HAELEC: 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.
HAELEC
Largest movements
- Receivables within one year +€64,782
up €64,782 (+483.2%), from €13,408 to €78,190
of which Other amounts receivable: +€62,657
- Cash -€30,137
down €30,137 (-38.5%), from €78,268 to €48,131
mainly Receivables within one year (-€64,782) and Debts after one year (-€32,273)
- Tangible fixed assets +€19,756
up €19,756 (+182.3%), from €10,838 to €30,595
of which Furniture and vehicles: +€19,956
- Deferred charges and accrued income +€11,994
up €11,994 (+70.6%), from €16,997 to €28,991
- Reserves +€108,064
up €108,064 (+32.0%), from €337,340 to €445,405
- Debts after one year -€32,273
down €32,273 (-11.9%), from €272,273 to €240,000
- Tax, wage and social debts -€19,288
down €19,288 (-76.5%), from €25,205 to €5,917
- Other debts +€16,055
up €16,055 (+59.2%), from €27,128 to €43,183
- Gross operating margin +€55,484
up €55,484 (+54.9%), from €101,137 to €156,621
- Taxes +€13,826
up €13,826 (+56.6%), from €24,422 to €38,248
- Depreciation +€1,832
up €1,832 (+38.0%), from €4,821 to €6,652
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 | €723,191 | €789,586 | +€66,395 | +9.2% |
| Fixed assets | 21/28 | €294,518 | €314,275 | +€19,756 | +6.7% |
| Tangible fixed assets | 22/27 | €10,838 | €30,595 | +€19,756 | +182.3% |
| Plant, machinery and equipment | 23 | €554 | €355 | -€200 | -36.0% |
| Furniture and vehicles | 24 | €10,284 | €30,240 | +€19,956 | +194.0% |
| Financial fixed assets | 28 | €283,680 | €283,680 | = | 0.0% |
| Current assets | 29/58 | €428,673 | €475,312 | +€46,639 | +10.9% |
| Amounts receivable after more than one year | 29 | €320,000 | €320,000 | = | 0.0% |
| Other amounts receivable | 291 | €320,000 | €320,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,408 | €78,190 | +€64,782 | +483.2% |
| Trade receivables | 40 | €13,408 | €15,533 | +€2,125 | +15.8% |
| Other amounts receivable | 41 | - | €62,657 | +€62,657 | |
| Cash at bank and in hand | 54/58 | €78,268 | €48,131 | -€30,137 | -38.5% |
| Deferred charges and accrued income | 490/1 | €16,997 | €28,991 | +€11,994 | +70.6% |
| Total equity and liabilities | 10/49 | €723,191 | €789,586 | +€66,395 | +9.2% |
| Equity | 10/15 | €355,940 | €464,005 | +€108,064 | +30.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €337,340 | €445,405 | +€108,064 | +32.0% |
| Distributable reserves | 133 | €337,340 | €445,405 | +€108,064 | +32.0% |
| Amounts payable | 17/49 | €367,251 | €325,582 | -€41,669 | -11.3% |
| Amounts payable after more than one year | 17 | €272,273 | €240,000 | -€32,273 | -11.9% |
| Financial debts | 170/4 | €272,273 | €240,000 | -€32,273 | -11.9% |
| Amounts payable within one year | 42/48 | €94,967 | €84,653 | -€10,314 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €38,627 | €32,273 | -€6,354 | -16.5% |
| Trade debts | 44 | €4,007 | €3,281 | -€726 | -18.1% |
| Suppliers | 440/4 | €4,007 | €3,281 | -€726 | -18.1% |
| Taxes, remuneration and social security | 45 | €25,205 | €5,917 | -€19,288 | -76.5% |
| Taxes | 450/3 | €25,205 | €5,917 | -€19,288 | -76.5% |
| Other amounts payable | 47/48 | €27,128 | €43,183 | +€16,055 | +59.2% |
| Accrued charges and deferred income | 492/3 | €11 | €928 | +€917 | +8285.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,821 | €6,652 | +€1,832 | +38.0% |
| Other operating charges | 640/8 | €796 | €849 | +€52 | +6.6% |
| Gross operating margin | 9900 | €101,137 | €156,621 | +€55,484 | +54.9% |
| Operating profit (loss) | 9901 | €95,520 | €149,121 | +€53,600 | +56.1% |
| Financial income | 75/76B | €14,225 | €14,492 | +€268 | +1.9% |
| Recurring financial income | 75 | €14,225 | €14,492 | +€268 | +1.9% |
| Financial charges | 65/66B | €17,778 | €17,300 | -€478 | -2.7% |
| Recurring financial charges | 65 | €17,778 | €17,300 | -€478 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €91,967 | €146,312 | +€54,346 | +59.1% |
| Income taxes | 67/77 | €24,422 | €38,248 | +€13,826 | +56.6% |
| Profit (loss) for the period | 9904 | €67,545 | €108,064 | +€40,520 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,545 | €108,064 | +€40,520 | +60.0% |
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 8 October 2026 via checked.be.