Ets HEYDEN: what changed
Two fiscal 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.
What changed
Ets HEYDEN
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€54,063
2024 · €23,915+€30,148
Equity
€3.7m
2024 · €3.6m+€4,063
Cash
€176,528
2024 · €83,014+€93,513
Balance sheet total
€4.2m
2024 · €4.4m-€126,836
Largest movements
Assets
- Tangible fixed assets -€123,781
down €123,781 (-3.5%), from €3.5m to €3.4m
of which Land and buildings: -€111,028
- Current investments -€100,000
down €100,000 (-15.4%), from €650,000 to €550,000
- Cash +€93,513
up €93,513 (+112.6%), from €83,014 to €176,528
mainly Depreciation (+€142,210) and Current investments (+€100,000)
Equity and liabilities
- Debts after one year -€135,000
down €135,000 (-37.5%), from €360,000 to €225,000
Income statement
- Gross operating margin +€46,406
up €46,406 (+12.4%), from €375,276 to €421,681
- Taxes +€14,997
up €14,997 (+77.8%), from €19,272 to €34,269
- Financial income -€11,243
down €11,243 (-53.4%), from €21,045 to €9,802
- Other operating charges -€5,255
down €5,255 (-63.6%), from €8,267 to €3,012
- Financial charges -€5,057
down €5,057 (-24.0%), from €21,078 to €16,020
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.
Result 2024
€23,915
Gross operating margin
+€46,406
Staff costs
+€352
Depreciation
-€681
Other operating charges
+€5,255
Financial income
-€11,243
Financial charges
+€5,057
Taxes
-€14,997
Result 2025
€54,063
Cash bridge derived
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.
From operations
+€196,942
Investment
+€81,572
Financing
-€185,000
Cash 2024
€83,014
From operations (derived)
+€196,942
Net result for the year
+€54,063
Depreciation
+€142,210
Receivables within one year
-€2,146
Deferred charges and accrued income
-€1,285
Provisions
-€4,664
Trade debts
-€22,584
Tax, wage and social debts
+€11,968
Other debts
+€20,000
Accrued charges and deferred income
-€619
Investment (derived)
+€81,572
Investment in fixed assets (net)
-€18,428
Current investments
+€100,000
Financing
-€185,000
Debts after one year
-€135,000
Contributions, distributions and other
-€50,000
Cash 2025
€176,528
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,370,650 | €4,243,814 | -€126,836 | -2.9% |
| Fixed assets | 21/28 | €3,547,677 | €3,423,896 | -€123,781 | -3.5% |
| Tangible fixed assets | 22/27 | €3,547,677 | €3,423,896 | -€123,781 | -3.5% |
| Land and buildings | 22 | €3,494,121 | €3,383,094 | -€111,028 | -3.2% |
| Plant, machinery and equipment | 23 | - | €4,616 | +€4,616 | |
| Furniture and vehicles | 24 | €53,556 | €36,186 | -€17,370 | -32.4% |
| Current assets | 29/58 | €822,973 | €819,918 | -€3,055 | -0.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €88,647 | €90,794 | +€2,146 | +2.4% |
| Trade receivables | 40 | €70,447 | €90,794 | +€20,346 | +28.9% |
| Other amounts receivable | 41 | €18,200 | €0 | -€18,200 | -100.0% |
| Current investments | 50/53 | €650,000 | €550,000 | -€100,000 | -15.4% |
| Cash at bank and in hand | 54/58 | €83,014 | €176,528 | +€93,513 | +112.6% |
| Deferred charges and accrued income | 490/1 | €1,311 | €2,596 | +€1,285 | +98.0% |
| Total equity and liabilities | 10/49 | €4,370,650 | €4,243,814 | -€126,836 | -2.9% |
| Equity | 10/15 | €3,646,006 | €3,650,069 | +€4,063 | +0.1% |
| Contributions | 10/11 | €561,662 | €561,662 | = | 0.0% |
| Capital | 10 | €560,000 | €560,000 | = | 0.0% |
| Issued capital | 100 | €560,000 | €560,000 | = | 0.0% |
| Outside capital | 11 | €1,662 | €1,662 | = | 0.0% |
| Share premium | 1100/10 | €1,662 | €1,662 | = | 0.0% |
| Reserves | 13 | €3,083,777 | €3,087,783 | +€4,007 | +0.1% |
| Non-distributable reserves | 130/1 | €56,000 | €56,000 | = | 0.0% |
| Legal reserve | 130 | €56,000 | €56,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €835,777 | €821,783 | -€13,993 | -1.7% |
| Distributable reserves | 133 | €2,192,000 | €2,210,000 | +€18,000 | +0.8% |
| Profit (loss) carried forward | 14 | €566 | €623 | +€57 | +10.0% |
| Provisions and deferred taxes | 16 | €111,947 | €107,283 | -€4,664 | -4.2% |
| Deferred taxes | 168 | €111,947 | €107,283 | -€4,664 | -4.2% |
| Amounts payable | 17/49 | €612,698 | €486,462 | -€126,235 | -20.6% |
| Amounts payable after more than one year | 17 | €360,000 | €225,000 | -€135,000 | -37.5% |
| Financial debts | 170/4 | €360,000 | €225,000 | -€135,000 | -37.5% |
| Amounts payable within one year | 42/48 | €248,429 | €257,812 | +€9,384 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €135,000 | €135,000 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €38,953 | €16,369 | -€22,584 | -58.0% |
| Suppliers | 440/4 | €38,953 | €16,369 | -€22,584 | -58.0% |
| Taxes, remuneration and social security | 45 | €42,975 | €54,943 | +€11,968 | +27.8% |
| Taxes | 450/3 | €18,420 | €28,009 | +€9,589 | +52.1% |
| Remuneration and social security | 454/9 | €24,555 | €26,934 | +€2,379 | +9.7% |
| Other amounts payable | 47/48 | €31,500 | €51,500 | +€20,000 | +63.5% |
| Accrued charges and deferred income | 492/3 | €4,269 | €3,650 | -€619 | -14.5% |
| Remuneration, social security and pensions | 62 | €186,925 | €186,572 | -€352 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,529 | €142,210 | +€681 | +0.5% |
| Other operating charges | 640/8 | €8,267 | €3,012 | -€5,255 | -63.6% |
| Gross operating margin | 9900 | €375,276 | €421,681 | +€46,406 | +12.4% |
| Operating profit (loss) | 9901 | €38,555 | €89,887 | +€51,332 | +133.1% |
| Financial income | 75/76B | €21,045 | €9,802 | -€11,243 | -53.4% |
| Recurring financial income | 75 | €21,045 | €9,802 | -€11,243 | -53.4% |
| Financial charges | 65/66B | €21,078 | €16,020 | -€5,057 | -24.0% |
| Recurring financial charges | 65 | €21,078 | €16,020 | -€5,057 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €38,523 | €83,668 | +€45,145 | +117.2% |
| Transfer from deferred taxes | 780 | €4,664 | €4,664 | = | 0.0% |
| Income taxes | 67/77 | €19,272 | €34,269 | +€14,997 | +77.8% |
| Profit (loss) for the period | 9904 | €23,915 | €54,063 | +€30,148 | +126.1% |
| Transfer from tax-exempt reserves | 789 | €13,993 | €13,993 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,908 | €68,057 | +€30,148 | +79.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.