HEMAX: 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.
HEMAX
Largest movements
- Tangible fixed assets -€59,724
down €59,724 (-4.2%), from €1.4m to €1.4m
- Cash -€14,595
down €14,595 (-96.6%), from €15,102 to €506
mainly Net result for the year (-€74,006) and Other debts (-€3,300)
- Profit (loss) carried forward -€74,006
down €74,006 (-11.5%), from -€645,286 to -€719,292
- Gross operating margin -€1,956
down €1,956 (-31.5%), from -€6,211 to -€8,167
- Other operating charges -€169
down €169 (-2.8%), from €6,094 to €5,925
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 | €1,450,188 | €1,376,030 | -€74,158 | -5.1% |
| Fixed assets | 21/28 | €1,433,371 | €1,373,647 | -€59,724 | -4.2% |
| Tangible fixed assets | 22/27 | €1,433,371 | €1,373,647 | -€59,724 | -4.2% |
| Land and buildings | 22 | €1,433,371 | €1,373,647 | -€59,724 | -4.2% |
| Current assets | 29/58 | €16,817 | €2,383 | -€14,434 | -85.8% |
| Amounts receivable within one year | 40/41 | €1,387 | €1,527 | +€141 | +10.1% |
| Trade receivables | 40 | €1,387 | €1,527 | +€141 | +10.1% |
| Cash at bank and in hand | 54/58 | €15,102 | €506 | -€14,595 | -96.6% |
| Deferred charges and accrued income | 490/1 | €329 | €349 | +€21 | +6.2% |
| Total equity and liabilities | 10/49 | €1,450,188 | €1,376,030 | -€74,158 | -5.1% |
| Equity | 10/15 | -€582,786 | -€656,792 | -€74,006 | -12.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€645,286 | -€719,292 | -€74,006 | -11.5% |
| Amounts payable | 17/49 | €2,032,974 | €2,032,822 | -€152 | 0.0% |
| Amounts payable within one year | 42/48 | €2,032,974 | €2,032,822 | -€152 | 0.0% |
| Trade debts | 44 | €608 | €3,756 | +€3,148 | +518.0% |
| Suppliers | 440/4 | €608 | €3,756 | +€3,148 | +518.0% |
| Other amounts payable | 47/48 | €2,032,366 | €2,029,066 | -€3,300 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,724 | €59,724 | = | 0.0% |
| Other operating charges | 640/8 | €6,094 | €5,925 | -€169 | -2.8% |
| Gross operating margin | 9900 | -€6,211 | -€8,167 | -€1,956 | -31.5% |
| Operating profit (loss) | 9901 | -€72,029 | -€73,816 | -€1,787 | -2.5% |
| Financial charges | 65/66B | €151 | €190 | +€39 | +25.9% |
| Recurring financial charges | 65 | €151 | €190 | +€39 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | -€72,180 | -€74,006 | -€1,826 | -2.5% |
| Profit (loss) for the period | 9904 | -€72,180 | -€74,006 | -€1,826 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,180 | -€74,006 | -€1,826 | -2.5% |
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 7 October 2026 via checked.be.