HEEM: 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.
What changed
HEEM
NACE 68.121, Development of residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€65,867
2024 · €159,143-€93,277
Equity
€241,071
2024 · €175,204+€65,867
Cash
€641,957
2024 · €106,129+€535,828
Balance sheet total
€18.7m
2024 · €11.0m+€7.7m
Largest movements
Assets
- Stocks and contracts +€7.0m
up €7.0m (+66.0%), from €10.6m to €17.6m
- Cash +€535,828
up €535,828 (+504.9%), from €106,129 to €641,957
mainly Debts after one year (+€4.7m) and Advances received (+€2.9m)
Equity and liabilities
- Debts after one year +€4.7m
up €4.7m (+63.0%), from €7.4m to €12.1m
- Advances received +€2.9m
up €2.9m (+146.1%), from €2.0m to €4.9m
- Accrued charges and deferred income +€420,421
up €420,421 (+88.0%), from €477,823 to €898,244
- Trade debts -€333,235
down €333,235 (-66.2%), from €503,156 to €169,921
Income statement
- Financial income -€100,082
down €100,082 (-98.9%), from €101,196 to €1,114
- Financial charges +€45,187
up €45,187 (+166.0%), from €27,223 to €72,410
- Gross operating margin +€43,324
up €43,324 (+16.5%), from €261,845 to €305,169
- Staff costs -€4,535
down €4,535 (-2.9%), from €157,196 to €152,661
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.
Result 2024
€159,143
Gross operating margin
+€43,324
Staff costs
+€4,535
Depreciation
+€2,073
Other operating charges
+€2,994
Other operating items
-€998
Financial income
-€100,082
Financial charges
-€45,187
Taxes
+€64
Result 2025
€65,867
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.
From operations
-€4.1m
Investment
-€21,030
Financing
+€4.7m
Cash 2024
€106,129
From operations (derived)
-€4.1m
Net result for the year
+€65,867
Depreciation
+€12,968
Stocks and contracts
-€7.0m
Receivables within one year
-€134,926
Smaller working-capital items
+€7,040
Trade debts
-€333,235
Advances received
+€2.9m
Other debts
-€40,233
Accrued charges and deferred income
+€420,421
Investment (derived)
-€21,030
Investment in fixed assets (net)
-€21,030
Financing
+€4.7m
Debts after one year
+€4.7m
Current portion of long-term debt
-€2,954
Cash 2025
€641,957
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,012,593 | €18,674,244 | +€7.7m | +69.6% |
| Fixed assets | 21/28 | €39,721 | €47,783 | +€8,062 | +20.3% |
| Intangible fixed assets | 21 | €29,457 | €24,033 | -€5,423 | -18.4% |
| Tangible fixed assets | 22/27 | €6,514 | - | -€6,514 | |
| Plant, machinery and equipment | 23 | €173 | - | -€173 | |
| Furniture and vehicles | 24 | €6,341 | - | -€6,341 | |
| Financial fixed assets | 28 | €3,750 | €23,750 | +€20,000 | +533.3% |
| Current assets | 29/58 | €10,972,872 | €18,626,461 | +€7.7m | +69.8% |
| Stocks and contracts in progress | 3 | €10,605,108 | €17,600,191 | +€7.0m | +66.0% |
| Stocks | 30/36 | €10,605,108 | €17,600,191 | +€7.0m | +66.0% |
| Amounts receivable within one year | 40/41 | €245,678 | €380,604 | +€134,926 | +54.9% |
| Trade receivables | 40 | €245,678 | €380,604 | +€134,926 | +54.9% |
| Cash at bank and in hand | 54/58 | €106,129 | €641,957 | +€535,828 | +504.9% |
| Deferred charges and accrued income | 490/1 | €15,957 | €3,709 | -€12,248 | -76.8% |
| Total equity and liabilities | 10/49 | €11,012,593 | €18,674,244 | +€7.7m | +69.6% |
| Equity | 10/15 | €175,204 | €241,071 | +€65,867 | +37.6% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €5,951 | €9,244 | +€3,293 | +55.3% |
| Non-distributable reserves | 130/1 | €1,241 | €4,534 | +€3,293 | +265.4% |
| Legal reserve | 130 | €1,241 | €4,534 | +€3,293 | +265.4% |
| Distributable reserves | 133 | €4,710 | €4,710 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,253 | €151,827 | +€62,573 | +70.1% |
| Amounts payable | 17/49 | €10,837,389 | €18,433,174 | +€7.6m | +70.1% |
| Amounts payable after more than one year | 17 | €7,407,160 | €12,076,160 | +€4.7m | +63.0% |
| Financial debts | 170/4 | €7,407,160 | €12,076,160 | +€4.7m | +63.0% |
| Amounts payable within one year | 42/48 | €2,952,407 | €5,458,770 | +€2.5m | +84.9% |
| Current portion of amounts payable after more than one year | 42 | €2,954 | - | -€2,954 | |
| Trade debts | 44 | €503,156 | €169,921 | -€333,235 | -66.2% |
| Suppliers | 440/4 | €503,156 | €169,921 | -€333,235 | -66.2% |
| Advances received on contracts in progress | 46 | €1,976,343 | €4,864,336 | +€2.9m | +146.1% |
| Taxes, remuneration and social security | 45 | €66,209 | €61,001 | -€5,208 | -7.9% |
| Taxes | 450/3 | €41,231 | €51,604 | +€10,373 | +25.2% |
| Remuneration and social security | 454/9 | €24,978 | €9,397 | -€15,581 | -62.4% |
| Other amounts payable | 47/48 | €403,745 | €363,512 | -€40,233 | -10.0% |
| Accrued charges and deferred income | 492/3 | €477,823 | €898,244 | +€420,421 | +88.0% |
| Non-recurring operating income | 76A | - | €347 | +€347 | |
| Remuneration, social security and pensions | 62 | €157,196 | €152,661 | -€4,535 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,040 | €12,968 | -€2,073 | -13.8% |
| Other operating charges | 640/8 | €4,081 | €1,088 | -€2,994 | -73.4% |
| Non-recurring operating charges | 66A | - | €998 | +€998 | |
| Gross operating margin | 9900 | €261,845 | €305,169 | +€43,324 | +16.5% |
| Operating profit (loss) | 9901 | €85,527 | €137,456 | +€51,928 | +60.7% |
| Financial income | 75/76B | €101,196 | €1,114 | -€100,082 | -98.9% |
| Recurring financial income | 75 | €101,196 | €1,114 | -€100,082 | -98.9% |
| Financial charges | 65/66B | €27,223 | €72,410 | +€45,187 | +166.0% |
| Recurring financial charges | 65 | €27,223 | €72,410 | +€45,187 | +166.0% |
| Profit (loss) for the period before taxes | 9903 | €159,501 | €66,160 | -€93,341 | -58.5% |
| Income taxes | 67/77 | €357 | €293 | -€64 | -17.9% |
| Profit (loss) for the period | 9904 | €159,143 | €65,867 | -€93,277 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €159,143 | €65,867 | -€93,277 | -58.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.