HEGROLA: 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
HEGROLA
NACE 42.110, Construction of roads and motorways
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€272,222
2024 · €318,910-€46,688
Equity
€5.5m
2024 · €5.2m+€255,034
Cash
€511,490
2024 · €1.6m-€1.1m
Balance sheet total
€10.3m
2024 · €10.9m-€560,553
Largest movements
Assets
- Cash -€1.1m
down €1.1m (-68.8%), from €1.6m to €511,490
mainly Investment in fixed assets (net) (-€1.0m) and Trade debts (-€793,433)
- Receivables within one year +€408,471
up €408,471 (+13.7%), from €3.0m to €3.4m
of which Trade receivables: +€224,821
- Tangible fixed assets +€253,121
up €253,121 (+5.8%), from €4.4m to €4.6m
of which Plant, machinery and equipment: +€217,896
Equity and liabilities
- Trade debts -€793,433
down €793,433 (-34.9%), from €2.3m to €1.5m
- Reserves +€110,016
up €110,016 (+3.5%), from €3.1m to €3.3m
of which Tax-exempt reserves: +€110,016
Income statement
- Turnover -€2.1m
down €2.1m (-14.9%), from €14.1m to €12.0m
- Services and other goods -€1.3m
down €1.3m (-34.5%), from €3.7m to €2.4m
- Goods and materials -€719,678
down €719,678 (-10.5%), from €6.9m to €6.1m
of which Purchases: -€695,991
- Provisions -€235,200
down €235,200 (-100.0%), from €235,200 to €0
- Staff costs +€202,693
up €202,693 (+8.4%), from €2.4m to €2.6m
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
€318,910
Turnover
-€2.1m
Other operating income
+€152,536
Goods and materials
+€719,678
Services and other goods
+€1.3m
Staff costs
-€202,693
Depreciation
+€74,224
Write-downs
+€30,735
Provisions
+€235,200
Other operating charges
+€9,503
Other operating items
-€308,250
Financial income
-€632
Financial charges
+€46,118
Taxes
+€31,447
Deferred taxes and other
-€1,077
Result 2025
€272,222
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
-€27,877
Investment
-€1.0m
Financing
-€83,495
Cash 2024
€1.6m
From operations (derived)
-€27,877
Net result for the year
+€272,222
Depreciation
+€763,342
Stocks and contracts
+€79,028
Receivables within one year
-€408,471
Deferred charges and accrued income
+€15,280
Provisions
-€4,374
Trade debts
-€793,433
Tax, wage and social debts
-€1,394
Other debts
+€3,550
Accrued charges and deferred income
+€46,372
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€83,495
Debts after one year
+€54,731
Current portion of long-term debt
-€20,964
Short-term financial debts
-€100,074
Contributions, distributions and other
-€17,188
Cash 2025
€511,490
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,865,197 | €10,304,644 | -€560,553 | -5.2% |
| Fixed assets | 21/28 | €4,734,324 | €4,988,541 | +€254,217 | +5.4% |
| Intangible fixed assets | 21 | €155,681 | €137,510 | -€18,170 | -11.7% |
| Tangible fixed assets | 22/27 | €4,375,307 | €4,628,428 | +€253,121 | +5.8% |
| Land and buildings | 22 | €2,693,285 | €2,737,777 | +€44,492 | +1.7% |
| Plant, machinery and equipment | 23 | €677,632 | €895,527 | +€217,896 | +32.2% |
| Furniture and vehicles | 24 | €173,624 | €151,317 | -€22,307 | -12.8% |
| Leasing and similar rights | 25 | €830,766 | €843,806 | +€13,040 | +1.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €203,337 | €222,603 | +€19,267 | +9.5% |
| Other financial fixed assets | 284/8 | €203,337 | €222,603 | +€19,267 | +9.5% |
| Shares | 284 | €18,750 | €20,425 | +€1,675 | +8.9% |
| Amounts receivable and cash guarantees | 285/8 | €184,587 | €202,178 | +€17,592 | +9.5% |
| Current assets | 29/58 | €6,130,873 | €5,316,103 | -€814,770 | -13.3% |
| Stocks and contracts in progress | 3 | €1,428,274 | €1,349,246 | -€79,028 | -5.5% |
| Stocks | 30/36 | €480,507 | €491,295 | +€10,789 | +2.2% |
| Raw materials and consumables | 30/31 | €380,441 | €421,492 | +€41,051 | +10.8% |
| Finished goods | 33 | €100,065 | €69,803 | -€30,262 | -30.2% |
| Contracts in progress | 37 | €947,768 | €857,951 | -€89,817 | -9.5% |
| Amounts receivable within one year | 40/41 | €2,975,838 | €3,384,308 | +€408,471 | +13.7% |
| Trade receivables | 40 | €2,783,867 | €3,008,688 | +€224,821 | +8.1% |
| Other amounts receivable | 41 | €191,970 | €375,620 | +€183,649 | +95.7% |
| Cash at bank and in hand | 54/58 | €1,640,422 | €511,490 | -€1.1m | -68.8% |
| Deferred charges and accrued income | 490/1 | €86,339 | €71,059 | -€15,280 | -17.7% |
| Total equity and liabilities | 10/49 | €10,865,197 | €10,304,644 | -€560,553 | -5.2% |
| Equity | 10/15 | €5,245,907 | €5,500,941 | +€255,034 | +4.9% |
| Contributions | 10/11 | €660,000 | €660,000 | = | 0.0% |
| Capital | 10 | €660,000 | €660,000 | = | 0.0% |
