HePco: 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.
HePco
Largest movements
- Cash -€93,897
down €93,897 (-79.3%), from €118,432 to €24,535
mainly Contributions, distributions and other (-€247,812) and Tax, wage and social debts (-€2,280)
- Receivables within one year -€44,607
down €44,607 (-98.3%), from €45,375 to €768
of which Other amounts receivable: -€28,082
- Tangible fixed assets -€12,303
down €12,303 (-20.5%), from €60,153 to €47,850
- Profit (loss) carried forward -€113,946
down €113,946 (-56.4%), from €202,040 to €88,094
- Reserves -€45,772
down €45,772 (-12.5%), from €366,777 to €321,005
- Other debts +€10,928
up €10,928 (+975.8%), from €1,120 to €12,048
- Depreciation +€8,118
up €8,118 (+150.8%), from €5,383 to €13,501
- Gross operating margin +€2,751
up €2,751 (+2.1%), from €130,537 to €133,288
- Taxes -€1,537
down €1,537 (-4.7%), from €32,578 to €31,040
- Financial income -€1,448
down €1,448 (-100.0%), from €1,448 to €0
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 | €604,189 | €453,374 | -€150,815 | -25.0% |
| Fixed assets | 21/28 | €440,153 | €427,850 | -€12,303 | -2.8% |
| Tangible fixed assets | 22/27 | €60,153 | €47,850 | -€12,303 | -20.5% |
| Furniture and vehicles | 24 | €60,153 | €47,850 | -€12,303 | -20.5% |
| Financial fixed assets | 28 | €380,000 | €380,000 | = | 0.0% |
| Current assets | 29/58 | €164,036 | €25,524 | -€138,512 | -84.4% |
| Amounts receivable within one year | 40/41 | €45,375 | €768 | -€44,607 | -98.3% |
| Trade receivables | 40 | €17,293 | €768 | -€16,525 | -95.6% |
| Other amounts receivable | 41 | €28,082 | €0 | -€28,082 | -100.0% |
| Cash at bank and in hand | 54/58 | €118,432 | €24,535 | -€93,897 | -79.3% |
| Deferred charges and accrued income | 490/1 | €228 | €221 | -€8 | -3.4% |
| Total equity and liabilities | 10/49 | €604,189 | €453,374 | -€150,815 | -25.0% |
| Equity | 10/15 | €598,817 | €439,099 | -€159,718 | -26.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €366,777 | €321,005 | -€45,772 | -12.5% |
| Distributable reserves | 133 | €366,777 | €321,005 | -€45,772 | -12.5% |
| Profit (loss) carried forward | 14 | €202,040 | €88,094 | -€113,946 | -56.4% |
| Amounts payable | 17/49 | €5,372 | €14,275 | +€8,903 | +165.7% |
| Amounts payable within one year | 42/48 | €5,372 | €14,275 | +€8,903 | +165.7% |
| Trade debts | 44 | €156 | €411 | +€255 | +163.0% |
| Suppliers | 440/4 | €156 | €411 | +€255 | +163.0% |
| Taxes, remuneration and social security | 45 | €4,095 | €1,815 | -€2,280 | -55.7% |
| Taxes | 450/3 | €4,095 | €1,815 | -€2,280 | -55.7% |
| Other amounts payable | 47/48 | €1,120 | €12,048 | +€10,928 | +975.8% |
| Non-recurring operating income | 76A | €15,207 | €0 | -€15,207 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,383 | €13,501 | +€8,118 | +150.8% |
| Other operating charges | 640/8 | €654 | €553 | -€101 | -15.4% |
| Gross operating margin | 9900 | €130,537 | €133,288 | +€2,751 | +2.1% |
| Operating profit (loss) | 9901 | €124,501 | €119,235 | -€5,266 | -4.2% |
| Financial income | 75/76B | €1,448 | €0 | -€1,448 | -100.0% |
| Recurring financial income | 75 | €1,448 | €0 | -€1,448 | -100.0% |
| Financial charges | 65/66B | €104 | €100 | -€4 | -3.4% |
| Recurring financial charges | 65 | €104 | €100 | -€4 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €125,845 | €119,135 | -€6,711 | -5.3% |
| Income taxes | 67/77 | €32,578 | €31,040 | -€1,537 | -4.7% |
| Profit (loss) for the period | 9904 | €93,268 | €88,094 | -€5,173 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €93,268 | €88,094 | -€5,173 | -5.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.