Hemingway: 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.
Hemingway
Largest movements
- Tangible fixed assets -€37,005
down €37,005 (-13.2%), from €280,522 to €243,518
of which Other tangible fixed assets: -€24,176
- Receivables within one year +€8,974
up €8,974 (+15.1%), from €59,443 to €68,417
of which Other amounts receivable: +€23,510
- Stocks and contracts -€6,114
down €6,114 (-19.0%), from €32,100 to €25,986
- Cash +€5,740
up €5,740 (+21.7%), from €26,498 to €32,238
mainly Depreciation (+€57,023) and Tax, wage and social debts (+€29,704)
- Deferred charges and accrued income +€5,500
new in 2025: €5,500
- Debts after one year -€31,057
down €31,057 (-29.0%), from €107,110 to €76,053
- Tax, wage and social debts +€29,704
up €29,704 (+143%), from €20,731 to €50,434
of which Taxes: +€20,480
- Other debts -€27,455
down €27,455 (-58.8%), from €46,679 to €19,224
- Trade debts +€4,105
up €4,105 (+5.0%), from €81,560 to €85,665
- Gross operating margin +€35,616
up €35,616 (+18.5%), from €192,044 to €227,660
- Staff costs +€25,011
up €25,011 (+22.1%), from €113,059 to €138,070
- Financial charges +€4,076
up €4,076 (+59.8%), from €6,822 to €10,898
- Depreciation +€4,053
up €4,053 (+7.7%), from €52,970 to €57,023
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 | €408,284 | €385,379 | -€22,905 | -5.6% |
| Fixed assets | 21/28 | €290,242 | €253,238 | -€37,005 | -12.7% |
| Tangible fixed assets | 22/27 | €280,522 | €243,518 | -€37,005 | -13.2% |
| Plant, machinery and equipment | 23 | €11,074 | €6,204 | -€4,870 | -44.0% |
| Furniture and vehicles | 24 | €49,293 | €41,335 | -€7,959 | -16.1% |
| Other tangible fixed assets | 26 | €220,155 | €195,979 | -€24,176 | -11.0% |
| Financial fixed assets | 28 | €9,720 | €9,720 | = | 0.0% |
| Current assets | 29/58 | €118,042 | €132,141 | +€14,099 | +11.9% |
| Stocks and contracts in progress | 3 | €32,100 | €25,986 | -€6,114 | -19.0% |
| Stocks | 30/36 | €32,100 | €25,986 | -€6,114 | -19.0% |
| Amounts receivable within one year | 40/41 | €59,443 | €68,417 | +€8,974 | +15.1% |
| Trade receivables | 40 | €21,166 | €6,630 | -€14,536 | -68.7% |
| Other amounts receivable | 41 | €38,277 | €61,787 | +€23,510 | +61.4% |
| Cash at bank and in hand | 54/58 | €26,498 | €32,238 | +€5,740 | +21.7% |
| Deferred charges and accrued income | 490/1 | - | €5,500 | +€5,500 | |
| Total equity and liabilities | 10/49 | €408,284 | €385,379 | -€22,905 | -5.6% |
| Equity | 10/15 | €116,763 | €119,966 | +€3,202 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,163 | €101,366 | +€3,202 | +3.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €98,163 | €101,366 | +€3,202 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €291,521 | €265,413 | -€26,107 | -9.0% |
| Amounts payable after more than one year | 17 | €107,110 | €76,053 | -€31,057 | -29.0% |
| Financial debts | 170/4 | €107,110 | €76,053 | -€31,057 | -29.0% |
| Amounts payable within one year | 42/48 | €184,411 | €189,360 | +€4,949 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €35,442 | €34,037 | -€1,405 | -4.0% |
| Trade debts | 44 | €81,560 | €85,665 | +€4,105 | +5.0% |
| Suppliers | 440/4 | €81,560 | €85,665 | +€4,105 | +5.0% |
| Taxes, remuneration and social security | 45 | €20,731 | €50,434 | +€29,704 | +143% |
| Taxes | 450/3 | €5,866 | €26,346 | +€20,480 | +349% |
| Remuneration and social security | 454/9 | €14,864 | €24,088 | +€9,224 | +62.1% |
| Other amounts payable | 47/48 | €46,679 | €19,224 | -€27,455 | -58.8% |
| Remuneration, social security and pensions | 62 | €113,059 | €138,070 | +€25,011 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,970 | €57,023 | +€4,053 | +7.7% |
| Other operating charges | 640/8 | €14,816 | €16,721 | +€1,905 | +12.9% |
| Gross operating margin | 9900 | €192,044 | €227,660 | +€35,616 | +18.5% |
| Operating profit (loss) | 9901 | €11,199 | €15,846 | +€4,646 | +41.5% |
| Financial income | 75/76B | €202 | €874 | +€672 | +333% |
| Recurring financial income | 75 | €202 | €874 | +€672 | +333% |
| Financial charges | 65/66B | €6,822 | €10,898 | +€4,076 | +59.8% |
| Recurring financial charges | 65 | €6,822 | €10,898 | +€4,076 | +59.8% |
| Profit (loss) for the period before taxes | 9903 | €4,580 | €5,822 | +€1,242 | +27.1% |
| Income taxes | 67/77 | €1,084 | €1,787 | +€703 | +64.8% |
| Profit (loss) for the period | 9904 | €3,496 | €4,035 | +€540 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,496 | €4,035 | +€540 | +15.4% |
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 18 October 2026 via checked.be.