H & E PROJECTS: 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.
H & E PROJECTS
Largest movements
- Tangible fixed assets +€31,695
up €31,695 (+29.3%), from €108,026 to €139,721
of which Land and buildings: +€32,047
- Cash +€4,991
up €4,991 (+632%), from €790 to €5,781
mainly Debts after one year (+€23,543) and Net result for the year (+€6,882)
- Receivables within one year -€1,690
down €1,690 (-100%), from €1,690 to €0
- Debts after one year +€23,543
up €23,543 (+6.7%), from €350,000 to €373,543
- Profit (loss) carried forward +€6,882
up €6,882 (+2.1%), from -€320,754 to -€313,872
- Current portion of long-term debt +€6,372
new in 2025: €6,372
- Trade debts -€1,579
down €1,579 (-89.5%), from €1,765 to €186
- Other operating charges -€6,791
down €6,791 (-90.5%), from €7,504 to €712
- Gross operating margin +€4,644
up €4,644 (+49.7%), from €9,342 to €13,986
- Depreciation +€3,558
up €3,558 (+412%), from €864 to €4,422
- Financial charges +€1,820
up €1,820 (+1,213%), from €150 to €1,970
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 | €112,144 | €146,103 | +€33,959 | +30.3% |
| Fixed assets | 21/28 | €108,026 | €139,721 | +€31,695 | +29.3% |
| Tangible fixed assets | 22/27 | €108,026 | €139,721 | +€31,695 | +29.3% |
| Land and buildings | 22 | €106,386 | €138,434 | +€32,047 | +30.1% |
| Plant, machinery and equipment | 23 | €1,640 | €1,288 | -€352 | -21.5% |
| Current assets | 29/58 | €4,118 | €6,382 | +€2,264 | +55.0% |
| Amounts receivable within one year | 40/41 | €1,690 | €0 | -€1,690 | -100% |
| Trade receivables | 40 | €1,690 | €0 | -€1,690 | -100% |
| Cash at bank and in hand | 54/58 | €790 | €5,781 | +€4,991 | +632% |
| Deferred charges and accrued income | 490/1 | €1,638 | €601 | -€1,037 | -63.3% |
| Total equity and liabilities | 10/49 | €112,144 | €146,103 | +€33,959 | +30.3% |
| Equity | 10/15 | -€249,781 | -€242,899 | +€6,882 | +2.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €9,000 | €9,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€320,754 | -€313,872 | +€6,882 | +2.1% |
| Amounts payable | 17/49 | €361,925 | €389,002 | +€27,078 | +7.5% |
| Amounts payable after more than one year | 17 | €350,000 | €373,543 | +€23,543 | +6.7% |
| Financial debts | 170/4 | €350,000 | €373,543 | +€23,543 | +6.7% |
| Amounts payable within one year | 42/48 | €10,235 | €13,705 | +€3,471 | +33.9% |
| Current portion of amounts payable after more than one year | 42 | - | €6,372 | +€6,372 | |
| Trade debts | 44 | €1,765 | €186 | -€1,579 | -89.5% |
| Suppliers | 440/4 | €1,765 | €186 | -€1,579 | -89.5% |
| Taxes, remuneration and social security | 45 | €371 | €0 | -€371 | -100% |
| Taxes | 450/3 | €371 | €0 | -€371 | -100% |
| Other amounts payable | 47/48 | €8,099 | €7,147 | -€952 | -11.8% |
| Accrued charges and deferred income | 492/3 | €1,690 | €1,754 | +€64 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €864 | €4,422 | +€3,558 | +412% |
| Other operating charges | 640/8 | €7,504 | €712 | -€6,791 | -90.5% |
| Gross operating margin | 9900 | €9,342 | €13,986 | +€4,644 | +49.7% |
| Operating profit (loss) | 9901 | €974 | €8,851 | +€7,877 | +809% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €150 | €1,970 | +€1,820 | +1,213% |
| Recurring financial charges | 65 | €150 | €1,970 | +€1,820 | +1,213% |
| Profit (loss) for the period before taxes | 9903 | €826 | €6,882 | +€6,056 | +734% |
| Profit (loss) for the period | 9904 | €826 | €6,882 | +€6,056 | +734% |
| Profit (loss) for the period to be appropriated | 9905 | €826 | €6,882 | +€6,056 | +734% |
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 19 October 2026 via checked.be.