HEADD: 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.
HEADD
Largest movements
- Tangible fixed assets -€30,077
down €30,077 (-9.0%), from €333,652 to €303,575
- Cash +€5,499
up €5,499 (+489.3%), from €1,124 to €6,623
mainly Depreciation (+€30,077) and Current portion of long-term debt (+€3,611)
- Other debts -€18,173
down €18,173 (-10.9%), from €167,222 to €149,048
- Debts after one year -€13,742
down €13,742 (-9.5%), from €145,136 to €131,394
- Current portion of long-term debt +€3,611
up €3,611 (+14.6%), from €24,761 to €28,372
- Gross operating margin +€15,716
up €15,716 (+68.6%), from €22,898 to €38,615
- Other operating charges +€996
up €996 (+86.1%), from €1,157 to €2,153
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 | €343,476 | €318,579 | -€24,897 | -7.2% |
| Fixed assets | 21/28 | €333,652 | €303,575 | -€30,077 | -9.0% |
| Tangible fixed assets | 22/27 | €333,652 | €303,575 | -€30,077 | -9.0% |
| Land and buildings | 22 | €333,652 | €303,575 | -€30,077 | -9.0% |
| Current assets | 29/58 | €9,824 | €15,004 | +€5,180 | +52.7% |
| Stocks and contracts in progress | 3 | €3,453 | €5,277 | +€1,824 | +52.8% |
| Stocks | 30/36 | €3,453 | €5,277 | +€1,824 | +52.8% |
| Amounts receivable within one year | 40/41 | €5,247 | €3,104 | -€2,143 | -40.8% |
| Trade receivables | 40 | €2,605 | €1,985 | -€620 | -23.8% |
| Other amounts receivable | 41 | €2,643 | €1,120 | -€1,523 | -57.6% |
| Cash at bank and in hand | 54/58 | €1,124 | €6,623 | +€5,499 | +489.3% |
| Total equity and liabilities | 10/49 | €343,476 | €318,579 | -€24,897 | -7.2% |
| Equity | 10/15 | €2,266 | €4,794 | +€2,528 | +111.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,326 | -€13,798 | +€2,528 | +15.5% |
| Amounts payable | 17/49 | €341,210 | €313,785 | -€27,425 | -8.0% |
| Amounts payable after more than one year | 17 | €145,136 | €131,394 | -€13,742 | -9.5% |
| Financial debts | 170/4 | €145,136 | €131,394 | -€13,742 | -9.5% |
| Amounts payable within one year | 42/48 | €196,075 | €182,392 | -€13,683 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €24,761 | €28,372 | +€3,611 | +14.6% |
| Trade debts | 44 | €2,472 | €3,471 | +€999 | +40.4% |
| Suppliers | 440/4 | €2,472 | €3,471 | +€999 | +40.4% |
| Taxes, remuneration and social security | 45 | €1,620 | €1,500 | -€120 | -7.4% |
| Taxes | 450/3 | €120 | - | -€120 | |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €167,222 | €149,048 | -€18,173 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,225 | €30,077 | -€148 | -0.5% |
| Other operating charges | 640/8 | €1,157 | €2,153 | +€996 | +86.1% |
| Gross operating margin | 9900 | €22,898 | €38,615 | +€15,716 | +68.6% |
| Operating profit (loss) | 9901 | -€8,484 | €6,384 | +€14,868 | |
| Financial income | 75/76B | €2 | €28 | +€26 | +1314.0% |
| Recurring financial income | 75 | €2 | €28 | +€26 | +1314.0% |
| Financial charges | 65/66B | €4,108 | €3,885 | -€224 | -5.4% |
| Recurring financial charges | 65 | €4,108 | €3,885 | -€224 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,590 | €2,528 | +€15,118 | |
| Profit (loss) for the period | 9904 | -€12,590 | €2,528 | +€15,118 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,590 | €2,528 | +€15,118 |
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 2 October 2026 via checked.be.