Heeren Group: 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
Heeren Group
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15.1m
2024 · -€150,419+€15.2m
Equity
€36.2m
2024 · €21.1m+€15.1m
Cash
€906,218
2024 · €183,017+€723,201
Balance sheet total
€73.8m
2024 · €53.2m+€20.6m
Largest movements
Assets
- Financial fixed assets +€15.0m
up €15.0m (+49.7%), from €30.2m to €45.3m
of which Affiliated companies: +€14.6m
- Receivables within one year +€4.9m
up €4.9m (+21.3%), from €22.8m to €27.6m
of which Other amounts receivable: +€4.4m
Equity and liabilities
- Reserves +€15.1m
up €15.1m (+87.3%), from €17.3m to €32.4m
- Other debts +€7.7m
up €7.7m (+37.9%), from €20.3m to €27.9m
- Short-term financial debts -€2.0m
down €2.0m (-25.5%), from €7.7m to €5.7m
Income statement
- Financial income +€19.3m
up €19.3m (+1,445%), from €1.3m to €20.6m
of which Non-recurring financial income: +€19.1m
- Financial charges +€4.0m
up €4.0m (+270%), from €1.5m to €5.5m
of which Non-recurring financial charges: +€3.9m
- Turnover +€41,487
up €41,487 (+12.6%), from €328,513 to €370,000
- Services and other goods +€21,283
up €21,283 (+8.4%), from €252,457 to €273,739
- Other operating income -€5,558
down €5,558 (-43.6%), from €12,742 to €7,184
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
-€150,419
Turnover
+€41,487
Other operating income
-€5,558
Services and other goods
-€21,283
Staff costs
-€3,653
Depreciation
-€1,483
Other operating charges
-€188
Other operating items
-€12,529
Financial income
+€19.3m
Financial charges
-€4.0m
Taxes
+€59
Result 2025
€15.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€17.8m
Investment
-€15.0m
Financing
-€2.1m
Cash 2024
€183,017
From operations (derived)
+€17.8m
Net result for the year
+€15.1m
Depreciation
+€12,333
Receivables within one year
-€4.9m
Smaller working-capital items
+€2,419
Trade debts
-€114,562
Other debts
+€7.7m
Investment (derived)
-€15.0m
Investment in fixed assets (net)
-€15.0m
Financing
-€2.1m
Debts after one year
-€107,143
Short-term financial debts
-€2.0m
Cash 2025
€906,218
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,231,149 | €73,821,234 | +€20.6m | +38.7% |
| Fixed assets | 21/28 | €30,274,186 | €45,291,127 | +€15.0m | +49.6% |
| Tangible fixed assets | 22/27 | €26,149 | €13,816 | -€12,333 | -47.2% |
| Furniture and vehicles | 24 | €26,149 | €13,816 | -€12,333 | -47.2% |
| Financial fixed assets | 28 | €30,248,036 | €45,277,311 | +€15.0m | +49.7% |
| Affiliated companies | 280/1 | €21,211,071 | €35,832,261 | +€14.6m | +68.9% |
| Participating interests | 280 | €21,211,071 | €35,832,261 | +€14.6m | +68.9% |
| Companies linked by participating interests | 282/3 | €9,036,865 | €9,444,950 | +€408,085 | +4.5% |
| Participating interests | 282 | €4,191,865 | €4,003,700 | -€188,165 | -4.5% |
| Amounts receivable | 283 | €4,845,000 | €5,441,250 | +€596,250 | +12.3% |
| Other financial fixed assets | 284/8 | €100 | €100 | = | 0.0% |
| Shares | 284 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €22,956,963 | €28,530,107 | +€5.6m | +24.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €22,772,911 | €27,623,889 | +€4.9m | +21.3% |
| Trade receivables | 40 | €8,513 | €447,700 | +€439,187 | +5,159% |
| Other amounts receivable | 41 | €22,764,398 | €27,176,189 | +€4.4m | +19.4% |
| Cash at bank and in hand | 54/58 | €183,017 | €906,218 | +€723,201 | +395% |
| Deferred charges and accrued income | 490/1 | €1,035 | €0 | -€1,035 | -100% |
| Total equity and liabilities | 10/49 | €53,231,149 | €73,821,234 | +€20.6m | +38.7% |
