HESA: 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.
HESA
Largest movements
- Tangible fixed assets +€146,684
up €146,684 (+73.2%), from €200,393 to €347,077
of which Land and buildings: +€124,515
- Cash -€114,690
down €114,690 (-43.4%), from €264,494 to €149,803
mainly Investment in fixed assets (net) (-€174,722) and Receivables within one year (-€85,803)
- Receivables within one year +€85,803
up €85,803 (+28.0%), from €306,607 to €392,410
of which Trade receivables: +€133,903
- Stocks and contracts -€85,231
down €85,231 (-48.2%), from €176,965 to €91,734
- Deferred charges and accrued income -€47,287
down €47,287 (-81.8%), from €57,825 to €10,538
- Trade debts -€79,128
down €79,128 (-18.8%), from €422,014 to €342,886
- Reserves +€74,695
up €74,695 (+17.1%), from €436,529 to €511,224
of which Distributable reserves: +€74,695
- Debts after one year -€13,021
down €13,021 (-32.1%), from €40,601 to €27,580
- Gross operating margin +€149,939
up €149,939 (+27.3%), from €548,351 to €698,291
- Staff costs +€68,219
up €68,219 (+15.3%), from €445,930 to €514,149
- Taxes +€18,764
up €18,764 (+108%), from €17,344 to €36,108
- Financial charges +€15,964
up €15,964 (+63.6%), from €25,100 to €41,064
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 | €1,006,505 | €995,284 | -€11,221 | -1.1% |
| Fixed assets | 21/28 | €200,615 | €350,799 | +€150,184 | +74.9% |
| Tangible fixed assets | 22/27 | €200,393 | €347,077 | +€146,684 | +73.2% |
| Land and buildings | 22 | €114,500 | €239,015 | +€124,515 | +109% |
| Plant, machinery and equipment | 23 | €28,490 | €25,578 | -€2,912 | -10.2% |
| Furniture and vehicles | 24 | €57,403 | €82,484 | +€25,081 | +43.7% |
| Financial fixed assets | 28 | €222 | €3,722 | +€3,500 | +1,579% |
| Current assets | 29/58 | €805,890 | €644,485 | -€161,405 | -20.0% |
| Stocks and contracts in progress | 3 | €176,965 | €91,734 | -€85,231 | -48.2% |
| Stocks | 30/36 | €176,965 | €91,734 | -€85,231 | -48.2% |
| Amounts receivable within one year | 40/41 | €306,607 | €392,410 | +€85,803 | +28.0% |
| Trade receivables | 40 | €206,531 | €340,434 | +€133,903 | +64.8% |
| Other amounts receivable | 41 | €100,076 | €51,976 | -€48,100 | -48.1% |
| Cash at bank and in hand | 54/58 | €264,494 | €149,803 | -€114,690 | -43.4% |
| Deferred charges and accrued income | 490/1 | €57,825 | €10,538 | -€47,287 | -81.8% |
| Total equity and liabilities | 10/49 | €1,006,505 | €995,284 | -€11,221 | -1.1% |
| Equity | 10/15 | €461,529 | €536,224 | +€74,695 | +16.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €436,529 | €511,224 | +€74,695 | +17.1% |
| Tax-exempt reserves | 132 | €15,226 | €15,226 | = | 0.0% |
| Distributable reserves | 133 | €421,303 | €495,998 | +€74,695 | +17.7% |
| Amounts payable | 17/49 | €544,976 | €459,060 | -€85,916 | -15.8% |
| Amounts payable after more than one year | 17 | €40,601 | €27,580 | -€13,021 | -32.1% |
| Financial debts | 170/4 | €40,601 | €27,580 | -€13,021 | -32.1% |
| Amounts payable within one year | 42/48 | €504,375 | €431,480 | -€72,896 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €12,513 | €13,021 | +€508 | +4.1% |
| Trade debts | 44 | €422,014 | €342,886 | -€79,128 | -18.8% |
| Suppliers | 440/4 | €422,014 | €342,886 | -€79,128 | -18.8% |
| Taxes, remuneration and social security | 45 | €68,071 | €73,725 | +€5,654 | +8.3% |
| Taxes | 450/3 | €38,310 | €38,863 | +€553 | +1.4% |
| Remuneration and social security | 454/9 | €29,761 | €34,862 | +€5,101 | +17.1% |
| Other amounts payable | 47/48 | €1,778 | €1,848 | +€70 | +3.9% |
| Non-recurring operating income | 76A | €2,893 | €372 | -€2,521 | -87.2% |
| Remuneration, social security and pensions | 62 | €445,930 | €514,149 | +€68,219 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,799 | €24,538 | +€6,738 | +37.9% |
| Other operating charges | 640/8 | €8,736 | €6,822 | -€1,914 | -21.9% |
| Non-recurring operating charges | 66A | €1,250 | €2,375 | +€1,125 | +90.0% |
| Gross operating margin | 9900 | €548,351 | €698,291 | +€149,939 | +27.3% |
| Operating profit (loss) | 9901 | €74,636 | €150,406 | +€75,770 | +102% |
| Financial income | 75/76B | €480 | €1,461 | +€981 | +204% |
| Recurring financial income | 75 | €480 | €1,461 | +€981 | +204% |
| Financial charges | 65/66B | €25,100 | €41,064 | +€15,964 | +63.6% |
| Recurring financial charges | 65 | €25,100 | €41,064 | +€15,964 | +63.6% |
| Profit (loss) for the period before taxes | 9903 | €50,016 | €110,803 | +€60,787 | +122% |
| Income taxes | 67/77 | €17,344 | €36,108 | +€18,764 | +108% |
| Profit (loss) for the period | 9904 | €32,672 | €74,695 | +€42,023 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €32,672 | €74,695 | +€42,023 | +129% |
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 17 October 2026 via checked.be.