HEPIRCO: 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.
HEPIRCO
Largest movements
- Receivables within one year +€67,374
up €67,374 (+272%), from €24,792 to €92,166
of which Trade receivables: +€54,432
- Tangible fixed assets +€66,926
new in 2025: €66,926
- Cash -€25,865
down €25,865 (-97.3%), from €26,594 to €729
mainly Investment in fixed assets (net) (-€73,913) and Receivables within one year (-€67,374)
- Stocks and contracts +€2,699
new in 2025: €2,699
- Intangible fixed assets +€1,865
new in 2025: €1,865
- Trade debts +€47,720
up €47,720 (+3,026%), from €1,577 to €49,297
- Advances received +€37,809
new in 2025: €37,809
- Debts after one year +€37,291
new in 2025: €37,291
- Profit (loss) carried forward -€10,025
new in 2025: -€10,025
- Current portion of long-term debt +€7,729
new in 2025: €7,729
- Gross operating margin -€22,147
down €22,147, from €21,473 to -€674
- Taxes -€6,216
down €6,216 (-97.1%), from €6,404 to €188
- Depreciation +€5,122
new in 2025: €5,122
- Other operating charges -€2,894
down €2,894 (-68.6%), from €4,219 to €1,325
- Financial charges +€2,280
up €2,280 (+207%), from €1,101 to €3,382
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 | €61,581 | €174,957 | +€113,376 | +184% |
| Fixed assets | 21/28 | €6,930 | €75,721 | +€68,791 | +993% |
| Intangible fixed assets | 21 | - | €1,865 | +€1,865 | |
| Tangible fixed assets | 22/27 | - | €66,926 | +€66,926 | |
| Other tangible fixed assets | 26 | - | €66,926 | +€66,926 | |
| Financial fixed assets | 28 | €6,930 | €6,930 | = | 0.0% |
| Current assets | 29/58 | €54,651 | €99,236 | +€44,585 | +81.6% |
| Stocks and contracts in progress | 3 | - | €2,699 | +€2,699 | |
| Stocks | 30/36 | - | €2,699 | +€2,699 | |
| Amounts receivable within one year | 40/41 | €24,792 | €92,166 | +€67,374 | +272% |
| Trade receivables | 40 | €13,284 | €67,716 | +€54,432 | +410% |
| Other amounts receivable | 41 | €11,508 | €24,449 | +€12,941 | +112% |
| Cash at bank and in hand | 54/58 | €26,594 | €729 | -€25,865 | -97.3% |
| Deferred charges and accrued income | 490/1 | €3,265 | €3,643 | +€378 | +11.6% |
| Total equity and liabilities | 10/49 | €61,581 | €174,957 | +€113,376 | +184% |
| Equity | 10/15 | €44,249 | €34,224 | -€10,025 | -22.7% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €40,749 | €40,749 | = | 0.0% |
| Distributable reserves | 133 | €40,749 | €40,749 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,025 | -€10,025 | |
| Amounts payable | 17/49 | €17,332 | €140,733 | +€123,400 | +712% |
| Amounts payable after more than one year | 17 | - | €37,291 | +€37,291 | |
| Financial debts | 170/4 | - | €37,291 | +€37,291 | |
| Amounts payable within one year | 42/48 | €17,332 | €103,434 | +€86,102 | +497% |
| Current portion of amounts payable after more than one year | 42 | - | €7,729 | +€7,729 | |
| Financial debts | 43 | €54 | €0 | -€54 | -100% |
| Credit institutions | 430/8 | €54 | €0 | -€54 | -100% |
| Trade debts | 44 | €1,577 | €49,297 | +€47,720 | +3,026% |
| Suppliers | 440/4 | €1,577 | €49,297 | +€47,720 | +3,026% |
| Advances received on contracts in progress | 46 | - | €37,809 | +€37,809 | |
| Taxes, remuneration and social security | 45 | €15,701 | €8,599 | -€7,102 | -45.2% |
| Taxes | 450/3 | €13,545 | €8,599 | -€4,946 | -36.5% |
| Remuneration and social security | 454/9 | €2,156 | €0 | -€2,156 | -100% |
| Accrued charges and deferred income | 492/3 | - | €8 | +€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,122 | +€5,122 | |
| Other operating charges | 640/8 | €4,219 | €1,325 | -€2,894 | -68.6% |
| Gross operating margin | 9900 | €21,473 | -€674 | -€22,147 | |
| Operating profit (loss) | 9901 | €17,254 | -€7,121 | -€24,375 | |
| Financial income | 75/76B | €503 | €666 | +€163 | +32.4% |
| Recurring financial income | 75 | €503 | €666 | +€163 | +32.4% |
| Financial charges | 65/66B | €1,101 | €3,382 | +€2,280 | +207% |
| Recurring financial charges | 65 | €1,101 | €3,382 | +€2,280 | +207% |
| Profit (loss) for the period before taxes | 9903 | €16,656 | -€9,836 | -€26,492 | |
| Income taxes | 67/77 | €6,404 | €188 | -€6,216 | -97.1% |
| Profit (loss) for the period | 9904 | €10,251 | -€10,025 | -€20,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,251 | -€10,025 | -€20,276 |
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 15 October 2026 via checked.be.