HEGOS: 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.
HEGOS
Largest movements
- Tangible fixed assets -€68,801
down €68,801 (-15.2%), from €452,137 to €383,336
of which Land and buildings: -€59,147
- Cash -€58,871
down €58,871 (-83.3%), from €70,680 to €11,809
mainly Other debts (-€66,891) and Trade debts (-€34,778)
- Receivables within one year -€19,846
down €19,846 (-82.2%), from €24,148 to €4,303
of which Trade receivables: -€17,740
- Other debts -€66,891
down €66,891 (-55.1%), from €121,436 to €54,545
- Trade debts -€34,778
down €34,778 (-97.1%), from €35,802 to €1,024
- Accrued charges and deferred income -€29,483
down €29,483 (-80.4%), from €36,664 to €7,181
- Reserves -€12,695
down €12,695 (-3.9%), from €329,195 to €316,500
of which Tax-exempt reserves: -€12,695
- Provisions -€6,537
down €6,537 (-15.9%), from €41,037 to €34,500
- Gross operating margin -€44,884
down €44,884 (-36.6%), from €122,609 to €77,725
- Other operating charges -€3,798
down €3,798 (-17.3%), from €21,933 to €18,135
- Write-downs +€2,602
up €2,602, from -€2,602 to €0
- Depreciation -€1,561
down €1,561 (-2.2%), from €70,362 to €68,801
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 | €547,154 | €399,492 | -€147,663 | -27.0% |
| Fixed assets | 21/28 | €452,137 | €383,336 | -€68,801 | -15.2% |
| Tangible fixed assets | 22/27 | €452,137 | €383,336 | -€68,801 | -15.2% |
| Land and buildings | 22 | €419,757 | €360,610 | -€59,147 | -14.1% |
| Other tangible fixed assets | 26 | €32,380 | €22,726 | -€9,654 | -29.8% |
| Current assets | 29/58 | €95,017 | €16,156 | -€78,861 | -83.0% |
| Amounts receivable within one year | 40/41 | €24,148 | €4,303 | -€19,846 | -82.2% |
| Trade receivables | 40 | €21,166 | €3,426 | -€17,740 | -83.8% |
| Other amounts receivable | 41 | €2,982 | €876 | -€2,106 | -70.6% |
| Cash at bank and in hand | 54/58 | €70,680 | €11,809 | -€58,871 | -83.3% |
| Deferred charges and accrued income | 490/1 | €189 | €44 | -€144 | -76.5% |
| Total equity and liabilities | 10/49 | €547,154 | €399,492 | -€147,663 | -27.0% |
| Equity | 10/15 | €310,030 | €301,964 | -€8,066 | -2.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €329,195 | €316,500 | -€12,695 | -3.9% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,695 | €67,000 | -€12,695 | -15.9% |
| Distributable reserves | 133 | €247,000 | €247,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,165 | -€39,537 | +€4,629 | +10.5% |
| Provisions and deferred taxes | 16 | €41,037 | €34,500 | -€6,537 | -15.9% |
| Deferred taxes | 168 | €41,037 | €34,500 | -€6,537 | -15.9% |
| Amounts payable | 17/49 | €196,088 | €63,028 | -€133,060 | -67.9% |
| Amounts payable within one year | 42/48 | €159,424 | €55,847 | -€103,577 | -65.0% |
| Trade debts | 44 | €35,802 | €1,024 | -€34,778 | -97.1% |
| Suppliers | 440/4 | €35,802 | €1,024 | -€34,778 | -97.1% |
| Taxes, remuneration and social security | 45 | €2,186 | €278 | -€1,908 | -87.3% |
| Taxes | 450/3 | €2,186 | €278 | -€1,908 | -87.3% |
| Other amounts payable | 47/48 | €121,436 | €54,545 | -€66,891 | -55.1% |
| Accrued charges and deferred income | 492/3 | €36,664 | €7,181 | -€29,483 | -80.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,362 | €68,801 | -€1,561 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,602 | €0 | +€2,602 | |
| Other operating charges | 640/8 | €21,933 | €18,135 | -€3,798 | -17.3% |
| Gross operating margin | 9900 | €122,609 | €77,725 | -€44,884 | -36.6% |
| Operating profit (loss) | 9901 | €32,916 | -€9,211 | -€42,127 | |
| Financial income | 75/76B | €231 | €76 | -€155 | -67.3% |
| Recurring financial income | 75 | €231 | €76 | -€155 | -67.3% |
| Financial charges | 65/66B | €6,063 | €5,467 | -€596 | -9.8% |
| Recurring financial charges | 65 | €6,063 | €5,467 | -€596 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €27,083 | -€14,603 | -€41,686 | |
| Transfer from deferred taxes | 780 | €6,537 | €6,537 | = | 0.0% |
| Income taxes | 67/77 | €41 | €0 | -€41 | -100.0% |
| Profit (loss) for the period | 9904 | €33,579 | -€8,066 | -€41,644 | |
| Transfer from tax-exempt reserves | 789 | €12,695 | €12,695 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,273 | €4,629 | -€41,644 | -90.0% |
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 7 October 2026 via checked.be.