HEPICUR: 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.
HEPICUR
Largest movements
- Cash +€175,190
up €175,190 (+642%), from €27,307 to €202,497
mainly Net result for the year (+€122,065) and Tax, wage and social debts (+€38,031)
- Deferred charges and accrued income -€3,547
down €3,547 (-100%), from €3,547 to €0
- Tangible fixed assets +€2,547
up €2,547 (+441%), from €578 to €3,125
- Profit (loss) carried forward +€122,065
up €122,065 (+288%), from €42,446 to €164,511
- Tax, wage and social debts +€38,031
up €38,031 (+155%), from €24,516 to €62,547
- Other debts +€13,317
new in 2025: €13,317
- Gross operating margin +€113,816
up €113,816 (+211%), from €53,985 to €167,801
- Taxes +€24,998
up €24,998 (+233%), from €10,750 to €35,748
- Financial charges +€8,265
up €8,265 (+2,486%), from €332 to €8,597
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 | €71,785 | €245,711 | +€173,926 | +242% |
| Fixed assets | 21/28 | €578 | €3,125 | +€2,547 | +441% |
| Tangible fixed assets | 22/27 | €578 | €3,125 | +€2,547 | +441% |
| Furniture and vehicles | 24 | €578 | €3,125 | +€2,547 | +441% |
| Current assets | 29/58 | €71,206 | €242,586 | +€171,380 | +241% |
| Amounts receivable within one year | 40/41 | €40,353 | €40,089 | -€263 | -0.7% |
| Trade receivables | 40 | €40,094 | €40,089 | -€5 | 0.0% |
| Other amounts receivable | 41 | €259 | €1 | -€258 | -99.7% |
| Cash at bank and in hand | 54/58 | €27,307 | €202,497 | +€175,190 | +642% |
| Deferred charges and accrued income | 490/1 | €3,547 | €0 | -€3,547 | -100% |
| Total equity and liabilities | 10/49 | €71,785 | €245,711 | +€173,926 | +242% |
| Equity | 10/15 | €44,946 | €167,011 | +€122,065 | +272% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,446 | €164,511 | +€122,065 | +288% |
| Amounts payable | 17/49 | €26,839 | €78,700 | +€51,862 | +193% |
| Amounts payable within one year | 42/48 | €26,023 | €76,652 | +€50,629 | +195% |
| Trade debts | 44 | €1,507 | €788 | -€719 | -47.7% |
| Suppliers | 440/4 | €1,507 | €788 | -€719 | -47.7% |
| Taxes, remuneration and social security | 45 | €24,516 | €62,547 | +€38,031 | +155% |
| Taxes | 450/3 | €24,516 | €62,547 | +€38,031 | +155% |
| Other amounts payable | 47/48 | - | €13,317 | +€13,317 | |
| Accrued charges and deferred income | 492/3 | €816 | €2,049 | +€1,233 | +151% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21 | €609 | +€588 | +2,779% |
| Other operating charges | 640/8 | €437 | €782 | +€345 | +78.8% |
| Gross operating margin | 9900 | €53,985 | €167,801 | +€113,816 | +211% |
| Operating profit (loss) | 9901 | €53,527 | €166,409 | +€112,883 | +211% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €332 | €8,597 | +€8,265 | +2,486% |
| Recurring financial charges | 65 | €332 | €8,597 | +€8,265 | +2,486% |
| Profit (loss) for the period before taxes | 9903 | €53,196 | €157,812 | +€104,617 | +197% |
| Income taxes | 67/77 | €10,750 | €35,748 | +€24,998 | +233% |
| Profit (loss) for the period | 9904 | €42,446 | €122,065 | +€79,619 | +188% |
| Profit (loss) for the period to be appropriated | 9905 | €42,446 | €122,065 | +€79,619 | +188% |
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 14 October 2026 via checked.be.