Heau: 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.
Heau
Largest movements
- Stocks and contracts +€122,882
new in 2025: €122,882
- Intangible fixed assets -€54,700
down €54,700 (-12.8%), from €428,202 to €373,502
- Cash -€28,037
down €28,037 (-33.0%), from €84,907 to €56,869
mainly Accrued charges and deferred income (-€167,359) and Stocks and contracts (-€122,882)
- Tangible fixed assets +€23,840
up €23,840 (+3492.0%), from €683 to €24,522
of which Plant, machinery and equipment: +€22,622
- Receivables within one year +€17,959
up €17,959 (+95.7%), from €18,770 to €36,729
of which Trade receivables: +€25,884
- Accrued charges and deferred income -€167,359
down €167,359 (-100.0%), from €167,359 to €0
- Short-term financial debts +€120,000
new in 2025: €120,000
- Debts after one year +€112,319
up €112,319 (+28.4%), from €395,000 to €507,319
- Trade debts +€15,649
up €15,649 (+56.7%), from €27,594 to €43,243
- Current portion of long-term debt +€11,775
new in 2025: €11,775
- Gross operating margin +€96,292
up €96,292 (+579.2%), from €16,624 to €112,916
- Depreciation +€30,281
up €30,281 (+35.7%), from €84,760 to €115,041
- Financial charges +€4,353
up €4,353 (+1044.6%), from €417 to €4,770
- Other operating charges +€2,624
up €2,624 (+634.5%), from €414 to €3,038
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 | €533,871 | €616,349 | +€82,478 | +15.4% |
| Formation expenses | 20 | €1,310 | €817 | -€493 | -37.7% |
| Fixed assets | 21/28 | €428,885 | €398,024 | -€30,861 | -7.2% |
| Intangible fixed assets | 21 | €428,202 | €373,502 | -€54,700 | -12.8% |
| Tangible fixed assets | 22/27 | €683 | €24,522 | +€23,840 | +3492.0% |
| Plant, machinery and equipment | 23 | - | €22,622 | +€22,622 | |
| Furniture and vehicles | 24 | €683 | €1,900 | +€1,217 | +178.3% |
| Current assets | 29/58 | €103,676 | €217,509 | +€113,832 | +109.8% |
| Stocks and contracts in progress | 3 | - | €122,882 | +€122,882 | |
| Stocks | 30/36 | - | €122,882 | +€122,882 | |
| Amounts receivable within one year | 40/41 | €18,770 | €36,729 | +€17,959 | +95.7% |
| Trade receivables | 40 | €4,078 | €29,962 | +€25,884 | +634.7% |
| Other amounts receivable | 41 | €14,691 | €6,767 | -€7,924 | -53.9% |
| Cash at bank and in hand | 54/58 | €84,907 | €56,869 | -€28,037 | -33.0% |
| Deferred charges and accrued income | 490/1 | €0 | €1,028 | +€1,028 | |
| Total equity and liabilities | 10/49 | €533,871 | €616,349 | +€82,478 | +15.4% |
| Equity | 10/15 | -€57,098 | -€67,004 | -€9,906 | -17.3% |
| Contributions | 10/11 | €8,695 | €8,695 | = | 0.0% |
| Reserves | 13 | €2,310 | €2,310 | = | 0.0% |
| Distributable reserves | 133 | €2,310 | €2,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,103 | -€78,010 | -€9,906 | -14.5% |
| Amounts payable | 17/49 | €590,969 | €683,354 | +€92,385 | +15.6% |
| Amounts payable after more than one year | 17 | €395,000 | €507,319 | +€112,319 | +28.4% |
| Financial debts | 170/4 | €395,000 | €507,319 | +€112,319 | +28.4% |
| Amounts payable within one year | 42/48 | €28,611 | €176,035 | +€147,424 | +515.3% |
| Current portion of amounts payable after more than one year | 42 | - | €11,775 | +€11,775 | |
| Financial debts | 43 | - | €120,000 | +€120,000 | |
| Credit institutions | 430/8 | - | €120,000 | +€120,000 | |
| Trade debts | 44 | €27,594 | €43,243 | +€15,649 | +56.7% |
| Suppliers | 440/4 | €27,594 | €43,243 | +€15,649 | +56.7% |
| Other amounts payable | 47/48 | €1,017 | €1,017 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €167,359 | €0 | -€167,359 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,760 | €115,041 | +€30,281 | +35.7% |
| Other operating charges | 640/8 | €414 | €3,038 | +€2,624 | +634.5% |
| Gross operating margin | 9900 | €16,624 | €112,916 | +€96,292 | +579.2% |
| Operating profit (loss) | 9901 | -€68,550 | -€5,164 | +€63,386 | +92.5% |
| Financial income | 75/76B | €1,020 | €35 | -€986 | -96.6% |
| Recurring financial income | 75 | €1,020 | €35 | -€986 | -96.6% |
| Financial charges | 65/66B | €417 | €4,770 | +€4,353 | +1044.6% |
| Recurring financial charges | 65 | €417 | €4,770 | +€4,353 | +1044.6% |
| Profit (loss) for the period before taxes | 9903 | -€67,946 | -€9,899 | +€58,047 | +85.4% |
| Income taxes | 67/77 | €157 | €7 | -€150 | -95.3% |
| Profit (loss) for the period | 9904 | -€68,103 | -€9,906 | +€58,197 | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,103 | -€9,906 | +€58,197 | +85.5% |
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 11 October 2026 via checked.be.