HEXPEDITION: 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.
HEXPEDITION
Largest movements
- Cash +€148,760
up €148,760 (+149.4%), from €99,581 to €248,341
mainly Net result for the year (+€164,757) and Receivables within one year (+€144,779)
- Receivables within one year -€144,779
down €144,779 (-62.9%), from €230,280 to €85,501
of which Trade receivables: -€141,980
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€37,244
down €37,244 (-14.2%), from €262,227 to €224,983
- Taxes -€9,438
down €9,438 (-15.2%), from €61,997 to €52,559
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 | €349,497 | €351,605 | +€2,108 | +0.6% |
| Fixed assets | 21/28 | €12,840 | €10,554 | -€2,286 | -17.8% |
| Tangible fixed assets | 22/27 | €12,240 | €10,554 | -€1,686 | -13.8% |
| Plant, machinery and equipment | 23 | €1,360 | €542 | -€818 | -60.1% |
| Furniture and vehicles | 24 | €10,879 | €10,011 | -€868 | -8.0% |
| Financial fixed assets | 28 | €600 | - | -€600 | |
| Current assets | 29/58 | €336,657 | €341,051 | +€4,394 | +1.3% |
| Amounts receivable after more than one year | 29 | €6,000 | €6,000 | = | 0.0% |
| Other amounts receivable | 291 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €230,280 | €85,501 | -€144,779 | -62.9% |
| Trade receivables | 40 | €227,481 | €85,501 | -€141,980 | -62.4% |
| Other amounts receivable | 41 | €2,799 | - | -€2,799 | |
| Cash at bank and in hand | 54/58 | €99,581 | €248,341 | +€148,760 | +149.4% |
| Deferred charges and accrued income | 490/1 | €796 | €1,209 | +€413 | +51.9% |
| Total equity and liabilities | 10/49 | €349,497 | €351,605 | +€2,108 | +0.6% |
| Equity | 10/15 | €3,000 | €3,000 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €346,497 | €348,605 | +€2,108 | +0.6% |
| Amounts payable within one year | 42/48 | €345,297 | €347,355 | +€2,058 | +0.6% |
| Trade debts | 44 | - | €2,030 | +€2,030 | |
| Suppliers | 440/4 | - | €2,030 | +€2,030 | |
| Taxes, remuneration and social security | 45 | €70,522 | €69,390 | -€1,132 | -1.6% |
| Taxes | 450/3 | €70,522 | €69,390 | -€1,132 | -1.6% |
| Other amounts payable | 47/48 | €274,775 | €275,935 | +€1,161 | +0.4% |
| Accrued charges and deferred income | 492/3 | €1,200 | €1,250 | +€50 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,333 | €4,633 | +€2,300 | +98.6% |
| Other operating charges | 640/8 | €1,214 | €1,226 | +€12 | +1.0% |
| Non-recurring operating charges | 66A | - | €1,940 | +€1,940 | |
| Gross operating margin | 9900 | €262,227 | €224,983 | -€37,244 | -14.2% |
| Operating profit (loss) | 9901 | €258,680 | €217,184 | -€41,496 | -16.0% |
| Financial income | 75/76B | €308 | €187 | -€121 | -39.4% |
| Recurring financial income | 75 | €308 | €187 | -€121 | -39.4% |
| Financial charges | 65/66B | €418 | €55 | -€363 | -86.8% |
| Recurring financial charges | 65 | €418 | €55 | -€363 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €258,570 | €217,315 | -€41,255 | -16.0% |
| Income taxes | 67/77 | €61,997 | €52,559 | -€9,438 | -15.2% |
| Profit (loss) for the period | 9904 | €196,573 | €164,757 | -€31,817 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €196,573 | €164,757 | -€31,817 | -16.2% |
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 3 October 2026 via checked.be.