HEMACO: 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.
HEMACO
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+28.2%), from €5.2m to €6.6m
of which Land and buildings: +€1.5m
- Cash -€165,741
down €165,741 (-48.5%), from €341,789 to €176,049
mainly Investment in fixed assets (net) (-€1.8m) and Trade debts (-€413,654)
- Receivables within one year -€73,779
down €73,779 (-37.7%), from €195,475 to €121,697
of which Other amounts receivable: -€78,622
- Debts after one year +€1.5m
up €1.5m (+161.4%), from €906,650 to €2.4m
- Trade debts -€413,654
down €413,654 (-99.9%), from €414,155 to €501
- Other debts +€109,161
up €109,161 (+21.6%), from €505,526 to €614,687
- Gross operating margin -€2.6m
down €2.6m (-85.5%), from €3.0m to €438,980
- Depreciation +€49,851
up €49,851 (+16.9%), from €294,521 to €344,372
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 | €5,776,007 | €6,974,934 | +€1.2m | +20.8% |
| Fixed assets | 21/28 | €5,205,720 | €6,666,729 | +€1.5m | +28.1% |
| Tangible fixed assets | 22/27 | €5,186,420 | €6,647,430 | +€1.5m | +28.2% |
| Land and buildings | 22 | €5,181,279 | €6,640,947 | +€1.5m | +28.2% |
| Furniture and vehicles | 24 | €5,141 | €6,483 | +€1,342 | +26.1% |
| Financial fixed assets | 28 | €19,300 | €19,300 | = | 0.0% |
| Current assets | 29/58 | €570,288 | €308,205 | -€262,083 | -46.0% |
| Amounts receivable after more than one year | 29 | €20,000 | €0 | -€20,000 | -100.0% |
| Other amounts receivable | 291 | €20,000 | €0 | -€20,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €195,475 | €121,697 | -€73,779 | -37.7% |
| Trade receivables | 40 | - | €4,843 | +€4,843 | |
| Other amounts receivable | 41 | €195,475 | €116,854 | -€78,622 | -40.2% |
| Cash at bank and in hand | 54/58 | €341,789 | €176,049 | -€165,741 | -48.5% |
| Deferred charges and accrued income | 490/1 | €13,023 | €10,460 | -€2,563 | -19.7% |
| Total equity and liabilities | 10/49 | €5,776,007 | €6,974,934 | +€1.2m | +20.8% |
| Equity | 10/15 | €3,224,857 | €3,212,002 | -€12,855 | -0.4% |
| Contributions | 10/11 | €81,107 | €81,107 | = | 0.0% |
| Reserves | 13 | €3,143,750 | €3,130,895 | -€12,855 | -0.4% |
| Tax-exempt reserves | 132 | €1,970,758 | €1,913,273 | -€57,484 | -2.9% |
| Distributable reserves | 133 | €1,172,992 | €1,217,622 | +€44,629 | +3.8% |
| Provisions and deferred taxes | 16 | €656,919 | €637,758 | -€19,161 | -2.9% |
| Deferred taxes | 168 | €656,919 | €637,758 | -€19,161 | -2.9% |
| Amounts payable | 17/49 | €1,894,231 | €3,125,174 | +€1.2m | +65.0% |
| Amounts payable after more than one year | 17 | €906,650 | €2,369,612 | +€1.5m | +161.4% |
| Financial debts | 170/4 | €906,650 | €2,369,612 | +€1.5m | +161.4% |
| Amounts payable within one year | 42/48 | €978,031 | €742,968 | -€235,063 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €52,500 | €121,930 | +€69,430 | +132.2% |
| Trade debts | 44 | €414,155 | €501 | -€413,654 | -99.9% |
| Suppliers | 440/4 | €414,155 | €501 | -€413,654 | -99.9% |
| Taxes, remuneration and social security | 45 | €5,850 | €5,850 | = | 0.0% |
| Taxes | 450/3 | €5,850 | €5,850 | = | 0.0% |
| Other amounts payable | 47/48 | €505,526 | €614,687 | +€109,161 | +21.6% |
| Accrued charges and deferred income | 492/3 | €9,550 | €12,595 | +€3,045 | +31.9% |
| Non-recurring operating income | 76A | €2,569,105 | €1,358 | -€2.6m | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294,521 | €344,372 | +€49,851 | +16.9% |
| Other operating charges | 640/8 | €44,497 | €33,813 | -€10,684 | -24.0% |
| Gross operating margin | 9900 | €3,023,215 | €438,980 | -€2.6m | -85.5% |
| Operating profit (loss) | 9901 | €2,684,198 | €60,795 | -€2.6m | -97.7% |
| Financial income | 75/76B | €1,752 | €750 | -€1,002 | -57.2% |
| Recurring financial income | 75 | €1,752 | €750 | -€1,002 | -57.2% |
| Financial charges | 65/66B | €45,762 | €72,120 | +€26,358 | +57.6% |
| Recurring financial charges | 65 | €45,762 | €72,120 | +€26,358 | +57.6% |
| Profit (loss) for the period before taxes | 9903 | €2,640,188 | -€10,574 | -€2.7m | |
| Transfer from deferred taxes | 780 | €6,313 | €19,161 | +€12,849 | +203.5% |
| Transfer to deferred taxes | 680 | €633,649 | €0 | -€633,649 | -100.0% |
| Income taxes | 67/77 | €42,075 | €21,442 | -€20,633 | -49.0% |
| Profit (loss) for the period | 9904 | €1,970,776 | -€12,855 | -€2.0m | |
| Transfer from tax-exempt reserves | 789 | €18,938 | €57,484 | +€38,547 | +203.5% |
| Transfer to tax-exempt reserves | 689 | €1,900,947 | €0 | -€1.9m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,766 | €44,629 | -€44,137 | -49.7% |
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.