HEADVITAM: 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.
HEADVITAM
Largest movements
- Financial fixed assets -€2.6m
down €2.6m (-25.8%), from €10.1m to €7.5m
- Receivables within one year -€413,031
down €413,031 (-83.4%), from €495,200 to €82,169
of which Other amounts receivable: -€419,203
- Receivables after one year +€345,000
new in 2025: €345,000
- Profit (loss) carried forward -€4.0m
down €4.0m (-95.9%), from €4.2m to €172,076
- Other debts +€645,814
up €645,814 (+12.0%), from €5.4m to €6.0m
- Trade debts +€474,003
up €474,003 (+46,087%), from €1,029 to €475,031
- Current portion of long-term debt +€106,791
up €106,791 (+82.7%), from €129,186 to €235,977
- Financial charges +€4.0m
up €4.0m (+29,281%), from €13,527 to €4.0m
of which Non-recurring financial charges: +€4.0m
- Financial income -€900,000
no longer reported in 2025 (was €900,000)
- Gross operating margin -€39,618
down €39,618, from €10,026 to -€29,592
- Other operating charges +€2,838
up €2,838 (+293%), from €968 to €3,806
- Depreciation +€828
new in 2025: €828
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 | €10,660,053 | €7,961,440 | -€2.7m | -25.3% |
| Fixed assets | 21/28 | €10,142,781 | €7,530,319 | -€2.6m | -25.8% |
| Intangible fixed assets | 21 | - | €8,964 | +€8,964 | |
| Financial fixed assets | 28 | €10,142,781 | €7,521,355 | -€2.6m | -25.8% |
| Current assets | 29/58 | €517,272 | €431,120 | -€86,151 | -16.7% |
| Amounts receivable after more than one year | 29 | - | €345,000 | +€345,000 | |
| Other amounts receivable | 291 | - | €345,000 | +€345,000 | |
| Amounts receivable within one year | 40/41 | €495,200 | €82,169 | -€413,031 | -83.4% |
| Trade receivables | 40 | - | €6,172 | +€6,172 | |
| Other amounts receivable | 41 | €495,200 | €75,997 | -€419,203 | -84.7% |
| Cash at bank and in hand | 54/58 | €22,072 | €3,918 | -€18,154 | -82.2% |
| Deferred charges and accrued income | 490/1 | - | €34 | +€34 | |
| Total equity and liabilities | 10/49 | €10,660,053 | €7,961,440 | -€2.7m | -25.3% |
| Equity | 10/15 | €4,202,799 | €194,076 | -€4.0m | -95.4% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,180,799 | €172,076 | -€4.0m | -95.9% |
| Amounts payable | 17/49 | €6,457,254 | €7,767,364 | +€1.3m | +20.3% |
| Amounts payable after more than one year | 17 | €956,030 | €1,039,446 | +€83,416 | +8.7% |
| Financial debts | 170/4 | €956,030 | €1,039,446 | +€83,416 | +8.7% |
| Amounts payable within one year | 42/48 | €5,501,224 | €6,727,831 | +€1.2m | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €129,186 | €235,977 | +€106,791 | +82.7% |
| Trade debts | 44 | €1,029 | €475,031 | +€474,003 | +46,087% |
| Suppliers | 440/4 | €1,029 | €475,031 | +€474,003 | +46,087% |
| Other amounts payable | 47/48 | €5,371,009 | €6,016,823 | +€645,814 | +12.0% |
| Accrued charges and deferred income | 492/3 | - | €87 | +€87 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €828 | +€828 | |
| Other operating charges | 640/8 | €968 | €3,806 | +€2,838 | +293% |
| Gross operating margin | 9900 | €10,026 | -€29,592 | -€39,618 | |
| Operating profit (loss) | 9901 | €9,058 | -€34,227 | -€43,285 | |
| Financial income | 75/76B | €900,000 | - | -€900,000 | |
| Recurring financial income | 75 | €900,000 | - | -€900,000 | |
| Financial charges | 65/66B | €13,527 | €3,974,497 | +€4.0m | +29,281% |
| Recurring financial charges | 65 | €13,527 | €12,366 | -€1,161 | -8.6% |
| Non-recurring financial charges | 66B | - | €3,962,131 | +€4.0m | |
| Profit (loss) for the period before taxes | 9903 | €895,531 | -€4,008,724 | -€4.9m | |
| Profit (loss) for the period | 9904 | €895,531 | -€4,008,724 | -€4.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €895,531 | -€4,008,724 | -€4.9m |
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 16 October 2026 via checked.be.