Hepico: 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.
Hepico
Largest movements
- Cash +€50,550
new in 2025: €50,550
mainly Net result for the year (+€96,949) and Tax, wage and social debts (+€46,092)
- Deferred charges and accrued income +€23,141
new in 2025: €23,141
- Receivables within one year -€17,597
down €17,597 (-8.3%), from €211,617 to €194,021
of which Trade receivables: -€20,359
- Tangible fixed assets +€15,277
up €15,277 (+30.4%), from €50,243 to €65,521
of which Plant, machinery and equipment: +€12,521
- Stocks and contracts -€8,166
down €8,166 (-20.5%), from €39,866 to €31,700
- Reserves +€96,949
up €96,949 (+385%), from €25,172 to €122,121
- Debts after one year -€46,319
down €46,319 (-63.8%), from €72,606 to €26,288
- Tax, wage and social debts +€46,092
up €46,092 (+123%), from €37,605 to €83,697
of which Taxes: +€37,796
- Trade debts -€29,182
down €29,182 (-31.9%), from €91,436 to €62,254
- Short-term financial debts -€5,805
no longer reported in 2025 (was €5,805)
- Gross operating margin +€97,223
up €97,223 (+37.8%), from €257,473 to €354,696
- Taxes +€26,639
up €26,639 (+200%), from €13,302 to €39,941
- Staff costs -€5,273
down €5,273 (-2.7%), from €196,563 to €191,290
- Depreciation +€3,953
up €3,953 (+21.4%), from €18,498 to €22,450
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 | €305,327 | €368,532 | +€63,205 | +20.7% |
| Fixed assets | 21/28 | €53,843 | €69,121 | +€15,277 | +28.4% |
| Tangible fixed assets | 22/27 | €50,243 | €65,521 | +€15,277 | +30.4% |
| Plant, machinery and equipment | 23 | €2,846 | €15,367 | +€12,521 | +440% |
| Furniture and vehicles | 24 | €47,397 | €50,154 | +€2,757 | +5.8% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €251,483 | €299,411 | +€47,928 | +19.1% |
| Stocks and contracts in progress | 3 | €39,866 | €31,700 | -€8,166 | -20.5% |
| Stocks | 30/36 | €39,866 | €31,700 | -€8,166 | -20.5% |
| Amounts receivable within one year | 40/41 | €211,617 | €194,021 | -€17,597 | -8.3% |
| Trade receivables | 40 | €199,920 | €179,561 | -€20,359 | -10.2% |
| Other amounts receivable | 41 | €11,697 | €14,459 | +€2,762 | +23.6% |
| Cash at bank and in hand | 54/58 | - | €50,550 | +€50,550 | |
| Deferred charges and accrued income | 490/1 | - | €23,141 | +€23,141 | |
| Total equity and liabilities | 10/49 | €305,327 | €368,532 | +€63,205 | +20.7% |
| Equity | 10/15 | €71,668 | €168,617 | +€96,949 | +135% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,172 | €122,121 | +€96,949 | +385% |
| Distributable reserves | 133 | €25,172 | €122,121 | +€96,949 | +385% |
| Profit (loss) carried forward | 14 | €41,496 | €41,496 | = | 0.0% |
| Amounts payable | 17/49 | €233,659 | €199,915 | -€33,744 | -14.4% |
| Amounts payable after more than one year | 17 | €72,606 | €26,288 | -€46,319 | -63.8% |
| Financial debts | 170/4 | €72,606 | €26,288 | -€46,319 | -63.8% |
| Amounts payable within one year | 42/48 | €161,052 | €173,627 | +€12,575 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €21,571 | €26,845 | +€5,274 | +24.4% |
| Financial debts | 43 | €5,805 | - | -€5,805 | |
| Credit institutions | 430/8 | €5,805 | - | -€5,805 | |
| Trade debts | 44 | €91,436 | €62,254 | -€29,182 | -31.9% |
| Suppliers | 440/4 | €91,436 | €62,254 | -€29,182 | -31.9% |
| Taxes, remuneration and social security | 45 | €37,605 | €83,697 | +€46,092 | +123% |
| Taxes | 450/3 | €12,403 | €50,199 | +€37,796 | +305% |
| Remuneration and social security | 454/9 | €25,202 | €33,499 | +€8,296 | +32.9% |
| Other amounts payable | 47/48 | €4,635 | €831 | -€3,804 | -82.1% |
| Remuneration, social security and pensions | 62 | €196,563 | €191,290 | -€5,273 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,498 | €22,450 | +€3,953 | +21.4% |
| Other operating charges | 640/8 | €424 | €525 | +€101 | +23.7% |
| Non-recurring operating charges | 66A | - | €2,492 | +€2,492 | |
| Gross operating margin | 9900 | €257,473 | €354,696 | +€97,223 | +37.8% |
| Operating profit (loss) | 9901 | €41,988 | €137,939 | +€95,950 | +229% |
| Financial income | 75/76B | €1,297 | €3,590 | +€2,293 | +177% |
| Recurring financial income | 75 | €1,297 | €3,590 | +€2,293 | +177% |
| Financial charges | 65/66B | €4,812 | €4,639 | -€173 | -3.6% |
| Recurring financial charges | 65 | €4,812 | €4,639 | -€173 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €38,474 | €136,890 | +€98,416 | +256% |
| Income taxes | 67/77 | €13,302 | €39,941 | +€26,639 | +200% |
| Profit (loss) for the period | 9904 | €25,172 | €96,949 | +€71,777 | +285% |
| Profit (loss) for the period to be appropriated | 9905 | €25,172 | €96,949 | +€71,777 | +285% |
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 13 October 2026 via checked.be.