Hephaestus: 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.
Hephaestus
Largest movements
- Cash +€22,371
up €22,371 (+90.9%), from €24,621 to €46,992
mainly Net result for the year (+€37,690) and Other debts (+€22,835)
- Receivables within one year +€8,021
up €8,021 (+34.9%), from €22,976 to €30,997
of which Other amounts receivable: +€5,571
- Tangible fixed assets -€1,643
down €1,643 (-65.1%), from €2,524 to €880
of which Plant, machinery and equipment: -€1,643
- Other debts +€22,835
up €22,835 (+359%), from €6,352 to €29,188
- Profit (loss) carried forward +€12,857
up €12,857, from -€12,857 to €0
- Reserves -€4,356
down €4,356 (-12.4%), from €35,194 to €30,838
- Tax, wage and social debts -€2,805
down €2,805 (-32.9%), from €8,517 to €5,712
- Gross operating margin +€59,882
up €59,882, from -€6,725 to €53,157
- Taxes +€9,977
up €9,977 (+3,801%), from €262 to €10,239
- Financial income +€678
new in 2025: €678
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 | €50,120 | €79,175 | +€29,055 | +58.0% |
| Fixed assets | 21/28 | €2,524 | €880 | -€1,643 | -65.1% |
| Tangible fixed assets | 22/27 | €2,524 | €880 | -€1,643 | -65.1% |
| Plant, machinery and equipment | 23 | €2,524 | €880 | -€1,643 | -65.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €47,597 | €78,295 | +€30,699 | +64.5% |
| Amounts receivable within one year | 40/41 | €22,976 | €30,997 | +€8,021 | +34.9% |
| Trade receivables | 40 | €9,393 | €11,843 | +€2,450 | +26.1% |
| Other amounts receivable | 41 | €13,583 | €19,154 | +€5,571 | +41.0% |
| Cash at bank and in hand | 54/58 | €24,621 | €46,992 | +€22,371 | +90.9% |
| Deferred charges and accrued income | 490/1 | €0 | €307 | +€307 | |
| Total equity and liabilities | 10/49 | €50,120 | €79,175 | +€29,055 | +58.0% |
| Equity | 10/15 | €34,798 | €43,300 | +€8,502 | +24.4% |
| Contributions | 10/11 | €12,462 | €12,462 | = | 0.0% |
| Reserves | 13 | €35,194 | €30,838 | -€4,356 | -12.4% |
| Distributable reserves | 133 | €35,194 | €30,838 | -€4,356 | -12.4% |
| Profit (loss) carried forward | 14 | -€12,857 | €0 | +€12,857 | |
| Amounts payable | 17/49 | €15,322 | €35,875 | +€20,553 | +134% |
| Amounts payable within one year | 42/48 | €15,322 | €35,875 | +€20,553 | +134% |
| Trade debts | 44 | €453 | €976 | +€523 | +116% |
| Suppliers | 440/4 | €453 | €976 | +€523 | +116% |
| Taxes, remuneration and social security | 45 | €8,517 | €5,712 | -€2,805 | -32.9% |
| Taxes | 450/3 | €8,517 | €5,712 | -€2,805 | -32.9% |
| Other amounts payable | 47/48 | €6,352 | €29,188 | +€22,835 | +359% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,000 | €0 | -€8,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,048 | €1,643 | -€404 | -19.7% |
| Other operating charges | 640/8 | €1,518 | €1,692 | +€173 | +11.4% |
| Gross operating margin | 9900 | -€6,725 | €53,157 | +€59,882 | |
| Operating profit (loss) | 9901 | -€10,291 | €49,821 | +€60,113 | |
| Financial income | 75/76B | - | €678 | +€678 | |
| Recurring financial income | 75 | - | €678 | +€678 | |
| Financial charges | 65/66B | €2,304 | €2,571 | +€267 | +11.6% |
| Recurring financial charges | 65 | €2,304 | €2,571 | +€267 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,595 | €47,929 | +€60,524 | |
| Income taxes | 67/77 | €262 | €10,239 | +€9,977 | +3,801% |
| Profit (loss) for the period | 9904 | -€12,857 | €37,690 | +€50,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,857 | €37,690 | +€50,547 |
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 16 October 2026 via checked.be.