HESCOM: 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.
What changed
HESCOM
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,460
2024 · -€5,164+€15,623
Equity
€2.3m
2024 · €2.3m+€10,460
Cash
€96,647
2024 · €88,430+€8,217
Balance sheet total
€2.4m
2024 · €2.4m-€58,079
Largest movements
Assets
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Financial fixed assets +€60,000
up €60,000 (+3.0%), from €2.0m to €2.0m
Equity and liabilities
- Tax, wage and social debts -€67,256
down €67,256 (-72.0%), from €93,461 to €26,206
Income statement
- Gross operating margin +€65,099
up €65,099 (+143%), from €45,682 to €110,780
- Depreciation +€19,070
up €19,070 (+454%), from €4,199 to €23,269
- Taxes +€11,055
up €11,055 (+385%), from €2,874 to €13,929
- Write-downs +€10,524
up €10,524 (+39.9%), from -€26,356 to -€15,832
- Other operating charges +€4,666
up €4,666 (+6.1%), from €76,957 to €81,624
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.
Result 2024
-€5,164
Gross operating margin
+€65,099
Depreciation
-€19,070
Write-downs
-€10,524
Other operating charges
-€4,666
Financial income
-€2,500
Financial charges
-€1,659
Taxes
-€11,055
Result 2025
€10,460
raises the resultlowers the result
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.
From operations
-€30,903
Investment
+€39,120
Financing
€0
Cash 2024
€88,430
From operations (derived)
-€30,903
Net result for the year
+€10,460
Depreciation
+€23,269
Receivables within one year
+€2,911
Deferred charges and accrued income
+€995
Trade debts
-€1,723
Tax, wage and social debts
-€67,256
Other debts
+€440
Investment (derived)
+€39,120
Investment in fixed assets (net)
-€60,880
Current investments
+€100,000
Cash 2025
€96,647
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,447,373 | €2,389,294 | -€58,079 | -2.4% |
| Fixed assets | 21/28 | €2,095,735 | €2,133,345 | +€37,611 | +1.8% |
| Tangible fixed assets | 22/27 | €110,735 | €88,345 | -€22,389 | -20.2% |
| Plant, machinery and equipment | 23 | €1,283 | €299 | -€984 | -76.7% |
| Furniture and vehicles | 24 | €109,452 | €88,046 | -€21,406 | -19.6% |
| Financial fixed assets | 28 | €1,985,000 | €2,045,000 | +€60,000 | +3.0% |
| Current assets | 29/58 | €351,639 | €255,949 | -€95,689 | -27.2% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,483 | €32,572 | -€2,911 | -8.2% |
| Trade receivables | 40 | €26,636 | €23,730 | -€2,906 | -10.9% |
| Other amounts receivable | 41 | €8,847 | €8,842 | -€5 | -0.1% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €88,430 | €96,647 | +€8,217 | +9.3% |
| Deferred charges and accrued income | 490/1 | €2,726 | €1,731 | -€995 | -36.5% |
| Total equity and liabilities | 10/49 | €2,447,373 | €2,389,294 | -€58,079 | -2.4% |
| Equity | 10/15 | €2,268,956 | €2,279,416 | +€10,460 | +0.5% |
| Contributions | 10/11 | €1,455,000 | €1,455,000 | = | 0.0% |
| Reserves | 13 | €813,956 | €824,416 | +€10,460 | +1.3% |
| Distributable reserves | 133 | €813,956 | €824,416 | +€10,460 | +1.3% |
| Amounts payable | 17/49 | €178,417 | €109,878 | -€68,539 | -38.4% |
| Amounts payable within one year | 42/48 | €178,417 | €109,878 | -€68,539 | -38.4% |
| Trade debts | 44 | €3,499 | €1,777 | -€1,723 | -49.2% |
| Suppliers | 440/4 | €3,499 | €1,777 | -€1,723 | -49.2% |
| Taxes, remuneration and social security | 45 | €93,461 | €26,206 | -€67,256 | -72.0% |
| Taxes | 450/3 | €93,461 | €26,206 | -€67,256 | -72.0% |
| Other amounts payable | 47/48 | €81,456 | €81,896 | +€440 | +0.5% |
| Non-recurring operating income | 76A | €21,581 | €1,024 | -€20,557 | -95.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,199 | €23,269 | +€19,070 | +454% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€26,356 | -€15,832 | +€10,524 | +39.9% |
| Other operating charges | 640/8 | €76,957 | €81,624 | +€4,666 | +6.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €45,682 | €110,780 | +€65,099 | +143% |
| Operating profit (loss) | 9901 | -€9,119 | €21,719 | +€30,838 | |
| Financial income | 75/76B | €9,727 | €7,226 | -€2,500 | -25.7% |
| Recurring financial income | 75 | €9,727 | €7,226 | -€2,500 | -25.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,897 | €4,557 | +€1,659 | +57.3% |
| Recurring financial charges | 65 | €2,897 | €4,557 | +€1,659 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,290 | €24,388 | +€26,678 | |
| Income taxes | 67/77 | €2,874 | €13,929 | +€11,055 | +385% |
| Profit (loss) for the period | 9904 | -€5,164 | €10,460 | +€15,623 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,164 | €10,460 | +€15,623 |
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 19 October 2026 via checked.be.