H. Heethem: 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.
H. Heethem
Largest movements
- Cash -€76,889
down €76,889 (-33.8%), from €227,160 to €150,271
mainly Investment in fixed assets (net) (-€119,285) and Debts after one year (-€14,673)
- Tangible fixed assets +€71,977
up €71,977 (+127.5%), from €56,459 to €128,436
of which Furniture and vehicles: +€83,103
- Receivables within one year +€5,056
up €5,056 (+10.8%), from €46,860 to €51,916
of which Other amounts receivable: +€6,560
- Reserves +€23,195
up €23,195 (+8.6%), from €270,218 to €293,412
of which Distributable reserves: +€23,195
- Debts after one year -€14,673
no longer reported in 2025 (was €14,673)
- Trade debts -€4,738
down €4,738 (-33.9%), from €13,956 to €9,218
- Depreciation +€24,740
up €24,740 (+109.6%), from €22,568 to €47,308
- Taxes -€10,423
down €10,423 (-59.7%), from €17,458 to €7,035
- Gross operating margin -€7,589
down €7,589 (-9.0%), from €83,950 to €76,361
- Financial income -€3,050
down €3,050 (-45.9%), from €6,646 to €3,597
- Other operating charges -€1,542
down €1,542 (-66.0%), from €2,337 to €796
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 | €345,856 | €346,022 | +€166 | 0.0% |
| Fixed assets | 21/28 | €65,643 | €137,621 | +€71,977 | +109.6% |
| Tangible fixed assets | 22/27 | €56,459 | €128,436 | +€71,977 | +127.5% |
| Plant, machinery and equipment | 23 | €910 | €10,368 | +€9,458 | +1039.6% |
| Furniture and vehicles | 24 | €5,687 | €88,790 | +€83,103 | +1461.3% |
| Leasing and similar rights | 25 | €39,675 | €20,469 | -€19,206 | -48.4% |
| Other tangible fixed assets | 26 | €10,187 | €8,810 | -€1,378 | -13.5% |
| Financial fixed assets | 28 | €9,185 | €9,185 | = | 0.0% |
| Current assets | 29/58 | €280,212 | €208,401 | -€71,811 | -25.6% |
| Amounts receivable within one year | 40/41 | €46,860 | €51,916 | +€5,056 | +10.8% |
| Trade receivables | 40 | €42,641 | €41,137 | -€1,504 | -3.5% |
| Other amounts receivable | 41 | €4,219 | €10,779 | +€6,560 | +155.5% |
| Cash at bank and in hand | 54/58 | €227,160 | €150,271 | -€76,889 | -33.8% |
| Deferred charges and accrued income | 490/1 | €6,193 | €6,215 | +€22 | +0.4% |
| Total equity and liabilities | 10/49 | €345,856 | €346,022 | +€166 | 0.0% |
| Equity | 10/15 | €295,218 | €318,412 | +€23,195 | +7.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Outside capital | 11 | €25,000 | €25,000 | = | 0.0% |
| Other | 1109/19 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €270,218 | €293,412 | +€23,195 | +8.6% |
| Tax-exempt reserves | 132 | €50,500 | €50,500 | = | 0.0% |
| Distributable reserves | 133 | €219,718 | €242,912 | +€23,195 | +10.6% |
| Amounts payable | 17/49 | €50,638 | €27,609 | -€23,028 | -45.5% |
| Amounts payable after more than one year | 17 | €14,673 | - | -€14,673 | |
| Financial debts | 170/4 | €14,673 | - | -€14,673 | |
| Amounts payable within one year | 42/48 | €35,965 | €27,609 | -€8,356 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €15,742 | €14,673 | -€1,069 | -6.8% |
| Trade debts | 44 | €13,956 | €9,218 | -€4,738 | -33.9% |
| Suppliers | 440/4 | €13,956 | €9,218 | -€4,738 | -33.9% |
| Taxes, remuneration and social security | 45 | €6,268 | €3,719 | -€2,549 | -40.7% |
| Taxes | 450/3 | €6,268 | €3,719 | -€2,549 | -40.7% |
| Non-recurring operating income | 76A | - | €17,000 | +€17,000 | |
| Remuneration, social security and pensions | 62 | €988 | €671 | -€318 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,568 | €47,308 | +€24,740 | +109.6% |
| Other operating charges | 640/8 | €2,337 | €796 | -€1,542 | -66.0% |
| Gross operating margin | 9900 | €83,950 | €76,361 | -€7,589 | -9.0% |
| Operating profit (loss) | 9901 | €58,056 | €27,587 | -€30,469 | -52.5% |
| Financial income | 75/76B | €6,646 | €3,597 | -€3,050 | -45.9% |
| Recurring financial income | 75 | €6,646 | €3,597 | -€3,050 | -45.9% |
| Financial charges | 65/66B | €1,133 | €954 | -€179 | -15.8% |
| Recurring financial charges | 65 | €1,133 | €954 | -€179 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €63,569 | €30,229 | -€33,340 | -52.4% |
| Income taxes | 67/77 | €17,458 | €7,035 | -€10,423 | -59.7% |
| Profit (loss) for the period | 9904 | €46,111 | €23,195 | -€22,917 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,111 | €23,195 | -€22,917 | -49.7% |
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 2 October 2026 via checked.be.