Group Hellin-Mesdagh: 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.
Group Hellin-Mesdagh
Largest movements
- Cash +€43,713
up €43,713 (+6.8%), from €642,101 to €685,815
mainly Net result for the year (+€39,762) and Depreciation (+€30,463)
- Tangible fixed assets -€22,372
down €22,372 (-6.7%), from €334,489 to €312,117
of which Land and buildings: -€18,663
- Receivables within one year -€21,609
down €21,609 (-39.1%), from €55,240 to €33,631
of which Trade receivables: -€34,218
- Deferred charges and accrued income +€18,631
up €18,631 (+216.7%), from €8,598 to €27,229
- Reserves +€39,762
up €39,762 (+6.2%), from €639,348 to €679,110
of which Distributable reserves: +€39,762
- Accrued charges and deferred income -€36,005
down €36,005 (-94.1%), from €38,247 to €2,242
- Other debts +€12,656
up €12,656 (+6.5%), from €195,902 to €208,559
- Gross operating margin -€31,620
down €31,620 (-16.8%), from €188,583 to €156,964
- Write-downs +€18,139
new in 2025: €18,139
- Taxes -€14,887
down €14,887 (-46.2%), from €32,193 to €17,306
- Depreciation +€2,304
up €2,304 (+8.2%), from €28,160 to €30,463
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,040,429 | €1,058,791 | +€18,362 | +1.8% |
| Fixed assets | 21/28 | €334,489 | €312,117 | -€22,372 | -6.7% |
| Tangible fixed assets | 22/27 | €334,489 | €312,117 | -€22,372 | -6.7% |
| Land and buildings | 22 | €313,104 | €294,442 | -€18,663 | -6.0% |
| Plant, machinery and equipment | 23 | €3,561 | €2,403 | -€1,158 | -32.5% |
| Furniture and vehicles | 24 | €17,824 | €15,272 | -€2,552 | -14.3% |
| Current assets | 29/58 | €705,939 | €746,674 | +€40,735 | +5.8% |
| Amounts receivable within one year | 40/41 | €55,240 | €33,631 | -€21,609 | -39.1% |
| Trade receivables | 40 | €36,952 | €2,734 | -€34,218 | -92.6% |
| Other amounts receivable | 41 | €18,288 | €30,897 | +€12,609 | +68.9% |
| Cash at bank and in hand | 54/58 | €642,101 | €685,815 | +€43,713 | +6.8% |
| Deferred charges and accrued income | 490/1 | €8,598 | €27,229 | +€18,631 | +216.7% |
| Total equity and liabilities | 10/49 | €1,040,429 | €1,058,791 | +€18,362 | +1.8% |
| Equity | 10/15 | €788,084 | €827,846 | +€39,762 | +5.0% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €639,348 | €679,110 | +€39,762 | +6.2% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €111,279 | €111,279 | = | 0.0% |
| Distributable reserves | 133 | €513,195 | €552,957 | +€39,762 | +7.7% |
| Amounts payable | 17/49 | €252,345 | €230,945 | -€21,400 | -8.5% |
| Amounts payable within one year | 42/48 | €214,098 | €228,703 | +€14,605 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €3,990 | €3,990 | = | 0.0% |
| Trade debts | 44 | €7,460 | €9,281 | +€1,820 | +24.4% |
| Suppliers | 440/4 | €7,460 | €9,281 | +€1,820 | +24.4% |
| Taxes, remuneration and social security | 45 | €6,745 | €6,874 | +€128 | +1.9% |
| Taxes | 450/3 | €6,745 | €6,874 | +€128 | +1.9% |
| Other amounts payable | 47/48 | €195,902 | €208,559 | +€12,656 | +6.5% |
| Accrued charges and deferred income | 492/3 | €38,247 | €2,242 | -€36,005 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,160 | €30,463 | +€2,304 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,139 | +€18,139 | |
| Other operating charges | 640/8 | €44,287 | €45,735 | +€1,448 | +3.3% |
| Gross operating margin | 9900 | €188,583 | €156,964 | -€31,620 | -16.8% |
| Operating profit (loss) | 9901 | €116,136 | €62,626 | -€53,511 | -46.1% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €6,269 | €5,558 | -€711 | -11.3% |
| Recurring financial charges | 65 | €6,269 | €5,558 | -€711 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €109,868 | €57,068 | -€52,799 | -48.1% |
| Income taxes | 67/77 | €32,193 | €17,306 | -€14,887 | -46.2% |
| Profit (loss) for the period | 9904 | €77,675 | €39,762 | -€37,913 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,675 | €39,762 | -€37,913 | -48.8% |
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.