HEMERAD: 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.
HEMERAD
Largest movements
- Receivables within one year +€24,743
up €24,743 (+19.5%), from €126,575 to €151,318
- Cash +€15,852
up €15,852 (+6.9%), from €230,553 to €246,404
mainly Net result for the year (+€158,133) and Depreciation (+€14,952)
- Tangible fixed assets -€8,999
down €8,999 (-16.6%), from €54,254 to €45,255
- Reserves +€158,133
up €158,133 (+63.5%), from €248,890 to €407,023
- Tax, wage and social debts -€80,610
down €80,610 (-69.2%), from €116,454 to €35,845
- Trade debts -€28,785
no longer reported in 2025 (was €28,785)
- Debts after one year -€12,298
down €12,298 (-30.8%), from €39,942 to €27,645
- Other debts -€5,862
down €5,862 (-96.8%), from €6,054 to €192
- Gross operating margin +€80,136
up €80,136 (+52.3%), from €153,101 to €233,237
- Taxes +€18,480
up €18,480 (+46.1%), from €40,044 to €58,523
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 | €457,461 | €488,041 | +€30,580 | +6.7% |
| Fixed assets | 21/28 | €54,254 | €45,255 | -€8,999 | -16.6% |
| Tangible fixed assets | 22/27 | €54,254 | €45,255 | -€8,999 | -16.6% |
| Furniture and vehicles | 24 | €54,254 | €45,255 | -€8,999 | -16.6% |
| Current assets | 29/58 | €403,207 | €442,786 | +€39,579 | +9.8% |
| Amounts receivable within one year | 40/41 | €126,575 | €151,318 | +€24,743 | +19.5% |
| Trade receivables | 40 | €126,575 | €151,318 | +€24,743 | +19.5% |
| Current investments | 50/53 | €41,000 | €41,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €230,553 | €246,404 | +€15,852 | +6.9% |
| Deferred charges and accrued income | 490/1 | €5,079 | €4,064 | -€1,016 | -20.0% |
| Total equity and liabilities | 10/49 | €457,461 | €488,041 | +€30,580 | +6.7% |
| Equity | 10/15 | €253,928 | €412,061 | +€158,133 | +62.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €248,890 | €407,023 | +€158,133 | +63.5% |
| Distributable reserves | 133 | €248,890 | €407,023 | +€158,133 | +63.5% |
| Profit (loss) carried forward | 14 | €39 | €39 | = | 0.0% |
| Amounts payable | 17/49 | €203,532 | €75,979 | -€127,553 | -62.7% |
| Amounts payable after more than one year | 17 | €39,942 | €27,645 | -€12,298 | -30.8% |
| Financial debts | 170/4 | €39,942 | €27,645 | -€12,298 | -30.8% |
| Amounts payable within one year | 42/48 | €163,590 | €48,334 | -€115,256 | -70.5% |
| Current portion of amounts payable after more than one year | 42 | €12,298 | €12,298 | = | 0.0% |
| Trade debts | 44 | €28,785 | - | -€28,785 | |
| Suppliers | 440/4 | €28,785 | - | -€28,785 | |
| Taxes, remuneration and social security | 45 | €116,454 | €35,845 | -€80,610 | -69.2% |
| Taxes | 450/3 | €116,454 | €35,845 | -€80,610 | -69.2% |
| Other amounts payable | 47/48 | €6,054 | €192 | -€5,862 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,682 | €14,952 | +€2,270 | +17.9% |
| Other operating charges | 640/8 | €1,752 | €295 | -€1,457 | -83.2% |
| Gross operating margin | 9900 | €153,101 | €233,237 | +€80,136 | +52.3% |
| Operating profit (loss) | 9901 | €138,666 | €217,989 | +€79,323 | +57.2% |
| Financial charges | 65/66B | €1,183 | €1,333 | +€150 | +12.7% |
| Recurring financial charges | 65 | €1,183 | €1,333 | +€150 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €137,483 | €216,656 | +€79,173 | +57.6% |
| Income taxes | 67/77 | €40,044 | €58,523 | +€18,480 | +46.1% |
| Profit (loss) for the period | 9904 | €97,440 | €158,133 | +€60,693 | +62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,440 | €158,133 | +€60,693 | +62.3% |
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 29 September 2026 via checked.be.