HEKOR: 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.
HEKOR
Largest movements
- Cash -€114,093
down €114,093 (-41.3%), from €275,930 to €161,837
mainly Contributions, distributions and other (-€198,545) and Debts after one year (-€94,405)
- Tangible fixed assets -€72,249
down €72,249 (-7.2%), from €1.0m to €932,009
of which Land and buildings: -€54,749
- Receivables within one year -€26,577
down €26,577 (-32.7%), from €81,392 to €54,815
of which Trade receivables: -€28,059
- Receivables after one year -€20,640
down €20,640 (-8.7%), from €237,460 to €216,820
- Debts after one year -€94,405
down €94,405 (-21.6%), from €436,317 to €341,913
- Reserves -€91,161
down €91,161 (-8.8%), from €1.0m to €939,090
of which Distributable reserves: -€91,161
- Tax, wage and social debts -€35,339
down €35,339 (-62.7%), from €56,355 to €21,016
of which Taxes: -€35,339
- Gross operating margin -€106,165
down €106,165 (-32.1%), from €330,290 to €224,125
- Other operating charges -€30,444
down €30,444 (-79.6%), from €38,267 to €7,824
- Taxes -€25,993
down €25,993 (-39.6%), from €65,634 to €39,641
- Depreciation +€12,942
up €12,942 (+19.4%), from €66,785 to €79,727
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.
Derived cash bridge
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 | €1,602,173 | €1,368,395 | -€233,778 | -14.6% |
| Fixed assets | 21/28 | €1,004,258 | €932,009 | -€72,249 | -7.2% |
| Tangible fixed assets | 22/27 | €1,004,258 | €932,009 | -€72,249 | -7.2% |
| Land and buildings | 22 | €905,394 | €850,644 | -€54,749 | -6.0% |
| Plant, machinery and equipment | 23 | €15,454 | €19,748 | +€4,295 | +27.8% |
| Furniture and vehicles | 24 | €83,411 | €61,616 | -€21,795 | -26.1% |
| Current assets | 29/58 | €597,915 | €436,386 | -€161,528 | -27.0% |
| Amounts receivable after more than one year | 29 | €237,460 | €216,820 | -€20,640 | -8.7% |
| Other amounts receivable | 291 | €237,460 | €216,820 | -€20,640 | -8.7% |
| Amounts receivable within one year | 40/41 | €81,392 | €54,815 | -€26,577 | -32.7% |
| Trade receivables | 40 | €60,752 | €32,693 | -€28,059 | -46.2% |
| Other amounts receivable | 41 | €20,640 | €22,122 | +€1,482 | +7.2% |
| Cash at bank and in hand | 54/58 | €275,930 | €161,837 | -€114,093 | -41.3% |
| Deferred charges and accrued income | 490/1 | €3,132 | €2,914 | -€218 | -7.0% |
| Total equity and liabilities | 10/49 | €1,602,173 | €1,368,395 | -€233,778 | -14.6% |
| Equity | 10/15 | €1,041,722 | €939,090 | -€102,633 | -9.9% |
| Reserves | 13 | €1,030,250 | €939,090 | -€91,161 | -8.8% |
| Tax-exempt reserves | 132 | €21,350 | €21,350 | = | 0.0% |
| Distributable reserves | 133 | €1,008,900 | €917,740 | -€91,161 | -9.0% |
| Profit (loss) carried forward | 14 | €11,472 | €0 | -€11,472 | -100% |
| Amounts payable | 17/49 | €560,451 | €429,306 | -€131,145 | -23.4% |
| Amounts payable after more than one year | 17 | €436,317 | €341,913 | -€94,405 | -21.6% |
| Financial debts | 170/4 | €436,317 | €341,913 | -€94,405 | -21.6% |
| Amounts payable within one year | 42/48 | €99,176 | €69,632 | -€29,544 | -29.8% |
| Current portion of amounts payable after more than one year | 42 | €40,545 | €43,939 | +€3,394 | +8.4% |
| Trade debts | 44 | €499 | €926 | +€427 | +85.6% |
| Suppliers | 440/4 | €499 | €926 | +€427 | +85.6% |
| Advances received on contracts in progress | 46 | - | €3,751 | +€3,751 | |
| Taxes, remuneration and social security | 45 | €56,355 | €21,016 | -€35,339 | -62.7% |
| Taxes | 450/3 | €56,355 | €21,016 | -€35,339 | -62.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,777 | €0 | -€1,777 | -100% |
| Accrued charges and deferred income | 492/3 | €24,957 | €17,761 | -€7,196 | -28.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,785 | €79,727 | +€12,942 | +19.4% |
| Other operating charges | 640/8 | €38,267 | €7,824 | -€30,444 | -79.6% |
| Gross operating margin | 9900 | €330,290 | €224,125 | -€106,165 | -32.1% |
| Operating profit (loss) | 9901 | €225,237 | €136,574 | -€88,663 | -39.4% |
| Financial income | 75/76B | €5,058 | €3,825 | -€1,233 | -24.4% |
| Recurring financial income | 75 | €5,058 | €3,825 | -€1,233 | -24.4% |
| Financial charges | 65/66B | €4,626 | €4,846 | +€219 | +4.7% |
| Recurring financial charges | 65 | €4,626 | €4,846 | +€219 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €225,669 | €135,553 | -€90,115 | -39.9% |
| Income taxes | 67/77 | €65,634 | €39,641 | -€25,993 | -39.6% |
| Profit (loss) for the period | 9904 | €160,034 | €95,912 | -€64,122 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €160,034 | €95,912 | -€64,122 | -40.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.