HESDA: 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.
HESDA
Largest movements
- Cash -€24,347
down €24,347 (-38.3%), from €63,490 to €39,143
mainly Debts after one year (-€24,298) and Receivables after one year (-€21,216)
- Receivables after one year +€21,216
new in 2025: €21,216
- Tangible fixed assets -€19,819
down €19,819 (-8.2%), from €240,914 to €221,095
of which Other tangible fixed assets: -€15,857
- Receivables within one year +€10,334
up €10,334 (+45.3%), from €22,832 to €33,166
of which Trade receivables: +€31,290
- Debts after one year -€24,298
down €24,298 (-9.0%), from €270,952 to €246,654
- Profit (loss) carried forward +€19,241
no longer reported in 2025 (was -€19,241)
- Tax, wage and social debts -€6,333
down €6,333 (-68.2%), from €9,289 to €2,956
of which Remuneration and social security: -€4,385
- Trade debts -€6,136
down €6,136 (-29.0%), from €21,190 to €15,055
- Reserves +€3,605
new in 2025: €3,605
- Staff costs -€36,662
down €36,662 (-68.4%), from €53,582 to €16,920
- Gross operating margin +€18,765
up €18,765 (+29.0%), from €64,790 to €83,554
- Taxes +€14,219
up €14,219 (+3,229%), from €440 to €14,659
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 | €330,329 | €314,620 | -€15,709 | -4.8% |
| Fixed assets | 21/28 | €240,914 | €221,095 | -€19,819 | -8.2% |
| Tangible fixed assets | 22/27 | €240,914 | €221,095 | -€19,819 | -8.2% |
| Plant, machinery and equipment | 23 | €1,544 | €889 | -€655 | -42.4% |
| Furniture and vehicles | 24 | €11,670 | €8,363 | -€3,306 | -28.3% |
| Other tangible fixed assets | 26 | €227,700 | €211,843 | -€15,857 | -7.0% |
| Current assets | 29/58 | €89,415 | €93,525 | +€4,110 | +4.6% |
| Amounts receivable after more than one year | 29 | - | €21,216 | +€21,216 | |
| Other amounts receivable | 291 | - | €21,216 | +€21,216 | |
| Amounts receivable within one year | 40/41 | €22,832 | €33,166 | +€10,334 | +45.3% |
| Trade receivables | 40 | - | €31,290 | +€31,290 | |
| Other amounts receivable | 41 | €22,832 | €1,876 | -€20,956 | -91.8% |
| Cash at bank and in hand | 54/58 | €63,490 | €39,143 | -€24,347 | -38.3% |
| Deferred charges and accrued income | 490/1 | €3,093 | - | -€3,093 | |
| Total equity and liabilities | 10/49 | €330,329 | €314,620 | -€15,709 | -4.8% |
| Equity | 10/15 | -€641 | €22,205 | +€22,846 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €3,605 | +€3,605 | |
| Distributable reserves | 133 | - | €3,605 | +€3,605 | |
| Profit (loss) carried forward | 14 | -€19,241 | - | +€19,241 | |
| Amounts payable | 17/49 | €330,970 | €292,415 | -€38,555 | -11.6% |
| Amounts payable after more than one year | 17 | €270,952 | €246,654 | -€24,298 | -9.0% |
| Financial debts | 170/4 | €270,952 | €246,654 | -€24,298 | -9.0% |
| Amounts payable within one year | 42/48 | €60,018 | €45,761 | -€14,258 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €29,441 | €27,663 | -€1,779 | -6.0% |
| Financial debts | 43 | €97 | - | -€97 | |
| Credit institutions | 430/8 | €97 | - | -€97 | |
| Trade debts | 44 | €21,190 | €15,055 | -€6,136 | -29.0% |
| Suppliers | 440/4 | €21,190 | €15,055 | -€6,136 | -29.0% |
| Taxes, remuneration and social security | 45 | €9,289 | €2,956 | -€6,333 | -68.2% |
| Taxes | 450/3 | €2,205 | €256 | -€1,949 | -88.4% |
| Remuneration and social security | 454/9 | €7,085 | €2,700 | -€4,385 | -61.9% |
| Other amounts payable | 47/48 | - | €87 | +€87 | |
| Remuneration, social security and pensions | 62 | €53,582 | €16,920 | -€36,662 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,533 | €19,819 | +€286 | +1.5% |
| Other operating charges | 640/8 | €3,250 | €3,921 | +€671 | +20.7% |
| Non-recurring operating charges | 66A | €889 | - | -€889 | |
| Gross operating margin | 9900 | €64,790 | €83,554 | +€18,765 | +29.0% |
| Operating profit (loss) | 9901 | -€12,465 | €42,894 | +€55,359 | |
| Financial income | 75/76B | €872 | €1,172 | +€300 | +34.4% |
| Recurring financial income | 75 | €872 | €1,172 | +€300 | +34.4% |
| Financial charges | 65/66B | €7,208 | €6,561 | -€647 | -9.0% |
| Recurring financial charges | 65 | €7,208 | €6,561 | -€647 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,801 | €37,505 | +€56,306 | |
| Income taxes | 67/77 | €440 | €14,659 | +€14,219 | +3,229% |
| Profit (loss) for the period | 9904 | -€19,241 | €22,846 | +€42,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,241 | €22,846 | +€42,087 |
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 15 October 2026 via checked.be.