HE group: 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 group
Largest movements
- Cash +€81,054
up €81,054 (+333.4%), from €24,313 to €105,367
mainly Depreciation (+€97,545) and Net result for the year (+€87,000)
- Tangible fixed assets -€29,459
down €29,459 (-1.2%), from €2.5m to €2.5m
of which Furniture and vehicles: -€16,466
- Reserves +€87,000
up €87,000 (+12.9%), from €676,034 to €763,033
of which Distributable reserves: +€87,000
- Debts after one year -€27,038
down €27,038 (-6.1%), from €440,032 to €412,994
of which Financial debts: -€22,912
- Gross operating margin +€86,192
up €86,192 (+79.6%), from €108,287 to €194,479
- Taxes -€72,450
down €72,450 (-99.7%), from €72,694 to €244
- Other operating charges -€15,626
down €15,626 (-81.2%), from €19,255 to €3,628
- Financial charges -€2,541
down €2,541 (-28.7%), from €8,849 to €6,308
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 | €2,558,032 | €2,609,404 | +€51,371 | +2.0% |
| Fixed assets | 21/28 | €2,528,255 | €2,498,797 | -€29,459 | -1.2% |
| Tangible fixed assets | 22/27 | €2,528,255 | €2,498,797 | -€29,459 | -1.2% |
| Land and buildings | 22 | €2,459,636 | €2,448,681 | -€10,955 | -0.4% |
| Plant, machinery and equipment | 23 | €8,535 | €6,497 | -€2,038 | -23.9% |
| Furniture and vehicles | 24 | €60,085 | €43,619 | -€16,466 | -27.4% |
| Current assets | 29/58 | €29,777 | €110,607 | +€80,830 | +271.5% |
| Amounts receivable within one year | 40/41 | €3,420 | €1,213 | -€2,207 | -64.5% |
| Trade receivables | 40 | €1,094 | €996 | -€98 | -9.0% |
| Other amounts receivable | 41 | €2,326 | €217 | -€2,109 | -90.7% |
| Cash at bank and in hand | 54/58 | €24,313 | €105,367 | +€81,054 | +333.4% |
| Deferred charges and accrued income | 490/1 | €2,044 | €4,027 | +€1,983 | +97.0% |
| Total equity and liabilities | 10/49 | €2,558,032 | €2,609,404 | +€51,371 | +2.0% |
| Equity | 10/15 | €1,434,584 | €1,521,583 | +€87,000 | +6.1% |
| Contributions | 10/11 | €758,550 | €758,550 | = | 0.0% |
| Reserves | 13 | €676,034 | €763,033 | +€87,000 | +12.9% |
| Non-distributable reserves | 130/1 | €5,600 | €5,600 | = | 0.0% |
| Other | 1319 | €5,600 | €5,600 | = | 0.0% |
| Distributable reserves | 133 | €670,434 | €757,433 | +€87,000 | +13.0% |
| Amounts payable | 17/49 | €1,123,449 | €1,087,820 | -€35,628 | -3.2% |
| Amounts payable after more than one year | 17 | €440,032 | €412,994 | -€27,038 | -6.1% |
| Financial debts | 170/4 | €429,424 | €406,511 | -€22,912 | -5.3% |
| Other amounts payable | 178/9 | €10,608 | €6,482 | -€4,126 | -38.9% |
| Amounts payable within one year | 42/48 | €682,631 | €673,742 | -€8,889 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €22,609 | €22,912 | +€303 | +1.3% |
| Trade debts | 44 | €430 | €1,109 | +€679 | +157.7% |
| Suppliers | 440/4 | €430 | €1,109 | +€679 | +157.7% |
| Taxes, remuneration and social security | 45 | €1,684 | €740 | -€944 | -56.0% |
| Taxes | 450/3 | €1,684 | €740 | -€944 | -56.0% |
| Other amounts payable | 47/48 | €657,907 | €648,980 | -€8,927 | -1.4% |
| Accrued charges and deferred income | 492/3 | €786 | €1,085 | +€299 | +38.1% |
| Non-recurring operating income | 76A | €50 | €67,025 | +€66,975 | +133950.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,433 | €97,545 | +€113 | +0.1% |
| Other operating charges | 640/8 | €19,255 | €3,628 | -€15,626 | -81.2% |
| Gross operating margin | 9900 | €108,287 | €194,479 | +€86,192 | +79.6% |
| Operating profit (loss) | 9901 | -€8,400 | €93,306 | +€101,706 | |
| Financial income | 75/76B | €32 | €246 | +€215 | +676.6% |
| Recurring financial income | 75 | €32 | €246 | +€215 | +676.6% |
| Financial charges | 65/66B | €8,849 | €6,308 | -€2,541 | -28.7% |
| Recurring financial charges | 65 | €8,849 | €6,308 | -€2,541 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | -€17,217 | €87,244 | +€104,461 | |
| Income taxes | 67/77 | €72,694 | €244 | -€72,450 | -99.7% |
| Profit (loss) for the period | 9904 | -€89,911 | €87,000 | +€176,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€89,911 | €87,000 | +€176,911 |
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 11 October 2026 via checked.be.