HIFFERMAN: 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.
What changed
HIFFERMAN
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €3.0m-€502,892
Equity
€32.0m
2024 · €29.5m+€2.5m
Cash
€269,470
2024 · €490,658-€221,188
Balance sheet total
€38.8m
2024 · €37.2m+€1.6m
Largest movements
Assets
- Receivables after one year +€2.0m
new in 2025: €2.0m
- Financial fixed assets -€806,341
down €806,341 (-2.8%), from €29.1m to €28.3m
of which Affiliated companies: -€786,341
Equity and liabilities
- Reserves +€2.5m
up €2.5m (+14.6%), from €17.0m to €19.5m
of which Distributable reserves: +€2.5m
- Debts after one year -€1.1m
down €1.1m (-19.7%), from €5.6m to €4.5m
Income statement
- Staff costs +€575,278
up €575,278 (+34.1%), from €1.7m to €2.3m
- Turnover +€569,354
up €569,354 (+17.9%), from €3.2m to €3.7m
- Financial income -€304,592
down €304,592 (-11.6%), from €2.6m to €2.3m
of which Financial income: -€306,526
- Other operating income +€224,900
up €224,900 (+7.6%), from €3.0m to €3.2m
- Financial charges +€212,273
up €212,273 (+63.0%), from €336,718 to €548,991
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.
Result 2024
€3.0m
Turnover
+€569,354
Other operating income
+€224,900
Goods and materials
-€206,598
Services and other goods
-€5,492
Staff costs
-€575,278
Depreciation
-€2,318
Other operating charges
-€603
Other operating items
-€1,787
Financial income
-€304,592
Financial charges
-€212,273
Taxes
+€11,795
Result 2025
€2.5m
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.
From operations
+€563,431
Investment
+€449,092
Financing
-€1.2m
Cash 2024
€490,658
From operations (derived)
+€563,431
Net result for the year
+€2.5m
Depreciation
+€77,275
Receivables after one year
-€2.0m
Receivables within one year
-€319,817
Deferred charges and accrued income
+€7,203
Trade debts
+€285,536
Tax, wage and social debts
+€46,918
Accrued charges and deferred income
-€17,320
Investment (derived)
+€449,092
Investment in fixed assets (net)
+€599,092
Current investments
-€150,000
Financing
-€1.2m
Debts after one year
-€1.1m
Current portion of long-term debt
-€121,121
Cash 2025
€269,470
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,220,025 | €38,785,085 | +€1.6m | +4.2% |
| Fixed assets | 21/28 | €29,243,628 | €28,567,262 | -€676,367 | -2.3% |
| Tangible fixed assets | 22/27 | €162,820 | €292,793 | +€129,974 | +79.8% |
| Furniture and vehicles | 24 | €162,820 | €292,793 | +€129,974 | +79.8% |
| Financial fixed assets | 28 | €29,080,809 | €28,274,468 | -€806,341 | -2.8% |
| Affiliated companies | 280/1 | €29,060,809 | €28,274,468 | -€786,341 | -2.7% |
| Participating interests | 280 | €24,885,729 | €24,885,729 | = | 0.0% |
| Amounts receivable | 281 | €4,175,080 | €3,388,739 | -€786,341 | -18.8% |
| Companies linked by participating interests | 282/3 | €20,000 | - | -€20,000 | |
| Participating interests | 282 | €20,000 | - | -€20,000 | |
| Current assets | 29/58 | €7,976,396 | €10,217,823 | +€2.2m | +28.1% |
| Amounts receivable after more than one year | 29 | - | €2,000,000 | +€2.0m | |
| Other amounts receivable | 291 | - | €2,000,000 | +€2.0m | |
| Amounts receivable within one year | 40/41 | €3,826,553 | €4,146,370 | +€319,817 | +8.4% |
| Trade receivables | 40 | €3,075,031 | €3,418,386 | +€343,355 | +11.2% |
| Other amounts receivable | 41 | €751,521 | €727,984 | -€23,538 | -3.1% |
| Current investments | 50/53 | €3,600,000 | €3,750,000 | +€150,000 | +4.2% |
| Other investments | 51/53 | €3,600,000 | €3,750,000 | +€150,000 | +4.2% |
| Cash at bank and in hand | 54/58 | €490,658 | €269,470 | -€221,188 | -45.1% |
| Deferred charges and accrued income | 490/1 | €59,185 | €51,983 | -€7,203 | -12.2% |