| Equity | 10/15 | €21,136,705 | €36,233,499 | +€15.1m | +71.4% |
| Contributions | 10/11 | €3,852,459 | €3,852,459 | = | 0.0% |
| Reserves | 13 | €17,284,246 | €32,381,041 | +€15.1m | +87.3% |
| Distributable reserves | 133 | €17,284,246 | €32,381,041 | +€15.1m | +87.3% |
| Amounts payable | 17/49 | €32,094,444 | €37,587,735 | +€5.5m | +17.1% |
| Amounts payable after more than one year | 17 | €3,797,913 | €3,690,770 | -€107,143 | -2.8% |
| Financial debts | 170/4 | €3,797,913 | €3,690,770 | -€107,143 | -2.8% |
| Credit institutions | 173 | €589,286 | €482,143 | -€107,143 | -18.2% |
| Other loans | 174 | €3,208,627 | €3,208,627 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,280,505 | €33,885,405 | +€5.6m | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €107,143 | €107,143 | = | 0.0% |
| Financial debts | 43 | €7,713,561 | €5,747,142 | -€2.0m | -25.5% |
| Credit institutions | 430/8 | €7,713,561 | €5,747,142 | -€2.0m | -25.5% |
| Trade debts | 44 | €115,042 | €480 | -€114,562 | -99.6% |
| Suppliers | 440/4 | €115,042 | €480 | -€114,562 | -99.6% |
| Taxes, remuneration and social security | 45 | €79,152 | €85,002 | +€5,850 | +7.4% |
| Taxes | 450/3 | €67,563 | €73,015 | +€5,452 | +8.1% |
| Remuneration and social security | 454/9 | €11,589 | €11,987 | +€398 | +3.4% |
| Other amounts payable | 47/48 | €20,265,607 | €27,945,638 | +€7.7m | +37.9% |
| Accrued charges and deferred income | 492/3 | €16,027 | €11,560 | -€4,467 | -27.9% |
| Operating income | 70/76A | €353,784 | €377,184 | +€23,400 | +6.6% |
| Turnover | 70 | €328,513 | €370,000 | +€41,487 | +12.6% |
| Other operating income | 74 | €12,742 | €7,184 | -€5,558 | -43.6% |
| Non-recurring operating income | 76A | €12,529 | €0 | -€12,529 | -100% |
| Operating charges | 60/66A | €354,166 | €380,772 | +€26,606 | +7.5% |
| Services and other goods | 61 | €252,457 | €273,739 | +€21,283 | +8.4% |
| Remuneration, social security and pensions | 62 | €89,652 | €93,305 | +€3,653 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,851 | €12,333 | +€1,483 | +13.7% |
| Other operating charges | 640/8 | €1,207 | €1,394 | +€188 | +15.6% |
| Operating profit (loss) | 9901 | -€382 | -€3,587 | -€3,206 | -840% |
| Financial income | 75/76B | €1,332,731 | €20,585,754 | +€19.3m | +1,445% |
| Recurring financial income | 75 | €1,332,731 | €1,471,845 | +€139,114 | +10.4% |
| Income from financial fixed assets | 750 | €12,942 | - | -€12,942 | |
| Income from current assets | 751 | €1,310,481 | €1,471,845 | +€161,364 | +12.3% |
| Other financial income | 752/9 | €9,308 | €0 | -€9,308 | -100% |
| Non-recurring financial income | 76B | €0 | €19,113,909 | +€19.1m | |
| Financial charges | 65/66B | €1,482,153 | €5,484,816 | +€4.0m | +270% |
| Recurring financial charges | 65 | €1,482,153 | €1,592,147 | +€109,994 | +7.4% |
| Debt charges | 650 | €1,479,724 | €1,590,240 | +€110,516 | +7.5% |
| Other financial charges | 652/9 | €2,429 | €1,907 | -€522 | -21.5% |
| Non-recurring financial charges | 66B | - | €3,892,669 | +€3.9m | |
| Profit (loss) for the period before taxes | 9903 | -€149,804 | €15,097,351 | +€15.2m | |
| Income taxes | 67/77 | €616 | €556 | -€59 | -9.6% |
| Taxes | 670/3 | €616 | €556 | -€59 | -9.6% |
| Profit (loss) for the period | 9904 | -€150,419 | €15,096,794 | +€15.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€150,419 | €15,096,794 | +€15.2m |
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 19 October 2026 via checked.be.