HEM INVEST: 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.
What changed
HEM INVEST
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€375,915
2024 · €53,962-€429,877
Equity
-€20,478
2024 · €355,438-€375,915
Cash
€80,996
2024 · €24,672+€56,325
Balance sheet total
€1.6m
2024 · €1.2m+€410,797
Largest movements
Assets
- Tangible fixed assets +€584,283
up €584,283 (+124%), from €473,022 to €1.1m
of which Land and buildings: +€715,572
- Deferred charges and accrued income -€262,710
down €262,710 (-99.7%), from €263,619 to €909
- Financial fixed assets -€180,376
down €180,376 (-57.8%), from €311,827 to €131,451
- Stocks and contracts +€178,409
new in 2025: €178,409
- Current investments +€118,422
new in 2025: €118,422
Equity and liabilities
- Profit (loss) carried forward -€743,682
down €743,682 (-208%), from -€358,305 to -€1.1m
- Trade debts +€606,684
up €606,684 (+4,696%), from €12,920 to €619,605
- Reserves +€367,767
up €367,767 (+391%), from €94,009 to €461,776
of which Tax-exempt reserves: +€257,023
- Other debts +€275,342
up €275,342 (+41.3%), from €666,492 to €941,834
- Short-term financial debts -€185,000
down €185,000 (-100%), from €185,000 to €0
Income statement
- Gross operating margin +€50,761
up €50,761 (+47.2%), from €107,495 to €158,256
- Write-downs -€8,687
down €8,687, from €2,877 to -€5,810
- Depreciation +€7,042
up €7,042 (+81.2%), from €8,674 to €15,717
- Financial charges -€5,114
down €5,114 (-34.0%), from €15,035 to €9,921
of which Financial charges: -€7,439
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
€53,962
Gross operating margin
+€50,761
Depreciation
-€7,042
Write-downs
+€8,687
Other operating charges
+€747
Other operating items
-€489,270
Financial charges
+€5,114
Deferred taxes and other
+€1,126
Result 2025
-€375,915
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€779,372
Investment
-€538,047
Financing
-€185,000
Cash 2024
€24,672
From operations (derived)
+€779,372
Net result for the year
-€375,915
Depreciation
+€15,717
Stocks and contracts
-€178,409
Receivables within one year
+€83,557
Deferred charges and accrued income
+€262,710
Provisions
+€85,674
Trade debts
+€606,684
Tax, wage and social debts
+€3,929
Other debts
+€275,342
Accrued charges and deferred income
+€83
Investment (derived)
-€538,047
Investment in fixed assets (net)
-€419,624
Current investments
-€118,422
Financing
-€185,000
Short-term financial debts
-€185,000
Cash 2025
€80,996
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,233,906 | €1,644,703 | +€410,797 | +33.3% |
| Fixed assets | 21/28 | €784,849 | €1,188,756 | +€403,908 | +51.5% |
| Tangible fixed assets | 22/27 | €473,022 | €1,057,305 | +€584,283 | +124% |
| Land and buildings | 22 | €41,733 | €757,305 | +€715,572 | +1,715% |
| Furniture and vehicles | 24 | €146 | €0 | -€146 | -100% |
| Other tangible fixed assets | 26 | €131,143 | €0 | -€131,143 | -100% |
| Assets under construction and advance payments | 27 | €300,000 | €300,000 | = | 0.0% |
| Financial fixed assets | 28 | €311,827 | €131,451 | -€180,376 | -57.8% |
| Current assets | 29/58 | €449,058 | €455,947 | +€6,889 | +1.5% |
| Stocks and contracts in progress | 3 | - | €178,409 | +€178,409 | |
| Stocks | 30/36 | - | €178,409 | +€178,409 | |
| Amounts receivable within one year | 40/41 | €160,767 | €77,210 | -€83,557 | -52.0% |
