HEADZ: 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.
HEADZ
Largest movements
- Tangible fixed assets +€215,445
up €215,445 (+273.5%), from €78,774 to €294,219
of which Other tangible fixed assets: +€200,493
- Current investments -€68,000
down €68,000 (-75.6%), from €90,000 to €22,000
- Receivables after one year -€47,500
no longer reported in 2025 (was €47,500)
- Cash +€30,810
up €30,810 (+64.5%), from €47,752 to €78,562
mainly Debts after one year (+€182,052) and Current investments (+€68,000)
- Deferred charges and accrued income +€17,550
up €17,550 (+872.6%), from €2,011 to €19,561
- Debts after one year +€182,052
up €182,052 (+855.1%), from €21,291 to €203,343
- Other debts -€29,443
down €29,443 (-39.4%), from €74,781 to €45,337
- Current portion of long-term debt +€17,780
up €17,780 (+85.9%), from €20,704 to €38,485
- Gross operating margin -€30,008
down €30,008 (-9.4%), from €319,647 to €289,639
- Depreciation +€20,182
up €20,182 (+123.3%), from €16,372 to €36,554
- Taxes -€19,942
down €19,942 (-72.8%), from €27,405 to €7,463
- Financial charges +€8,175
up €8,175 (+225.1%), from €3,632 to €11,806
- Staff costs +€8,029
up €8,029 (+4.3%), from €186,701 to €194,730
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 | €305,765 | €472,017 | +€166,252 | +54.4% |
| Fixed assets | 21/28 | €78,774 | €294,219 | +€215,445 | +273.5% |
| Tangible fixed assets | 22/27 | €78,774 | €294,219 | +€215,445 | +273.5% |
| Plant, machinery and equipment | 23 | €3,690 | €4,805 | +€1,115 | +30.2% |
| Furniture and vehicles | 24 | €39,271 | €53,108 | +€13,837 | +35.2% |
| Other tangible fixed assets | 26 | €35,814 | €236,306 | +€200,493 | +559.8% |
| Current assets | 29/58 | €226,991 | €177,798 | -€49,193 | -21.7% |
| Amounts receivable after more than one year | 29 | €47,500 | - | -€47,500 | |
| Other amounts receivable | 291 | €47,500 | - | -€47,500 | |
| Stocks and contracts in progress | 3 | €38,629 | €44,979 | +€6,349 | +16.4% |
| Stocks | 30/36 | €38,629 | €44,979 | +€6,349 | +16.4% |
| Amounts receivable within one year | 40/41 | €1,098 | €12,696 | +€11,598 | +1056.3% |
| Trade receivables | 40 | €1,098 | €10,006 | +€8,908 | +811.3% |
| Other amounts receivable | 41 | - | €2,690 | +€2,690 | |
| Current investments | 50/53 | €90,000 | €22,000 | -€68,000 | -75.6% |
| Cash at bank and in hand | 54/58 | €47,752 | €78,562 | +€30,810 | +64.5% |
| Deferred charges and accrued income | 490/1 | €2,011 | €19,561 | +€17,550 | +872.6% |
| Total equity and liabilities | 10/49 | €305,765 | €472,017 | +€166,252 | +54.4% |
| Equity | 10/15 | €133,822 | €133,822 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €128,822 | €128,822 | = | 0.0% |
| Distributable reserves | 133 | €128,822 | €128,822 | = | 0.0% |
| Amounts payable | 17/49 | €171,943 | €338,195 | +€166,252 | +96.7% |
| Amounts payable after more than one year | 17 | €21,291 | €203,343 | +€182,052 | +855.1% |
| Financial debts | 170/4 | €21,291 | €203,343 | +€182,052 | +855.1% |
| Amounts payable within one year | 42/48 | €150,652 | €134,852 | -€15,800 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €20,704 | €38,485 | +€17,780 | +85.9% |
| Trade debts | 44 | €12,514 | €11,580 | -€934 | -7.5% |
| Suppliers | 440/4 | €12,514 | €11,580 | -€934 | -7.5% |
| Taxes, remuneration and social security | 45 | €42,653 | €39,450 | -€3,204 | -7.5% |
| Taxes | 450/3 | €30,600 | €26,616 | -€3,984 | -13.0% |
| Remuneration and social security | 454/9 | €12,054 | €12,834 | +€780 | +6.5% |
| Other amounts payable | 47/48 | €74,781 | €45,337 | -€29,443 | -39.4% |
| Remuneration, social security and pensions | 62 | €186,701 | €194,730 | +€8,029 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,372 | €36,554 | +€20,182 | +123.3% |
| Other operating charges | 640/8 | €5,567 | €7,754 | +€2,187 | +39.3% |
| Gross operating margin | 9900 | €319,647 | €289,639 | -€30,008 | -9.4% |
| Operating profit (loss) | 9901 | €111,007 | €50,602 | -€60,406 | -54.4% |
| Financial income | 75/76B | €3,410 | €1,824 | -€1,586 | -46.5% |
| Recurring financial income | 75 | €3,410 | €1,824 | -€1,586 | -46.5% |
| Financial charges | 65/66B | €3,632 | €11,806 | +€8,175 | +225.1% |
| Recurring financial charges | 65 | €3,632 | €11,806 | +€8,175 | +225.1% |
| Profit (loss) for the period before taxes | 9903 | €110,786 | €40,619 | -€70,167 | -63.3% |
| Income taxes | 67/77 | €27,405 | €7,463 | -€19,942 | -72.8% |
| Profit (loss) for the period | 9904 | €83,381 | €33,156 | -€50,225 | -60.2% |
| Profit (loss) for the period to be appropriated | 9905 | €83,381 | €33,156 | -€50,225 | -60.2% |
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 8 October 2026 via checked.be.