HEXA: what changed
Two fiscal 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.
HEXA
Largest movements
- Financial fixed assets +€6.9m
up €6.9m (+15.8%), from €43.7m to €50.6m
- Cash -€4.1m
down €4.1m (-73.7%), from €5.5m to €1.5m
mainly Investment in fixed assets (net) (-€6.9m) and Current investments (-€3.4m)
- Current investments +€3.4m
new in 2025: €3.4m
- Receivables within one year -€2.3m
down €2.3m (-92.6%), from €2.5m to €184,206
of which Trade receivables: -€2.0m
- Short-term financial debts +€6.3m
up €6.3m (+53.2%), from €11.8m to €18.0m
- Debts after one year -€1.8m
down €1.8m (-17.1%), from €10.5m to €8.7m
- Reserves -€1.7m
down €1.7m (-66.1%), from €2.6m to €875,956
of which Distributable reserves: -€1.7m
- Contributions +€1.5m
up €1.5m (+5.8%), from €26.0m to €27.5m
of which Outside capital: +€987,700
- Gross operating margin -€1.5m
down €1.5m (-31.8%), from -€4.6m to -€6.0m
- Financial income +€1.0m
up €1.0m (+17.5%), from €5.9m to €6.9m
- Financial charges -€849,127
down €849,127 (-38.6%), from €2.2m to €1.3m
of which Financial charges: -€468,882
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.
Cash bridge derived
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 | €53,130,352 | €57,340,235 | +€4.2m | +7.9% |
| Fixed assets | 21/28 | €43,796,979 | €50,660,055 | +€6.9m | +15.7% |
| Intangible fixed assets | 21 | €129,767 | €93,469 | -€36,298 | -28.0% |
| Tangible fixed assets | 22/27 | €1,608 | - | -€1,608 | |
| Plant, machinery and equipment | 23 | €624 | - | -€624 | |
| Furniture and vehicles | 24 | €984 | - | -€984 | |
| Financial fixed assets | 28 | €43,665,605 | €50,566,586 | +€6.9m | +15.8% |
| Current assets | 29/58 | €9,333,372 | €6,680,180 | -€2.7m | -28.4% |
| Amounts receivable after more than one year | 29 | €1,246,622 | €1,630,375 | +€383,753 | +30.8% |
| Other amounts receivable | 291 | €1,246,622 | €1,630,375 | +€383,753 | +30.8% |
| Amounts receivable within one year | 40/41 | €2,499,377 | €184,206 | -€2.3m | -92.6% |
| Trade receivables | 40 | €1,975,264 | - | -€2.0m | |
| Other amounts receivable | 41 | €524,113 | €184,206 | -€339,907 | -64.9% |
| Current investments | 50/53 | - | €3,408,316 | +€3.4m | |
| Cash at bank and in hand | 54/58 | €5,514,875 | €1,452,063 | -€4.1m | -73.7% |
| Deferred charges and accrued income | 490/1 | €72,498 | €5,220 | -€67,278 | -92.8% |
| Total equity and liabilities | 10/49 | €53,130,352 | €57,340,235 | +€4.2m | +7.9% |
| Equity | 10/15 | €28,620,128 | €28,411,035 | -€209,093 | -0.7% |
| Contributions | 10/11 | €26,035,759 | €27,535,079 | +€1.5m | +5.8% |
| Capital | 10 | €6,592,532 | €7,104,152 | +€511,620 | +7.8% |
| Issued capital | 100 | €6,592,532 | €7,104,152 | +€511,620 | +7.8% |
| Outside capital | 11 | €19,443,228 | €20,430,928 | +€987,700 | +5.1% |
| Share premium | 1100/10 | €19,443,228 | €20,430,928 | +€987,700 | +5.1% |
| Reserves | 13 | €2,584,369 | €875,956 | -€1.7m | -66.1% |
| Non-distributable reserves | 130/1 | €636,365 | €636,365 | = | 0.0% |
| Legal reserve | 130 | €636,365 | €636,365 | = | 0.0% |
| Distributable reserves | 133 | €1,948,003 | €239,591 | -€1.7m | -87.7% |
| Amounts payable | 17/49 | €24,510,224 | €28,929,200 | +€4.4m | +18.0% |
| Amounts payable after more than one year | 17 | €10,491,260 | €8,701,629 | -€1.8m | -17.1% |
| Financial debts | 170/4 | €10,491,260 | €8,701,629 | -€1.8m | -17.1% |
| Amounts payable within one year | 42/48 | €11,957,116 | €18,161,379 | +€6.2m | +51.9% |
| Financial debts | 43 | €11,750,000 | €18,000,000 | +€6.3m | +53.2% |
| Credit institutions | 430/8 | €11,750,000 | €18,000,000 | +€6.3m | +53.2% |
| Trade debts | 44 | €204,072 | €150,529 | -€53,544 | -26.2% |
| Suppliers | 440/4 | €204,072 | €150,529 | -€53,544 | -26.2% |
| Taxes, remuneration and social security | 45 | - | €10,507 | +€10,507 | |
| Taxes | 450/3 | - | €1,697 | +€1,697 | |
| Remuneration and social security | 454/9 | - | €8,809 | +€8,809 | |
| Other amounts payable | 47/48 | €3,044 | €344 | -€2,700 | -88.7% |
| Accrued charges and deferred income | 492/3 | €2,061,849 | €2,066,192 | +€4,343 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,424 | €37,905 | +€1,482 | +4.1% |
| Other operating charges | 640/8 | €3,009 | €2,519 | -€491 | -16.3% |
| Gross operating margin | 9900 | -€4,577,963 | -€6,034,390 | -€1.5m | -31.8% |
| Operating profit (loss) | 9901 | -€4,617,396 | -€6,074,814 | -€1.5m | -31.6% |
| Financial income | 75/76B | €5,891,376 | €6,922,716 | +€1.0m | +17.5% |
| Recurring financial income | 75 | €5,891,376 | €6,922,716 | +€1.0m | +17.5% |
| Financial charges | 65/66B | €2,197,596 | €1,348,469 | -€849,127 | -38.6% |
| Recurring financial charges | 65 | €1,315,229 | €846,348 | -€468,882 | -35.7% |
| Non-recurring financial charges | 66B | €882,366 | €502,121 | -€380,245 | -43.1% |
| Profit (loss) for the period before taxes | 9903 | -€923,615 | -€500,567 | +€423,048 | +45.8% |
| Income taxes | 67/77 | €784 | - | -€784 | |
| Profit (loss) for the period | 9904 | -€924,399 | -€500,567 | +€423,832 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€924,399 | -€500,567 | +€423,832 | +45.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.