Heeren Investeringen: 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.
Heeren Investeringen
Largest movements
- Tangible fixed assets +€31,369
up €31,369 (+35.5%), from €88,344 to €119,713
of which Plant, machinery and equipment: +€19,011
- Receivables within one year -€23,251
down €23,251 (-13.3%), from €174,785 to €151,535
of which Other amounts receivable: -€17,934
- Cash +€12,343
up €12,343 (+692%), from €1,784 to €14,127
mainly Net result for the year (+€36,143) and Receivables within one year (+€23,251)
- Reserves +€36,143
up €36,143 (+18.7%), from €193,536 to €229,678
- Trade debts -€20,995
down €20,995 (-47.9%), from €43,801 to €22,805
- Advances received +€5,354
new in 2025: €5,354
- Gross operating margin -€22,616
down €22,616 (-23.1%), from €97,971 to €75,355
- Write-downs +€9,594
new in 2025: €9,594
- Taxes -€8,509
down €8,509 (-41.4%), from €20,557 to €12,048
- Other operating charges +€2,063
up €2,063 (+11.2%), from €18,408 to €20,471
- Financial income +€1,645
up €1,645 (+42.5%), from €3,868 to €5,513
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 | €264,914 | €285,375 | +€20,461 | +7.7% |
| Fixed assets | 21/28 | €88,344 | €119,713 | +€31,369 | +35.5% |
| Tangible fixed assets | 22/27 | €88,344 | €119,713 | +€31,369 | +35.5% |
| Land and buildings | 22 | €88,344 | €94,459 | +€6,115 | +6.9% |
| Plant, machinery and equipment | 23 | - | €19,011 | +€19,011 | |
| Assets under construction and advance payments | 27 | - | €6,243 | +€6,243 | |
| Current assets | 29/58 | €176,570 | €165,662 | -€10,908 | -6.2% |
| Amounts receivable within one year | 40/41 | €174,785 | €151,535 | -€23,251 | -13.3% |
| Trade receivables | 40 | €15,965 | €10,649 | -€5,316 | -33.3% |
| Other amounts receivable | 41 | €158,820 | €140,886 | -€17,934 | -11.3% |
| Cash at bank and in hand | 54/58 | €1,784 | €14,127 | +€12,343 | +692% |
| Total equity and liabilities | 10/49 | €264,914 | €285,375 | +€20,461 | +7.7% |
| Equity | 10/15 | €220,516 | €256,659 | +€36,143 | +16.4% |
| Contributions | 10/11 | €26,980 | €26,980 | = | 0.0% |
| Reserves | 13 | €193,536 | €229,678 | +€36,143 | +18.7% |
| Distributable reserves | 133 | €193,536 | €229,678 | +€36,143 | +18.7% |
| Amounts payable | 17/49 | €44,398 | €28,716 | -€15,682 | -35.3% |
| Amounts payable within one year | 42/48 | €44,357 | €28,716 | -€15,641 | -35.3% |
| Trade debts | 44 | €43,801 | €22,805 | -€20,995 | -47.9% |
| Suppliers | 440/4 | €43,801 | €22,805 | -€20,995 | -47.9% |
| Advances received on contracts in progress | 46 | - | €5,354 | +€5,354 | |
| Taxes, remuneration and social security | 45 | €557 | €557 | = | 0.0% |
| Taxes | 450/3 | €557 | €557 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €41 | €0 | -€41 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462 | €1,943 | +€1,481 | +321% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,594 | +€9,594 | |
| Other operating charges | 640/8 | €18,408 | €20,471 | +€2,063 | +11.2% |
| Gross operating margin | 9900 | €97,971 | €75,355 | -€22,616 | -23.1% |
| Operating profit (loss) | 9901 | €79,101 | €43,347 | -€35,754 | -45.2% |
| Financial income | 75/76B | €3,868 | €5,513 | +€1,645 | +42.5% |
| Recurring financial income | 75 | €3,868 | €5,513 | +€1,645 | +42.5% |
| Financial charges | 65/66B | €743 | €670 | -€73 | -9.8% |
| Recurring financial charges | 65 | €743 | €670 | -€73 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €82,226 | €48,190 | -€34,036 | -41.4% |
| Income taxes | 67/77 | €20,557 | €12,048 | -€8,509 | -41.4% |
| Profit (loss) for the period | 9904 | €61,670 | €36,143 | -€25,527 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,670 | €36,143 | -€25,527 | -41.4% |
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 18 October 2026 via checked.be.