HETROMAS: 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.
HETROMAS
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-89.5%), from €1.3m to €137,244
of which Other amounts receivable: -€1.2m
- Current investments +€293,075
up €293,075 (+5.3%), from €5.6m to €5.9m
- Tangible fixed assets -€185,763
down €185,763 (-6.6%), from €2.8m to €2.6m
of which Land and buildings: -€174,741
- Cash +€165,322
up €165,322 (+48.4%), from €341,902 to €507,224
mainly Receivables within one year (+€1.2m) and Net result for the year (+€426,539)
- Other debts -€1.3m
down €1.3m (-87.8%), from €1.5m to €182,324
- Reserves +€426,539
up €426,539 (+27.9%), from €1.5m to €2.0m
of which Distributable reserves: +€426,539
- Financial charges -€105,129
down €105,129 (-92.0%), from €114,300 to €9,171
- Taxes +€88,197
up €88,197 (+79.4%), from €111,082 to €199,279
- Financial income -€41,164
down €41,164 (-8.9%), from €459,963 to €418,799
- Gross operating margin +€18,008
up €18,008 (+4.4%), from €413,668 to €431,676
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 | €10,037,621 | €9,153,270 | -€884,351 | -8.8% |
| Fixed assets | 21/28 | €2,807,342 | €2,621,579 | -€185,763 | -6.6% |
| Tangible fixed assets | 22/27 | €2,807,342 | €2,621,579 | -€185,763 | -6.6% |
| Land and buildings | 22 | €2,796,320 | €2,621,579 | -€174,741 | -6.2% |
| Furniture and vehicles | 24 | €11,022 | €0 | -€11,022 | -100% |
| Current assets | 29/58 | €7,230,279 | €6,531,691 | -€698,588 | -9.7% |
| Amounts receivable within one year | 40/41 | €1,309,997 | €137,244 | -€1.2m | -89.5% |
| Trade receivables | 40 | €0 | €4,920 | +€4,920 | |
| Other amounts receivable | 41 | €1,309,997 | €132,324 | -€1.2m | -89.9% |
| Current investments | 50/53 | €5,571,811 | €5,864,886 | +€293,075 | +5.3% |
| Cash at bank and in hand | 54/58 | €341,902 | €507,224 | +€165,322 | +48.4% |
| Deferred charges and accrued income | 490/1 | €6,569 | €22,337 | +€15,768 | +240% |
| Total equity and liabilities | 10/49 | €10,037,621 | €9,153,270 | -€884,351 | -8.8% |
| Equity | 10/15 | €8,512,266 | €8,938,805 | +€426,539 | +5.0% |
| Contributions | 10/11 | €3,960,500 | €3,960,500 | = | 0.0% |
| Reserves | 13 | €1,527,544 | €1,954,083 | +€426,539 | +27.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,527,544 | €1,954,083 | +€426,539 | +27.9% |
| Profit (loss) carried forward | 14 | €3,024,222 | €3,024,222 | = | 0.0% |
| Amounts payable | 17/49 | €1,525,355 | €214,465 | -€1.3m | -85.9% |
| Amounts payable within one year | 42/48 | €1,525,355 | €208,057 | -€1.3m | -86.4% |
| Financial debts | 43 | €25,080 | €25,070 | -€10 | 0.0% |
| Credit institutions | 430/8 | €25,080 | €25,070 | -€10 | 0.0% |
| Trade debts | 44 | €274 | €663 | +€389 | +142% |
| Suppliers | 440/4 | €274 | €663 | +€389 | +142% |
| Other amounts payable | 47/48 | €1,500,000 | €182,324 | -€1.3m | -87.8% |
| Accrued charges and deferred income | 492/3 | - | €6,407 | +€6,407 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,468 | €185,763 | -€705 | -0.4% |
| Other operating charges | 640/8 | €28,997 | €29,723 | +€726 | +2.5% |
| Gross operating margin | 9900 | €413,668 | €431,676 | +€18,008 | +4.4% |
| Operating profit (loss) | 9901 | €198,203 | €216,190 | +€17,986 | +9.1% |
| Financial income | 75/76B | €459,963 | €418,799 | -€41,164 | -8.9% |
| Recurring financial income | 75 | €459,963 | €418,799 | -€41,164 | -8.9% |
| Financial charges | 65/66B | €114,300 | €9,171 | -€105,129 | -92.0% |
| Recurring financial charges | 65 | €114,300 | €9,171 | -€105,129 | -92.0% |
| Profit (loss) for the period before taxes | 9903 | €543,866 | €625,818 | +€81,952 | +15.1% |
| Income taxes | 67/77 | €111,082 | €199,279 | +€88,197 | +79.4% |
| Profit (loss) for the period | 9904 | €432,784 | €426,539 | -€6,245 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €432,784 | €426,539 | -€6,245 | -1.4% |
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.