Heel-Al: 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.
Heel-Al
Largest movements
- Cash -€17,788
down €17,788 (-50.1%), from €35,490 to €17,702
mainly Other debts (-€25,943) and Receivables within one year (-€4,683)
- Tangible fixed assets -€10,051
down €10,051 (-13.6%), from €73,761 to €63,710
- Receivables within one year +€4,683
up €4,683 (+8.8%), from €53,083 to €57,766
of which Trade receivables: +€4,870
- Other debts -€25,943
no longer reported in 2025 (was €25,943)
- Trade debts +€4,224
up €4,224 (+3.1%), from €134,840 to €139,064
- Gross operating margin -€5,170
down €5,170 (-30.8%), from €16,783 to €11,612
- Other operating charges -€810
down €810 (-22.7%), from €3,570 to €2,760
- Financial income -€616
no longer reported in 2025 (was €616)
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 | €162,674 | €139,527 | -€23,147 | -14.2% |
| Fixed assets | 21/28 | €73,761 | €63,710 | -€10,051 | -13.6% |
| Tangible fixed assets | 22/27 | €73,761 | €63,710 | -€10,051 | -13.6% |
| Leasing and similar rights | 25 | €73,761 | €63,710 | -€10,051 | -13.6% |
| Current assets | 29/58 | €88,913 | €75,816 | -€13,097 | -14.7% |
| Amounts receivable within one year | 40/41 | €53,083 | €57,766 | +€4,683 | +8.8% |
| Trade receivables | 40 | €52,810 | €57,680 | +€4,870 | +9.2% |
| Other amounts receivable | 41 | €273 | €86 | -€187 | -68.4% |
| Cash at bank and in hand | 54/58 | €35,490 | €17,702 | -€17,788 | -50.1% |
| Deferred charges and accrued income | 490/1 | €340 | €348 | +€8 | +2.5% |
| Total equity and liabilities | 10/49 | €162,674 | €139,527 | -€23,147 | -14.2% |
| Equity | 10/15 | €1,891 | €463 | -€1,429 | -75.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,709 | -€18,137 | -€1,429 | -8.6% |
| Amounts payable | 17/49 | €160,782 | €139,064 | -€21,718 | -13.5% |
| Amounts payable within one year | 42/48 | €160,782 | €139,064 | -€21,718 | -13.5% |
| Trade debts | 44 | €134,840 | €139,064 | +€4,224 | +3.1% |
| Suppliers | 440/4 | €134,840 | €139,064 | +€4,224 | +3.1% |
| Other amounts payable | 47/48 | €25,943 | - | -€25,943 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,051 | €10,051 | = | 0.0% |
| Other operating charges | 640/8 | €3,570 | €2,760 | -€810 | -22.7% |
| Gross operating margin | 9900 | €16,783 | €11,612 | -€5,170 | -30.8% |
| Operating profit (loss) | 9901 | €3,162 | -€1,198 | -€4,360 | |
| Financial income | 75/76B | €616 | - | -€616 | |
| Recurring financial income | 75 | €616 | - | -€616 | |
| Financial charges | 65/66B | €332 | €231 | -€101 | -30.4% |
| Recurring financial charges | 65 | €332 | €231 | -€101 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €3,446 | -€1,429 | -€4,875 | |
| Profit (loss) for the period | 9904 | €3,446 | -€1,429 | -€4,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,446 | -€1,429 | -€4,875 |
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.