HE-M-EL: 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-EL
Largest movements
- Tangible fixed assets +€61,746
up €61,746 (+115%), from €53,773 to €115,520
of which Land and buildings: +€76,140
- Cash -€24,546
down €24,546 (-99.7%), from €24,613 to €67
mainly Investment in fixed assets (net) (-€88,873) and Contributions, distributions and other (-€20,289)
- Receivables within one year +€1,766
up €1,766 (+9.7%), from €18,215 to €19,981
of which Other amounts receivable: +€1,412
- Debts after one year +€27,009
up €27,009 (+61.6%), from €43,878 to €70,887
- Profit (loss) carried forward -€16,355
down €16,355 (-46.4%), from €35,263 to €18,908
- Trade debts +€16,188
up €16,188 (+2,670%), from €606 to €16,794
- Current portion of long-term debt +€6,173
up €6,173 (+55.5%), from €11,113 to €17,286
- Tax, wage and social debts +€3,306
up €3,306 (+63.1%), from €5,240 to €8,546
of which Remuneration and social security: +€3,306
- Depreciation +€17,574
up €17,574 (+184%), from €9,553 to €27,127
- Gross operating margin +€6,362
up €6,362 (+19.9%), from €32,014 to €38,376
- Taxes -€2,186
down €2,186 (-41.7%), from €5,240 to €3,054
- Financial charges +€1,705
up €1,705 (+80.7%), from €2,112 to €3,817
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 | €96,601 | €135,567 | +€38,966 | +40.3% |
| Fixed assets | 21/28 | €53,773 | €115,520 | +€61,746 | +115% |
| Tangible fixed assets | 22/27 | €53,773 | €115,520 | +€61,746 | +115% |
| Land and buildings | 22 | - | €76,140 | +€76,140 | |
| Furniture and vehicles | 24 | €53,773 | €39,380 | -€14,394 | -26.8% |
| Current assets | 29/58 | €42,827 | €20,047 | -€22,780 | -53.2% |
| Amounts receivable within one year | 40/41 | €18,215 | €19,981 | +€1,766 | +9.7% |
| Trade receivables | 40 | €13,680 | €14,034 | +€354 | +2.6% |
| Other amounts receivable | 41 | €4,535 | €5,947 | +€1,412 | +31.1% |
| Cash at bank and in hand | 54/58 | €24,613 | €67 | -€24,546 | -99.7% |
| Total equity and liabilities | 10/49 | €96,601 | €135,567 | +€38,966 | +40.3% |
| Equity | 10/15 | €35,763 | €19,408 | -€16,355 | -45.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,263 | €18,908 | -€16,355 | -46.4% |
| Amounts payable | 17/49 | €60,838 | €116,159 | +€55,321 | +90.9% |
| Amounts payable after more than one year | 17 | €43,878 | €70,887 | +€27,009 | +61.6% |
| Financial debts | 170/4 | €43,878 | €70,887 | +€27,009 | +61.6% |
| Amounts payable within one year | 42/48 | €16,960 | €45,273 | +€28,313 | +167% |
| Current portion of amounts payable after more than one year | 42 | €11,113 | €17,286 | +€6,173 | +55.5% |
| Trade debts | 44 | €606 | €16,794 | +€16,188 | +2,670% |
| Suppliers | 440/4 | €606 | €16,794 | +€16,188 | +2,670% |
| Taxes, remuneration and social security | 45 | €5,240 | €8,546 | +€3,306 | +63.1% |
| Taxes | 450/3 | €5,240 | €5,240 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €3,306 | +€3,306 | |
| Other amounts payable | 47/48 | - | €2,646 | +€2,646 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,553 | €27,127 | +€17,574 | +184% |
| Other operating charges | 640/8 | €422 | €449 | +€27 | +6.3% |
| Gross operating margin | 9900 | €32,014 | €38,376 | +€6,362 | +19.9% |
| Operating profit (loss) | 9901 | €22,039 | €10,801 | -€11,239 | -51.0% |
| Financial income | 75/76B | €287 | €4 | -€283 | -98.5% |
| Recurring financial income | 75 | €287 | €4 | -€283 | -98.5% |
| Financial charges | 65/66B | €2,112 | €3,817 | +€1,705 | +80.7% |
| Recurring financial charges | 65 | €2,112 | €3,817 | +€1,705 | +80.7% |
| Profit (loss) for the period before taxes | 9903 | €20,214 | €6,988 | -€13,227 | -65.4% |
| Income taxes | 67/77 | €5,240 | €3,054 | -€2,186 | -41.7% |
| Profit (loss) for the period | 9904 | €14,974 | €3,933 | -€11,041 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,974 | €3,933 | -€11,041 | -73.7% |
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 27 October 2026 via checked.be.