HESC: what changed
Two fiscal 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.
HESC
Largest movements
- Current investments -€71,899
no longer reported in 2025 (was €71,899)
- Receivables within one year +€60,884
up €60,884 (+946.6%), from €6,432 to €67,315
of which Other amounts receivable: +€63,574
- Cash +€29,483
up €29,483 (+134.6%), from €21,905 to €51,388
mainly Current investments (+€71,899) and Net result for the year (+€27,732)
- Deferred charges and accrued income +€5,068
up €5,068 (+1330.9%), from €381 to €5,449
- Reserves +€27,643
up €27,643 (+31.4%), from €87,966 to €115,610
- Other debts -€6,414
no longer reported in 2025 (was €6,414)
- Financial income +€30,637
up €30,637 (+1721.9%), from €1,779 to €32,417
- Taxes +€11,950
up €11,950 (+952.7%), from €1,254 to €13,205
- Gross operating margin +€11,614
up €11,614, from -€1,544 to €10,070
- Other operating charges -€673
down €673 (-53.5%), from €1,259 to €585
- Financial charges +€372
up €372 (+204.2%), from €182 to €554
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 | €101,397 | €124,523 | +€23,126 | +22.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €780 | €371 | -€410 | -52.5% |
| Tangible fixed assets | 22/27 | €780 | €371 | -€410 | -52.5% |
| Furniture and vehicles | 24 | €224 | €0 | -€224 | -100.0% |
| Other tangible fixed assets | 26 | €556 | €371 | -€185 | -33.3% |
| Current assets | 29/58 | €100,617 | €124,152 | +€23,536 | +23.4% |
| Amounts receivable within one year | 40/41 | €6,432 | €67,315 | +€60,884 | +946.6% |
| Trade receivables | 40 | €5,124 | €2,433 | -€2,690 | -52.5% |
| Other amounts receivable | 41 | €1,308 | €64,882 | +€63,574 | +4860.5% |
| Current investments | 50/53 | €71,899 | - | -€71,899 | |
| Cash at bank and in hand | 54/58 | €21,905 | €51,388 | +€29,483 | +134.6% |
| Deferred charges and accrued income | 490/1 | €381 | €5,449 | +€5,068 | +1330.9% |
| Total equity and liabilities | 10/49 | €101,397 | €124,523 | +€23,126 | +22.8% |
| Equity | 10/15 | €94,678 | €122,410 | +€27,732 | +29.3% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €87,966 | €115,610 | +€27,643 | +31.4% |
| Distributable reserves | 133 | €87,966 | €115,610 | +€27,643 | +31.4% |
| Profit (loss) carried forward | 14 | -€89 | - | +€89 | |
| Amounts payable | 17/49 | €6,720 | €2,113 | -€4,606 | -68.6% |
| Amounts payable within one year | 42/48 | €6,720 | €1,177 | -€5,543 | -82.5% |
| Trade debts | 44 | €281 | €1,023 | +€742 | +263.9% |
| Suppliers | 440/4 | €281 | €1,023 | +€742 | +263.9% |
| Taxes, remuneration and social security | 45 | €24 | €154 | +€130 | +537.2% |
| Taxes | 450/3 | €24 | €154 | +€130 | +537.2% |
| Other amounts payable | 47/48 | €6,414 | - | -€6,414 | |
| Accrued charges and deferred income | 492/3 | - | €936 | +€936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €733 | €410 | -€323 | -44.1% |
| Other operating charges | 640/8 | €1,259 | €585 | -€673 | -53.5% |
| Gross operating margin | 9900 | -€1,544 | €10,070 | +€11,614 | |
| Operating profit (loss) | 9901 | -€3,536 | €9,074 | +€12,611 | |
| Financial income | 75/76B | €1,779 | €32,417 | +€30,637 | +1721.9% |
| Recurring financial income | 75 | €1,779 | €32,417 | +€30,637 | +1721.9% |
| Financial charges | 65/66B | €182 | €554 | +€372 | +204.2% |
| Recurring financial charges | 65 | €182 | €554 | +€372 | +204.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,939 | €40,937 | +€42,876 | |
| Income taxes | 67/77 | €1,254 | €13,205 | +€11,950 | +952.7% |
| Profit (loss) for the period | 9904 | -€3,194 | €27,732 | +€30,926 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,194 | €27,732 | +€30,926 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.