HEPACO: 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.
HEPACO
Largest movements
- Receivables within one year +€31,173
up €31,173 (+36.5%), from €85,357 to €116,530
of which Other amounts receivable: +€21,122
- Cash +€29,531
up €29,531 (+82.8%), from €35,673 to €65,204
mainly Depreciation (+€54,212) and Net result for the year (+€40,014)
- Reserves +€35,000
up €35,000 (+34.2%), from €102,193 to €137,193
of which Distributable reserves: +€35,000
- Debts after one year +€26,450
up €26,450 (+201.9%), from €13,103 to €39,553
- Trade debts -€8,826
down €8,826 (-45.7%), from €19,327 to €10,501
- Current portion of long-term debt +€7,613
up €7,613 (+27.8%), from €27,395 to €35,009
- Gross operating margin -€21,316
down €21,316 (-16.2%), from €131,231 to €109,915
- Depreciation +€10,113
up €10,113 (+22.9%), from €44,099 to €54,212
- Taxes -€7,793
down €7,793 (-34.4%), from €22,653 to €14,860
- Financial income +€2,333
up €2,333 (+70.0%), from €3,332 to €5,664
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 | €635,898 | €699,722 | +€63,823 | +10.0% |
| Fixed assets | 21/28 | €513,240 | €514,335 | +€1,095 | +0.2% |
| Tangible fixed assets | 22/27 | €513,195 | €514,290 | +€1,095 | +0.2% |
| Land and buildings | 22 | €353,966 | €337,603 | -€16,363 | -4.6% |
| Plant, machinery and equipment | 23 | €47,985 | €40,624 | -€7,362 | -15.3% |
| Furniture and vehicles | 24 | €111,244 | €136,064 | +€24,819 | +22.3% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €122,658 | €185,386 | +€62,728 | +51.1% |
| Amounts receivable within one year | 40/41 | €85,357 | €116,530 | +€31,173 | +36.5% |
| Trade receivables | 40 | €29,851 | €39,902 | +€10,051 | +33.7% |
| Other amounts receivable | 41 | €55,506 | €76,628 | +€21,122 | +38.1% |
| Cash at bank and in hand | 54/58 | €35,673 | €65,204 | +€29,531 | +82.8% |
| Deferred charges and accrued income | 490/1 | €1,629 | €3,653 | +€2,024 | +124.3% |
| Total equity and liabilities | 10/49 | €635,898 | €699,722 | +€63,823 | +10.0% |
| Equity | 10/15 | €551,695 | €591,709 | +€40,014 | +7.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €102,193 | €137,193 | +€35,000 | +34.2% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,996 | €5,996 | = | 0.0% |
| Distributable reserves | 133 | €90,000 | €125,000 | +€35,000 | +38.9% |
| Profit (loss) carried forward | 14 | €387,529 | €392,543 | +€5,014 | +1.3% |
| Amounts payable | 17/49 | €84,203 | €108,012 | +€23,809 | +28.3% |
| Amounts payable after more than one year | 17 | €13,103 | €39,553 | +€26,450 | +201.9% |
| Financial debts | 170/4 | €13,103 | €39,553 | +€26,450 | +201.9% |
| Amounts payable within one year | 42/48 | €71,100 | €68,459 | -€2,640 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €27,395 | €35,009 | +€7,613 | +27.8% |
| Trade debts | 44 | €19,327 | €10,501 | -€8,826 | -45.7% |
| Suppliers | 440/4 | €19,327 | €10,501 | -€8,826 | -45.7% |
| Taxes, remuneration and social security | 45 | €24,378 | €22,950 | -€1,428 | -5.9% |
| Taxes | 450/3 | €24,378 | €20,618 | -€3,760 | -15.4% |
| Remuneration and social security | 454/9 | - | €2,332 | +€2,332 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,099 | €54,212 | +€10,113 | +22.9% |
| Other operating charges | 640/8 | €5,376 | €4,267 | -€1,110 | -20.6% |
| Gross operating margin | 9900 | €131,231 | €109,915 | -€21,316 | -16.2% |
| Operating profit (loss) | 9901 | €81,756 | €51,437 | -€30,319 | -37.1% |
| Financial income | 75/76B | €3,332 | €5,664 | +€2,333 | +70.0% |
| Recurring financial income | 75 | €3,332 | €5,664 | +€2,333 | +70.0% |
| Financial charges | 65/66B | €1,610 | €2,227 | +€617 | +38.3% |
| Recurring financial charges | 65 | €1,610 | €2,227 | +€617 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €83,478 | €54,874 | -€28,604 | -34.3% |
| Income taxes | 67/77 | €22,653 | €14,860 | -€7,793 | -34.4% |
| Profit (loss) for the period | 9904 | €60,825 | €40,014 | -€20,811 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,825 | €40,014 | -€20,811 | -34.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.