HEMELS: 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.
HEMELS
Largest movements
- Tangible fixed assets +€543,785
up €543,785 (+75.3%), from €721,814 to €1.3m
of which Land and buildings: +€562,872
- Cash +€102,345
up €102,345 (+60.6%), from €168,944 to €271,288
mainly Net result for the year (+€1.3m) and Depreciation (+€42,163)
- Profit (loss) carried forward +€1.3m
up €1.3m (+520.8%), from €252,283 to €1.6m
- Other debts -€484,297
down €484,297 (-85.6%), from €565,497 to €81,200
- Current portion of long-term debt -€130,807
down €130,807 (-68.2%), from €191,774 to €60,968
- Financial income +€1.1m
up €1.1m (+5519.3%), from €20,010 to €1.1m
- Gross operating margin +€285,720
up €285,720 (+236.2%), from €120,978 to €406,697
- Other operating charges +€72,323
up €72,323 (+535.3%), from €13,511 to €85,834
- Taxes +€50,304
up €50,304 (+205.5%), from €24,483 to €74,786
- Depreciation +€7,961
up €7,961 (+23.3%), from €34,202 to €42,163
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 | €6,402,136 | €7,049,347 | +€647,211 | +10.1% |
| Fixed assets | 21/28 | €6,203,363 | €6,747,148 | +€543,785 | +8.8% |
| Tangible fixed assets | 22/27 | €721,814 | €1,265,599 | +€543,785 | +75.3% |
| Land and buildings | 22 | €665,598 | €1,228,470 | +€562,872 | +84.6% |
| Leasing and similar rights | 25 | €56,216 | €37,129 | -€19,087 | -34.0% |
| Financial fixed assets | 28 | €5,481,549 | €5,481,549 | = | 0.0% |
| Current assets | 29/58 | €198,773 | €302,199 | +€103,426 | +52.0% |
| Amounts receivable within one year | 40/41 | €26,379 | €27,423 | +€1,045 | +4.0% |
| Trade receivables | 40 | €21,780 | €22,651 | +€871 | +4.0% |
| Other amounts receivable | 41 | €4,599 | €4,772 | +€174 | +3.8% |
| Cash at bank and in hand | 54/58 | €168,944 | €271,288 | +€102,345 | +60.6% |
| Deferred charges and accrued income | 490/1 | €3,451 | €3,487 | +€36 | +1.1% |
| Total equity and liabilities | 10/49 | €6,402,136 | €7,049,347 | +€647,211 | +10.1% |
| Equity | 10/15 | €5,324,653 | €6,638,546 | +€1.3m | +24.7% |
| Contributions | 10/11 | €2,700,000 | €2,700,000 | = | 0.0% |
| Reserves | 13 | €2,372,370 | €2,372,370 | = | 0.0% |
| Distributable reserves | 133 | €2,372,370 | €2,372,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | €252,283 | €1,566,176 | +€1.3m | +520.8% |
| Amounts payable | 17/49 | €1,077,483 | €410,800 | -€666,683 | -61.9% |
| Amounts payable after more than one year | 17 | €252,456 | €191,488 | -€60,968 | -24.1% |
| Financial debts | 170/4 | €252,456 | €191,488 | -€60,968 | -24.1% |
| Amounts payable within one year | 42/48 | €825,027 | €218,916 | -€606,111 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €191,774 | €60,968 | -€130,807 | -68.2% |
| Trade debts | 44 | €2,100 | €2,053 | -€47 | -2.2% |
| Suppliers | 440/4 | €2,100 | €2,053 | -€47 | -2.2% |
| Taxes, remuneration and social security | 45 | €65,656 | €74,696 | +€9,040 | +13.8% |
| Taxes | 450/3 | €65,656 | €62,696 | -€2,960 | -4.5% |
| Remuneration and social security | 454/9 | - | €12,000 | +€12,000 | |
| Other amounts payable | 47/48 | €565,497 | €81,200 | -€484,297 | -85.6% |
| Accrued charges and deferred income | 492/3 | - | €396 | +€396 | |
| Non-recurring operating income | 76A | - | €284,805 | +€284,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,202 | €42,163 | +€7,961 | +23.3% |
| Other operating charges | 640/8 | €13,511 | €85,834 | +€72,323 | +535.3% |
| Gross operating margin | 9900 | €120,978 | €406,697 | +€285,720 | +236.2% |
| Operating profit (loss) | 9901 | €73,265 | €278,700 | +€205,435 | +280.4% |
| Financial income | 75/76B | €20,010 | €1,124,416 | +€1.1m | +5519.3% |
| Recurring financial income | 75 | €20,010 | €1,124,416 | +€1.1m | +5519.3% |
| Financial charges | 65/66B | €21,122 | €14,435 | -€6,687 | -31.7% |
| Recurring financial charges | 65 | €21,122 | €14,435 | -€6,687 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €72,152 | €1,388,680 | +€1.3m | +1824.7% |
| Income taxes | 67/77 | €24,483 | €74,786 | +€50,304 | +205.5% |
| Profit (loss) for the period | 9904 | €47,670 | €1,313,893 | +€1.3m | +2656.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,670 | €1,313,893 | +€1.3m | +2656.2% |
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 12 October 2026 via checked.be.