HEPIDOSA: 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.
HEPIDOSA
Largest movements
- Current investments +€445,000
new in 2025: €445,000
- Cash -€131,950
down €131,950 (-58.9%), from €224,179 to €92,229
mainly Current investments (-€445,000) and Debts after one year (-€47,300)
- Tangible fixed assets -€121,017
down €121,017 (-3.1%), from €3.9m to €3.8m
of which Land and buildings: -€118,567
- Reserves +€241,000
up €241,000 (+12.3%), from €2.0m to €2.2m
of which Distributable reserves: +€241,000
- Debts after one year -€47,300
down €47,300 (-3.5%), from €1.3m to €1.3m
- Gross operating margin +€22,503
up €22,503 (+4.4%), from €505,989 to €528,491
- Taxes +€6,474
up €6,474 (+8.8%), from €73,726 to €80,200
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 | €4,145,406 | €4,340,119 | +€194,713 | +4.7% |
| Fixed assets | 21/28 | €3,913,734 | €3,792,717 | -€121,017 | -3.1% |
| Tangible fixed assets | 22/27 | €3,913,234 | €3,792,217 | -€121,017 | -3.1% |
| Land and buildings | 22 | €3,894,195 | €3,775,628 | -€118,567 | -3.0% |
| Plant, machinery and equipment | 23 | €19,040 | €16,589 | -€2,450 | -12.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €231,671 | €547,401 | +€315,730 | +136.3% |
| Amounts receivable within one year | 40/41 | €7,492 | €10,173 | +€2,680 | +35.8% |
| Trade receivables | 40 | €1,218 | €4,793 | +€3,575 | +293.4% |
| Other amounts receivable | 41 | €6,274 | €5,380 | -€894 | -14.3% |
| Current investments | 50/53 | - | €445,000 | +€445,000 | |
| Cash at bank and in hand | 54/58 | €224,179 | €92,229 | -€131,950 | -58.9% |
| Total equity and liabilities | 10/49 | €4,145,406 | €4,340,119 | +€194,713 | +4.7% |
| Equity | 10/15 | €2,625,465 | €2,866,067 | +€240,601 | +9.2% |
| Contributions | 10/11 | €665,000 | €665,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Contributions outside capital | 11 | €395,000 | €395,000 | = | 0.0% |
| Share premium | 1100/10 | €395,000 | €395,000 | = | 0.0% |
| Reserves | 13 | €1,956,000 | €2,197,000 | +€241,000 | +12.3% |
| Non-distributable reserves | 130/1 | €27,000 | €27,000 | = | 0.0% |
| Legal reserve | 130 | €27,000 | €27,000 | = | 0.0% |
| Distributable reserves | 133 | €1,929,000 | €2,170,000 | +€241,000 | +12.5% |
| Profit (loss) carried forward | 14 | €4,465 | €4,067 | -€399 | -8.9% |
| Amounts payable | 17/49 | €1,519,940 | €1,474,052 | -€45,888 | -3.0% |
| Amounts payable after more than one year | 17 | €1,344,336 | €1,297,036 | -€47,300 | -3.5% |
| Financial debts | 170/4 | €1,344,336 | €1,297,036 | -€47,300 | -3.5% |
| Amounts payable within one year | 42/48 | €150,929 | €151,365 | +€436 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €46,469 | €47,300 | +€831 | +1.8% |
| Trade debts | 44 | €1,692 | €938 | -€754 | -44.6% |
| Suppliers | 440/4 | €1,692 | €938 | -€754 | -44.6% |
| Taxes, remuneration and social security | 45 | €2,768 | €3,127 | +€359 | +13.0% |
| Taxes | 450/3 | €2,768 | €3,127 | +€359 | +13.0% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €24,675 | €25,651 | +€976 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,017 | €121,017 | = | 0.0% |
| Other operating charges | 640/8 | €31,924 | €31,282 | -€641 | -2.0% |
| Gross operating margin | 9900 | €505,989 | €528,491 | +€22,503 | +4.4% |
| Operating profit (loss) | 9901 | €353,048 | €376,192 | +€23,144 | +6.6% |
| Financial income | 75/76B | - | €1,934 | +€1,934 | |
| Recurring financial income | 75 | - | €1,934 | +€1,934 | |
| Financial charges | 65/66B | €58,144 | €57,324 | -€820 | -1.4% |
| Recurring financial charges | 65 | €58,144 | €57,324 | -€820 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €294,904 | €320,802 | +€25,898 | +8.8% |
| Income taxes | 67/77 | €73,726 | €80,200 | +€6,474 | +8.8% |
| Profit (loss) for the period | 9904 | €221,178 | €240,601 | +€19,423 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €221,178 | €240,601 | +€19,423 | +8.8% |
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 12 October 2026 via checked.be.