HEK: what changed
Two financial 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.
HEK
Largest movements
- Cash +€16,629
up €16,629 (+63.0%), from €26,381 to €43,010
mainly Depreciation (+€11,703) and Trade debts (+€9,014)
- Tangible fixed assets -€8,230
down €8,230 (-18.2%), from €45,198 to €36,968
of which Furniture and vehicles: -€8,346
- Stocks and contracts -€4,775
down €4,775 (-24.3%), from €19,660 to €14,885
- Receivables within one year +€3,294
up €3,294 (+200.8%), from €1,640 to €4,935
- Trade debts +€9,014
up €9,014 (+482.6%), from €1,868 to €10,882
- Debts after one year -€6,824
down €6,824 (-25.5%), from €26,775 to €19,951
- Reserves +€2,834
up €2,834 (+9.5%), from €29,809 to €32,643
- Tax, wage and social debts +€1,515
up €1,515 (+130.5%), from €1,161 to €2,676
of which Remuneration and social security: +€1,541
- Depreciation -€3,528
down €3,528 (-23.2%), from €15,231 to €11,703
- Gross operating margin +€2,768
up €2,768 (+18.6%), from €14,842 to €17,610
- Financial charges +€520
up €520 (+92.2%), from €564 to €1,084
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,880 | €99,798 | +€6,918 | +7.4% |
| Fixed assets | 21/28 | €45,198 | €36,968 | -€8,230 | -18.2% |
| Tangible fixed assets | 22/27 | €45,198 | €36,968 | -€8,230 | -18.2% |
| Plant, machinery and equipment | 23 | €2,802 | €871 | -€1,931 | -68.9% |
| Furniture and vehicles | 24 | €39,367 | €31,020 | -€8,346 | -21.2% |
| Other tangible fixed assets | 26 | €3,030 | €5,077 | +€2,047 | +67.6% |
| Current assets | 29/58 | €47,682 | €62,830 | +€15,148 | +31.8% |
| Stocks and contracts in progress | 3 | €19,660 | €14,885 | -€4,775 | -24.3% |
| Stocks | 30/36 | €19,660 | €14,885 | -€4,775 | -24.3% |
| Amounts receivable within one year | 40/41 | €1,640 | €4,935 | +€3,294 | +200.8% |
| Other amounts receivable | 41 | €1,640 | €4,935 | +€3,294 | +200.8% |
| Cash at bank and in hand | 54/58 | €26,381 | €43,010 | +€16,629 | +63.0% |
| Total equity and liabilities | 10/49 | €92,880 | €99,798 | +€6,918 | +7.4% |
| Equity | 10/15 | €49,809 | €52,643 | +€2,834 | +5.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €29,809 | €32,643 | +€2,834 | +9.5% |
| Distributable reserves | 133 | €29,809 | €32,643 | +€2,834 | +9.5% |
| Amounts payable | 17/49 | €43,071 | €47,155 | +€4,084 | +9.5% |
| Amounts payable after more than one year | 17 | €26,775 | €19,951 | -€6,824 | -25.5% |
| Financial debts | 170/4 | €26,775 | €19,951 | -€6,824 | -25.5% |
| Amounts payable within one year | 42/48 | €16,296 | €27,204 | +€10,909 | +66.9% |
| Current portion of amounts payable after more than one year | 42 | €6,606 | €6,824 | +€218 | +3.3% |
| Trade debts | 44 | €1,868 | €10,882 | +€9,014 | +482.6% |
| Suppliers | 440/4 | €1,868 | €10,882 | +€9,014 | +482.6% |
| Taxes, remuneration and social security | 45 | €1,161 | €2,676 | +€1,515 | +130.5% |
| Taxes | 450/3 | €181 | €155 | -€26 | -14.3% |
| Remuneration and social security | 454/9 | €980 | €2,521 | +€1,541 | +157.2% |
| Other amounts payable | 47/48 | €6,660 | €6,822 | +€162 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,231 | €11,703 | -€3,528 | -23.2% |
| Other operating charges | 640/8 | €1,585 | €1,623 | +€38 | +2.4% |
| Non-recurring operating charges | 66A | - | €212 | +€212 | |
| Gross operating margin | 9900 | €14,842 | €17,610 | +€2,768 | +18.6% |
| Operating profit (loss) | 9901 | -€1,974 | €4,072 | +€6,046 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €564 | €1,084 | +€520 | +92.2% |
| Recurring financial charges | 65 | €564 | €1,084 | +€520 | +92.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,537 | €2,989 | +€5,526 | |
| Income taxes | 67/77 | €181 | €155 | -€26 | -14.3% |
| Profit (loss) for the period | 9904 | -€2,719 | €2,834 | +€5,552 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,719 | €2,834 | +€5,552 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.