HETREFIL: 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.
HETREFIL
Largest movements
- Cash +€80,967
up €80,967 (+229%), from €35,287 to €116,254
mainly Net result for the year (+€92,899) and Receivables within one year (+€77,703)
- Receivables within one year -€77,703
down €77,703 (-44.1%), from €176,285 to €98,582
of which Other amounts receivable: -€74,793
- Current investments +€70,907
up €70,907 (+1.8%), from €4.0m to €4.0m
- Reserves +€87,600
up €87,600 (+34.7%), from €252,358 to €339,959
- Financial charges +€32,029
up €32,029, from -€2,002 to €30,027
- Taxes +€8,760
new in 2025: €8,760
- Financial income -€7,965
down €7,965 (-4.9%), from €163,280 to €155,316
- Gross operating margin +€4,311
up €4,311 (+28.3%), from -€15,226 to -€10,916
- Depreciation -€247
down €247 (-2.9%), from €8,515 to €8,268
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 | €4,674,573 | €4,764,220 | +€89,647 | +1.9% |
| Fixed assets | 21/28 | €495,694 | €521,426 | +€25,732 | +5.2% |
| Tangible fixed assets | 22/27 | €61,704 | €53,436 | -€8,268 | -13.4% |
| Land and buildings | 22 | €61,704 | €53,436 | -€8,268 | -13.4% |
| Financial fixed assets | 28 | €433,990 | €467,990 | +€34,000 | +7.8% |
| Current assets | 29/58 | €4,178,879 | €4,242,795 | +€63,916 | +1.5% |
| Amounts receivable within one year | 40/41 | €176,285 | €98,582 | -€77,703 | -44.1% |
| Trade receivables | 40 | €3,076 | €166 | -€2,910 | -94.6% |
| Other amounts receivable | 41 | €173,210 | €98,416 | -€74,793 | -43.2% |
| Current investments | 50/53 | €3,957,052 | €4,027,959 | +€70,907 | +1.8% |
| Cash at bank and in hand | 54/58 | €35,287 | €116,254 | +€80,967 | +229% |
| Deferred charges and accrued income | 490/1 | €10,255 | - | -€10,255 | |
| Total equity and liabilities | 10/49 | €4,674,573 | €4,764,220 | +€89,647 | +1.9% |
| Equity | 10/15 | €4,247,060 | €4,339,959 | +€92,899 | +2.2% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €252,358 | €339,959 | +€87,600 | +34.7% |
| Distributable reserves | 133 | €252,358 | €339,959 | +€87,600 | +34.7% |
| Profit (loss) carried forward | 14 | -€5,298 | - | +€5,298 | |
| Amounts payable | 17/49 | €427,513 | €424,261 | -€3,251 | -0.8% |
| Amounts payable after more than one year | 17 | €420,000 | €420,000 | = | 0.0% |
| Financial debts | 170/4 | €420,000 | €420,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,513 | €4,261 | -€3,251 | -43.3% |
| Financial debts | 43 | €4,471 | €3,132 | -€1,339 | -30.0% |
| Credit institutions | 430/8 | €4,471 | €3,132 | -€1,339 | -30.0% |
| Trade debts | 44 | €2,503 | €608 | -€1,895 | -75.7% |
| Suppliers | 440/4 | €2,503 | €608 | -€1,895 | -75.7% |
| Taxes, remuneration and social security | 45 | - | €448 | +€448 | |
| Taxes | 450/3 | - | €448 | +€448 | |
| Other amounts payable | 47/48 | €539 | €74 | -€465 | -86.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,515 | €8,268 | -€247 | -2.9% |
| Other operating charges | 640/8 | €4,317 | €4,446 | +€129 | +3.0% |
| Gross operating margin | 9900 | -€15,226 | -€10,916 | +€4,311 | +28.3% |
| Operating profit (loss) | 9901 | -€28,058 | -€23,630 | +€4,428 | +15.8% |
| Financial income | 75/76B | €163,280 | €155,316 | -€7,965 | -4.9% |
| Recurring financial income | 75 | €163,280 | €155,316 | -€7,965 | -4.9% |
| Financial charges | 65/66B | -€2,002 | €30,027 | +€32,029 | |
| Recurring financial charges | 65 | -€2,002 | €30,027 | +€32,029 | |
| Profit (loss) for the period before taxes | 9903 | €137,224 | €101,659 | -€35,565 | -25.9% |
| Income taxes | 67/77 | - | €8,760 | +€8,760 | |
| Profit (loss) for the period | 9904 | €137,224 | €92,899 | -€44,325 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €137,224 | €92,899 | -€44,325 | -32.3% |
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 27 October 2026 via checked.be.