HEAVENS: 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.
HEAVENS
Largest movements
- Receivables within one year -€148,376
down €148,376 (-49.0%), from €303,017 to €154,641
of which Trade receivables: -€90,674
- Cash +€121,877
up €121,877 (+5,185%), from €2,351 to €124,227
mainly Receivables within one year (+€148,376) and Net result for the year (+€33,863)
- Tangible fixed assets -€22,098
down €22,098 (-37.6%), from €58,788 to €36,690
of which Leasing and similar rights: -€18,109
- Tax, wage and social debts -€52,722
down €52,722 (-90.4%), from €58,308 to €5,587
of which Taxes: -€50,255
- Reserves +€16,545
up €16,545 (+7.2%), from €230,709 to €247,254
of which Distributable reserves: +€16,545
- Debts after one year -€15,387
down €15,387 (-38.8%), from €39,700 to €24,313
- Other debts +€7,318
up €7,318 (+72.3%), from €10,116 to €17,434
- Current portion of long-term debt -€4,254
down €4,254 (-24.1%), from €17,645 to €13,391
- Gross operating margin -€81,729
down €81,729 (-56.1%), from €145,635 to €63,906
- Taxes -€18,399
down €18,399 (-58.9%), from €31,263 to €12,863
- Depreciation -€8,516
down €8,516 (-35.9%), from €23,728 to €15,211
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 | €364,156 | €315,558 | -€48,597 | -13.3% |
| Fixed assets | 21/28 | €58,788 | €36,690 | -€22,098 | -37.6% |
| Tangible fixed assets | 22/27 | €58,788 | €36,690 | -€22,098 | -37.6% |
| Plant, machinery and equipment | 23 | €6,103 | €2,439 | -€3,664 | -60.0% |
| Furniture and vehicles | 24 | €324 | - | -€324 | |
| Leasing and similar rights | 25 | €52,360 | €34,251 | -€18,109 | -34.6% |
| Current assets | 29/58 | €305,368 | €278,868 | -€26,500 | -8.7% |
| Amounts receivable within one year | 40/41 | €303,017 | €154,641 | -€148,376 | -49.0% |
| Trade receivables | 40 | €103,340 | €12,666 | -€90,674 | -87.7% |
| Other amounts receivable | 41 | €199,677 | €141,975 | -€57,702 | -28.9% |
| Cash at bank and in hand | 54/58 | €2,351 | €124,227 | +€121,877 | +5,185% |
| Total equity and liabilities | 10/49 | €364,156 | €315,558 | -€48,597 | -13.3% |
| Equity | 10/15 | €238,289 | €254,834 | +€16,545 | +6.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €230,709 | €247,254 | +€16,545 | +7.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €228,849 | €245,394 | +€16,545 | +7.2% |
| Profit (loss) carried forward | 14 | €1,380 | €1,380 | = | 0.0% |
| Amounts payable | 17/49 | €125,867 | €60,724 | -€65,143 | -51.8% |
| Amounts payable after more than one year | 17 | €39,700 | €24,313 | -€15,387 | -38.8% |
| Financial debts | 170/4 | €39,700 | €24,313 | -€15,387 | -38.8% |
| Amounts payable within one year | 42/48 | €86,167 | €36,412 | -€49,755 | -57.7% |
| Current portion of amounts payable after more than one year | 42 | €17,645 | €13,391 | -€4,254 | -24.1% |
| Trade debts | 44 | €98 | - | -€98 | |
| Suppliers | 440/4 | €98 | - | -€98 | |
| Taxes, remuneration and social security | 45 | €58,308 | €5,587 | -€52,722 | -90.4% |
| Taxes | 450/3 | €55,841 | €5,587 | -€50,255 | -90.0% |
| Remuneration and social security | 454/9 | €2,467 | - | -€2,467 | |
| Other amounts payable | 47/48 | €10,116 | €17,434 | +€7,318 | +72.3% |
| Non-recurring operating income | 76A | €754 | - | -€754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,728 | €15,211 | -€8,516 | -35.9% |
| Other operating charges | 640/8 | €2,311 | €2,468 | +€157 | +6.8% |
| Non-recurring operating charges | 66A | €17,279 | €129 | -€17,149 | -99.3% |
| Gross operating margin | 9900 | €145,635 | €63,906 | -€81,729 | -56.1% |
| Operating profit (loss) | 9901 | €102,318 | €46,098 | -€56,220 | -54.9% |
| Financial income | 75/76B | €2,464 | €3,169 | +€705 | +28.6% |
| Recurring financial income | 75 | €2,464 | €3,169 | +€705 | +28.6% |
| Financial charges | 65/66B | €3,270 | €2,540 | -€729 | -22.3% |
| Recurring financial charges | 65 | €3,270 | €2,540 | -€729 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €101,512 | €46,726 | -€54,786 | -54.0% |
| Income taxes | 67/77 | €31,263 | €12,863 | -€18,399 | -58.9% |
| Profit (loss) for the period | 9904 | €70,250 | €33,863 | -€36,386 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €70,250 | €33,863 | -€36,386 | -51.8% |
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 22 October 2026 via checked.be.