HEGO: 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.
HEGO
Largest movements
- Receivables within one year +€107,515
up €107,515 (+595%), from €18,057 to €125,573
of which Other amounts receivable: +€105,274
- Stocks and contracts +€37,988
up €37,988 (+4.6%), from €821,311 to €859,299
- Cash +€36,373
up €36,373 (+15.9%), from €228,973 to €265,346
mainly Other debts (+€251,699) and Net result for the year (+€153,607)
- Other debts +€251,699
up €251,699, from €0 to €251,699
- Reserves -€98,091
down €98,091 (-7.3%), from €1.3m to €1.2m
of which Distributable reserves: -€98,091
- Trade debts +€80,292
up €80,292 (+61.8%), from €129,848 to €210,140
- Tax, wage and social debts -€36,742
down €36,742 (-41.7%), from €88,038 to €51,296
of which Remuneration and social security: -€21,062
- Gross operating margin -€97,901
down €97,901 (-14.0%), from €698,226 to €600,325
- Taxes -€24,093
down €24,093 (-30.7%), from €78,586 to €54,493
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 | €1,652,132 | €1,848,733 | +€196,601 | +11.9% |
| Fixed assets | 21/28 | €561,129 | €574,932 | +€13,803 | +2.5% |
| Tangible fixed assets | 22/27 | €23,769 | €26,886 | +€3,116 | +13.1% |
| Land and buildings | 22 | €15,238 | €11,428 | -€3,810 | -25.0% |
| Plant, machinery and equipment | 23 | €465 | €12,467 | +€12,002 | +2,581% |
| Furniture and vehicles | 24 | €8,066 | €2,990 | -€5,076 | -62.9% |
| Financial fixed assets | 28 | €537,360 | €548,047 | +€10,687 | +2.0% |
| Current assets | 29/58 | €1,091,003 | €1,273,801 | +€182,798 | +16.8% |
| Stocks and contracts in progress | 3 | €821,311 | €859,299 | +€37,988 | +4.6% |
| Stocks | 30/36 | €821,311 | €859,299 | +€37,988 | +4.6% |
| Amounts receivable within one year | 40/41 | €18,057 | €125,573 | +€107,515 | +595% |
| Trade receivables | 40 | €14,599 | €16,841 | +€2,242 | +15.4% |
| Other amounts receivable | 41 | €3,458 | €108,732 | +€105,274 | +3,044% |
| Cash at bank and in hand | 54/58 | €228,973 | €265,346 | +€36,373 | +15.9% |
| Deferred charges and accrued income | 490/1 | €22,662 | €23,584 | +€922 | +4.1% |
| Total equity and liabilities | 10/49 | €1,652,132 | €1,848,733 | +€196,601 | +11.9% |
| Equity | 10/15 | €1,405,047 | €1,306,955 | -€98,091 | -7.0% |
| 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% |
| Reserves | 13 | €1,343,047 | €1,244,955 | -€98,091 | -7.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,299,347 | €1,201,255 | -€98,091 | -7.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €247,086 | €541,778 | +€294,692 | +119% |
| Amounts payable within one year | 42/48 | €246,952 | €541,504 | +€294,552 | +119% |
| Trade debts | 44 | €129,848 | €210,140 | +€80,292 | +61.8% |
| Suppliers | 440/4 | €129,848 | €210,140 | +€80,292 | +61.8% |
| Advances received on contracts in progress | 46 | €29,066 | €28,370 | -€696 | -2.4% |
| Taxes, remuneration and social security | 45 | €88,038 | €51,296 | -€36,742 | -41.7% |
| Taxes | 450/3 | €21,299 | €5,619 | -€15,680 | -73.6% |
| Remuneration and social security | 454/9 | €66,739 | €45,676 | -€21,062 | -31.6% |
| Other amounts payable | 47/48 | €0 | €251,699 | +€251,699 | |
| Accrued charges and deferred income | 492/3 | €134 | €274 | +€140 | +105% |
| Remuneration, social security and pensions | 62 | €400,494 | €400,206 | -€288 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,886 | €9,634 | -€253 | -2.6% |
| Other operating charges | 640/8 | €13,909 | €13,013 | -€896 | -6.4% |
| Gross operating margin | 9900 | €698,226 | €600,325 | -€97,901 | -14.0% |
| Operating profit (loss) | 9901 | €273,937 | €177,473 | -€96,464 | -35.2% |
| Financial income | 75/76B | €34,707 | €35,442 | +€735 | +2.1% |
| Recurring financial income | 75 | €34,707 | €35,442 | +€735 | +2.1% |
| Financial charges | 65/66B | €4,882 | €4,815 | -€68 | -1.4% |
| Recurring financial charges | 65 | €4,882 | €4,815 | -€68 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €303,761 | €208,100 | -€95,661 | -31.5% |
| Income taxes | 67/77 | €78,586 | €54,493 | -€24,093 | -30.7% |
| Profit (loss) for the period | 9904 | €225,175 | €153,607 | -€71,568 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | €225,175 | €153,607 | -€71,568 | -31.8% |
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 27 October 2026 via checked.be.