| Trade receivables | 40 | €35,952 | €35,171 | -€782 | -2.2% |
| Other amounts receivable | 41 | €124,815 | €42,039 | -€82,776 | -66.3% |
| Current investments | 50/53 | - | €118,422 | +€118,422 | |
| Cash at bank and in hand | 54/58 | €24,672 | €80,996 | +€56,325 | +228% |
| Deferred charges and accrued income | 490/1 | €263,619 | €909 | -€262,710 | -99.7% |
| Total equity and liabilities | 10/49 | €1,233,906 | €1,644,703 | +€410,797 | +33.3% |
| Equity | 10/15 | €355,438 | -€20,478 | -€375,915 | |
| Contributions | 10/11 | €619,734 | €619,734 | = | 0.0% |
| Capital | 10 | €619,734 | €619,734 | = | 0.0% |
| Issued capital | 100 | €619,734 | €619,734 | = | 0.0% |
| Reserves | 13 | €94,009 | €461,776 | +€367,767 | +391% |
| Non-distributable reserves | 130/1 | €61,973 | €180,396 | +€118,422 | +191% |
| Legal reserve | 130 | €61,973 | €61,973 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €118,422 | +€118,422 | |
| Tax-exempt reserves | 132 | €6,500 | €263,524 | +€257,023 | +3,954% |
| Distributable reserves | 133 | €25,535 | €17,856 | -€7,679 | -30.1% |
| Profit (loss) carried forward | 14 | -€358,305 | -€1,101,987 | -€743,682 | -208% |
| Provisions and deferred taxes | 16 | - | €85,674 | +€85,674 | |
| Deferred taxes | 168 | - | €85,674 | +€85,674 | |
| Amounts payable | 17/49 | €878,469 | €1,579,506 | +€701,038 | +79.8% |
| Amounts payable after more than one year | 17 | €13,170 | €13,170 | = | 0.0% |
| Other amounts payable | 178/9 | €13,170 | €13,170 | = | 0.0% |
| Amounts payable within one year | 42/48 | €864,412 | €1,565,367 | +€700,955 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €185,000 | €0 | -€185,000 | -100% |
| Credit institutions | 430/8 | €185,000 | €0 | -€185,000 | -100% |
| Trade debts | 44 | €12,920 | €619,605 | +€606,684 | +4,696% |
| Suppliers | 440/4 | €12,920 | €619,605 | +€606,684 | +4,696% |
| Taxes, remuneration and social security | 45 | €0 | €3,929 | +€3,929 | |
| Taxes | 450/3 | €0 | €3,929 | +€3,929 | |
| Other amounts payable | 47/48 | €666,492 | €941,834 | +€275,342 | +41.3% |
| Accrued charges and deferred income | 492/3 | €886 | €969 | +€83 | +9.3% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,674 | €15,717 | +€7,042 | +81.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,877 | -€5,810 | -€8,687 | |
| Other operating charges | 640/8 | €26,947 | €26,199 | -€747 | -2.8% |
| Non-recurring operating charges | 66A | - | €489,270 | +€489,270 | |
| Gross operating margin | 9900 | €107,495 | €158,256 | +€50,761 | +47.2% |
| Operating profit (loss) | 9901 | €68,997 | -€367,120 | -€436,117 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €15,035 | €9,921 | -€5,114 | -34.0% |
| Recurring financial charges | 65 | €15,035 | €7,596 | -€7,439 | -49.5% |
| Non-recurring financial charges | 66B | €0 | €2,325 | +€2,325 | |
| Profit (loss) for the period before taxes | 9903 | €53,962 | -€377,041 | -€431,003 | |
| Transfer from deferred taxes | 780 | - | €1,126 | +€1,126 | |
| Profit (loss) for the period | 9904 | €53,962 | -€375,915 | -€429,877 | |
| Transfer from tax-exempt reserves | 789 | - | €3,377 | +€3,377 | |
| Transfer to tax-exempt reserves | 689 | - | €260,400 | +€260,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,962 | -€632,939 | -€686,901 |
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 30 October 2026 via checked.be.