HE XING: 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 XING
Largest movements
- Cash +€31,723
up €31,723 (+208.9%), from €15,186 to €46,909
mainly Net result for the year (+€35,877) and Depreciation (+€35,843)
- Tangible fixed assets +€24,904
up €24,904 (+16.8%), from €148,555 to €173,459
of which Leasing and similar rights: +€49,996
- Receivables within one year +€17,647
up €17,647 (+1023.4%), from €1,724 to €19,371
of which Trade receivables: +€17,892
- Profit (loss) carried forward +€23,877
up €23,877 (+219.5%), from €10,877 to €34,754
- Debts after one year +€17,834
up €17,834 (+55.0%), from €32,445 to €50,279
- Tax, wage and social debts +€16,986
up €16,986 (+93.9%), from €18,081 to €35,066
of which Taxes: +€8,666
- Current portion of long-term debt +€10,722
up €10,722 (+58.2%), from €18,411 to €29,132
- Trade debts +€7,331
up €7,331 (+38.5%), from €19,057 to €26,388
- Gross operating margin +€28,875
up €28,875 (+27.7%), from €104,133 to €133,008
- Staff costs +€24,005
up €24,005 (+67.6%), from €35,508 to €59,513
- Financial income +€18,366
new in 2025: €18,366
of which Non-recurring financial income: +€18,264
- Depreciation +€11,421
up €11,421 (+46.8%), from €24,422 to €35,843
- Taxes +€5,230
up €5,230 (+231.6%), from €2,258 to €7,488
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 | €175,833 | €249,866 | +€74,033 | +42.1% |
| Fixed assets | 21/28 | €148,555 | €173,459 | +€24,904 | +16.8% |
| Tangible fixed assets | 22/27 | €148,555 | €173,459 | +€24,904 | +16.8% |
| Land and buildings | 22 | €69,030 | €63,754 | -€5,277 | -7.6% |
| Plant, machinery and equipment | 23 | €50,162 | €41,283 | -€8,879 | -17.7% |
| Furniture and vehicles | 24 | €29,362 | €18,426 | -€10,936 | -37.2% |
| Leasing and similar rights | 25 | - | €49,996 | +€49,996 | |
| Current assets | 29/58 | €27,278 | €76,407 | +€49,129 | +180.1% |
| Stocks and contracts in progress | 3 | €3,751 | €4,800 | +€1,050 | +28.0% |
| Stocks | 30/36 | €3,751 | €4,800 | +€1,050 | +28.0% |
| Amounts receivable within one year | 40/41 | €1,724 | €19,371 | +€17,647 | +1023.4% |
| Trade receivables | 40 | - | €17,892 | +€17,892 | |
| Other amounts receivable | 41 | €1,724 | €1,479 | -€245 | -14.2% |
| Cash at bank and in hand | 54/58 | €15,186 | €46,909 | +€31,723 | +208.9% |
| Deferred charges and accrued income | 490/1 | €6,617 | €5,327 | -€1,290 | -19.5% |
| Total equity and liabilities | 10/49 | €175,833 | €249,866 | +€74,033 | +42.1% |
| Equity | 10/15 | €31,337 | €55,214 | +€23,877 | +76.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,877 | €34,754 | +€23,877 | +219.5% |
| Amounts payable | 17/49 | €144,496 | €194,653 | +€50,156 | +34.7% |
| Amounts payable after more than one year | 17 | €32,445 | €50,279 | +€17,834 | +55.0% |
| Financial debts | 170/4 | €32,445 | €50,279 | +€17,834 | +55.0% |
| Amounts payable within one year | 42/48 | €111,898 | €144,374 | +€32,475 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €18,411 | €29,132 | +€10,722 | +58.2% |
| Trade debts | 44 | €19,057 | €26,388 | +€7,331 | +38.5% |
| Suppliers | 440/4 | €19,057 | €26,388 | +€7,331 | +38.5% |
| Taxes, remuneration and social security | 45 | €18,081 | €35,066 | +€16,986 | +93.9% |
| Taxes | 450/3 | €7,032 | €15,698 | +€8,666 | +123.2% |
| Remuneration and social security | 454/9 | €11,048 | €19,368 | +€8,320 | +75.3% |
| Other amounts payable | 47/48 | €56,350 | €53,787 | -€2,563 | -4.5% |
| Accrued charges and deferred income | 492/3 | €153 | - | -€153 | |
| Remuneration, social security and pensions | 62 | €35,508 | €59,513 | +€24,005 | +67.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,422 | €35,843 | +€11,421 | +46.8% |
| Other operating charges | 640/8 | €3,295 | €2,745 | -€550 | -16.7% |
| Non-recurring operating charges | 66A | €2,500 | €2,500 | = | 0.0% |
| Gross operating margin | 9900 | €104,133 | €133,008 | +€28,875 | +27.7% |
| Operating profit (loss) | 9901 | €38,407 | €32,407 | -€6,001 | -15.6% |
| Financial income | 75/76B | - | €18,366 | +€18,366 | |
| Recurring financial income | 75 | - | €102 | +€102 | |
| Non-recurring financial income | 76B | - | €18,264 | +€18,264 | |
| Financial charges | 65/66B | €6,316 | €7,408 | +€1,092 | +17.3% |
| Recurring financial charges | 65 | €6,316 | €7,408 | +€1,092 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €32,091 | €43,364 | +€11,273 | +35.1% |
| Income taxes | 67/77 | €2,258 | €7,488 | +€5,230 | +231.6% |
| Profit (loss) for the period | 9904 | €29,833 | €35,877 | +€6,044 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,833 | €35,877 | +€6,044 | +20.3% |
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 5 October 2026 via checked.be.