HEDERA: 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.
HEDERA
Largest movements
- Financial fixed assets +€1.7m
up €1.7m (+236%), from €713,013 to €2.4m
- Cash +€49,127
up €49,127 (+196%), from €25,119 to €74,246
mainly Debts after one year (+€1.4m) and Net result for the year (+€178,982)
- Debts after one year +€1.4m
up €1.4m (+279%), from €492,499 to €1.9m
- Profit (loss) carried forward +€178,982
up €178,982 (+138%), from €129,593 to €308,575
- Current portion of long-term debt +€94,690
up €94,690 (+197%), from €48,021 to €142,711
- Other debts +€61,730
up €61,730 (+127%), from €48,547 to €110,277
- Financial income +€166,250
new in 2025: €166,250
- Financial charges +€34,625
up €34,625 (+164%), from €21,174 to €55,799
- Gross operating margin +€25,726
up €25,726 (+44.5%), from €57,773 to €83,499
- Taxes -€3,452
down €3,452 (-38.0%), from €9,088 to €5,635
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 | €765,169 | €2,474,586 | +€1.7m | +223% |
| Fixed assets | 21/28 | €723,294 | €2,398,748 | +€1.7m | +232% |
| Tangible fixed assets | 22/27 | €10,281 | €949 | -€9,332 | -90.8% |
| Furniture and vehicles | 24 | €10,281 | €949 | -€9,332 | -90.8% |
| Financial fixed assets | 28 | €713,013 | €2,397,799 | +€1.7m | +236% |
| Current assets | 29/58 | €41,875 | €75,838 | +€33,963 | +81.1% |
| Amounts receivable within one year | 40/41 | €15,125 | - | -€15,125 | |
| Trade receivables | 40 | €15,125 | - | -€15,125 | |
| Cash at bank and in hand | 54/58 | €25,119 | €74,246 | +€49,127 | +196% |
| Deferred charges and accrued income | 490/1 | €1,632 | €1,592 | -€40 | -2.4% |
| Total equity and liabilities | 10/49 | €765,169 | €2,474,586 | +€1.7m | +223% |
| Equity | 10/15 | €162,593 | €341,575 | +€178,982 | +110% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,593 | €308,575 | +€178,982 | +138% |
| Amounts payable | 17/49 | €602,576 | €2,133,011 | +€1.5m | +254% |
| Amounts payable after more than one year | 17 | €492,499 | €1,868,622 | +€1.4m | +279% |
| Financial debts | 170/4 | €492,499 | €1,868,622 | +€1.4m | +279% |
| Amounts payable within one year | 42/48 | €110,078 | €264,389 | +€154,311 | +140% |
| Current portion of amounts payable after more than one year | 42 | €48,021 | €142,711 | +€94,690 | +197% |
| Trade debts | 44 | €1,215 | €88 | -€1,127 | -92.7% |
| Suppliers | 440/4 | €1,215 | €88 | -€1,127 | -92.7% |
| Taxes, remuneration and social security | 45 | €12,295 | €11,312 | -€982 | -8.0% |
| Taxes | 450/3 | €12,295 | €11,312 | -€982 | -8.0% |
| Other amounts payable | 47/48 | €48,547 | €110,277 | +€61,730 | +127% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,332 | €9,332 | = | 0.0% |
| Gross operating margin | 9900 | €57,773 | €83,499 | +€25,726 | +44.5% |
| Operating profit (loss) | 9901 | €48,441 | €74,166 | +€25,726 | +53.1% |
| Financial income | 75/76B | - | €166,250 | +€166,250 | |
| Recurring financial income | 75 | - | €166,250 | +€166,250 | |
| Financial charges | 65/66B | €21,174 | €55,799 | +€34,625 | +164% |
| Recurring financial charges | 65 | €21,174 | €55,799 | +€34,625 | +164% |
| Profit (loss) for the period before taxes | 9903 | €27,267 | €184,617 | +€157,350 | +577% |
| Income taxes | 67/77 | €9,088 | €5,635 | -€3,452 | -38.0% |
| Profit (loss) for the period | 9904 | €18,179 | €178,982 | +€160,802 | +885% |
| Profit (loss) for the period to be appropriated | 9905 | €18,179 | €178,982 | +€160,802 | +885% |
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 23 October 2026 via checked.be.