HEPACO: 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.
HEPACO
Largest movements
- Cash +€19,024
up €19,024 (+40.7%), from €46,784 to €65,808
mainly Net result for the year (+€14,016) and Depreciation (+€5,712)
- Tangible fixed assets -€3,399
down €3,399 (-16.5%), from €20,614 to €17,216
of which Furniture and vehicles: -€5,246
- Receivables within one year -€2,792
down €2,792 (-32.5%), from €8,593 to €5,801
of which Trade receivables: -€2,942
- Receivables after one year -€1,000
no longer reported in 2025 (was €1,000)
- Reserves +€14,016
up €14,016 (+167%), from €8,378 to €22,394
- Trade debts -€1,583
down €1,583 (-60.0%), from €2,639 to €1,055
- Gross operating margin +€13,428
up €13,428 (+86.7%), from €15,479 to €28,907
- Taxes +€5,992
up €5,992 (+339%), from €1,768 to €7,759
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 | €78,856 | €91,118 | +€12,262 | +15.5% |
| Fixed assets | 21/28 | €20,614 | €17,216 | -€3,399 | -16.5% |
| Tangible fixed assets | 22/27 | €20,614 | €17,216 | -€3,399 | -16.5% |
| Plant, machinery and equipment | 23 | €3,027 | €4,875 | +€1,847 | +61.0% |
| Furniture and vehicles | 24 | €17,587 | €12,341 | -€5,246 | -29.8% |
| Current assets | 29/58 | €58,241 | €73,902 | +€15,660 | +26.9% |
| Amounts receivable after more than one year | 29 | €1,000 | - | -€1,000 | |
| Other amounts receivable | 291 | €1,000 | - | -€1,000 | |
| Amounts receivable within one year | 40/41 | €8,593 | €5,801 | -€2,792 | -32.5% |
| Trade receivables | 40 | €3,249 | €308 | -€2,942 | -90.5% |
| Other amounts receivable | 41 | €5,344 | €5,494 | +€150 | +2.8% |
| Cash at bank and in hand | 54/58 | €46,784 | €65,808 | +€19,024 | +40.7% |
| Deferred charges and accrued income | 490/1 | €1,864 | €2,292 | +€428 | +22.9% |
| Total equity and liabilities | 10/49 | €78,856 | €91,118 | +€12,262 | +15.5% |
| Equity | 10/15 | €71,681 | €85,697 | +€14,016 | +19.6% |
| Contributions | 10/11 | €20,592 | €20,592 | = | 0.0% |
| Reserves | 13 | €8,378 | €22,394 | +€14,016 | +167% |
| Distributable reserves | 133 | €8,378 | €22,394 | +€14,016 | +167% |
| Profit (loss) carried forward | 14 | €42,711 | €42,711 | = | 0.0% |
| Amounts payable | 17/49 | €7,175 | €5,420 | -€1,755 | -24.5% |
| Amounts payable within one year | 42/48 | €7,175 | €5,420 | -€1,755 | -24.5% |
| Trade debts | 44 | €2,639 | €1,055 | -€1,583 | -60.0% |
| Suppliers | 440/4 | €2,639 | €1,055 | -€1,583 | -60.0% |
| Taxes, remuneration and social security | 45 | €4,536 | €4,365 | -€171 | -3.8% |
| Taxes | 450/3 | €4,536 | €4,365 | -€171 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,936 | €5,712 | -€224 | -3.8% |
| Other operating charges | 640/8 | €1,297 | €1,368 | +€71 | +5.5% |
| Gross operating margin | 9900 | €15,479 | €28,907 | +€13,428 | +86.7% |
| Operating profit (loss) | 9901 | €8,246 | €21,827 | +€13,581 | +165% |
| Financial income | 75/76B | €605 | €678 | +€73 | +12.1% |
| Recurring financial income | 75 | €605 | €678 | +€73 | +12.1% |
| Financial charges | 65/66B | €765 | €730 | -€35 | -4.6% |
| Recurring financial charges | 65 | €765 | €730 | -€35 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €8,086 | €21,775 | +€13,689 | +169% |
| Income taxes | 67/77 | €1,768 | €7,759 | +€5,992 | +339% |
| Profit (loss) for the period | 9904 | €6,318 | €14,016 | +€7,698 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €6,318 | €14,016 | +€7,698 | +122% |
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 13 October 2026 via checked.be.