HEPAT: 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.
HEPAT
Largest movements
- Current investments -€239,042
down €239,042 (-59.6%), from €401,286 to €162,244
- Financial fixed assets -€200,000
down €200,000 (-97.3%), from €205,450 to €5,450
- Receivables after one year +€147,000
new in 2025: €147,000
- Tangible fixed assets -€53,242
down €53,242 (-9.1%), from €582,480 to €529,238
of which Land and buildings: -€42,711
- Cash -€47,528
down €47,528 (-97.7%), from €48,642 to €1,114
mainly Debts after one year (-€237,000) and Receivables after one year (-€147,000)
- Debts after one year -€237,000
down €237,000 (-62.8%), from €377,166 to €140,166
of which Other amounts payable: -€200,000
- Reserves -€98,791
down €98,791 (-12.1%), from €817,340 to €718,549
- Tax, wage and social debts -€47,995
down €47,995 (-85.2%), from €56,354 to €8,359
of which Taxes: -€47,995
- Gross operating margin +€62,433
up €62,433 (+465%), from €13,416 to €75,850
- Financial income +€53,286
up €53,286 (+4,050%), from €1,316 to €54,601
of which Financial income: +€53,286
- Provisions +€38,729
up €38,729, from -€38,729 to €0
- Taxes +€4,336
up €4,336 (+3,236%), from €134 to €4,470
- Financial charges -€4,103
down €4,103 (-27.6%), from €14,860 to €10,757
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 | €1,298,556 | €920,838 | -€377,718 | -29.1% |
| Fixed assets | 21/28 | €787,930 | €534,688 | -€253,242 | -32.1% |
| Tangible fixed assets | 22/27 | €582,480 | €529,238 | -€53,242 | -9.1% |
| Land and buildings | 22 | €537,094 | €494,383 | -€42,711 | -8.0% |
| Plant, machinery and equipment | 23 | €522 | €385 | -€137 | -26.2% |
| Furniture and vehicles | 24 | €33,341 | €24,443 | -€8,897 | -26.7% |
| Other tangible fixed assets | 26 | €11,524 | €10,027 | -€1,497 | -13.0% |
| Financial fixed assets | 28 | €205,450 | €5,450 | -€200,000 | -97.3% |
| Current assets | 29/58 | €510,625 | €386,150 | -€124,476 | -24.4% |
| Amounts receivable after more than one year | 29 | - | €147,000 | +€147,000 | |
| Other amounts receivable | 291 | - | €147,000 | +€147,000 | |
| Stocks and contracts in progress | 3 | €45,191 | €59,753 | +€14,562 | +32.2% |
| Stocks | 30/36 | €45,191 | €59,753 | +€14,562 | +32.2% |
| Amounts receivable within one year | 40/41 | €6,953 | €6,897 | -€56 | -0.8% |
| Trade receivables | 40 | €5,667 | €6,877 | +€1,210 | +21.3% |
| Other amounts receivable | 41 | €1,286 | €20 | -€1,266 | -98.4% |
| Current investments | 50/53 | €401,286 | €162,244 | -€239,042 | -59.6% |
| Cash at bank and in hand | 54/58 | €48,642 | €1,114 | -€47,528 | -97.7% |
| Deferred charges and accrued income | 490/1 | €8,553 | €9,141 | +€589 | +6.9% |
| Total equity and liabilities | 10/49 | €1,298,556 | €920,838 | -€377,718 | -29.1% |
| Equity | 10/15 | €835,940 | €737,149 | -€98,791 | -11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €817,340 | €718,549 | -€98,791 | -12.1% |
| Distributable reserves | 133 | €817,340 | €718,549 | -€98,791 | -12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €462,616 | €183,689 | -€278,927 | -60.3% |
| Amounts payable after more than one year | 17 | €377,166 | €140,166 | -€237,000 | -62.8% |
| Financial debts | 170/4 | €177,166 | €140,166 | -€37,000 | -20.9% |
| Other amounts payable | 178/9 | €200,000 | €0 | -€200,000 | -100% |
| Amounts payable within one year | 42/48 | €84,775 | €41,793 | -€42,982 | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €11,000 | €11,000 | = | 0.0% |
| Financial debts | 43 | €7,635 | €14,752 | +€7,117 | +93.2% |
| Credit institutions | 430/8 | €7,635 | €14,752 | +€7,117 | +93.2% |
| Trade debts | 44 | €8,297 | €7,388 | -€909 | -11.0% |
| Suppliers | 440/4 | €8,297 | €7,388 | -€909 | -11.0% |
| Taxes, remuneration and social security | 45 | €56,354 | €8,359 | -€47,995 | -85.2% |
| Taxes | 450/3 | €56,354 | €8,359 | -€47,995 | -85.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,489 | €294 | -€1,195 | -80.3% |
| Accrued charges and deferred income | 492/3 | €675 | €1,730 | +€1,055 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,235 | €63,323 | -€912 | -1.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€38,729 | €0 | +€38,729 | |
| Other operating charges | 640/8 | €7,852 | €8,520 | +€667 | +8.5% |
| Gross operating margin | 9900 | €13,416 | €75,850 | +€62,433 | +465% |
| Operating profit (loss) | 9901 | -€19,943 | €4,006 | +€23,949 | |
| Financial income | 75/76B | €1,316 | €54,601 | +€53,286 | +4,050% |
| Recurring financial income | 75 | €1,316 | €54,601 | +€53,286 | +4,050% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €14,860 | €10,757 | -€4,103 | -27.6% |
| Recurring financial charges | 65 | €14,860 | €10,757 | -€4,103 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,487 | €47,850 | +€81,338 | |
| Income taxes | 67/77 | €134 | €4,470 | +€4,336 | +3,236% |
| Profit (loss) for the period | 9904 | -€33,621 | €43,380 | +€77,002 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,621 | €43,380 | +€77,002 |
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 26 October 2026 via checked.be.