HE-projects: 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.
HE-projects
Largest movements
- Stocks and contracts +€141,255
up €141,255 (+64.8%), from €217,851 to €359,106
- Cash -€19,891
down €19,891 (-68.1%), from €29,195 to €9,305
mainly Stocks and contracts (-€141,255) and Receivables within one year (-€9,472)
- Receivables within one year +€9,472
up €9,472 (+1794.5%), from €528 to €10,000
of which Trade receivables: +€10,000
- Debts after one year +€110,000
up €110,000 (+64.7%), from €170,000 to €280,000
- Other debts +€22,102
new in 2025: €22,102
- Reserves -€6,484
down €6,484 (-9.4%), from €68,637 to €62,153
- Accrued charges and deferred income +€6,276
up €6,276 (+341.5%), from €1,838 to €8,113
- Gross operating margin -€99,294
down €99,294 (-99.1%), from €100,227 to €932
- Taxes -€21,815
down €21,815 (-100.0%), from €21,815 to €0
- Financial charges +€1,763
up €1,763 (+37.5%), from €4,704 to €6,467
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 | €247,574 | €378,411 | +€130,837 | +52.8% |
| Current assets | 29/58 | €247,574 | €378,411 | +€130,837 | +52.8% |
| Stocks and contracts in progress | 3 | €217,851 | €359,106 | +€141,255 | +64.8% |
| Stocks | 30/36 | €217,851 | €359,106 | +€141,255 | +64.8% |
| Amounts receivable within one year | 40/41 | €528 | €10,000 | +€9,472 | +1794.5% |
| Trade receivables | 40 | €0 | €10,000 | +€10,000 | |
| Other amounts receivable | 41 | €528 | €0 | -€528 | -100.0% |
| Cash at bank and in hand | 54/58 | €29,195 | €9,305 | -€19,891 | -68.1% |
| Total equity and liabilities | 10/49 | €247,574 | €378,411 | +€130,837 | +52.8% |
| Equity | 10/15 | €71,637 | €65,153 | -€6,484 | -9.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €68,637 | €62,153 | -€6,484 | -9.4% |
| Distributable reserves | 133 | €68,637 | €62,153 | -€6,484 | -9.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €175,938 | €313,258 | +€137,321 | +78.1% |
| Amounts payable after more than one year | 17 | €170,000 | €280,000 | +€110,000 | +64.7% |
| Financial debts | 170/4 | €170,000 | €280,000 | +€110,000 | +64.7% |
| Amounts payable within one year | 42/48 | €4,100 | €25,145 | +€21,045 | +513.3% |
| Trade debts | 44 | €2,286 | €3,043 | +€758 | +33.1% |
| Suppliers | 440/4 | €2,286 | €3,043 | +€758 | +33.1% |
| Taxes, remuneration and social security | 45 | €1,815 | €0 | -€1,815 | -100.0% |
| Taxes | 450/3 | €1,815 | €0 | -€1,815 | -100.0% |
| Other amounts payable | 47/48 | - | €22,102 | +€22,102 | |
| Accrued charges and deferred income | 492/3 | €1,838 | €8,113 | +€6,276 | +341.5% |
| Other operating charges | 640/8 | €997 | €949 | -€48 | -4.8% |
| Gross operating margin | 9900 | €100,227 | €932 | -€99,294 | -99.1% |
| Operating profit (loss) | 9901 | €99,229 | -€17 | -€99,246 | |
| Financial charges | 65/66B | €4,704 | €6,467 | +€1,763 | +37.5% |
| Recurring financial charges | 65 | €4,704 | €6,467 | +€1,763 | +37.5% |
| Profit (loss) for the period before taxes | 9903 | €94,525 | -€6,484 | -€101,009 | |
| Income taxes | 67/77 | €21,815 | €0 | -€21,815 | -100.0% |
| Profit (loss) for the period | 9904 | €72,711 | -€6,484 | -€79,194 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,711 | -€6,484 | -€79,194 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.