HE.m: 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.m
Largest movements
- Current investments +€400,000
up €400,000, from €0 to €400,000
- Tangible fixed assets -€84,982
down €84,982 (-17.1%), from €495,695 to €410,713
of which Land and buildings: -€227,999
- Cash -€81,309
down €81,309 (-56.8%), from €143,107 to €61,798
mainly Current investments (-€400,000) and Tax, wage and social debts (-€8,688)
- Receivables after one year -€20,000
down €20,000 (-13.3%), from €150,000 to €130,000
- Reserves +€243,420
up €243,420 (+40.0%), from €608,062 to €851,481
of which Distributable reserves: +€245,280
- Gross operating margin +€27,829
up €27,829 (+8.0%), from €346,861 to €374,690
- Taxes +€13,994
up €13,994 (+14.5%), from €96,778 to €110,772
- Depreciation -€6,457
down €6,457 (-25.2%), from €25,602 to €19,145
- Financial income +€3,890
up €3,890 (+89.6%), from €4,339 to €8,229
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 | €792,049 | €1,012,542 | +€220,492 | +27.8% |
| Fixed assets | 21/28 | €495,695 | €412,480 | -€83,215 | -16.8% |
| Intangible fixed assets | 21 | - | €1,767 | +€1,767 | |
| Tangible fixed assets | 22/27 | €495,695 | €410,713 | -€84,982 | -17.1% |
| Land and buildings | 22 | €372,390 | €144,391 | -€227,999 | -61.2% |
| Furniture and vehicles | 24 | €6,122 | €152,447 | +€146,325 | +2390.0% |
| Other tangible fixed assets | 26 | €117,183 | €113,874 | -€3,308 | -2.8% |
| Current assets | 29/58 | €296,355 | €600,062 | +€303,707 | +102.5% |
| Amounts receivable after more than one year | 29 | €150,000 | €130,000 | -€20,000 | -13.3% |
| Other amounts receivable | 291 | €150,000 | €130,000 | -€20,000 | -13.3% |
| Amounts receivable within one year | 40/41 | €2,576 | €7,909 | +€5,333 | +207.0% |
| Trade receivables | 40 | €0 | €3,176 | +€3,176 | |
| Other amounts receivable | 41 | €2,576 | €4,733 | +€2,157 | +83.7% |
| Current investments | 50/53 | €0 | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €143,107 | €61,798 | -€81,309 | -56.8% |
| Deferred charges and accrued income | 490/1 | €672 | €355 | -€317 | -47.2% |
| Total equity and liabilities | 10/49 | €792,049 | €1,012,542 | +€220,492 | +27.8% |
| Equity | 10/15 | €614,262 | €857,681 | +€243,420 | +39.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €608,062 | €851,481 | +€243,420 | +40.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €606,202 | €851,481 | +€245,280 | +40.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €177,788 | €154,860 | -€22,927 | -12.9% |
| Amounts payable after more than one year | 17 | €129,938 | €121,688 | -€8,250 | -6.3% |
| Financial debts | 170/4 | €129,938 | €121,688 | -€8,250 | -6.3% |
| Amounts payable within one year | 42/48 | €45,484 | €33,173 | -€12,311 | -27.1% |
| Current portion of amounts payable after more than one year | 42 | €8,250 | €8,250 | = | 0.0% |
| Trade debts | 44 | €11,988 | €4,936 | -€7,052 | -58.8% |
| Suppliers | 440/4 | €11,988 | €4,936 | -€7,052 | -58.8% |
| Taxes, remuneration and social security | 45 | €25,246 | €16,558 | -€8,688 | -34.4% |
| Taxes | 450/3 | €25,246 | €16,558 | -€8,688 | -34.4% |
| Other amounts payable | 47/48 | €0 | €3,429 | +€3,429 | |
| Accrued charges and deferred income | 492/3 | €2,366 | €0 | -€2,366 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,234 | €1,815 | -€419 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,602 | €19,145 | -€6,457 | -25.2% |
| Other operating charges | 640/8 | €2,435 | €2,547 | +€111 | +4.6% |
| Non-recurring operating charges | 66A | €359 | €0 | -€359 | -100.0% |
| Gross operating margin | 9900 | €346,861 | €374,690 | +€27,829 | +8.0% |
| Operating profit (loss) | 9901 | €316,230 | €351,183 | +€34,954 | +11.1% |
| Financial income | 75/76B | €4,339 | €8,229 | +€3,890 | +89.6% |
| Recurring financial income | 75 | €4,339 | €8,229 | +€3,890 | +89.6% |
| Financial charges | 65/66B | €6,852 | €5,221 | -€1,632 | -23.8% |
| Recurring financial charges | 65 | €6,852 | €5,221 | -€1,632 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €313,717 | €354,192 | +€40,475 | +12.9% |
| Income taxes | 67/77 | €96,778 | €110,772 | +€13,994 | +14.5% |
| Profit (loss) for the period | 9904 | €216,939 | €243,420 | +€26,481 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €216,939 | €243,420 | +€26,481 | +12.2% |
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.