HEPE STEMAX: 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.
HEPE STEMAX
Largest movements
- Tangible fixed assets +€596,082
up €596,082 (+14.8%), from €4.0m to €4.6m
of which Land and buildings: +€601,796
- Receivables within one year -€91,545
down €91,545 (-87.7%), from €104,398 to €12,853
of which Trade receivables: -€87,668
- Cash +€66,723
up €66,723 (+386.8%), from €17,252 to €83,975
mainly Other debts (+€506,018) and Current portion of long-term debt (+€345,000)
- Other debts +€506,018
up €506,018 (+17.2%), from €2.9m to €3.4m
- Current portion of long-term debt +€345,000
up €345,000 (+35.2%), from €978,800 to €1.3m
- Profit (loss) carried forward -€171,472
down €171,472 (-138.7%), from -€123,658 to -€295,129
- Debts after one year -€83,800
down €83,800 (-20.6%), from €407,566 to €323,766
- Financial charges +€31,089
up €31,089 (+64.1%), from €48,467 to €79,557
- Gross operating margin +€29,279
up €29,279, from -€20,236 to €9,043
- Other operating charges +€10,112
up €10,112 (+77.8%), from €13,001 to €23,114
- Depreciation -€5,533
down €5,533 (-7.1%), from €78,487 to €72,954
- Financial income -€4,491
down €4,491 (-99.6%), from €4,507 to €16
of which Non-recurring financial income: -€4,500
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,432,851 | €5,007,014 | +€574,163 | +13.0% |
| Fixed assets | 21/28 | €4,298,325 | €4,894,407 | +€596,082 | +13.9% |
| Tangible fixed assets | 22/27 | €4,023,425 | €4,619,507 | +€596,082 | +14.8% |
| Land and buildings | 22 | €4,016,920 | €4,618,715 | +€601,796 | +15.0% |
| Furniture and vehicles | 24 | €6,506 | €792 | -€5,713 | -87.8% |
| Financial fixed assets | 28 | €274,900 | €274,900 | = | 0.0% |
| Current assets | 29/58 | €134,525 | €112,607 | -€21,919 | -16.3% |
| Stocks and contracts in progress | 3 | €11,458 | €14,509 | +€3,051 | +26.6% |
| Stocks | 30/36 | €11,458 | €14,509 | +€3,051 | +26.6% |
| Amounts receivable within one year | 40/41 | €104,398 | €12,853 | -€91,545 | -87.7% |
| Trade receivables | 40 | €100,433 | €12,765 | -€87,668 | -87.3% |
| Other amounts receivable | 41 | €3,965 | €88 | -€3,877 | -97.8% |
| Cash at bank and in hand | 54/58 | €17,252 | €83,975 | +€66,723 | +386.8% |
| Deferred charges and accrued income | 490/1 | €1,418 | €1,270 | -€148 | -10.4% |
| Total equity and liabilities | 10/49 | €4,432,851 | €5,007,014 | +€574,163 | +13.0% |
| Equity | 10/15 | -€20,179 | -€191,651 | -€171,472 | -849.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €3,478 | €3,478 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,478 | €3,478 | = | 0.0% |
| Legal reserve | 130 | €3,478 | €3,478 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,658 | -€295,129 | -€171,472 | -138.7% |
| Amounts payable | 17/49 | €4,453,030 | €5,198,665 | +€745,635 | +16.7% |
| Amounts payable after more than one year | 17 | €407,566 | €323,766 | -€83,800 | -20.6% |
| Financial debts | 170/4 | €407,566 | €323,766 | -€83,800 | -20.6% |
| Amounts payable within one year | 42/48 | €4,045,420 | €4,874,899 | +€829,479 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €978,800 | €1,323,800 | +€345,000 | +35.2% |
| Trade debts | 44 | €121,152 | €102,004 | -€19,147 | -15.8% |
| Suppliers | 440/4 | €121,152 | €102,004 | -€19,147 | -15.8% |
| Taxes, remuneration and social security | 45 | €2,993 | €602 | -€2,391 | -79.9% |
| Taxes | 450/3 | €1,485 | €602 | -€883 | -59.5% |
| Remuneration and social security | 454/9 | €1,508 | €0 | -€1,508 | -100.0% |
| Other amounts payable | 47/48 | €2,942,475 | €3,448,493 | +€506,018 | +17.2% |
| Accrued charges and deferred income | 492/3 | €44 | €0 | -€44 | -100.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,487 | €72,954 | -€5,533 | -7.1% |
| Other operating charges | 640/8 | €13,001 | €23,114 | +€10,112 | +77.8% |
| Non-recurring operating charges | 66A | - | €4,907 | +€4,907 | |
| Gross operating margin | 9900 | -€20,236 | €9,043 | +€29,279 | |
| Operating profit (loss) | 9901 | -€111,724 | -€91,931 | +€19,794 | +17.7% |
| Financial income | 75/76B | €4,507 | €16 | -€4,491 | -99.6% |
| Recurring financial income | 75 | €7 | €16 | +€9 | +119.5% |
| Non-recurring financial income | 76B | €4,500 | - | -€4,500 | |
| Financial charges | 65/66B | €48,467 | €79,557 | +€31,089 | +64.1% |
| Recurring financial charges | 65 | €48,467 | €79,557 | +€31,089 | +64.1% |
| Profit (loss) for the period before taxes | 9903 | -€155,685 | -€171,472 | -€15,787 | -10.1% |
| Income taxes | 67/77 | €132 | €0 | -€132 | -100.0% |
| Profit (loss) for the period | 9904 | -€155,816 | -€171,472 | -€15,655 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€155,816 | -€171,472 | -€15,655 | -10.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.