HEIBAARD: what changed
HEIBAARD
Largest movements
- Tangible fixed assets +€421,349
up €421,349 (+56.6%), from €744,764 to €1.2m
of which Land and buildings: +€363,874
- Cash +€35,092
up €35,092 (+118%), from €29,613 to €64,705
mainly Debts after one year (+€368,766) and Depreciation (+€109,730)
- Receivables within one year +€25,610
up €25,610 (+1,310%), from €1,955 to €27,565
of which Other amounts receivable: +€12,826
- Debts after one year +€368,766
up €368,766 (+143%), from €258,085 to €626,851
of which Financial debts: +€367,166
- Reserves +€54,240
up €54,240 (+17.4%), from €311,628 to €365,868
of which Distributable reserves: +€54,240
- Current portion of long-term debt +€48,955
up €48,955 (+80.4%), from €60,856 to €109,810
- Other operating charges +€49,818
up €49,818 (+582%), from €8,556 to €58,373
- Staff costs +€25,168
up €25,168 (+6.6%), from €380,792 to €405,960
- Taxes -€16,949
down €16,949 (-52.7%), from €32,175 to €15,226
- Gross operating margin +€10,233
up €10,233 (+1.6%), from €645,795 to €656,028
- Depreciation +€9,293
up €9,293 (+9.3%), from €100,436 to €109,730
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €792,078 | €1,275,235 | +€483,157 | +61.0% |
| Fixed assets | 21/28 | €745,264 | €1,166,112 | +€420,849 | +56.5% |
| Tangible fixed assets | 22/27 | €744,764 | €1,166,112 | +€421,349 | +56.6% |
| Land and buildings | 22 | €630,012 | €993,887 | +€363,874 | +57.8% |
| Plant, machinery and equipment | 23 | €34,465 | €42,673 | +€8,208 | +23.8% |
| Furniture and vehicles | 24 | €80,286 | €129,552 | +€49,267 | +61.4% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €46,814 | €109,122 | +€62,308 | +133% |
| Stocks and contracts in progress | 3 | €14,706 | €15,032 | +€326 | +2.2% |
| Stocks | 30/36 | €14,706 | €15,032 | +€326 | +2.2% |
| Amounts receivable within one year | 40/41 | €1,955 | €27,565 | +€25,610 | +1,310% |
| Trade receivables | 40 | - | €12,784 | +€12,784 | |
| Other amounts receivable | 41 | €1,955 | €14,781 | +€12,826 | +656% |
| Cash at bank and in hand | 54/58 | €29,613 | €64,705 | +€35,092 | +118% |
| Deferred charges and accrued income | 490/1 | €540 | €1,820 | +€1,280 | +237% |
| Total equity and liabilities | 10/49 | €792,078 | €1,275,235 | +€483,157 | +61.0% |
| Equity | 10/15 | €330,628 | €384,868 | +€54,240 | +16.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €311,628 | €365,868 | +€54,240 | +17.4% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €309,728 | €363,968 | +€54,240 | +17.5% |
| Amounts payable | 17/49 | €461,450 | €890,367 | +€428,917 | +92.9% |
| Amounts payable after more than one year | 17 | €258,085 | €626,851 | +€368,766 | +143% |
| Financial debts | 170/4 | €258,085 | €625,251 | +€367,166 | +142% |
| Other amounts payable | 178/9 | - | €1,600 | +€1,600 | |
| Amounts payable within one year | 42/48 | €203,365 | €263,515 | +€60,150 | +29.6% |
| Current portion of amounts payable after more than one year | 42 | €60,856 | €109,810 | +€48,955 | +80.4% |
| Trade debts | 44 | €15,366 | €23,665 | +€8,299 | +54.0% |
| Suppliers | 440/4 | €15,366 | €23,665 | +€8,299 | +54.0% |
| Taxes, remuneration and social security | 45 | €47,143 | €39,040 | -€8,103 | -17.2% |
| Taxes | 450/3 | €8,853 | €3,767 | -€5,087 | -57.5% |
| Remuneration and social security | 454/9 | €38,289 | €35,273 | -€3,017 | -7.9% |
| Other amounts payable | 47/48 | €80,000 | €91,000 | +€11,000 | +13.8% |
| Remuneration, social security and pensions | 62 | €380,792 | €405,960 | +€25,168 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,436 | €109,730 | +€9,293 | +9.3% |
| Other operating charges | 640/8 | €8,556 | €58,373 | +€49,818 | +582% |
| Gross operating margin | 9900 | €645,795 | €656,028 | +€10,233 | +1.6% |
| Operating profit (loss) | 9901 | €156,012 | €81,965 | -€74,046 | -47.5% |
| Financial income | 75/76B | €5,246 | €3,420 | -€1,826 | -34.8% |
| Recurring financial income | 75 | €5,246 | €3,420 | -€1,826 | -34.8% |
| Financial charges | 65/66B | €21,181 | €15,919 | -€5,262 | -24.8% |
| Recurring financial charges | 65 | €21,181 | €15,919 | -€5,262 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €140,076 | €69,466 | -€70,610 | -50.4% |
| Income taxes | 67/77 | €32,175 | €15,226 | -€16,949 | -52.7% |
| Profit (loss) for the period | 9904 | €107,901 | €54,240 | -€53,661 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €107,901 | €54,240 | -€53,661 | -49.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.