HEMAPA: 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.
HEMAPA
Largest movements
- Cash -€10,258
down €10,258 (-15.7%), from €65,353 to €55,095
mainly Other debts (-€6,267) and Debts after one year (-€5,234)
- Financial fixed assets -€5,126
no longer reported in 2025 (was €5,126)
- Receivables within one year +€4,372
up €4,372 (+67.7%), from €6,457 to €10,829
of which Trade receivables: +€4,719
- Tangible fixed assets -€1,696
down €1,696 (-2.4%), from €71,150 to €69,454
of which Land and buildings: -€3,301
- Other debts -€6,267
down €6,267 (-65.2%), from €9,615 to €3,348
- Debts after one year -€5,234
down €5,234 (-79.6%), from €6,578 to €1,344
- Tax, wage and social debts -€1,582
down €1,582 (-46.5%), from €3,402 to €1,820
- Gross operating margin +€7,282
up €7,282 (+133.9%), from €5,440 to €12,722
- Financial charges +€2,500
up €2,500 (+133.2%), from €1,877 to €4,377
of which Non-recurring financial charges: +€2,892
- Taxes +€1,847
up €1,847 (+636.2%), from €290 to €2,137
- Depreciation -€444
down €444 (-8.7%), from €5,104 to €4,660
- Financial income +€155
up €155 (+71.8%), from €216 to €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 | €148,170 | €135,378 | -€12,791 | -8.6% |
| Fixed assets | 21/28 | €76,276 | €69,454 | -€6,822 | -8.9% |
| Tangible fixed assets | 22/27 | €71,150 | €69,454 | -€1,696 | -2.4% |
| Land and buildings | 22 | €68,882 | €65,580 | -€3,301 | -4.8% |
| Plant, machinery and equipment | 23 | €2,268 | €988 | -€1,281 | -56.5% |
| Furniture and vehicles | 24 | - | €2,886 | +€2,886 | |
| Financial fixed assets | 28 | €5,126 | - | -€5,126 | |
| Current assets | 29/58 | €71,893 | €65,925 | -€5,969 | -8.3% |
| Amounts receivable within one year | 40/41 | €6,457 | €10,829 | +€4,372 | +67.7% |
| Trade receivables | 40 | €5,748 | €10,467 | +€4,719 | +82.1% |
| Other amounts receivable | 41 | €710 | €363 | -€347 | -48.9% |
| Cash at bank and in hand | 54/58 | €65,353 | €55,095 | -€10,258 | -15.7% |
| Deferred charges and accrued income | 490/1 | €83 | - | -€83 | |
| Total equity and liabilities | 10/49 | €148,170 | €135,378 | -€12,791 | -8.6% |
| Equity | 10/15 | €119,835 | €120,865 | +€1,030 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,676 | €95,706 | +€1,030 | +1.1% |
| Distributable reserves | 133 | €94,676 | €95,706 | +€1,030 | +1.1% |
| Profit (loss) carried forward | 14 | €6,559 | €6,559 | = | 0.0% |
| Amounts payable | 17/49 | €28,334 | €14,513 | -€13,821 | -48.8% |
| Amounts payable after more than one year | 17 | €6,578 | €1,344 | -€5,234 | -79.6% |
| Financial debts | 170/4 | €6,578 | €1,344 | -€5,234 | -79.6% |
| Amounts payable within one year | 42/48 | €21,757 | €13,170 | -€8,587 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €5,017 | €5,234 | +€217 | +4.3% |
| Trade debts | 44 | €3,722 | €2,768 | -€955 | -25.6% |
| Suppliers | 440/4 | €3,722 | €2,768 | -€955 | -25.6% |
| Taxes, remuneration and social security | 45 | €3,402 | €1,820 | -€1,582 | -46.5% |
| Taxes | 450/3 | €3,402 | €1,820 | -€1,582 | -46.5% |
| Other amounts payable | 47/48 | €9,615 | €3,348 | -€6,267 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,104 | €4,660 | -€444 | -8.7% |
| Other operating charges | 640/8 | €896 | €890 | -€6 | -0.7% |
| Gross operating margin | 9900 | €5,440 | €12,722 | +€7,282 | +133.9% |
| Operating profit (loss) | 9901 | -€560 | €7,172 | +€7,732 | |
| Financial income | 75/76B | €216 | €372 | +€155 | +71.8% |
| Recurring financial income | 75 | €216 | €372 | +€155 | +71.8% |
| Financial charges | 65/66B | €1,877 | €4,377 | +€2,500 | +133.2% |
| Recurring financial charges | 65 | €1,877 | €1,484 | -€393 | -20.9% |
| Non-recurring financial charges | 66B | - | €2,892 | +€2,892 | |
| Profit (loss) for the period before taxes | 9903 | -€2,221 | €3,167 | +€5,388 | |
| Income taxes | 67/77 | €290 | €2,137 | +€1,847 | +636.2% |
| Profit (loss) for the period | 9904 | -€2,511 | €1,030 | +€3,541 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,511 | €1,030 | +€3,541 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.