HEMDA: what changed
HEMDA
Largest movements
- Tangible fixed assets +€72,361
up €72,361 (+436%), from €16,608 to €88,970
of which Furniture and vehicles: +€73,756
- Cash +€51,798
up €51,798 (+718%), from €7,215 to €59,014
mainly Trade debts (+€82,599) and Debts after one year (+€59,513)
- Receivables within one year +€21,999
up €21,999 (+16.7%), from €131,563 to €153,562
of which Trade receivables: +€91,394
- Trade debts +€82,599
up €82,599 (+511%), from €16,163 to €98,763
- Debts after one year +€59,513
new in 2025: €59,513
- Current portion of long-term debt +€9,545
new in 2025: €9,545
- Tax, wage and social debts -€5,312
down €5,312 (-78.7%), from €6,747 to €1,435
- Depreciation +€6,129
up €6,129 (+208%), from €2,944 to €9,072
- Taxes -€2,239
down €2,239 (-83.1%), from €2,695 to €456
- Financial charges +€1,513
up €1,513 (+184%), from €822 to €2,335
- Gross operating margin +€1,047
up €1,047 (+8.3%), from €12,618 to €13,666
- Other operating charges -€615
down €615 (-24.1%), from €2,554 to €1,939
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €156,417 | €302,576 | +€146,158 | +93.4% |
| Fixed assets | 21/28 | €16,608 | €88,970 | +€72,361 | +436% |
| Tangible fixed assets | 22/27 | €16,608 | €88,970 | +€72,361 | +436% |
| Plant, machinery and equipment | 23 | €7,872 | €6,690 | -€1,183 | -15.0% |
| Furniture and vehicles | 24 | €7,559 | €81,315 | +€73,756 | +976% |
| Other tangible fixed assets | 26 | €1,178 | €965 | -€213 | -18.0% |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €139,809 | €213,606 | +€73,797 | +52.8% |
| Amounts receivable within one year | 40/41 | €131,563 | €153,562 | +€21,999 | +16.7% |
| Trade receivables | 40 | €14,224 | €105,618 | +€91,394 | +643% |
| Other amounts receivable | 41 | €117,340 | €47,944 | -€69,395 | -59.1% |
| Current investments | 50/53 | €1,030 | €1,030 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,215 | €59,014 | +€51,798 | +718% |
| Total equity and liabilities | 10/49 | €156,417 | €302,576 | +€146,158 | +93.4% |
| Equity | 10/15 | €133,507 | €133,320 | -€187 | -0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €121,107 | €121,107 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €210 | €210 | = | 0.0% |
| Distributable reserves | 133 | €119,037 | €119,037 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€187 | -€187 | |
| Amounts payable | 17/49 | €22,910 | €169,255 | +€146,345 | +639% |
| Amounts payable after more than one year | 17 | - | €59,513 | +€59,513 | |
| Financial debts | 170/4 | - | €59,513 | +€59,513 | |
| Amounts payable within one year | 42/48 | €22,910 | €109,742 | +€86,832 | +379% |
| Current portion of amounts payable after more than one year | 42 | - | €9,545 | +€9,545 | |
| Trade debts | 44 | €16,163 | €98,763 | +€82,599 | +511% |
| Suppliers | 440/4 | €16,163 | €98,763 | +€82,599 | +511% |
| Taxes, remuneration and social security | 45 | €6,747 | €1,435 | -€5,312 | -78.7% |
| Taxes | 450/3 | €6,747 | €1,435 | -€5,312 | -78.7% |
| Remuneration, social security and pensions | 62 | - | €50 | +€50 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,944 | €9,072 | +€6,129 | +208% |
| Other operating charges | 640/8 | €2,554 | €1,939 | -€615 | -24.1% |
| Gross operating margin | 9900 | €12,618 | €13,666 | +€1,047 | +8.3% |
| Operating profit (loss) | 9901 | €7,121 | €2,603 | -€4,517 | -63.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €822 | €2,335 | +€1,513 | +184% |
| Recurring financial charges | 65 | €822 | €2,335 | +€1,513 | +184% |
| Profit (loss) for the period before taxes | 9903 | €6,298 | €269 | -€6,029 | -95.7% |
| Income taxes | 67/77 | €2,695 | €456 | -€2,239 | -83.1% |
| Profit (loss) for the period | 9904 | €3,603 | -€187 | -€3,790 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,603 | -€187 | -€3,790 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.