HFE: 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.
HFE
Largest movements
- Stocks and contracts +€61,167
new in 2025: €61,167
- Receivables within one year +€22,022
up €22,022 (+176.6%), from €12,473 to €34,496
of which Trade receivables: +€19,644
- Cash +€14,638
up €14,638 (+4279.5%), from €342 to €14,980
mainly Advances received (+€52,490) and Trade debts (+€31,678)
- Advances received +€52,490
new in 2025: €52,490
- Trade debts +€31,678
up €31,678 (+3534.0%), from €896 to €32,574
- Reserves +€9,588
up €9,588 (+4444.8%), from €216 to €9,804
- Tax, wage and social debts +€3,152
new in 2025: €3,152
- Gross operating margin +€15,219
up €15,219 (+701.6%), from €2,169 to €17,388
- Taxes +€3,152
new in 2025: €3,152
- Other operating charges +€1,888
up €1,888 (+1123.8%), from €168 to €2,056
- Financial charges +€1,577
up €1,577 (+327.1%), from €482 to €2,059
- Financial income +€387
new in 2025: €387
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 | €16,112 | €113,019 | +€96,907 | +601.5% |
| Fixed assets | 21/28 | €3,297 | €2,377 | -€920 | -27.9% |
| Intangible fixed assets | 21 | €3,297 | €2,377 | -€920 | -27.9% |
| Current assets | 29/58 | €12,815 | €110,642 | +€97,827 | +763.4% |
| Stocks and contracts in progress | 3 | - | €61,167 | +€61,167 | |
| Stocks | 30/36 | - | €61,167 | +€61,167 | |
| Amounts receivable within one year | 40/41 | €12,473 | €34,496 | +€22,022 | +176.6% |
| Trade receivables | 40 | €12,416 | €32,060 | +€19,644 | +158.2% |
| Other amounts receivable | 41 | €57 | €2,436 | +€2,378 | +4141.2% |
| Cash at bank and in hand | 54/58 | €342 | €14,980 | +€14,638 | +4279.5% |
| Total equity and liabilities | 10/49 | €16,112 | €113,019 | +€96,907 | +601.5% |
| Equity | 10/15 | €10,216 | €19,804 | +€9,588 | +93.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €216 | €9,804 | +€9,588 | +4444.8% |
| Distributable reserves | 133 | €216 | €9,804 | +€9,588 | +4444.8% |
| Amounts payable | 17/49 | €5,896 | €93,216 | +€87,319 | +1480.9% |
| Amounts payable within one year | 42/48 | €5,896 | €93,216 | +€87,319 | +1480.9% |
| Trade debts | 44 | €896 | €32,574 | +€31,678 | +3534.0% |
| Suppliers | 440/4 | €896 | €32,574 | +€31,678 | +3534.0% |
| Advances received on contracts in progress | 46 | - | €52,490 | +€52,490 | |
| Taxes, remuneration and social security | 45 | - | €3,152 | +€3,152 | |
| Taxes | 450/3 | - | €3,152 | +€3,152 | |
| Other amounts payable | 47/48 | €5,000 | €5,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,303 | €920 | -€383 | -29.4% |
| Other operating charges | 640/8 | €168 | €2,056 | +€1,888 | +1123.8% |
| Gross operating margin | 9900 | €2,169 | €17,388 | +€15,219 | +701.6% |
| Operating profit (loss) | 9901 | €698 | €14,412 | +€13,714 | +1965.2% |
| Financial income | 75/76B | - | €387 | +€387 | |
| Recurring financial income | 75 | - | €387 | +€387 | |
| Financial charges | 65/66B | €482 | €2,059 | +€1,577 | +327.1% |
| Recurring financial charges | 65 | €482 | €2,059 | +€1,577 | +327.1% |
| Profit (loss) for the period before taxes | 9903 | €216 | €12,740 | +€12,524 | +5806.1% |
| Income taxes | 67/77 | - | €3,152 | +€3,152 | |
| Profit (loss) for the period | 9904 | €216 | €9,588 | +€9,372 | +4344.8% |
| Profit (loss) for the period to be appropriated | 9905 | €216 | €9,588 | +€9,372 | +4344.8% |
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 12 October 2026 via checked.be.