HEH: 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.
HEH
Largest movements
- Cash +€32,663
up €32,663 (+16.6%), from €196,280 to €228,944
mainly Net result for the year (+€197,870) and Receivables within one year (+€31,228)
- Receivables within one year -€31,228
down €31,228 (-38.7%), from €80,700 to €49,472
- Debts after one year -€211,445
down €211,445 (-25.5%), from €829,741 to €618,296
- Reserves +€197,000
up €197,000 (+34.4%), from €573,000 to €770,000
- Gross operating margin +€81,236
up €81,236 (+102.3%), from €79,422 to €160,658
- Financial income -€61,200
down €61,200 (-30.0%), from €204,000 to €142,800
- Other operating charges +€16,324
up €16,324 (+1687.2%), from €968 to €17,292
- Taxes +€12,557
up €12,557 (+33.7%), from €37,271 to €49,828
- Financial charges -€4,972
down €4,972 (-11.4%), from €43,439 to €38,467
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,693,955 | €1,695,187 | +€1,232 | +0.1% |
| Fixed assets | 21/28 | €1,416,772 | €1,416,772 | = | 0.0% |
| Financial fixed assets | 28 | €1,416,772 | €1,416,772 | = | 0.0% |
| Current assets | 29/58 | €277,183 | €278,415 | +€1,232 | +0.4% |
| Amounts receivable within one year | 40/41 | €80,700 | €49,472 | -€31,228 | -38.7% |
| Other amounts receivable | 41 | €80,700 | €49,472 | -€31,228 | -38.7% |
| Cash at bank and in hand | 54/58 | €196,280 | €228,944 | +€32,663 | +16.6% |
| Deferred charges and accrued income | 490/1 | €203 | - | -€203 | |
| Total equity and liabilities | 10/49 | €1,693,955 | €1,695,187 | +€1,232 | +0.1% |
| Equity | 10/15 | €585,428 | €783,298 | +€197,870 | +33.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €573,000 | €770,000 | +€197,000 | +34.4% |
| Distributable reserves | 133 | €573,000 | €770,000 | +€197,000 | +34.4% |
| Profit (loss) carried forward | 14 | €2,428 | €3,298 | +€870 | +35.8% |
| Amounts payable | 17/49 | €1,108,527 | €911,889 | -€196,638 | -17.7% |
| Amounts payable after more than one year | 17 | €829,741 | €618,296 | -€211,445 | -25.5% |
| Financial debts | 170/4 | €829,741 | €618,296 | -€211,445 | -25.5% |
| Amounts payable within one year | 42/48 | €278,786 | €293,593 | +€14,807 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €220,926 | €228,736 | +€7,810 | +3.5% |
| Financial debts | 43 | €30,123 | €29,909 | -€214 | -0.7% |
| Credit institutions | 430/8 | €30,123 | €29,909 | -€214 | -0.7% |
| Trade debts | 44 | €3,827 | €528 | -€3,299 | -86.2% |
| Suppliers | 440/4 | €3,827 | €528 | -€3,299 | -86.2% |
| Taxes, remuneration and social security | 45 | €23,910 | €34,420 | +€10,510 | +44.0% |
| Taxes | 450/3 | €23,910 | €34,420 | +€10,510 | +44.0% |
| Other operating charges | 640/8 | €968 | €17,292 | +€16,324 | +1687.2% |
| Gross operating margin | 9900 | €79,422 | €160,658 | +€81,236 | +102.3% |
| Operating profit (loss) | 9901 | €78,454 | €143,366 | +€64,911 | +82.7% |
| Financial income | 75/76B | €204,000 | €142,800 | -€61,200 | -30.0% |
| Recurring financial income | 75 | €204,000 | €142,800 | -€61,200 | -30.0% |
| Financial charges | 65/66B | €43,439 | €38,467 | -€4,972 | -11.4% |
| Recurring financial charges | 65 | €43,439 | €38,467 | -€4,972 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €239,015 | €247,698 | +€8,683 | +3.6% |
| Income taxes | 67/77 | €37,271 | €49,828 | +€12,557 | +33.7% |
| Profit (loss) for the period | 9904 | €201,744 | €197,870 | -€3,874 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €201,744 | €197,870 | -€3,874 | -1.9% |
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 11 October 2026 via checked.be.