€120,935 | +4.0% |
| Other amounts receivable | 41 | €347,985 | €68,656 | -€279,329 | -80.3% |
| Cash at bank and in hand | 54/58 | €200,186 | €203,615 | +€3,429 | +1.7% |
| Deferred charges and accrued income | 490/1 | €223,762 | €112,198 | -€111,564 | -49.9% |
| Total equity and liabilities | 10/49 | €41,576,191 | €39,974,236 | -€1.6m | -3.9% |
| Equity | 10/15 | €5,789,615 | €7,631,416 | +€1.8m | +31.8% |
| Contributions | 10/11 | €3,627,599 | €3,627,599 | = | 0.0% |
| Capital | 10 | €3,627,599 | €3,627,599 | = | 0.0% |
| Issued capital | 100 | €3,627,599 | €3,627,599 | = | 0.0% |
| Reserves | 13 | €310,000 | €362,760 | +€52,760 | +17.0% |
| Non-distributable reserves | 130/1 | €310,000 | €362,760 | +€52,760 | +17.0% |
| Legal reserve | 130 | €310,000 | €362,760 | +€52,760 | +17.0% |
| Profit (loss) carried forward | 14 | €1,852,015 | €3,641,057 | +€1.8m | +96.6% |
| Provisions and deferred taxes | 16 | €371,994 | €471,231 | +€99,237 | +26.7% |
| Provisions for liabilities and charges | 160/5 | €371,994 | €471,231 | +€99,237 | +26.7% |
| Environmental obligations | 163 | €371,994 | €471,231 | +€99,237 | +26.7% |
| Amounts payable | 17/49 | €35,414,583 | €31,871,589 | -€3.5m | -10.0% |
| Amounts payable after more than one year | 17 | €4,213,020 | €22,742,943 | +€18.5m | +439.8% |
| Financial debts | 170/4 | €4,213,020 | €22,742,943 | +€18.5m | +439.8% |
| Other loans | 174 | €4,213,020 | €22,742,943 | +€18.5m | +439.8% |
| Amounts payable within one year | 42/48 | €31,157,273 | €9,048,912 | -€22.1m | -71.0% |
| Current portion of amounts payable after more than one year | 42 | €377,327 | - | -€377,327 | |
| Trade debts | 44 | €3,521,045 | €1,259,839 | -€2.3m | -64.2% |
| Suppliers | 440/4 | €3,521,045 | €1,259,839 | -€2.3m | -64.2% |
| Other amounts payable | 47/48 | €27,258,901 | €7,789,072 | -€19.5m | -71.4% |
| Accrued charges and deferred income | 492/3 | €44,290 | €79,733 | +€35,443 | +80.0% |
| Operating income | 70/76A | €3,479,447 | €7,161,350 | +€3.7m | +105.8% |
| Turnover | 70 | €2,789,697 | €5,534,908 | +€2.7m | +98.4% |
| Other operating income | 74 | €356,750 | €1,152,702 | +€795,951 | +223.1% |
| Non-recurring operating income | 76A | €333,000 | €473,740 | +€140,740 | +42.3% |
| Operating charges | 60/66A | €1,907,369 | €4,369,173 | +€2.5m | +129.1% |
| Services and other goods | 61 | €921,986 | €1,029,735 | +€107,748 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,137,606 | €2,578,424 | +€1.4m | +126.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€274,739 | €99,237 | +€373,976 | |
| Other operating charges | 640/8 | €122,516 | €661,778 | +€539,261 | +440.2% |
| Operating profit (loss) | 9901 | €1,572,078 | €2,792,177 | +€1.2m | +77.6% |
| Financial income | 75/76B | €60 | €2,058 | +€1,999 | +3358.3% |
| Recurring financial income | 75 | €60 | €2,058 | +€1,999 | +3358.3% |
| Income from current assets | 751 | €59 | €2,058 | +€1,999 | +3360.1% |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €61,697 | €952,317 | +€890,620 | +1443.6% |
| Recurring financial charges | 65 | €61,697 | €952,317 | +€890,620 | +1443.6% |
| Debt charges | 650 | €61,697 | €952,317 | +€890,620 | +1443.6% |
| Profit (loss) for the period before taxes | 9903 | €1,510,441 | €1,841,919 | +€331,478 | +21.9% |
| Income taxes | 67/77 | - | €117 | +€117 | |
| Taxes | 670/3 | - | €117 | +€117 | |
| Profit (loss) for the period | 9904 | €1,510,441 | €1,841,802 | +€331,361 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,510,441 | €1,841,802 | +€331,361 | +21.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.