| Total equity and liabilities | 10/49 | €37,220,025 | €38,785,085 | +€1.6m | +4.2% |
| Equity | 10/15 | €29,482,611 | €31,966,247 | +€2.5m | +8.4% |
| Contributions | 10/11 | €12,500,000 | €12,500,000 | = | 0.0% |
| Capital | 10 | €12,500,000 | €12,500,000 | = | 0.0% |
| Issued capital | 100 | €12,500,000 | €12,500,000 | = | 0.0% |
| Reserves | 13 | €16,982,611 | €19,466,247 | +€2.5m | +14.6% |
| Non-distributable reserves | 130/1 | €1,250,000 | €1,250,000 | = | 0.0% |
| Legal reserve | 130 | €1,250,000 | €1,250,000 | = | 0.0% |
| Distributable reserves | 133 | €15,732,611 | €18,216,247 | +€2.5m | +15.8% |
| Amounts payable | 17/49 | €7,737,413 | €6,818,837 | -€918,576 | -11.9% |
| Amounts payable after more than one year | 17 | €5,637,065 | €4,524,476 | -€1.1m | -19.7% |
| Financial debts | 170/4 | €5,637,065 | €4,524,476 | -€1.1m | -19.7% |
| Other loans | 174 | €5,637,065 | €4,524,476 | -€1.1m | -19.7% |
| Amounts payable within one year | 42/48 | €1,955,897 | €2,167,230 | +€211,333 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €1,256,022 | €1,134,901 | -€121,121 | -9.6% |
| Trade debts | 44 | €400,000 | €685,536 | +€285,536 | +71.4% |
| Suppliers | 440/4 | €400,000 | €685,536 | +€285,536 | +71.4% |
| Taxes, remuneration and social security | 45 | €299,874 | €346,793 | +€46,918 | +15.6% |
| Taxes | 450/3 | €121,289 | €97,374 | -€23,914 | -19.7% |
| Remuneration and social security | 454/9 | €178,586 | €249,418 | +€70,833 | +39.7% |
| Accrued charges and deferred income | 492/3 | €144,451 | €127,131 | -€17,320 | -12.0% |
| Operating income | 70/76A | €6,155,082 | €6,947,550 | +€792,467 | +12.9% |
| Turnover | 70 | €3,178,186 | €3,747,541 | +€569,354 | +17.9% |
| Other operating income | 74 | €2,970,109 | €3,195,009 | +€224,900 | +7.6% |
| Non-recurring operating income | 76A | €6,787 | €5,000 | -€1,787 | -26.3% |
| Operating charges | 60/66A | €5,281,388 | €6,071,678 | +€790,289 | +15.0% |
| Goods for resale, raw materials and consumables | 60 | €2,785,407 | €2,992,006 | +€206,598 | +7.4% |
| Purchases | 600/8 | €2,785,407 | €2,992,006 | +€206,598 | +7.4% |
| Services and other goods | 61 | €731,975 | €737,467 | +€5,492 | +0.8% |
| Remuneration, social security and pensions | 62 | €1,684,950 | €2,260,228 | +€575,278 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,957 | €77,275 | +€2,318 | +3.1% |
| Other operating charges | 640/8 | €4,099 | €4,702 | +€603 | +14.7% |
| Operating profit (loss) | 9901 | €873,694 | €875,872 | +€2,178 | +0.2% |
| Financial income | 75/76B | €2,634,435 | €2,329,843 | -€304,592 | -11.6% |
| Recurring financial income | 75 | €2,634,435 | €2,327,909 | -€306,526 | -11.6% |
| Income from financial fixed assets | 750 | €2,514,062 | €2,057,033 | -€457,029 | -18.2% |
| Income from current assets | 751 | €119,201 | €265,050 | +€145,849 | +122.4% |
| Other financial income | 752/9 | €1,172 | €5,825 | +€4,653 | +396.9% |
| Non-recurring financial income | 76B | - | €1,934 | +€1,934 | |
| Financial charges | 65/66B | €336,718 | €548,991 | +€212,273 | +63.0% |
| Recurring financial charges | 65 | €336,718 | €548,991 | +€212,273 | +63.0% |
| Debt charges | 650 | €328,667 | €337,396 | +€8,729 | +2.7% |
| Other financial charges | 652/9 | €8,051 | €211,595 | +€203,544 | +2528.3% |
| Profit (loss) for the period before taxes | 9903 | €3,171,411 | €2,656,724 | -€514,687 | -16.2% |
| Income taxes | 67/77 | €184,883 | €173,088 | -€11,795 | -6.4% |
| Taxes | 670/3 | €184,883 | €173,088 | -€11,795 | -6.4% |
| Profit (loss) for the period | 9904 | €2,986,528 | €2,483,636 | -€502,892 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,986,528 | €2,483,636 | -€502,892 | -16.8% |
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 3 October 2026 via checked.be.