HEGOM: 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.
HEGOM
Largest movements
- Current investments +€141,620
up €141,620 (+21.6%), from €655,339 to €796,959
- Tangible fixed assets -€98,465
down €98,465 (-7.8%), from €1.3m to €1.2m
- Cash -€52,619
down €52,619 (-22.2%), from €237,437 to €184,818
mainly Current investments (-€141,620) and Contributions, distributions and other (-€50,000)
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€50,425
up €50,425 (+107.4%), from €46,947 to €97,373
- Financial charges +€28,867
up €28,867 (+242.7%), from €11,893 to €40,760
- Depreciation -€26,345
down €26,345 (-17.2%), from €152,760 to €126,415
- Gross operating margin -€17,954
down €17,954 (-10.2%), from €175,453 to €157,499
- Other operating charges -€3,337
down €3,337 (-8.2%), from €40,872 to €37,536
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 | €2,188,300 | €2,193,932 | +€5,632 | +0.3% |
| Fixed assets | 21/28 | €1,260,331 | €1,161,866 | -€98,465 | -7.8% |
| Tangible fixed assets | 22/27 | €1,260,331 | €1,161,866 | -€98,465 | -7.8% |
| Land and buildings | 22 | €910,782 | €863,976 | -€46,805 | -5.1% |
| Plant, machinery and equipment | 23 | €334,153 | €286,493 | -€47,660 | -14.3% |
| Furniture and vehicles | 24 | €15,397 | €11,397 | -€4,000 | -26.0% |
| Current assets | 29/58 | €927,969 | €1,032,066 | +€104,097 | +11.2% |
| Amounts receivable within one year | 40/41 | €32,073 | €46,634 | +€14,560 | +45.4% |
| Trade receivables | 40 | €15,105 | €17,039 | +€1,934 | +12.8% |
| Other amounts receivable | 41 | €16,968 | €29,594 | +€12,626 | +74.4% |
| Current investments | 50/53 | €655,339 | €796,959 | +€141,620 | +21.6% |
| Cash at bank and in hand | 54/58 | €237,437 | €184,818 | -€52,619 | -22.2% |
| Deferred charges and accrued income | 490/1 | €3,119 | €3,655 | +€536 | +17.2% |
| Total equity and liabilities | 10/49 | €2,188,300 | €2,193,932 | +€5,632 | +0.3% |
| Equity | 10/15 | €2,175,139 | €2,175,301 | +€161 | 0.0% |
| Contributions | 10/11 | €1,016,363 | €1,016,363 | = | 0.0% |
| Capital | 10 | €1,016,363 | €1,016,363 | = | 0.0% |
| Issued capital | 100 | €1,016,363 | €1,016,363 | = | 0.0% |
| Reserves | 13 | €1,158,776 | €1,158,937 | +€161 | 0.0% |
| Non-distributable reserves | 130/1 | €101,636 | €101,636 | = | 0.0% |
| Legal reserve | 130 | €101,636 | €101,636 | = | 0.0% |
| Distributable reserves | 133 | €1,057,140 | €1,057,301 | +€161 | 0.0% |
| Amounts payable | 17/49 | €13,161 | €18,632 | +€5,471 | +41.6% |
| Amounts payable within one year | 42/48 | €13,161 | €18,632 | +€5,471 | +41.6% |
| Trade debts | 44 | €4,573 | €10,558 | +€5,985 | +130.9% |
| Suppliers | 440/4 | €4,573 | €10,558 | +€5,985 | +130.9% |
| Taxes, remuneration and social security | 45 | €5,561 | €5,047 | -€514 | -9.2% |
| Taxes | 450/3 | €5,561 | €5,047 | -€514 | -9.2% |
| Other amounts payable | 47/48 | €3,027 | €3,027 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,760 | €126,415 | -€26,345 | -17.2% |
| Other operating charges | 640/8 | €40,872 | €37,536 | -€3,337 | -8.2% |
| Gross operating margin | 9900 | €175,453 | €157,499 | -€17,954 | -10.2% |
| Operating profit (loss) | 9901 | -€18,179 | -€6,451 | +€11,728 | +64.5% |
| Financial income | 75/76B | €46,947 | €97,373 | +€50,425 | +107.4% |
| Recurring financial income | 75 | €46,947 | €97,373 | +€50,425 | +107.4% |
| Financial charges | 65/66B | €11,893 | €40,760 | +€28,867 | +242.7% |
| Recurring financial charges | 65 | €11,893 | €40,760 | +€28,867 | +242.7% |
| Profit (loss) for the period before taxes | 9903 | €16,875 | €50,161 | +€33,286 | +197.2% |
| Profit (loss) for the period | 9904 | €16,875 | €50,161 | +€33,286 | +197.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,875 | €50,161 | +€33,286 | +197.2% |
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 30 September 2026 via checked.be.