HE³HU: 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.
HE³HU
Largest movements
- Receivables within one year -€75,802
down €75,802 (-28.5%), from €265,833 to €190,030
of which Trade receivables: -€83,112
- Cash +€25,951
up €25,951 (+28.6%), from €90,877 to €116,828
mainly Receivables within one year (+€75,802) and Depreciation (+€15,336)
- Tangible fixed assets +€8,942
up €8,942 (+21.9%), from €40,904 to €49,846
of which Furniture and vehicles: +€13,304
- Trade debts -€30,472
down €30,472 (-43.4%), from €70,253 to €39,781
- Other debts -€10,168
down €10,168 (-9.6%), from €105,540 to €95,373
- Tax, wage and social debts +€9,281
up €9,281 (+348.9%), from €2,660 to €11,941
of which Taxes: +€11,171
- Accrued charges and deferred income -€6,518
down €6,518 (-99.5%), from €6,550 to €32
- Gross operating margin -€69,867
down €69,867 (-38.5%), from €181,500 to €111,633
- Taxes -€31,093
down €31,093 (-96.9%), from €32,074 to €981
- Write-downs +€22,364
up €22,364 (+150.9%), from €14,824 to €37,188
- Other operating charges +€14,810
up €14,810 (+2713.7%), from €546 to €15,356
- Financial charges +€6,293
up €6,293 (+15.4%), from €40,805 to €47,099
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 | €401,449 | €360,751 | -€40,699 | -10.1% |
| Fixed assets | 21/28 | €40,944 | €49,886 | +€8,942 | +21.8% |
| Tangible fixed assets | 22/27 | €40,904 | €49,846 | +€8,942 | +21.9% |
| Land and buildings | 22 | €7,052 | €5,931 | -€1,121 | -15.9% |
| Plant, machinery and equipment | 23 | €6,759 | €3,518 | -€3,241 | -48.0% |
| Furniture and vehicles | 24 | €27,093 | €40,397 | +€13,304 | +49.1% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €360,505 | €310,864 | -€49,641 | -13.8% |
| Amounts receivable within one year | 40/41 | €265,833 | €190,030 | -€75,802 | -28.5% |
| Trade receivables | 40 | €259,107 | €175,995 | -€83,112 | -32.1% |
| Other amounts receivable | 41 | €6,726 | €14,036 | +€7,310 | +108.7% |
| Cash at bank and in hand | 54/58 | €90,877 | €116,828 | +€25,951 | +28.6% |
| Deferred charges and accrued income | 490/1 | €3,796 | €4,007 | +€211 | +5.6% |
| Total equity and liabilities | 10/49 | €401,449 | €360,751 | -€40,699 | -10.1% |
| Equity | 10/15 | €216,446 | €213,624 | -€2,821 | -1.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €197,896 | €195,074 | -€2,821 | -1.4% |
| Distributable reserves | 133 | €197,896 | €195,074 | -€2,821 | -1.4% |
| Amounts payable | 17/49 | €185,004 | €147,126 | -€37,878 | -20.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €178,454 | €147,094 | -€31,360 | -17.6% |
| Trade debts | 44 | €70,253 | €39,781 | -€30,472 | -43.4% |
| Suppliers | 440/4 | €70,253 | €39,781 | -€30,472 | -43.4% |
| Taxes, remuneration and social security | 45 | €2,660 | €11,941 | +€9,281 | +348.9% |
| Taxes | 450/3 | €770 | €11,941 | +€11,171 | +1451.5% |
| Remuneration and social security | 454/9 | €1,891 | €0 | -€1,891 | -100.0% |
| Other amounts payable | 47/48 | €105,540 | €95,373 | -€10,168 | -9.6% |
| Accrued charges and deferred income | 492/3 | €6,550 | €32 | -€6,518 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,964 | €15,336 | -€1,628 | -9.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,824 | €37,188 | +€22,364 | +150.9% |
| Other operating charges | 640/8 | €546 | €15,356 | +€14,810 | +2713.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €181,500 | €111,633 | -€69,867 | -38.5% |
| Operating profit (loss) | 9901 | €149,166 | €43,753 | -€105,413 | -70.7% |
| Financial income | 75/76B | €1,218 | €1,505 | +€287 | +23.6% |
| Recurring financial income | 75 | €1,218 | €1,505 | +€287 | +23.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €40,805 | €47,099 | +€6,293 | +15.4% |
| Recurring financial charges | 65 | €40,805 | €47,099 | +€6,293 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €109,578 | -€1,840 | -€111,419 | |
| Income taxes | 67/77 | €32,074 | €981 | -€31,093 | -96.9% |
| Profit (loss) for the period | 9904 | €77,505 | -€2,821 | -€80,326 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,505 | -€2,821 | -€80,326 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.