HE-Construct: what changed
What changed
HE-Construct
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
-€28,095
2024 · -€7,416-€20,679
Equity
€199,791
2024 · €227,886-€28,095
Cash
€77,256
2024 · €38,802+€38,454
Balance sheet total
€1.3m
2024 · €1.1m+€193,402
Largest movements
Assets
- Stocks and contracts +€207,482
up €207,482 (+69.6%), from €298,188 to €505,670
- Cash +€38,454
up €38,454 (+99.1%), from €38,802 to €77,256
mainly Short-term financial debts (+€210,000) and Depreciation (+€35,359)
- Receivables within one year -€33,752
down €33,752 (-96.0%), from €35,169 to €1,417
of which Other amounts receivable: -€34,202
- Tangible fixed assets -€23,341
down €23,341 (-3.3%), from €711,482 to €688,141
of which Land and buildings: -€22,251
Equity and liabilities
- Short-term financial debts +€210,000
new in 2025: €210,000
- Reserves -€26,594
down €26,594 (-16.0%), from €165,886 to €139,291
of which Distributable reserves: -€26,594
Income statement
- Gross operating margin -€12,062
down €12,062 (-39.0%), from €30,889 to €18,827
- Other operating charges +€3,792
up €3,792 (+100%), from €3,781 to €7,572
- Depreciation +€3,784
up €3,784 (+12.0%), from €31,575 to €35,359
- Financial charges +€1,043
up €1,043 (+35.4%), from €2,949 to €3,992
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€7,416
Gross operating margin
-€12,062
Depreciation
-€3,784
Other operating charges
-€3,792
Financial income
+€0
Financial charges
-€1,043
Result 2025
-€28,095
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€147,779
Investment
-€12,018
Financing
+€198,252
Cash 2024
€38,802
From operations (derived)
-€147,779
Net result for the year
-€28,095
Depreciation
+€35,359
Stocks and contracts
-€207,482
Receivables within one year
+€33,752
Deferred charges and accrued income
-€4,558
Trade debts
+€11,606
Tax, wage and social debts
-€499
Other debts
+€12,138
Investment (derived)
-€12,018
Investment in fixed assets (net)
-€12,018
Financing
+€198,252
Debts after one year
-€12,090
Current portion of long-term debt
+€341
Short-term financial debts
+€210,000
Cash 2025
€77,256
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,083,641 | €1,277,043 | +€193,402 | +17.8% |
| Fixed assets | 21/28 | €711,482 | €688,141 | -€23,341 | -3.3% |
| Tangible fixed assets | 22/27 | €711,482 | €688,141 | -€23,341 | -3.3% |
| Land and buildings | 22 | €673,347 | €651,096 | -€22,251 | -3.3% |
| Plant, machinery and equipment | 23 | €6,321 | €8,919 | +€2,598 | +41.1% |
| Furniture and vehicles | 24 | €31,814 | €28,126 | -€3,688 | -11.6% |
| Current assets | 29/58 | €372,159 | €588,902 | +€216,742 | +58.2% |
| Stocks and contracts in progress | 3 | €298,188 | €505,670 | +€207,482 | +69.6% |
| Stocks | 30/36 | €298,188 | €505,670 | +€207,482 | +69.6% |
| Amounts receivable within one year | 40/41 | €35,169 | €1,417 | -€33,752 | -96.0% |
| Trade receivables | 40 | - | €450 | +€450 | |
| Other amounts receivable | 41 | €35,169 | €966 | -€34,202 | -97.3% |
| Cash at bank and in hand | 54/58 | €38,802 | €77,256 | +€38,454 | +99.1% |
| Deferred charges and accrued income | 490/1 | - | €4,558 | +€4,558 | |
| Total equity and liabilities | 10/49 | €1,083,641 | €1,277,043 | +€193,402 | +17.8% |
| Equity | 10/15 | €227,886 | €199,791 | -€28,095 | -12.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €165,886 | €139,291 | -€26,594 | -16.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €159,686 | €133,091 | -€26,594 | -16.7% |
| Profit (loss) carried forward | 14 | - | -€1,501 | -€1,501 | |
| Amounts payable | 17/49 | €855,756 | €1,077,252 | +€221,497 | +25.9% |
| Amounts payable after more than one year | 17 | €120,241 | €108,151 | -€12,090 | -10.1% |
| Financial debts | 170/4 | €120,241 | €108,151 | -€12,090 | -10.1% |
| Amounts payable within one year | 42/48 | €735,515 | €969,101 | +€233,587 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €11,748 | €12,090 | +€341 | +2.9% |
| Financial debts | 43 | - | €210,000 | +€210,000 | |
| Credit institutions | 430/8 | - | €210,000 | +€210,000 | |
| Trade debts | 44 | €2,381 | €13,986 | +€11,606 | +487% |
| Suppliers | 440/4 | €2,381 | €13,986 | +€11,606 | +487% |
| Taxes, remuneration and social security | 45 | €513 | €15 | -€499 | -97.2% |
| Taxes | 450/3 | €513 | €15 | -€499 | -97.2% |
| Other amounts payable | 47/48 | €720,872 | €733,010 | +€12,138 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,575 | €35,359 | +€3,784 | +12.0% |
| Other operating charges | 640/8 | €3,781 | €7,572 | +€3,792 | +100% |
| Gross operating margin | 9900 | €30,889 | €18,827 | -€12,062 | -39.0% |
| Operating profit (loss) | 9901 | -€4,467 | -€24,104 | -€19,637 | -440% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,949 | €3,992 | +€1,043 | +35.4% |
| Recurring financial charges | 65 | €2,949 | €3,992 | +€1,043 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,416 | -€28,095 | -€20,679 | -279% |
| Profit (loss) for the period | 9904 | -€7,416 | -€28,095 | -€20,679 | -279% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,416 | -€28,095 | -€20,679 | -279% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.