HEGRO: 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.
HEGRO
Largest movements
- Tangible fixed assets +€153,886
up €153,886 (+53.5%), from €287,844 to €441,730
of which Leasing and similar rights: +€146,513
- Receivables within one year +€32,118
up €32,118 (+120.6%), from €26,635 to €58,753
of which Trade receivables: +€32,130
- Cash +€25,246
up €25,246 (+16.7%), from €150,978 to €176,224
mainly Debts after one year (+€120,501) and Depreciation (+€115,022)
- Debts after one year +€120,501
up €120,501 (+80.1%), from €150,358 to €270,858
- Reserves +€79,000
up €79,000 (+87.8%), from €90,000 to €169,000
- Current portion of long-term debt +€24,546
up €24,546 (+92.3%), from €26,588 to €51,134
- Gross operating margin +€70,685
up €70,685 (+40.5%), from €174,720 to €245,405
- Depreciation +€40,505
up €40,505 (+54.4%), from €74,516 to €115,022
- Taxes +€5,552
up €5,552 (+25.6%), from €21,708 to €27,261
- Financial charges +€4,655
up €4,655 (+47.9%), from €9,722 to €14,377
- Other operating charges +€2,623
up €2,623 (+58.1%), from €4,515 to €7,137
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 | €491,215 | €707,283 | +€216,069 | +44.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €306,844 | €460,730 | +€153,886 | +50.2% |
| Tangible fixed assets | 22/27 | €287,844 | €441,730 | +€153,886 | +53.5% |
| Plant, machinery and equipment | 23 | €21,771 | €13,605 | -€8,166 | -37.5% |
| Furniture and vehicles | 24 | €54,921 | €70,460 | +€15,539 | +28.3% |
| Leasing and similar rights | 25 | €211,152 | €357,666 | +€146,513 | +69.4% |
| Financial fixed assets | 28 | €19,000 | €19,000 | = | 0.0% |
| Current assets | 29/58 | €184,371 | €246,553 | +€62,182 | +33.7% |
| Amounts receivable within one year | 40/41 | €26,635 | €58,753 | +€32,118 | +120.6% |
| Trade receivables | 40 | €26,623 | €58,753 | +€32,130 | +120.7% |
| Other amounts receivable | 41 | €12 | €0 | -€12 | -100.0% |
| Cash at bank and in hand | 54/58 | €150,978 | €176,224 | +€25,246 | +16.7% |
| Deferred charges and accrued income | 490/1 | €6,758 | €11,576 | +€4,818 | +71.3% |
| Total equity and liabilities | 10/49 | €491,215 | €707,283 | +€216,069 | +44.0% |
| Equity | 10/15 | €113,463 | €193,365 | +€79,902 | +70.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €90,000 | €169,000 | +€79,000 | +87.8% |
| Distributable reserves | 133 | €90,000 | €169,000 | +€79,000 | +87.8% |
| Profit (loss) carried forward | 14 | €3,463 | €4,365 | +€902 | +26.0% |
| Amounts payable | 17/49 | €377,751 | €513,918 | +€136,167 | +36.0% |
| Amounts payable after more than one year | 17 | €150,358 | €270,858 | +€120,501 | +80.1% |
| Financial debts | 170/4 | €150,358 | €270,858 | +€120,501 | +80.1% |
| Amounts payable within one year | 42/48 | €227,394 | €243,060 | +€15,666 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €26,588 | €51,134 | +€24,546 | +92.3% |
| Trade debts | 44 | €21,622 | €18,030 | -€3,592 | -16.6% |
| Suppliers | 440/4 | €21,622 | €18,030 | -€3,592 | -16.6% |
| Taxes, remuneration and social security | 45 | €27,731 | €21,895 | -€5,836 | -21.0% |
| Taxes | 450/3 | €27,731 | €20,295 | -€7,436 | -26.8% |
| Remuneration and social security | 454/9 | - | €1,600 | +€1,600 | |
| Other amounts payable | 47/48 | €151,453 | €152,002 | +€549 | +0.4% |
| Remuneration, social security and pensions | 62 | €1,382 | €1,707 | +€326 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,516 | €115,022 | +€40,505 | +54.4% |
| Other operating charges | 640/8 | €4,515 | €7,137 | +€2,623 | +58.1% |
| Gross operating margin | 9900 | €174,720 | €245,405 | +€70,685 | +40.5% |
| Operating profit (loss) | 9901 | €94,308 | €121,539 | +€27,232 | +28.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | +109.1% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +109.1% |
| Financial charges | 65/66B | €9,722 | €14,377 | +€4,655 | +47.9% |
| Recurring financial charges | 65 | €9,722 | €14,377 | +€4,655 | +47.9% |
| Profit (loss) for the period before taxes | 9903 | €84,586 | €107,162 | +€22,577 | +26.7% |
| Income taxes | 67/77 | €21,708 | €27,261 | +€5,552 | +25.6% |
| Profit (loss) for the period | 9904 | €62,877 | €79,902 | +€17,024 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,877 | €79,902 | +€17,024 | +27.1% |
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 9 October 2026 via checked.be.