| Issued capital | 100 | €660,000 | €660,000 | = | 0.0% |
| Reserves | 13 | €3,143,594 | €3,253,611 | +€110,016 | +3.5% |
| Non-distributable reserves | 130/1 | €66,000 | €66,000 | = | 0.0% |
| Legal reserve | 130 | €66,000 | €66,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €818,338 | €928,355 | +€110,016 | +13.4% |
| Distributable reserves | 133 | €2,259,256 | €2,259,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,428,280 | €1,490,486 | +€62,206 | +4.4% |
| Investment grants | 15 | €14,033 | €96,845 | +€82,812 | +590.1% |
| Provisions and deferred taxes | 16 | €296,899 | €292,525 | -€4,374 | -1.5% |
| Provisions for liabilities and charges | 160/5 | €290,200 | €290,200 | = | 0.0% |
| Other liabilities and charges | 164/5 | €290,200 | €290,200 | = | 0.0% |
| Deferred taxes | 168 | €6,699 | €2,325 | -€4,374 | -65.3% |
| Amounts payable | 17/49 | €5,322,391 | €4,511,179 | -€811,212 | -15.2% |
| Amounts payable after more than one year | 17 | €558,510 | €613,242 | +€54,731 | +9.8% |
| Financial debts | 170/4 | €558,510 | €613,242 | +€54,731 | +9.8% |
| Leasing and similar obligations | 172 | €534,243 | €613,242 | +€78,999 | +14.8% |
| Credit institutions | 173 | €24,267 | €0 | -€24,267 | -100.0% |
| Amounts payable within one year | 42/48 | €4,460,003 | €3,547,688 | -€912,315 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €372,927 | €351,963 | -€20,964 | -5.6% |
| Financial debts | 43 | €600,074 | €500,000 | -€100,074 | -16.7% |
| Credit institutions | 430/8 | €600,074 | €500,000 | -€100,074 | -16.7% |
| Trade debts | 44 | €2,270,883 | €1,477,451 | -€793,433 | -34.9% |
| Suppliers | 440/4 | €2,270,883 | €1,477,451 | -€793,433 | -34.9% |
| Taxes, remuneration and social security | 45 | €287,342 | €285,948 | -€1,394 | -0.5% |
| Taxes | 450/3 | €41,600 | €54,453 | +€12,853 | +30.9% |
| Remuneration and social security | 454/9 | €245,743 | €231,495 | -€14,247 | -5.8% |
| Other amounts payable | 47/48 | €928,776 | €932,326 | +€3,550 | +0.4% |
| Accrued charges and deferred income | 492/3 | €303,878 | €350,250 | +€46,372 | +15.3% |
| Operating income | 70/76A | €14,629,651 | €12,377,634 | -€2.3m | -15.4% |
| Turnover | 70 | €14,103,550 | €12,007,247 | -€2.1m | -14.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €218,434 | -€89,817 | -€308,250 | |
| Other operating income | 74 | €307,667 | €460,204 | +€152,536 | +49.6% |
| Operating charges | 60/66A | €14,136,720 | €12,007,247 | -€2.1m | -15.1% |
| Goods for resale, raw materials and consumables | 60 | €6,855,421 | €6,135,744 | -€719,678 | -10.5% |
| Purchases | 600/8 | €6,842,523 | €6,146,532 | -€695,991 | -10.2% |
| Change in stocks: decrease (increase) | 609 | €12,898 | -€10,789 | -€23,687 | |
| Services and other goods | 61 | €3,658,727 | €2,395,901 | -€1.3m | -34.5% |
| Remuneration, social security and pensions | 62 | €2,407,793 | €2,610,486 | +€202,693 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €837,566 | €763,342 | -€74,224 | -8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €46,711 | €15,976 | -€30,735 | -65.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €235,200 | €0 | -€235,200 | -100.0% |
| Other operating charges | 640/8 | €95,302 | €85,798 | -€9,503 | -10.0% |
| Operating profit (loss) | 9901 | €492,931 | €370,387 | -€122,544 | -24.9% |
| Financial income | 75/76B | €26,819 | €26,188 | -€632 | -2.4% |
| Recurring financial income | 75 | €26,819 | €26,188 | -€632 | -2.4% |
| Income from current assets | 751 | €289 | €24 | -€265 | -91.7% |
| Other financial income | 752/9 | €26,531 | €26,164 | -€367 | -1.4% |
| Financial charges | 65/66B | €101,742 | €55,625 | -€46,118 | -45.3% |
| Recurring financial charges | 65 | €101,742 | €55,625 | -€46,118 | -45.3% |
| Debt charges | 650 | €94,931 | €48,628 | -€46,303 | -48.8% |
| Other financial charges | 652/9 | €6,812 | €6,997 | +€185 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €418,008 | €340,950 | -€77,058 | -18.4% |
| Transfer from deferred taxes | 780 | €5,451 | €4,374 | -€1,077 | -19.8% |
| Income taxes | 67/77 | €104,549 | €73,102 | -€31,447 | -30.1% |
| Taxes | 670/3 | €104,549 | €73,102 | -€31,447 | -30.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €318,910 | €272,222 | -€46,688 | -14.6% |
| Transfer from tax-exempt reserves | 789 | €13,843 | €10,611 | -€3,232 | -23.3% |
| Transfer to tax-exempt reserves | 689 | - | €120,628 | +€120,628 | |
| Profit (loss) for the period to be appropriated | 9905 | €332,753 | €162,206 | -€170,547 | -51.3% |
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 2 October 2026 via checked.be.