HEM: 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.
HEM
Largest movements
- Cash -€66,266
down €66,266 (-52.3%), from €126,726 to €60,460
mainly Contributions, distributions and other (-€62,696) and Current portion of long-term debt (-€14,431)
- Tangible fixed assets -€23,067
down €23,067 (-28.5%), from €80,841 to €57,773
of which Furniture and vehicles: -€17,341
- Stocks and contracts +€10,000
new in 2025: €10,000
- Reserves -€62,696
down €62,696 (-68.9%), from €90,976 to €28,280
of which Distributable reserves: -€62,696
- Current portion of long-term debt -€14,431
down €14,431 (-56.6%), from €25,493 to €11,062
- Profit (loss) carried forward -€13,090
down €13,090 (-11.4%), from €115,165 to €102,075
- Trade debts +€7,059
up €7,059 (+195.1%), from €3,619 to €10,677
- Gross operating margin -€33,680
down €33,680 (-69.7%), from €48,287 to €14,607
- Write-downs +€29,491
no longer reported in 2025 (was -€29,491)
- Taxes -€10,631
down €10,631 (-84.1%), from €12,642 to €2,011
- Other operating charges -€7,556
down €7,556 (-86.1%), from €8,779 to €1,223
- Depreciation -€5,379
down €5,379 (-18.9%), from €28,446 to €23,067
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 | €244,095 | €162,176 | -€81,919 | -33.6% |
| Fixed assets | 21/28 | €81,722 | €57,773 | -€23,949 | -29.3% |
| Tangible fixed assets | 22/27 | €80,841 | €57,773 | -€23,067 | -28.5% |
| Plant, machinery and equipment | 23 | €9,781 | €4,054 | -€5,727 | -58.5% |
| Furniture and vehicles | 24 | €71,060 | €53,719 | -€17,341 | -24.4% |
| Financial fixed assets | 28 | €882 | - | -€882 | |
| Current assets | 29/58 | €162,373 | €104,402 | -€57,970 | -35.7% |
| Stocks and contracts in progress | 3 | - | €10,000 | +€10,000 | |
| Stocks | 30/36 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €34,191 | €33,942 | -€249 | -0.7% |
| Trade receivables | 40 | €30,852 | €24,861 | -€5,991 | -19.4% |
| Other amounts receivable | 41 | €3,339 | €9,081 | +€5,742 | +172.0% |
| Cash at bank and in hand | 54/58 | €126,726 | €60,460 | -€66,266 | -52.3% |
| Deferred charges and accrued income | 490/1 | €1,455 | - | -€1,455 | |
| Total equity and liabilities | 10/49 | €244,095 | €162,176 | -€81,919 | -33.6% |
| Equity | 10/15 | €212,341 | €136,555 | -€75,786 | -35.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €90,976 | €28,280 | -€62,696 | -68.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €89,116 | €26,420 | -€62,696 | -70.4% |
| Profit (loss) carried forward | 14 | €115,165 | €102,075 | -€13,090 | -11.4% |
| Amounts payable | 17/49 | €31,754 | €25,621 | -€6,133 | -19.3% |
| Amounts payable within one year | 42/48 | €31,754 | €25,621 | -€6,133 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €25,493 | €11,062 | -€14,431 | -56.6% |
| Trade debts | 44 | €3,619 | €10,677 | +€7,059 | +195.1% |
| Suppliers | 440/4 | €3,619 | €10,677 | +€7,059 | +195.1% |
| Taxes, remuneration and social security | 45 | €2,642 | €3,881 | +€1,239 | +46.9% |
| Taxes | 450/3 | - | €3,881 | +€3,881 | |
| Remuneration and social security | 454/9 | €2,642 | - | -€2,642 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,446 | €23,067 | -€5,379 | -18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,491 | - | +€29,491 | |
| Other operating charges | 640/8 | €8,779 | €1,223 | -€7,556 | -86.1% |
| Gross operating margin | 9900 | €48,287 | €14,607 | -€33,680 | -69.7% |
| Operating profit (loss) | 9901 | €40,553 | -€9,684 | -€50,237 | |
| Financial income | 75/76B | €101 | €185 | +€84 | +83.5% |
| Recurring financial income | 75 | €101 | €185 | +€84 | +83.5% |
| Financial charges | 65/66B | €1,592 | €1,581 | -€11 | -0.7% |
| Recurring financial charges | 65 | €1,592 | €1,581 | -€11 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €39,062 | -€11,079 | -€50,141 | |
| Income taxes | 67/77 | €12,642 | €2,011 | -€10,631 | -84.1% |
| Profit (loss) for the period | 9904 | €26,420 | -€13,090 | -€39,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,420 | -€13,090 | -€39,510 |
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 5 October 2026 via checked.be.