HEIDI WAEM: 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.
HEIDI WAEM
Largest movements
- Tangible fixed assets +€81,612
up €81,612 (+25.7%), from €317,340 to €398,952
of which Land and buildings: +€93,590
- Current investments -€78,930
down €78,930 (-52.6%), from €150,000 to €71,070
- Cash +€32,541
up €32,541 (+20.8%), from €156,206 to €188,747
mainly Net result for the year (+€101,951) and Current investments (+€78,930)
- Receivables within one year -€25,657
down €25,657 (-39.5%), from €65,033 to €39,375
of which Other amounts receivable: -€16,201
- Debts after one year -€27,804
down €27,804 (-9.2%), from €301,324 to €273,520
- Reserves +€27,196
up €27,196 (+8.7%), from €313,295 to €340,491
- Short-term financial debts +€8,866
up €8,866, from €0 to €8,866
- Gross operating margin -€14,023
down €14,023 (-7.2%), from €193,484 to €179,461
- Depreciation -€11,155
down €11,155 (-36.5%), from €30,539 to €19,384
- Financial income +€4,809
up €4,809 (+107,573%), from €4 to €4,813
- Other operating charges -€2,854
down €2,854 (-30.8%), from €9,274 to €6,420
- Financial charges +€2,334
up €2,334 (+21.1%), from €11,063 to €13,397
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 | €691,244 | €700,302 | +€9,058 | +1.3% |
| Fixed assets | 21/28 | €317,340 | €398,952 | +€81,612 | +25.7% |
| Tangible fixed assets | 22/27 | €317,340 | €398,952 | +€81,612 | +25.7% |
| Land and buildings | 22 | €283,585 | €377,175 | +€93,590 | +33.0% |
| Furniture and vehicles | 24 | €33,755 | €21,776 | -€11,978 | -35.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €373,904 | €301,350 | -€72,554 | -19.4% |
| Amounts receivable within one year | 40/41 | €65,033 | €39,375 | -€25,657 | -39.5% |
| Trade receivables | 40 | €42,886 | €33,430 | -€9,456 | -22.0% |
| Other amounts receivable | 41 | €22,147 | €5,946 | -€16,201 | -73.2% |
| Current investments | 50/53 | €150,000 | €71,070 | -€78,930 | -52.6% |
| Cash at bank and in hand | 54/58 | €156,206 | €188,747 | +€32,541 | +20.8% |
| Deferred charges and accrued income | 490/1 | €2,665 | €2,157 | -€508 | -19.1% |
| Total equity and liabilities | 10/49 | €691,244 | €700,302 | +€9,058 | +1.3% |
| Equity | 10/15 | €317,295 | €344,491 | +€27,196 | +8.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €313,295 | €340,491 | +€27,196 | +8.7% |
| Distributable reserves | 133 | €313,295 | €340,491 | +€27,196 | +8.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €373,948 | €355,811 | -€18,138 | -4.9% |
| Amounts payable after more than one year | 17 | €301,324 | €273,520 | -€27,804 | -9.2% |
| Financial debts | 170/4 | €301,324 | €273,520 | -€27,804 | -9.2% |
| Amounts payable within one year | 42/48 | €72,586 | €82,291 | +€9,705 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €26,815 | €27,804 | +€989 | +3.7% |
| Financial debts | 43 | €0 | €8,866 | +€8,866 | |
| Credit institutions | 430/8 | €0 | €8,866 | +€8,866 | |
| Trade debts | 44 | €264 | €1,285 | +€1,021 | +387% |
| Suppliers | 440/4 | €264 | €1,285 | +€1,021 | +387% |
| Taxes, remuneration and social security | 45 | €45,507 | €44,257 | -€1,250 | -2.7% |
| Taxes | 450/3 | €45,507 | €44,257 | -€1,250 | -2.7% |
| Other amounts payable | 47/48 | €0 | €79 | +€79 | |
| Accrued charges and deferred income | 492/3 | €38 | €0 | -€38 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,539 | €19,384 | -€11,155 | -36.5% |
| Other operating charges | 640/8 | €9,274 | €6,420 | -€2,854 | -30.8% |
| Gross operating margin | 9900 | €193,484 | €179,461 | -€14,023 | -7.2% |
| Operating profit (loss) | 9901 | €153,671 | €153,657 | -€14 | 0.0% |
| Financial income | 75/76B | €4 | €4,813 | +€4,809 | +107,573% |
| Recurring financial income | 75 | €4 | €4,813 | +€4,809 | +107,573% |
| Financial charges | 65/66B | €11,063 | €13,397 | +€2,334 | +21.1% |
| Recurring financial charges | 65 | €11,063 | €13,397 | +€2,334 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €142,612 | €145,073 | +€2,461 | +1.7% |
| Income taxes | 67/77 | €41,651 | €43,122 | +€1,471 | +3.5% |
| Profit (loss) for the period | 9904 | €100,961 | €101,951 | +€989 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,961 | €101,951 | +€989 | +1.0% |
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 26 October 2026 via checked.be.