BHEOV: 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.
BHEOV
Largest movements
- Financial fixed assets -€90,829
down €90,829 (-97.4%), from €93,288 to €2,459
- Current investments -€85,000
down €85,000 (-19.8%), from €428,217 to €343,217
- Receivables within one year +€53,477
up €53,477 (+287%), from €18,601 to €72,078
of which Other amounts receivable: +€52,413
- Cash +€33,370
up €33,370 (+198%), from €16,825 to €50,195
mainly Investment in fixed assets (net) (+€90,291) and Current investments (+€85,000)
- Receivables after one year -€24,476
no longer reported in 2025 (was €24,476)
- Trade debts -€59,288
down €59,288 (-86.2%), from €68,784 to €9,495
- Reserves -€52,383
down €52,383 (-8.4%), from €626,262 to €573,880
of which Distributable reserves: -€52,383
- Debts after one year -€15,706
no longer reported in 2025 (was €15,706)
- Other debts -€8,266
no longer reported in 2025 (was €8,266)
- Gross operating margin +€33,380
up €33,380, from -€30,159 to €3,221
- Financial charges +€30,107
up €30,107 (+859%), from €3,503 to €33,610
of which Non-recurring financial charges: +€32,712
- Depreciation -€3,811
down €3,811 (-14.3%), from €26,682 to €22,872
- Financial income -€3,163
down €3,163 (-44.5%), from €7,100 to €3,938
- Other operating charges -€382
down €382 (-12.4%), from €3,087 to €2,705
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 | €748,879 | €608,606 | -€140,274 | -18.7% |
| Fixed assets | 21/28 | €254,565 | €141,403 | -€113,162 | -44.5% |
| Tangible fixed assets | 22/27 | €161,277 | €138,943 | -€22,333 | -13.8% |
| Plant, machinery and equipment | 23 | €148,464 | €134,181 | -€14,283 | -9.6% |
| Furniture and vehicles | 24 | €12,342 | €4,463 | -€7,878 | -63.8% |
| Other tangible fixed assets | 26 | €471 | €299 | -€172 | -36.5% |
| Financial fixed assets | 28 | €93,288 | €2,459 | -€90,829 | -97.4% |
| Current assets | 29/58 | €494,314 | €467,203 | -€27,111 | -5.5% |
| Amounts receivable after more than one year | 29 | €24,476 | - | -€24,476 | |
| Other amounts receivable | 291 | €24,476 | - | -€24,476 | |
| Amounts receivable within one year | 40/41 | €18,601 | €72,078 | +€53,477 | +287% |
| Trade receivables | 40 | €14,769 | €15,832 | +€1,063 | +7.2% |
| Other amounts receivable | 41 | €3,832 | €56,246 | +€52,413 | +1,368% |
| Current investments | 50/53 | €428,217 | €343,217 | -€85,000 | -19.8% |
| Cash at bank and in hand | 54/58 | €16,825 | €50,195 | +€33,370 | +198% |
| Deferred charges and accrued income | 490/1 | €6,195 | €1,714 | -€4,482 | -72.3% |
| Total equity and liabilities | 10/49 | €748,879 | €608,606 | -€140,274 | -18.7% |
| Equity | 10/15 | €634,322 | €581,940 | -€52,383 | -8.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €626,262 | €573,880 | -€52,383 | -8.4% |
| Tax-exempt reserves | 132 | €24,149 | €24,149 | = | 0.0% |
| Distributable reserves | 133 | €602,113 | €549,731 | -€52,383 | -8.7% |
| Amounts payable | 17/49 | €114,557 | €26,666 | -€87,891 | -76.7% |
| Amounts payable after more than one year | 17 | €15,706 | - | -€15,706 | |
| Financial debts | 170/4 | €15,706 | - | -€15,706 | |
| Amounts payable within one year | 42/48 | €97,808 | €26,666 | -€71,143 | -72.7% |
| Current portion of amounts payable after more than one year | 42 | €20,758 | €15,706 | -€5,052 | -24.3% |
| Trade debts | 44 | €68,784 | €9,495 | -€59,288 | -86.2% |
| Suppliers | 440/4 | €68,784 | €9,495 | -€59,288 | -86.2% |
| Taxes, remuneration and social security | 45 | - | €1,464 | +€1,464 | |
| Taxes | 450/3 | - | €1,464 | +€1,464 | |
| Other amounts payable | 47/48 | €8,266 | - | -€8,266 | |
| Accrued charges and deferred income | 492/3 | €1,042 | - | -€1,042 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,682 | €22,872 | -€3,811 | -14.3% |
| Other operating charges | 640/8 | €3,087 | €2,705 | -€382 | -12.4% |
| Gross operating margin | 9900 | -€30,159 | €3,221 | +€33,380 | |
| Operating profit (loss) | 9901 | -€59,928 | -€22,356 | +€37,572 | +62.7% |
| Financial income | 75/76B | €7,100 | €3,938 | -€3,163 | -44.5% |
| Recurring financial income | 75 | €7,100 | €3,938 | -€3,163 | -44.5% |
| Financial charges | 65/66B | €3,503 | €33,610 | +€30,107 | +859% |
| Recurring financial charges | 65 | €3,503 | €899 | -€2,605 | -74.3% |
| Non-recurring financial charges | 66B | - | €32,712 | +€32,712 | |
| Profit (loss) for the period before taxes | 9903 | -€56,331 | -€52,029 | +€4,302 | +7.6% |
| Income taxes | 67/77 | €242 | €354 | +€112 | +46.3% |
| Profit (loss) for the period | 9904 | -€56,573 | -€52,383 | +€4,190 | +7.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,573 | -€52,383 | +€4,190 | +7.4% |
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 13 October 2026 via checked.be.