HET FONDS: 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.
HET FONDS
Largest movements
- Financial fixed assets +€2.6m
up €2.6m (+36.5%), from €7.2m to €9.9m
- Other debts +€2.3m
up €2.3m (+135%), from €1.7m to €4.1m
- Reserves +€552,484
up €552,484 (+11.5%), from €4.8m to €5.4m
of which Distributable reserves: +€552,484
- Debts after one year -€246,560
down €246,560 (-26.4%), from €933,227 to €686,667
- Trade debts +€132,775
up €132,775 (+52.4%), from €253,213 to €385,988
- Current portion of long-term debt -€122,320
down €122,320 (-60.5%), from €202,320 to €80,000
- Gross operating margin +€316,241
up €316,241 (+2,301%), from €13,745 to €329,985
- Financial income +€303,086
new in 2025: €303,086
of which Non-recurring financial income: +€178,292
- Other operating charges -€3,793
down €3,793 (-57.6%), from €6,584 to €2,790
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 | €8,522,827 | €11,134,447 | +€2.6m | +30.6% |
| Fixed assets | 21/28 | €7,979,936 | €10,613,228 | +€2.6m | +33.0% |
| Tangible fixed assets | 22/27 | €760,320 | €760,320 | = | 0.0% |
| Other tangible fixed assets | 26 | €760,320 | €760,320 | = | 0.0% |
| Financial fixed assets | 28 | €7,219,616 | €9,852,908 | +€2.6m | +36.5% |
| Current assets | 29/58 | €542,892 | €521,219 | -€21,673 | -4.0% |
| Amounts receivable within one year | 40/41 | €542,798 | €521,206 | -€21,593 | -4.0% |
| Trade receivables | 40 | €210,000 | €321,541 | +€111,541 | +53.1% |
| Other amounts receivable | 41 | €332,798 | €199,665 | -€133,133 | -40.0% |
| Cash at bank and in hand | 54/58 | €20 | €13 | -€6 | -32.5% |
| Deferred charges and accrued income | 490/1 | €74 | €0 | -€74 | -100% |
| Total equity and liabilities | 10/49 | €8,522,827 | €11,134,447 | +€2.6m | +30.6% |
| Equity | 10/15 | €5,297,767 | €5,850,251 | +€552,484 | +10.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €4,797,767 | €5,350,251 | +€552,484 | +11.5% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €4,747,767 | €5,300,251 | +€552,484 | +11.6% |
| Amounts payable | 17/49 | €3,225,060 | €5,284,195 | +€2.1m | +63.8% |
| Amounts payable after more than one year | 17 | €933,227 | €686,667 | -€246,560 | -26.4% |
| Financial debts | 170/4 | €933,227 | €686,667 | -€246,560 | -26.4% |
| Amounts payable within one year | 42/48 | €2,282,347 | €4,597,528 | +€2.3m | +101% |
| Current portion of amounts payable after more than one year | 42 | €202,320 | €80,000 | -€122,320 | -60.5% |
| Financial debts | 43 | €88,846 | €39,187 | -€49,658 | -55.9% |
| Credit institutions | 430/8 | €88,846 | €39,187 | -€49,658 | -55.9% |
| Trade debts | 44 | €253,213 | €385,988 | +€132,775 | +52.4% |
| Suppliers | 440/4 | €253,213 | €385,988 | +€132,775 | +52.4% |
| Taxes, remuneration and social security | 45 | €2,936 | €23,176 | +€20,240 | +689% |
| Taxes | 450/3 | €2,936 | €23,176 | +€20,240 | +689% |
| Other amounts payable | 47/48 | €1,735,032 | €4,069,176 | +€2.3m | +135% |
| Accrued charges and deferred income | 492/3 | €9,486 | €0 | -€9,486 | -100% |
| Other operating charges | 640/8 | €6,584 | €2,790 | -€3,793 | -57.6% |
| Gross operating margin | 9900 | €13,745 | €329,985 | +€316,241 | +2,301% |
| Operating profit (loss) | 9901 | €7,161 | €327,195 | +€320,034 | +4,469% |
| Financial income | 75/76B | - | €303,086 | +€303,086 | |
| Recurring financial income | 75 | - | €124,795 | +€124,795 | |
| Non-recurring financial income | 76B | - | €178,292 | +€178,292 | |
| Financial charges | 65/66B | €79,610 | €77,797 | -€1,813 | -2.3% |
| Recurring financial charges | 65 | €79,610 | €77,797 | -€1,813 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | -€72,449 | €552,484 | +€624,933 | |
| Profit (loss) for the period | 9904 | -€72,449 | €552,484 | +€624,933 | |
| Profit (loss) for the period to be appropriated | 9905 | -€72,449 | €552,484 | +€624,933 |
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 28 October 2026 via checked.be.