HE CAPITAL & MANAGEMENT: 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.
HE CAPITAL & MANAGEMENT
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€132,270
up €132,270 (+48.7%), from €271,506 to €403,776
mainly Current investments (+€150,000) and Net result for the year (+€34,089)
- Tangible fixed assets -€13,377
down €13,377 (-4.1%), from €322,386 to €309,009
of which Land and buildings: -€12,587
- Current portion of long-term debt -€35,821
down €35,821 (-91.7%), from €39,077 to €3,256
- Reserves +€34,089
up €34,089 (+9.0%), from €380,552 to €414,641
- Debts after one year -€15,351
down €15,351 (-7.4%), from €208,850 to €193,500
- Gross operating margin -€150,830
down €150,830 (-66.9%), from €225,418 to €74,588
- Taxes -€47,467
down €47,467 (-73.5%), from €64,570 to €17,103
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 | €1,249,783 | €1,210,478 | -€39,305 | -3.1% |
| Fixed assets | 21/28 | €322,386 | €309,009 | -€13,377 | -4.1% |
| Tangible fixed assets | 22/27 | €322,386 | €309,009 | -€13,377 | -4.1% |
| Land and buildings | 22 | €320,843 | €308,256 | -€12,587 | -3.9% |
| Furniture and vehicles | 24 | €1,543 | €753 | -€790 | -51.2% |
| Current assets | 29/58 | €927,397 | €901,469 | -€25,928 | -2.8% |
| Amounts receivable after more than one year | 29 | €105,594 | €93,500 | -€12,094 | -11.5% |
| Other amounts receivable | 291 | €105,594 | €93,500 | -€12,094 | -11.5% |
| Amounts receivable within one year | 40/41 | €400,025 | €404,190 | +€4,165 | +1.0% |
| Trade receivables | 40 | €5 | €4,161 | +€4,156 | +84,466% |
| Other amounts receivable | 41 | €400,020 | €400,030 | +€10 | 0.0% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €271,506 | €403,776 | +€132,270 | +48.7% |
| Deferred charges and accrued income | 490/1 | €271 | €3 | -€269 | -99.0% |
| Total equity and liabilities | 10/49 | €1,249,783 | €1,210,478 | -€39,305 | -3.1% |
| Equity | 10/15 | €739,457 | €773,546 | +€34,089 | +4.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €380,552 | €414,641 | +€34,089 | +9.0% |
| Distributable reserves | 133 | €380,552 | €414,641 | +€34,089 | +9.0% |
| Profit (loss) carried forward | 14 | €338,904 | €338,904 | = | 0.0% |
| Amounts payable | 17/49 | €510,326 | €436,932 | -€73,394 | -14.4% |
| Amounts payable after more than one year | 17 | €208,850 | €193,500 | -€15,351 | -7.4% |
| Financial debts | 170/4 | €208,850 | €193,500 | -€15,351 | -7.4% |
| Amounts payable within one year | 42/48 | €301,476 | €243,272 | -€58,204 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €39,077 | €3,256 | -€35,821 | -91.7% |
| Trade debts | 44 | €166 | €843 | +€677 | +408% |
| Suppliers | 440/4 | €166 | €843 | +€677 | +408% |
| Taxes, remuneration and social security | 45 | €20,995 | €9,228 | -€11,768 | -56.0% |
| Taxes | 450/3 | €20,995 | €9,228 | -€11,768 | -56.0% |
| Other amounts payable | 47/48 | €241,237 | €229,945 | -€11,293 | -4.7% |
| Accrued charges and deferred income | 492/3 | - | €161 | +€161 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,260 | €13,377 | +€117 | +0.9% |
| Other operating charges | 640/8 | €1,996 | €2,059 | +€63 | +3.2% |
| Gross operating margin | 9900 | €225,418 | €74,588 | -€150,830 | -66.9% |
| Operating profit (loss) | 9901 | €210,162 | €59,153 | -€151,010 | -71.9% |
| Financial income | 75/76B | €0 | €2,124 | +€2,124 | +21,241,500% |
| Recurring financial income | 75 | €0 | €2,124 | +€2,124 | +21,241,500% |
| Financial charges | 65/66B | €10,738 | €10,085 | -€653 | -6.1% |
| Recurring financial charges | 65 | €10,738 | €10,085 | -€653 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €199,424 | €51,192 | -€148,233 | -74.3% |
| Income taxes | 67/77 | €64,570 | €17,103 | -€47,467 | -73.5% |
| Profit (loss) for the period | 9904 | €134,855 | €34,089 | -€100,766 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €134,855 | €34,089 | -€100,766 | -74.7% |
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 29 October 2026 via checked.be.