HUDEMA: 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.
HUDEMA
Largest movements
- Receivables within one year -€9.0m
down €9.0m (-99.4%), from €9.0m to €57,967
of which Other amounts receivable: -€9.0m
- Cash -€1.9m
down €1.9m (-62.2%), from €3.1m to €1.2m
mainly Other debts (-€9.0m) and Tax, wage and social debts (-€2.7m)
- Other debts -€9.0m
no longer reported in 2025 (was €9.0m)
- Tax, wage and social debts -€2.7m
down €2.7m (-97.7%), from €2.7m to €63,289
of which Taxes: -€2.7m
- Profit (loss) carried forward +€1.0m
up €1.0m (+27.7%), from €3.7m to €4.7m
- Financial income -€10.7m
down €10.7m (-91.1%), from €11.7m to €1.0m
of which Non-recurring financial income: -€10.7m
- Taxes -€2.7m
down €2.7m (-100%), from €2.7m to €0
- Financial charges -€56,606
down €56,606 (-8.9%), from €636,399 to €579,793
- Gross operating margin +€45,773
up €45,773 (+6.5%), from €705,256 to €751,029
- Turnover +€44,798
up €44,798 (+5.3%), from €837,857 to €882,655
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 | €64,338,944 | €53,345,140 | -€11.0m | -17.1% |
| Fixed assets | 21/28 | €50,446,574 | €50,812,994 | +€366,420 | +0.7% |
| Tangible fixed assets | 22/27 | €1,816,174 | €1,757,529 | -€58,645 | -3.2% |
| Land and buildings | 22 | €1,718,492 | €1,649,780 | -€68,712 | -4.0% |
| Plant, machinery and equipment | 23 | - | €3,358 | +€3,358 | |
| Assets under construction and advance payments | 27 | €97,682 | €104,391 | +€6,708 | +6.9% |
| Financial fixed assets | 28 | €48,630,400 | €49,055,465 | +€425,065 | +0.9% |
| Current assets | 29/58 | €13,892,370 | €2,532,146 | -€11.4m | -81.8% |
| Stocks and contracts in progress | 3 | €32,593 | €32,593 | = | 0.0% |
| Stocks | 30/36 | €32,593 | €32,593 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,043,560 | €57,967 | -€9.0m | -99.4% |
| Trade receivables | 40 | €2,870 | €14,035 | +€11,164 | +389% |
| Other amounts receivable | 41 | €9,040,690 | €43,932 | -€9.0m | -99.5% |
| Current investments | 50/53 | €1,700,009 | €1,250,006 | -€450,003 | -26.5% |
| Cash at bank and in hand | 54/58 | €3,116,208 | €1,177,258 | -€1.9m | -62.2% |
| Deferred charges and accrued income | 490/1 | - | €14,322 | +€14,322 | |
| Total equity and liabilities | 10/49 | €64,338,944 | €53,345,140 | -€11.0m | -17.1% |
| Equity | 10/15 | €25,394,238 | €26,423,901 | +€1.0m | +4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €21,331,100 | €21,331,100 | = | 0.0% |
| Reserves | 13 | €281,500 | €281,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €275,300 | €275,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,719,638 | €4,749,301 | +€1.0m | +27.7% |
| Amounts payable | 17/49 | €38,944,706 | €26,921,239 | -€12.0m | -30.9% |
| Amounts payable after more than one year | 17 | €25,095,429 | €24,749,535 | -€345,894 | -1.4% |
| Financial debts | 170/4 | €25,093,179 | €24,747,285 | -€345,894 | -1.4% |
| Other amounts payable | 178/9 | €2,250 | €2,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €13,848,210 | €2,170,729 | -€11.7m | -84.3% |
| Current portion of amounts payable after more than one year | 42 | €2,065,003 | €2,066,173 | +€1,170 | +0.1% |
| Trade debts | 44 | €54,008 | €41,267 | -€12,741 | -23.6% |
| Suppliers | 440/4 | €54,008 | €41,267 | -€12,741 | -23.6% |
| Taxes, remuneration and social security | 45 | €2,729,199 | €63,289 | -€2.7m | -97.7% |
| Taxes | 450/3 | €2,729,199 | €62,811 | -€2.7m | -97.7% |
| Remuneration and social security | 454/9 | - | €478 | +€478 | |
| Other amounts payable | 47/48 | €9,000,000 | - | -€9.0m | |
| Accrued charges and deferred income | 492/3 | €1,067 | €974 | -€93 | -8.7% |
| Turnover | 70 | €837,857 | €882,655 | +€44,798 | +5.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €132,724 | €132,050 | -€673 | -0.5% |
| Remuneration, social security and pensions | 62 | - | €8,317 | +€8,317 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,882 | €68,774 | -€14,107 | -17.0% |
| Other operating charges | 640/8 | €104,277 | €107,745 | +€3,468 | +3.3% |
| Gross operating margin | 9900 | €705,256 | €751,029 | +€45,773 | +6.5% |
| Operating profit (loss) | 9901 | €518,097 | €566,192 | +€48,095 | +9.3% |
| Financial income | 75/76B | €11,698,765 | €1,043,264 | -€10.7m | -91.1% |
| Recurring financial income | 75 | €1,033,215 | €1,043,264 | +€10,049 | +1.0% |
| Non-recurring financial income | 76B | €10,665,550 | - | -€10.7m | |
| Financial charges | 65/66B | €636,399 | €579,793 | -€56,606 | -8.9% |
| Recurring financial charges | 65 | €636,399 | €579,793 | -€56,606 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €11,580,463 | €1,029,664 | -€10.6m | -91.1% |
| Income taxes | 67/77 | €2,729,199 | €0 | -€2.7m | -100% |
| Profit (loss) for the period | 9904 | €8,851,264 | €1,029,664 | -€7.8m | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,851,264 | €1,029,664 | -€7.8m | -88.4% |
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 19 October 2026 via checked.be.