HESTOR: 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.
HESTOR
Largest movements
- Receivables within one year -€287,667
down €287,667 (-51.1%), from €563,368 to €275,700
of which Other amounts receivable: -€316,454
- Cash -€167,924
down €167,924 (-57.6%), from €291,518 to €123,594
mainly Contributions, distributions and other (-€443,000) and Advances received (-€97,330)
- Tangible fixed assets -€60,940
down €60,940 (-19.7%), from €309,202 to €248,262
- Reserves -€438,632
down €438,632 (-99.2%), from €442,208 to €3,576
- Trade debts +€115,841
up €115,841 (+349%), from €33,172 to €149,014
- Advances received -€97,330
down €97,330 (-20.4%), from €478,159 to €380,829
- Tax, wage and social debts -€63,255
down €63,255 (-70.5%), from €89,753 to €26,499
of which Taxes: -€41,327
- Debts after one year -€36,279
down €36,279 (-26.7%), from €135,966 to €99,687
- Gross operating margin -€179,648
down €179,648 (-47.2%), from €380,273 to €200,625
- Staff costs -€108,588
down €108,588 (-50.7%), from €214,072 to €105,484
- Taxes -€6,593
down €6,593 (-61.3%), from €10,756 to €4,162
- Depreciation +€4,762
up €4,762 (+6.7%), from €71,557 to €76,319
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 | €1,238,400 | €716,343 | -€522,058 | -42.2% |
| Fixed assets | 21/28 | €374,276 | €301,374 | -€72,902 | -19.5% |
| Intangible fixed assets | 21 | €50,071 | €38,109 | -€11,962 | -23.9% |
| Tangible fixed assets | 22/27 | €309,202 | €248,262 | -€60,940 | -19.7% |
| Plant, machinery and equipment | 23 | €21,621 | €7,567 | -€14,054 | -65.0% |
| Furniture and vehicles | 24 | €53,409 | €35,028 | -€18,381 | -34.4% |
| Other tangible fixed assets | 26 | €234,172 | €205,667 | -€28,505 | -12.2% |
| Financial fixed assets | 28 | €15,003 | €15,003 | = | 0.0% |
| Current assets | 29/58 | €864,125 | €414,969 | -€449,156 | -52.0% |
| Amounts receivable within one year | 40/41 | €563,368 | €275,700 | -€287,667 | -51.1% |
| Trade receivables | 40 | €59,739 | €88,526 | +€28,787 | +48.2% |
| Other amounts receivable | 41 | €503,629 | €187,175 | -€316,454 | -62.8% |
| Cash at bank and in hand | 54/58 | €291,518 | €123,594 | -€167,924 | -57.6% |
| Deferred charges and accrued income | 490/1 | €9,239 | €15,674 | +€6,435 | +69.7% |
| Total equity and liabilities | 10/49 | €1,238,400 | €716,343 | -€522,058 | -42.2% |
| Equity | 10/15 | €462,668 | €24,036 | -€438,632 | -94.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €442,208 | €3,576 | -€438,632 | -99.2% |
| Distributable reserves | 133 | €442,208 | €3,576 | -€438,632 | -99.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €775,733 | €692,307 | -€83,426 | -10.8% |
| Amounts payable after more than one year | 17 | €135,966 | €99,687 | -€36,279 | -26.7% |
| Financial debts | 170/4 | €135,966 | €99,687 | -€36,279 | -26.7% |
| Amounts payable within one year | 42/48 | €639,767 | €592,620 | -€47,147 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €38,683 | €36,279 | -€2,404 | -6.2% |
| Trade debts | 44 | €33,172 | €149,014 | +€115,841 | +349% |
| Suppliers | 440/4 | €33,172 | €149,014 | +€115,841 | +349% |
| Advances received on contracts in progress | 46 | €478,159 | €380,829 | -€97,330 | -20.4% |
| Taxes, remuneration and social security | 45 | €89,753 | €26,499 | -€63,255 | -70.5% |
| Taxes | 450/3 | €56,575 | €15,248 | -€41,327 | -73.0% |
| Remuneration and social security | 454/9 | €33,179 | €11,251 | -€21,928 | -66.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €214,072 | €105,484 | -€108,588 | -50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,557 | €76,319 | +€4,762 | +6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,411 | €4,565 | +€1,154 | +33.8% |
| Non-recurring operating charges | 66A | €40,292 | €0 | -€40,292 | -100% |
| Gross operating margin | 9900 | €380,273 | €200,625 | -€179,648 | -47.2% |
| Operating profit (loss) | 9901 | €50,941 | €14,257 | -€36,684 | -72.0% |
| Financial income | 75/76B | €1 | €321 | +€320 | +25,582% |
| Recurring financial income | 75 | €1 | €321 | +€320 | +25,582% |
| Financial charges | 65/66B | €6,643 | €6,048 | -€596 | -9.0% |
| Recurring financial charges | 65 | €6,643 | €6,048 | -€596 | -9.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €44,299 | €8,530 | -€35,768 | -80.7% |
| Income taxes | 67/77 | €10,756 | €4,162 | -€6,593 | -61.3% |
| Profit (loss) for the period | 9904 | €33,543 | €4,368 | -€29,175 | -87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,543 | €4,368 | -€29,175 | -87.0% |
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 14 October 2026 via checked.be.