HEMIFAR: 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.
HEMIFAR
Largest movements
- Receivables within one year +€80,483
up €80,483 (+58.1%), from €138,429 to €218,911
of which Trade receivables: +€82,265
- Tangible fixed assets -€48,015
down €48,015 (-17.0%), from €282,930 to €234,915
of which Leasing and similar rights: -€31,010
- Cash -€26,657
down €26,657 (-26.5%), from €100,748 to €74,091
mainly Receivables within one year (-€80,483) and Other debts (-€46,382)
- Other debts -€46,382
down €46,382 (-13.3%), from €347,906 to €301,524
- Reserves +€42,403
up €42,403 (+105%), from €40,472 to €82,875
- Tax, wage and social debts +€23,533
up €23,533 (+142%), from €16,565 to €40,098
of which Remuneration and social security: +€15,760
- Current portion of long-term debt -€15,917
down €15,917 (-20.6%), from €77,298 to €61,381
- Debts after one year -€15,220
down €15,220 (-46.9%), from €32,442 to €17,223
- Gross operating margin +€31,297
up €31,297 (+11.0%), from €284,093 to €315,391
- Depreciation -€27,311
down €27,311 (-37.9%), from €72,081 to €44,770
- Staff costs +€17,497
up €17,497 (+12.5%), from €140,530 to €158,027
- Taxes +€8,132
up €8,132 (+96.2%), from €8,457 to €16,590
- Financial income +€3,156
up €3,156 (+448%), from €704 to €3,860
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.
Derived cash bridge
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 | €721,492 | €724,505 | +€3,013 | +0.4% |
| Fixed assets | 21/28 | €287,930 | €239,915 | -€48,015 | -16.7% |
| Tangible fixed assets | 22/27 | €282,930 | €234,915 | -€48,015 | -17.0% |
| Plant, machinery and equipment | 23 | €249,042 | €234,915 | -€14,127 | -5.7% |
| Furniture and vehicles | 24 | €2,879 | €0 | -€2,879 | -100% |
| Leasing and similar rights | 25 | €31,010 | €0 | -€31,010 | -100% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €433,561 | €484,590 | +€51,029 | +11.8% |
| Stocks and contracts in progress | 3 | €186,538 | €186,410 | -€129 | -0.1% |
| Stocks | 30/36 | €186,538 | €186,410 | -€129 | -0.1% |
| Amounts receivable within one year | 40/41 | €138,429 | €218,911 | +€80,483 | +58.1% |
| Trade receivables | 40 | €127,261 | €209,527 | +€82,265 | +64.6% |
| Other amounts receivable | 41 | €11,168 | €9,385 | -€1,783 | -16.0% |
| Cash at bank and in hand | 54/58 | €100,748 | €74,091 | -€26,657 | -26.5% |
| Deferred charges and accrued income | 490/1 | €7,847 | €5,178 | -€2,669 | -34.0% |
| Total equity and liabilities | 10/49 | €721,492 | €724,505 | +€3,013 | +0.4% |
| Equity | 10/15 | €65,472 | €107,875 | +€42,403 | +64.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €40,472 | €82,875 | +€42,403 | +105% |
| Distributable reserves | 133 | €40,472 | €82,875 | +€42,403 | +105% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €656,020 | €616,630 | -€39,390 | -6.0% |
| Amounts payable after more than one year | 17 | €32,442 | €17,223 | -€15,220 | -46.9% |
| Financial debts | 170/4 | €32,442 | €17,223 | -€15,220 | -46.9% |
| Amounts payable within one year | 42/48 | €623,577 | €595,981 | -€27,596 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €77,298 | €61,381 | -€15,917 | -20.6% |
| Trade debts | 44 | €181,809 | €192,979 | +€11,170 | +6.1% |
| Suppliers | 440/4 | €181,809 | €192,979 | +€11,170 | +6.1% |
| Taxes, remuneration and social security | 45 | €16,565 | €40,098 | +€23,533 | +142% |
| Taxes | 450/3 | €2,207 | €9,980 | +€7,773 | +352% |
| Remuneration and social security | 454/9 | €14,358 | €30,117 | +€15,760 | +110% |
| Other amounts payable | 47/48 | €347,906 | €301,524 | -€46,382 | -13.3% |
| Accrued charges and deferred income | 492/3 | - | €3,425 | +€3,425 | |
| Non-recurring operating income | 76A | - | €8,659 | +€8,659 | |
| Remuneration, social security and pensions | 62 | €140,530 | €158,027 | +€17,497 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,081 | €44,770 | -€27,311 | -37.9% |
| Other operating charges | 640/8 | €7,568 | €4,707 | -€2,861 | -37.8% |
| Non-recurring operating charges | 66A | - | €42,190 | +€42,190 | |
| Gross operating margin | 9900 | €284,093 | €315,391 | +€31,297 | +11.0% |
| Operating profit (loss) | 9901 | €63,914 | €65,697 | +€1,783 | +2.8% |
| Financial income | 75/76B | €704 | €3,860 | +€3,156 | +448% |
| Recurring financial income | 75 | €704 | €3,860 | +€3,156 | +448% |
| Financial charges | 65/66B | €11,384 | €10,563 | -€821 | -7.2% |
| Recurring financial charges | 65 | €11,384 | €10,563 | -€821 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €53,234 | €58,993 | +€5,759 | +10.8% |
| Income taxes | 67/77 | €8,457 | €16,590 | +€8,132 | +96.2% |
| Profit (loss) for the period | 9904 | €44,776 | €42,403 | -€2,373 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,776 | €42,403 | -€2,373 | -5.3% |
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 14 October 2026 via checked.be.