H.S. HEUKEMES: 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.S. HEUKEMES
Largest movements
- Cash -€52,300
down €52,300 (-85.3%), from €61,280 to €8,980
mainly Net result for the year (-€56,462) and Debts after one year (-€13,018)
- Tangible fixed assets -€22,173
down €22,173 (-26.8%), from €82,848 to €60,676
of which Furniture and vehicles: -€21,313
- Stocks and contracts -€11,853
down €11,853 (-58.7%), from €20,198 to €8,345
- Profit (loss) carried forward -€56,462
down €56,462 (-49.6%), from €113,773 to €57,310
- Debts after one year -€13,018
down €13,018 (-31.7%), from €41,130 to €28,112
- Trade debts -€7,138
down €7,138 (-61.4%), from €11,631 to €4,493
- Current portion of long-term debt -€7,025
down €7,025 (-35.0%), from €20,043 to €13,018
- Tax, wage and social debts -€2,973
down €2,973 (-23.8%), from €12,504 to €9,530
of which Taxes: -€2,566
- Gross operating margin -€38,946
down €38,946 (-55.3%), from €70,429 to €31,483
- Depreciation +€6,465
up €6,465 (+39.2%), from €16,509 to €22,974
- Staff costs +€2,131
up €2,131 (+3.7%), from €57,984 to €60,114
- Financial income -€960
down €960 (-33.9%), from €2,833 to €1,874
- Financial charges +€764
up €764 (+54.4%), from €1,404 to €2,168
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 | €219,754 | €132,924 | -€86,830 | -39.5% |
| Fixed assets | 21/28 | €83,948 | €60,676 | -€23,273 | -27.7% |
| Tangible fixed assets | 22/27 | €82,848 | €60,676 | -€22,173 | -26.8% |
| Plant, machinery and equipment | 23 | €1,066 | €207 | -€860 | -80.6% |
| Furniture and vehicles | 24 | €81,782 | €60,469 | -€21,313 | -26.1% |
| Financial fixed assets | 28 | €1,100 | - | -€1,100 | |
| Current assets | 29/58 | €135,806 | €72,249 | -€63,558 | -46.8% |
| Stocks and contracts in progress | 3 | €20,198 | €8,345 | -€11,853 | -58.7% |
| Stocks | 30/36 | €20,198 | €8,345 | -€11,853 | -58.7% |
| Amounts receivable within one year | 40/41 | €52,466 | €54,376 | +€1,910 | +3.6% |
| Trade receivables | 40 | €52,466 | €54,082 | +€1,616 | +3.1% |
| Other amounts receivable | 41 | - | €294 | +€294 | |
| Cash at bank and in hand | 54/58 | €61,280 | €8,980 | -€52,300 | -85.3% |
| Deferred charges and accrued income | 490/1 | €1,862 | €548 | -€1,314 | -70.6% |
| Total equity and liabilities | 10/49 | €219,754 | €132,924 | -€86,830 | -39.5% |
| Equity | 10/15 | €134,233 | €77,770 | -€56,462 | -42.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,773 | €57,310 | -€56,462 | -49.6% |
| Amounts payable | 17/49 | €85,522 | €55,154 | -€30,368 | -35.5% |
| Amounts payable after more than one year | 17 | €41,130 | €28,112 | -€13,018 | -31.7% |
| Financial debts | 170/4 | €41,130 | €28,112 | -€13,018 | -31.7% |
| Amounts payable within one year | 42/48 | €44,392 | €27,042 | -€17,350 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €20,043 | €13,018 | -€7,025 | -35.0% |
| Trade debts | 44 | €11,631 | €4,493 | -€7,138 | -61.4% |
| Suppliers | 440/4 | €11,631 | €4,493 | -€7,138 | -61.4% |
| Taxes, remuneration and social security | 45 | €12,504 | €9,530 | -€2,973 | -23.8% |
| Taxes | 450/3 | €10,599 | €8,033 | -€2,566 | -24.2% |
| Remuneration and social security | 454/9 | €1,905 | €1,497 | -€408 | -21.4% |
| Other amounts payable | 47/48 | €214 | - | -€214 | |
| Remuneration, social security and pensions | 62 | €57,984 | €60,114 | +€2,131 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,509 | €22,974 | +€6,465 | +39.2% |
| Other operating charges | 640/8 | €3,339 | €3,566 | +€227 | +6.8% |
| Gross operating margin | 9900 | €70,429 | €31,483 | -€38,946 | -55.3% |
| Operating profit (loss) | 9901 | -€7,403 | -€55,172 | -€47,769 | -645% |
| Financial income | 75/76B | €2,833 | €1,874 | -€960 | -33.9% |
| Recurring financial income | 75 | €2,833 | €1,874 | -€960 | -33.9% |
| Financial charges | 65/66B | €1,404 | €2,168 | +€764 | +54.4% |
| Recurring financial charges | 65 | €1,404 | €2,168 | +€764 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,974 | -€55,466 | -€49,492 | -829% |
| Income taxes | 67/77 | €402 | €996 | +€595 | +148% |
| Profit (loss) for the period | 9904 | -€6,376 | -€56,462 | -€50,087 | -786% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,376 | -€56,462 | -€50,087 | -786% |
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 18 October 2026 via checked.be.