HESCO: 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.
HESCO
Largest movements
- Current investments +€700,000
new in 2025: €700,000
- Receivables within one year -€561,283
down €561,283 (-72.3%), from €776,342 to €215,059
of which Trade receivables: -€563,246
- Cash -€264,725
down €264,725 (-24.6%), from €1.1m to €810,933
mainly Current investments (-€700,000) and Trade debts (-€159,791)
- Intangible fixed assets -€113,169
down €113,169 (-14.0%), from €806,442 to €693,274
- Trade debts -€159,791
down €159,791 (-66.6%), from €239,829 to €80,038
- Tax, wage and social debts -€113,512
down €113,512 (-70.1%), from €161,838 to €48,327
of which Taxes: -€113,708
- Reserves +€108,614
up €108,614 (+13.9%), from €781,514 to €890,128
of which Distributable reserves: +€108,614
- Other debts -€45,817
down €45,817 (-8.3%), from €554,787 to €508,970
- Gross operating margin -€137,346
down €137,346 (-17.8%), from €770,680 to €633,334
- Taxes -€34,545
down €34,545 (-38.8%), from €89,126 to €54,581
- Staff costs +€20,795
up €20,795 (+10.6%), from €195,488 to €216,283
- Financial income -€8,678
down €8,678 (-76.0%), from €11,416 to €2,738
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 | €4,063,176 | €3,832,626 | -€230,551 | -5.7% |
| Fixed assets | 21/28 | €856,243 | €751,610 | -€104,633 | -12.2% |
| Intangible fixed assets | 21 | €806,442 | €693,274 | -€113,169 | -14.0% |
| Tangible fixed assets | 22/27 | €49,801 | €58,336 | +€8,535 | +17.1% |
| Plant, machinery and equipment | 23 | €5,076 | €16,827 | +€11,751 | +231% |
| Furniture and vehicles | 24 | €44,724 | €41,509 | -€3,215 | -7.2% |
| Current assets | 29/58 | €3,206,934 | €3,081,016 | -€125,918 | -3.9% |
| Stocks and contracts in progress | 3 | €1,352,188 | €1,350,855 | -€1,332 | -0.1% |
| Stocks | 30/36 | €1,352,188 | €1,350,855 | -€1,332 | -0.1% |
| Amounts receivable within one year | 40/41 | €776,342 | €215,059 | -€561,283 | -72.3% |
| Trade receivables | 40 | €767,050 | €203,803 | -€563,246 | -73.4% |
| Other amounts receivable | 41 | €9,292 | €11,256 | +€1,963 | +21.1% |
| Current investments | 50/53 | - | €700,000 | +€700,000 | |
| Cash at bank and in hand | 54/58 | €1,075,658 | €810,933 | -€264,725 | -24.6% |
| Deferred charges and accrued income | 490/1 | €2,746 | €4,169 | +€1,423 | +51.8% |
| Total equity and liabilities | 10/49 | €4,063,176 | €3,832,626 | -€230,551 | -5.7% |
| Equity | 10/15 | €843,014 | €951,628 | +€108,614 | +12.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €781,514 | €890,128 | +€108,614 | +13.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €775,364 | €883,978 | +€108,614 | +14.0% |
| Amounts payable | 17/49 | €3,220,163 | €2,880,998 | -€339,165 | -10.5% |
| Amounts payable after more than one year | 17 | €2,150,000 | €2,150,000 | = | 0.0% |
| Financial debts | 170/4 | €2,150,000 | €2,150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €956,961 | €637,742 | -€319,219 | -33.4% |
| Trade debts | 44 | €239,829 | €80,038 | -€159,791 | -66.6% |
| Suppliers | 440/4 | €239,829 | €80,038 | -€159,791 | -66.6% |
| Advances received on contracts in progress | 46 | €507 | €407 | -€100 | -19.7% |
| Taxes, remuneration and social security | 45 | €161,838 | €48,327 | -€113,512 | -70.1% |
| Taxes | 450/3 | €133,056 | €19,348 | -€113,708 | -85.5% |
| Remuneration and social security | 454/9 | €28,782 | €28,978 | +€196 | +0.7% |
| Other amounts payable | 47/48 | €554,787 | €508,970 | -€45,817 | -8.3% |
| Accrued charges and deferred income | 492/3 | €113,202 | €93,256 | -€19,946 | -17.6% |
| Remuneration, social security and pensions | 62 | €195,488 | €216,283 | +€20,795 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,582 | €129,167 | +€3,585 | +2.9% |
| Other operating charges | 640/8 | €5,532 | €5,636 | +€104 | +1.9% |
| Non-recurring operating charges | 66A | €4 | - | -€4 | |
| Gross operating margin | 9900 | €770,680 | €633,334 | -€137,346 | -17.8% |
| Operating profit (loss) | 9901 | €444,075 | €282,249 | -€161,826 | -36.4% |
| Financial income | 75/76B | €11,416 | €2,738 | -€8,678 | -76.0% |
| Recurring financial income | 75 | €11,416 | €2,738 | -€8,678 | -76.0% |
| Financial charges | 65/66B | €128,613 | €121,791 | -€6,821 | -5.3% |
| Recurring financial charges | 65 | €128,613 | €121,791 | -€6,821 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €326,878 | €163,195 | -€163,682 | -50.1% |
| Income taxes | 67/77 | €89,126 | €54,581 | -€34,545 | -38.8% |
| Profit (loss) for the period | 9904 | €237,752 | €108,614 | -€129,138 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €237,752 | €108,614 | -€129,138 | -54.3% |
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 1 November 2026 via checked.be.