HEST: 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.
HEST
Largest movements
- Receivables within one year +€53,160
up €53,160 (+70.0%), from €75,895 to €129,055
of which Trade receivables: +€43,560
- Cash +€23,509
up €23,509 (+184%), from €12,773 to €36,282
mainly Net result for the year (+€144,698) and Tax, wage and social debts (+€28,940)
- Profit (loss) carried forward +€144,698
up €144,698 (+17.7%), from €815,629 to €960,327
- Debts after one year -€100,000
down €100,000 (-49.7%), from €201,250 to €101,250
- Tax, wage and social debts +€28,940
up €28,940 (+194%), from €14,931 to €43,871
of which Taxes: +€28,940
- Gross operating margin +€7,097
up €7,097 (+5.9%), from €120,470 to €127,567
- Taxes +€4,820
up €4,820 (+18.3%), from €26,376 to €31,196
- Financial charges -€4,638
down €4,638 (-30.0%), from €15,440 to €10,802
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 | €1,130,281 | €1,211,583 | +€81,302 | +7.2% |
| Fixed assets | 21/28 | €1,041,613 | €1,045,726 | +€4,113 | +0.4% |
| Tangible fixed assets | 22/27 | - | €4,476 | +€4,476 | |
| Other tangible fixed assets | 26 | - | €4,476 | +€4,476 | |
| Financial fixed assets | 28 | €1,041,613 | €1,041,250 | -€363 | 0.0% |
| Current assets | 29/58 | €88,668 | €165,857 | +€77,189 | +87.1% |
| Amounts receivable within one year | 40/41 | €75,895 | €129,055 | +€53,160 | +70.0% |
| Trade receivables | 40 | €50,820 | €94,380 | +€43,560 | +85.7% |
| Other amounts receivable | 41 | €25,075 | €34,675 | +€9,600 | +38.3% |
| Cash at bank and in hand | 54/58 | €12,773 | €36,282 | +€23,509 | +184% |
| Deferred charges and accrued income | 490/1 | €0 | €520 | +€520 | |
| Total equity and liabilities | 10/49 | €1,130,281 | €1,211,583 | +€81,302 | +7.2% |
| Equity | 10/15 | €836,089 | €980,787 | +€144,698 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €815,629 | €960,327 | +€144,698 | +17.7% |
| Amounts payable | 17/49 | €294,192 | €230,796 | -€63,396 | -21.5% |
| Amounts payable after more than one year | 17 | €201,250 | €101,250 | -€100,000 | -49.7% |
| Financial debts | 170/4 | €201,250 | €101,250 | -€100,000 | -49.7% |
| Amounts payable within one year | 42/48 | €82,412 | €111,594 | +€29,181 | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €361 | €524 | +€164 | +45.4% |
| Suppliers | 440/4 | €361 | €524 | +€164 | +45.4% |
| Taxes, remuneration and social security | 45 | €14,931 | €43,871 | +€28,940 | +194% |
| Taxes | 450/3 | €14,931 | €43,871 | +€28,940 | +194% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,121 | €7,199 | +€78 | +1.1% |
| Accrued charges and deferred income | 492/3 | €10,529 | €17,952 | +€7,423 | +70.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €392 | +€392 | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €120,470 | €127,567 | +€7,097 | +5.9% |
| Operating profit (loss) | 9901 | €119,502 | €126,176 | +€6,674 | +5.6% |
| Financial income | 75/76B | €60,000 | €60,520 | +€520 | +0.9% |
| Recurring financial income | 75 | €60,000 | €60,520 | +€520 | +0.9% |
| Financial charges | 65/66B | €15,440 | €10,802 | -€4,638 | -30.0% |
| Recurring financial charges | 65 | €15,440 | €10,802 | -€4,638 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €164,062 | €175,894 | +€11,832 | +7.2% |
| Income taxes | 67/77 | €26,376 | €31,196 | +€4,820 | +18.3% |
| Profit (loss) for the period | 9904 | €137,686 | €144,698 | +€7,012 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €137,686 | €144,698 | +€7,012 | +5.1% |
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 25 October 2026 via checked.be.