HESBELEC: 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.
HESBELEC
Largest movements
- Cash -€19,961
down €19,961 (-74.2%), from €26,902 to €6,941
mainly Receivables within one year (-€17,694) and Trade debts (-€15,979)
- Receivables within one year +€17,694
up €17,694 (+30.5%), from €57,936 to €75,631
of which Trade receivables: +€17,111
- Tangible fixed assets -€9,088
down €9,088 (-57.9%), from €15,697 to €6,609
of which Furniture and vehicles: -€7,326
- Stocks and contracts -€4,590
down €4,590 (-20.7%), from €22,171 to €17,580
- Trade debts -€15,979
down €15,979 (-32.4%), from €49,254 to €33,276
- Profit (loss) carried forward +€9,039
up €9,039 (+22.4%), from -€40,389 to -€31,350
- Debts after one year -€4,796
no longer reported in 2025 (was €4,796)
- Current portion of long-term debt -€2,414
down €2,414 (-24.7%), from €9,783 to €7,370
- Accrued charges and deferred income -€1,500
no longer reported in 2025 (was €1,500)
- Gross operating margin +€39,269
up €39,269 (+177%), from €22,128 to €61,397
- Staff costs -€1,802
down €1,802 (-4.2%), from €43,068 to €41,266
- Depreciation -€696
down €696 (-7.1%), from €9,784 to €9,088
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 | €122,908 | €106,978 | -€15,931 | -13.0% |
| Fixed assets | 21/28 | €15,697 | €6,609 | -€9,088 | -57.9% |
| Tangible fixed assets | 22/27 | €15,697 | €6,609 | -€9,088 | -57.9% |
| Plant, machinery and equipment | 23 | €3,955 | €2,193 | -€1,762 | -44.6% |
| Furniture and vehicles | 24 | €11,742 | €4,416 | -€7,326 | -62.4% |
| Current assets | 29/58 | €107,211 | €100,369 | -€6,842 | -6.4% |
| Stocks and contracts in progress | 3 | €22,171 | €17,580 | -€4,590 | -20.7% |
| Stocks | 30/36 | €22,171 | €17,580 | -€4,590 | -20.7% |
| Amounts receivable within one year | 40/41 | €57,936 | €75,631 | +€17,694 | +30.5% |
| Trade receivables | 40 | €40,056 | €57,167 | +€17,111 | +42.7% |
| Other amounts receivable | 41 | €17,881 | €18,464 | +€583 | +3.3% |
| Cash at bank and in hand | 54/58 | €26,902 | €6,941 | -€19,961 | -74.2% |
| Deferred charges and accrued income | 490/1 | €202 | €216 | +€15 | +7.3% |
| Total equity and liabilities | 10/49 | €122,908 | €106,978 | -€15,931 | -13.0% |
| Equity | 10/15 | €48,945 | €57,984 | +€9,039 | +18.5% |
| Contributions | 10/11 | €6,334 | €6,334 | = | 0.0% |
| Reserves | 13 | €83,000 | €83,000 | = | 0.0% |
| Distributable reserves | 133 | €83,000 | €83,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,389 | -€31,350 | +€9,039 | +22.4% |
| Amounts payable | 17/49 | €73,963 | €48,994 | -€24,969 | -33.8% |
| Amounts payable after more than one year | 17 | €4,796 | - | -€4,796 | |
| Financial debts | 170/4 | €4,796 | - | -€4,796 | |
| Amounts payable within one year | 42/48 | €67,667 | €48,994 | -€18,673 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €9,783 | €7,370 | -€2,414 | -24.7% |
| Trade debts | 44 | €49,254 | €33,276 | -€15,979 | -32.4% |
| Suppliers | 440/4 | €49,254 | €33,276 | -€15,979 | -32.4% |
| Taxes, remuneration and social security | 45 | €5,136 | €5,567 | +€431 | +8.4% |
| Taxes | 450/3 | €4,516 | €5,047 | +€531 | +11.8% |
| Remuneration and social security | 454/9 | €621 | €520 | -€100 | -16.2% |
| Other amounts payable | 47/48 | €3,493 | €2,781 | -€712 | -20.4% |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Non-recurring operating income | 76A | - | €268 | +€268 | |
| Remuneration, social security and pensions | 62 | €43,068 | €41,266 | -€1,802 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,784 | €9,088 | -€696 | -7.1% |
| Other operating charges | 640/8 | €1,044 | €940 | -€104 | -9.9% |
| Non-recurring operating charges | 66A | €72 | - | -€72 | |
| Gross operating margin | 9900 | €22,128 | €61,397 | +€39,269 | +177% |
| Operating profit (loss) | 9901 | -€31,840 | €10,103 | +€41,942 | |
| Financial income | 75/76B | €1 | €0 | -€0 | -70.7% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -70.7% |
| Financial charges | 65/66B | €1,017 | €732 | -€284 | -28.0% |
| Recurring financial charges | 65 | €1,017 | €732 | -€284 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | -€32,856 | €9,370 | +€42,226 | |
| Income taxes | 67/77 | €341 | €332 | -€9 | -2.6% |
| Profit (loss) for the period | 9904 | -€33,196 | €9,039 | +€42,235 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,196 | €9,039 | +€42,235 |
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 16 October 2026 via checked.be.