Hestia Study: 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.
Hestia Study
Largest movements
- Cash -€21,827
down €21,827 (-37.9%), from €57,636 to €35,808
mainly Current investments (-€18,407) and Receivables within one year (-€11,893)
- Current investments +€18,407
up €18,407 (+19.6%), from €93,786 to €112,193
- Receivables within one year +€11,893
up €11,893 (+114%), from €10,437 to €22,329
of which Trade receivables: +€6,837
- Intangible fixed assets -€3,319
down €3,319 (-100%), from €3,319 to €0
- Reserves +€5,665
up €5,665 (+5.3%), from €106,356 to €112,021
- Tax, wage and social debts +€4,467
up €4,467 (+59.2%), from €7,548 to €12,015
of which Taxes: +€4,433
- Debts after one year -€4,452
down €4,452 (-70.4%), from €6,327 to €1,875
- Other debts -€2,932
down €2,932 (-11.0%), from €26,637 to €23,705
- Gross operating margin -€16,905
down €16,905 (-54.8%), from €30,873 to €13,968
- Depreciation -€6,271
down €6,271 (-55.7%), from €11,267 to €4,996
- Taxes -€3,275
down €3,275 (-51.5%), from €6,354 to €3,079
- Financial income -€790
down €790 (-50.3%), from €1,569 to €779
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 | €170,411 | €173,988 | +€3,577 | +2.1% |
| Fixed assets | 21/28 | €7,994 | €2,998 | -€4,996 | -62.5% |
| Intangible fixed assets | 21 | €3,319 | €0 | -€3,319 | -100% |
| Tangible fixed assets | 22/27 | €4,675 | €2,998 | -€1,677 | -35.9% |
| Plant, machinery and equipment | 23 | €2,948 | €1,768 | -€1,181 | -40.0% |
| Furniture and vehicles | 24 | €1,726 | €1,230 | -€496 | -28.7% |
| Current assets | 29/58 | €162,417 | €170,990 | +€8,573 | +5.3% |
| Amounts receivable within one year | 40/41 | €10,437 | €22,329 | +€11,893 | +114% |
| Trade receivables | 40 | €0 | €6,837 | +€6,837 | |
| Other amounts receivable | 41 | €10,437 | €15,492 | +€5,056 | +48.4% |
| Current investments | 50/53 | €93,786 | €112,193 | +€18,407 | +19.6% |
| Cash at bank and in hand | 54/58 | €57,636 | €35,808 | -€21,827 | -37.9% |
| Deferred charges and accrued income | 490/1 | €559 | €660 | +€101 | +18.1% |
| Total equity and liabilities | 10/49 | €170,411 | €173,988 | +€3,577 | +2.1% |
| Equity | 10/15 | €124,956 | €130,621 | +€5,665 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,356 | €112,021 | +€5,665 | +5.3% |
| Distributable reserves | 133 | €106,356 | €112,021 | +€5,665 | +5.3% |
| Amounts payable | 17/49 | €45,454 | €43,367 | -€2,088 | -4.6% |
| Amounts payable after more than one year | 17 | €6,327 | €1,875 | -€4,452 | -70.4% |
| Financial debts | 170/4 | €6,327 | €1,875 | -€4,452 | -70.4% |
| Amounts payable within one year | 42/48 | €39,128 | €41,492 | +€2,364 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €4,386 | €4,452 | +€66 | +1.5% |
| Trade debts | 44 | €557 | €1,321 | +€763 | +137% |
| Suppliers | 440/4 | €557 | €1,321 | +€763 | +137% |
| Taxes, remuneration and social security | 45 | €7,548 | €12,015 | +€4,467 | +59.2% |
| Taxes | 450/3 | €5,196 | €9,629 | +€4,433 | +85.3% |
| Remuneration and social security | 454/9 | €2,352 | €2,386 | +€34 | +1.4% |
| Other amounts payable | 47/48 | €26,637 | €23,705 | -€2,932 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,267 | €4,996 | -€6,271 | -55.7% |
| Other operating charges | 640/8 | €561 | €697 | +€136 | +24.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €30,873 | €13,968 | -€16,905 | -54.8% |
| Operating profit (loss) | 9901 | €19,045 | €8,275 | -€10,771 | -56.6% |
| Financial income | 75/76B | €1,569 | €779 | -€790 | -50.3% |
| Recurring financial income | 75 | €1,569 | €779 | -€790 | -50.3% |
| Financial charges | 65/66B | €548 | €310 | -€238 | -43.4% |
| Recurring financial charges | 65 | €548 | €310 | -€238 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €20,067 | €8,744 | -€11,323 | -56.4% |
| Income taxes | 67/77 | €6,354 | €3,079 | -€3,275 | -51.5% |
| Profit (loss) for the period | 9904 | €13,712 | €5,665 | -€8,047 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,712 | €5,665 | -€8,047 | -58.7% |
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 17 October 2026 via checked.be.