HESIMA: 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.
HESIMA
Largest movements
- Tangible fixed assets +€484,767
up €484,767 (+351%), from €137,917 to €622,684
of which Land and buildings: +€513,724
- Cash -€286,121
down €286,121 (-74.4%), from €384,669 to €98,548
mainly Investment in fixed assets (net) (-€613,227) and Tax, wage and social debts (-€53,100)
- Receivables within one year -€119,593
down €119,593 (-70.5%), from €169,691 to €50,098
of which Other amounts receivable: -€107,972
- Stocks and contracts -€12,920
down €12,920 (-12.9%), from €100,225 to €87,305
- Reserves +€71,303
up €71,303 (+9.9%), from €722,031 to €793,334
of which Distributable reserves: +€71,303
- Tax, wage and social debts -€53,100
down €53,100 (-91.5%), from €58,026 to €4,926
of which Taxes: -€49,327
- Other debts +€39,910
new in 2025: €39,910
- Gross operating margin -€68,954
down €68,954 (-22.6%), from €305,501 to €236,547
- Depreciation +€59,815
up €59,815 (+87.1%), from €68,645 to €128,460
- Taxes -€39,365
down €39,365 (-54.5%), from €72,269 to €32,905
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 | €793,984 | €860,223 | +€66,238 | +8.3% |
| Fixed assets | 21/28 | €137,962 | €622,729 | +€484,767 | +351% |
| Tangible fixed assets | 22/27 | €137,917 | €622,684 | +€484,767 | +351% |
| Land and buildings | 22 | - | €513,724 | +€513,724 | |
| Plant, machinery and equipment | 23 | €67,441 | €50,199 | -€17,242 | -25.6% |
| Furniture and vehicles | 24 | €51,040 | €41,346 | -€9,694 | -19.0% |
| Other tangible fixed assets | 26 | €19,435 | €17,415 | -€2,020 | -10.4% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €656,023 | €237,494 | -€418,529 | -63.8% |
| Stocks and contracts in progress | 3 | €100,225 | €87,305 | -€12,920 | -12.9% |
| Stocks | 30/36 | €100,225 | €87,305 | -€12,920 | -12.9% |
| Amounts receivable within one year | 40/41 | €169,691 | €50,098 | -€119,593 | -70.5% |
| Trade receivables | 40 | €44,623 | €33,003 | -€11,620 | -26.0% |
| Other amounts receivable | 41 | €125,068 | €17,095 | -€107,972 | -86.3% |
| Cash at bank and in hand | 54/58 | €384,669 | €98,548 | -€286,121 | -74.4% |
| Deferred charges and accrued income | 490/1 | €1,439 | €1,543 | +€105 | +7.3% |
| Total equity and liabilities | 10/49 | €793,984 | €860,223 | +€66,238 | +8.3% |
| Equity | 10/15 | €734,431 | €805,734 | +€71,303 | +9.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €722,031 | €793,334 | +€71,303 | +9.9% |
| Tax-exempt reserves | 132 | €378 | €378 | = | 0.0% |
| Distributable reserves | 133 | €721,653 | €792,956 | +€71,303 | +9.9% |
| Amounts payable | 17/49 | €59,553 | €54,488 | -€5,065 | -8.5% |
| Amounts payable within one year | 42/48 | €59,553 | €54,488 | -€5,065 | -8.5% |
| Trade debts | 44 | €1,528 | €9,653 | +€8,126 | +532% |
| Suppliers | 440/4 | €1,528 | €9,653 | +€8,126 | +532% |
| Taxes, remuneration and social security | 45 | €58,026 | €4,926 | -€53,100 | -91.5% |
| Taxes | 450/3 | €54,253 | €4,926 | -€49,327 | -90.9% |
| Remuneration and social security | 454/9 | €3,773 | - | -€3,773 | |
| Other amounts payable | 47/48 | - | €39,910 | +€39,910 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,645 | €128,460 | +€59,815 | +87.1% |
| Other operating charges | 640/8 | €2,145 | €3,076 | +€931 | +43.4% |
| Non-recurring operating charges | 66A | €4,251 | - | -€4,251 | |
| Gross operating margin | 9900 | €305,501 | €236,547 | -€68,954 | -22.6% |
| Operating profit (loss) | 9901 | €230,460 | €105,011 | -€125,449 | -54.4% |
| Financial income | 75/76B | €2,974 | - | -€2,974 | |
| Recurring financial income | 75 | €2,974 | - | -€2,974 | |
| Financial charges | 65/66B | €473 | €803 | +€330 | +69.7% |
| Recurring financial charges | 65 | €473 | €803 | +€330 | +69.7% |
| Profit (loss) for the period before taxes | 9903 | €232,960 | €104,208 | -€128,752 | -55.3% |
| Income taxes | 67/77 | €72,269 | €32,905 | -€39,365 | -54.5% |
| Profit (loss) for the period | 9904 | €160,691 | €71,303 | -€89,388 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €160,691 | €71,303 | -€89,388 | -55.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.