What: The Belgian chain is doing well, with a profit for the second consecutive year. But Covid-19 repayments are still looming.

Why it is important: The consequences of the European states’ aid during the covid are likely to be felt for a few years again.

Last year, Hema reported a 20% increase in comparable sales, with a net revenue of EUR 1.3 billion. For the second consecutive year, they posted a net profit of EUR 32.9 million, following a takeover and debt restructuring in 2021.

However, they must repay EUR 107 million in deferred taxes and EUR 11.4 million in government support from the Covid period. This repayment, though, indicates that Hema's revenue losses were less than expected.

Hema to reimburse EUR 100m of Covid-related state aid