HEPAAZ: 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.
HEPAAZ
Largest movements
- Receivables within one year +€143,958
up €143,958 (+118%), from €122,172 to €266,130
of which Trade receivables: +€102,143
- Cash -€58,246
down €58,246 (-45.4%), from €128,169 to €69,923
mainly Receivables within one year (-€143,958) and Investment in fixed assets (net) (-€53,883)
- Other debts +€72,818
up €72,818 (+36.6%), from €199,043 to €271,861
- Profit (loss) carried forward +€20,982
up €20,982 (+11.7%), from €179,101 to €200,082
- Gross operating margin -€17,270
down €17,270 (-11.3%), from €152,594 to €135,324
- Taxes -€3,694
down €3,694 (-29.2%), from €12,654 to €8,960
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 | €1,761,347 | €1,851,317 | +€89,970 | +5.1% |
| Fixed assets | 21/28 | €953,481 | €947,694 | -€5,786 | -0.6% |
| Tangible fixed assets | 22/27 | €953,481 | €947,694 | -€5,786 | -0.6% |
| Land and buildings | 22 | €942,688 | €896,863 | -€45,825 | -4.9% |
| Plant, machinery and equipment | 23 | €40 | €932 | +€892 | +2,215% |
| Furniture and vehicles | 24 | €10,752 | €49,899 | +€39,147 | +364% |
| Current assets | 29/58 | €807,867 | €903,622 | +€95,756 | +11.9% |
| Amounts receivable within one year | 40/41 | €122,172 | €266,130 | +€143,958 | +118% |
| Trade receivables | 40 | €81,668 | €183,811 | +€102,143 | +125% |
| Other amounts receivable | 41 | €40,504 | €82,319 | +€41,815 | +103% |
| Current investments | 50/53 | €550,000 | €560,000 | +€10,000 | +1.8% |
| Cash at bank and in hand | 54/58 | €128,169 | €69,923 | -€58,246 | -45.4% |
| Deferred charges and accrued income | 490/1 | €7,526 | €7,570 | +€44 | +0.6% |
| Total equity and liabilities | 10/49 | €1,761,347 | €1,851,317 | +€89,970 | +5.1% |
| Equity | 10/15 | €199,561 | €220,542 | +€20,982 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €179,101 | €200,082 | +€20,982 | +11.7% |
| Amounts payable | 17/49 | €1,561,786 | €1,630,775 | +€68,988 | +4.4% |
| Amounts payable after more than one year | 17 | €1,350,000 | €1,350,000 | = | 0.0% |
| Financial debts | 170/4 | €1,350,000 | €1,350,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €205,667 | €274,182 | +€68,515 | +33.3% |
| Trade debts | 44 | €5,964 | €2,321 | -€3,643 | -61.1% |
| Suppliers | 440/4 | €5,964 | €2,321 | -€3,643 | -61.1% |
| Taxes, remuneration and social security | 45 | €660 | - | -€660 | |
| Taxes | 450/3 | €660 | - | -€660 | |
| Other amounts payable | 47/48 | €199,043 | €271,861 | +€72,818 | +36.6% |
| Accrued charges and deferred income | 492/3 | €6,120 | €6,592 | +€473 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,179 | €59,669 | +€1,490 | +2.6% |
| Other operating charges | 640/8 | €8,851 | €9,224 | +€373 | +4.2% |
| Gross operating margin | 9900 | €152,594 | €135,324 | -€17,270 | -11.3% |
| Operating profit (loss) | 9901 | €85,564 | €66,431 | -€19,133 | -22.4% |
| Financial income | 75/76B | €17,120 | €17,574 | +€454 | +2.6% |
| Recurring financial income | 75 | €17,120 | €17,574 | +€454 | +2.6% |
| Financial charges | 65/66B | €54,059 | €54,063 | +€5 | 0.0% |
| Recurring financial charges | 65 | €54,059 | €54,063 | +€5 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €48,626 | €29,942 | -€18,684 | -38.4% |
| Income taxes | 67/77 | €12,654 | €8,960 | -€3,694 | -29.2% |
| Profit (loss) for the period | 9904 | €35,972 | €20,982 | -€14,990 | -41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,972 | €20,982 | -€14,990 | -41.7% |
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 24 October 2026 via checked.be.