HE - VO: 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 - VO
Largest movements
- Cash -€42,600
down €42,600 (-27.9%), from €152,497 to €109,897
mainly Other debts (-€28,774) and Trade debts (-€11,088)
- Other debts -€28,774
down €28,774 (-33.0%), from €87,304 to €58,530
- Trade debts -€11,088
down €11,088 (-55.5%), from €19,989 to €8,900
- Gross operating margin -€8,731
down €8,731 (-80.6%), from €10,835 to €2,104
- Taxes -€2,095
down €2,095 (-100.0%), from €2,095 to €0
- Depreciation +€1,695
up €1,695 (+27.7%), from €6,124 to €7,819
- Financial income -€1,144
down €1,144 (-37.3%), from €3,069 to €1,925
- Other operating charges +€313
up €313 (+46.7%), from €671 to €983
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 | €512,895 | €470,810 | -€42,084 | -8.2% |
| Fixed assets | 21/28 | €49,819 | €48,170 | -€1,649 | -3.3% |
| Tangible fixed assets | 22/27 | €49,819 | €48,170 | -€1,649 | -3.3% |
| Land and buildings | 22 | €35,141 | €33,868 | -€1,273 | -3.6% |
| Plant, machinery and equipment | 23 | €1,682 | €2,726 | +€1,044 | +62.1% |
| Furniture and vehicles | 24 | €1,980 | €1,228 | -€753 | -38.0% |
| Other tangible fixed assets | 26 | €11,016 | €10,348 | -€667 | -6.1% |
| Current assets | 29/58 | €463,076 | €422,640 | -€40,435 | -8.7% |
| Amounts receivable within one year | 40/41 | €28,456 | €29,181 | +€724 | +2.5% |
| Trade receivables | 40 | €11,063 | €13,575 | +€2,512 | +22.7% |
| Other amounts receivable | 41 | €17,394 | €15,606 | -€1,788 | -10.3% |
| Current investments | 50/53 | €281,686 | €283,034 | +€1,347 | +0.5% |
| Cash at bank and in hand | 54/58 | €152,497 | €109,897 | -€42,600 | -27.9% |
| Deferred charges and accrued income | 490/1 | €436 | €530 | +€94 | +21.5% |
| Total equity and liabilities | 10/49 | €512,895 | €470,810 | -€42,084 | -8.2% |
| Equity | 10/15 | €396,651 | €391,653 | -€4,999 | -1.3% |
| Contributions | 10/11 | €256,437 | €256,437 | = | 0.0% |
| Capital | 10 | €256,437 | €256,437 | = | 0.0% |
| Issued capital | 100 | €256,437 | €256,437 | = | 0.0% |
| Reserves | 13 | €138,672 | €135,216 | -€3,456 | -2.5% |
| Non-distributable reserves | 130/1 | €11,176 | €11,176 | = | 0.0% |
| Legal reserve | 130 | €11,176 | €11,176 | = | 0.0% |
| Distributable reserves | 133 | €127,496 | €124,040 | -€3,456 | -2.7% |
| Profit (loss) carried forward | 14 | €1,543 | €0 | -€1,543 | -100.0% |
| Amounts payable | 17/49 | €116,243 | €79,158 | -€37,086 | -31.9% |
| Amounts payable after more than one year | 17 | €5,100 | €5,100 | = | 0.0% |
| Other amounts payable | 178/9 | €5,100 | €5,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €111,143 | €74,058 | -€37,086 | -33.4% |
| Trade debts | 44 | €19,989 | €8,900 | -€11,088 | -55.5% |
| Suppliers | 440/4 | €19,989 | €8,900 | -€11,088 | -55.5% |
| Taxes, remuneration and social security | 45 | €3,850 | €6,627 | +€2,777 | +72.1% |
| Taxes | 450/3 | €3,850 | €6,627 | +€2,777 | +72.1% |
| Other amounts payable | 47/48 | €87,304 | €58,530 | -€28,774 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,124 | €7,819 | +€1,695 | +27.7% |
| Other operating charges | 640/8 | €671 | €983 | +€313 | +46.7% |
| Gross operating margin | 9900 | €10,835 | €2,104 | -€8,731 | -80.6% |
| Operating profit (loss) | 9901 | €4,040 | -€6,699 | -€10,739 | |
| Financial income | 75/76B | €3,069 | €1,925 | -€1,144 | -37.3% |
| Recurring financial income | 75 | €3,069 | €1,925 | -€1,144 | -37.3% |
| Financial charges | 65/66B | €235 | €225 | -€10 | -4.3% |
| Recurring financial charges | 65 | €235 | €225 | -€10 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €6,874 | -€4,999 | -€11,873 | |
| Income taxes | 67/77 | €2,095 | €0 | -€2,095 | -100.0% |
| Profit (loss) for the period | 9904 | €4,779 | -€4,999 | -€9,778 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,779 | -€4,999 | -€9,778 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.