HEATHCLIFF: 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.
HEATHCLIFF
Largest movements
- Cash -€29,530
down €29,530 (-39.1%), from €75,446 to €45,916
mainly Net result for the year (-€31,471) and Deferred charges and accrued income (-€1,562)
- Receivables within one year -€4,330
down €4,330 (-44.1%), from €9,826 to €5,496
of which Trade receivables: -€2,831
- Deferred charges and accrued income +€1,562
new in 2025: €1,562
- Profit (loss) carried forward -€31,471
down €31,471 (-88.3%), from -€35,642 to -€67,113
- Other debts +€2,075
new in 2025: €2,075
- Accrued charges and deferred income -€1,284
down €1,284 (-100%), from €1,284 to €0
- Tax, wage and social debts -€952
down €952 (-82.7%), from €1,150 to €198
of which Remuneration and social security: -€1,150
- Gross operating margin +€7,260
up €7,260 (+21.3%), from -€34,096 to -€26,836
- Taxes +€1,249
up €1,249 (+652%), from €192 to €1,441
- Depreciation -€579
down €579 (-75.3%), from €769 to €190
- Financial income -€346
down €346 (-82.8%), from €417 to €72
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 | €86,797 | €54,309 | -€32,488 | -37.4% |
| Fixed assets | 21/28 | €1,525 | €1,335 | -€190 | -12.5% |
| Tangible fixed assets | 22/27 | €1,325 | €1,135 | -€190 | -14.4% |
| Plant, machinery and equipment | 23 | €120 | €55 | -€65 | -54.5% |
| Other tangible fixed assets | 26 | €1,205 | €1,080 | -€125 | -10.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €85,272 | €52,975 | -€32,297 | -37.9% |
| Amounts receivable within one year | 40/41 | €9,826 | €5,496 | -€4,330 | -44.1% |
| Trade receivables | 40 | €2,831 | €0 | -€2,831 | -100% |
| Other amounts receivable | 41 | €6,995 | €5,496 | -€1,499 | -21.4% |
| Cash at bank and in hand | 54/58 | €75,446 | €45,916 | -€29,530 | -39.1% |
| Deferred charges and accrued income | 490/1 | - | €1,562 | +€1,562 | |
| Total equity and liabilities | 10/49 | €86,797 | €54,309 | -€32,488 | -37.4% |
| Equity | 10/15 | €82,543 | €51,072 | -€31,471 | -38.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €105,785 | €105,785 | = | 0.0% |
| Distributable reserves | 133 | €105,785 | €105,785 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,642 | -€67,113 | -€31,471 | -88.3% |
| Amounts payable | 17/49 | €4,255 | €3,238 | -€1,017 | -23.9% |
| Amounts payable within one year | 42/48 | €2,971 | €3,238 | +€266 | +9.0% |
| Trade debts | 44 | €1,821 | €965 | -€857 | -47.0% |
| Suppliers | 440/4 | €1,821 | €965 | -€857 | -47.0% |
| Taxes, remuneration and social security | 45 | €1,150 | €198 | -€952 | -82.7% |
| Taxes | 450/3 | - | €198 | +€198 | |
| Remuneration and social security | 454/9 | €1,150 | €0 | -€1,150 | -100% |
| Other amounts payable | 47/48 | - | €2,075 | +€2,075 | |
| Accrued charges and deferred income | 492/3 | €1,284 | €0 | -€1,284 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €190 | -€579 | -75.3% |
| Other operating charges | 640/8 | €916 | €1,049 | +€133 | +14.5% |
| Gross operating margin | 9900 | -€34,096 | -€26,836 | +€7,260 | +21.3% |
| Operating profit (loss) | 9901 | -€35,781 | -€28,075 | +€7,706 | +21.5% |
| Financial income | 75/76B | €417 | €72 | -€346 | -82.8% |
| Recurring financial income | 75 | €417 | €72 | -€346 | -82.8% |
| Financial charges | 65/66B | €1,947 | €2,026 | +€80 | +4.1% |
| Recurring financial charges | 65 | €1,947 | €2,026 | +€80 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | -€37,311 | -€30,030 | +€7,281 | +19.5% |
| Income taxes | 67/77 | €192 | €1,441 | +€1,249 | +652% |
| Profit (loss) for the period | 9904 | -€37,502 | -€31,471 | +€6,031 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,502 | -€31,471 | +€6,031 | +16.1% |
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 15 October 2026 via checked.be.