HEIMAD: what changed
Two fiscal 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.
HEIMAD
Largest movements
- Tangible fixed assets +€204,315
up €204,315 (+26.3%), from €777,587 to €981,902
of which Land and buildings: +€160,515
- Cash -€19,698
down €19,698 (-90.4%), from €21,793 to €2,095
mainly Investment in fixed assets (net) (-€233,511) and Net result for the year (-€39,811)
- Other debts +€234,425
up €234,425 (+216.9%), from €108,081 to €342,506
- Profit (loss) carried forward -€35,568
down €35,568 (-41.0%), from -€86,816 to -€122,384
- Gross operating margin -€73,971
down €73,971 (-75.3%), from €98,234 to €24,263
- Other operating charges -€15,296
down €15,296 (-35.3%), from €43,316 to €28,021
- Depreciation +€3,474
up €3,474 (+13.5%), from €25,722 to €29,196
- Financial charges -€1,142
down €1,142 (-12.1%), from €9,427 to €8,285
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 | €800,065 | €985,289 | +€185,224 | +23.2% |
| Fixed assets | 21/28 | €777,587 | €981,902 | +€204,315 | +26.3% |
| Tangible fixed assets | 22/27 | €777,587 | €981,902 | +€204,315 | +26.3% |
| Land and buildings | 22 | €777,587 | €938,102 | +€160,515 | +20.6% |
| Assets under construction and advance payments | 27 | - | €43,800 | +€43,800 | |
| Current assets | 29/58 | €22,478 | €3,387 | -€19,091 | -84.9% |
| Amounts receivable within one year | 40/41 | €411 | €0 | -€411 | -100.0% |
| Trade receivables | 40 | €411 | €0 | -€411 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,793 | €2,095 | -€19,698 | -90.4% |
| Deferred charges and accrued income | 490/1 | €274 | €1,292 | +€1,018 | +371.2% |
| Total equity and liabilities | 10/49 | €800,065 | €985,289 | +€185,224 | +23.2% |
| Equity | 10/15 | €455,592 | €415,781 | -€39,811 | -8.7% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Outside capital | 11 | €420,000 | €420,000 | = | 0.0% |
| Other | 1109/19 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €122,408 | €118,165 | -€4,243 | -3.5% |
| Non-distributable reserves | 130/1 | €2 | €2 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2 | €2 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,812 | €111,569 | -€4,243 | -3.7% |
| Distributable reserves | 133 | €6,594 | €6,594 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,816 | -€122,384 | -€35,568 | -41.0% |
| Provisions and deferred taxes | 16 | €38,604 | €37,190 | -€1,414 | -3.7% |
| Deferred taxes | 168 | €38,604 | €37,190 | -€1,414 | -3.7% |
| Amounts payable | 17/49 | €305,869 | €532,318 | +€226,449 | +74.0% |
| Amounts payable after more than one year | 17 | €188,452 | €181,459 | -€6,993 | -3.7% |
| Financial debts | 170/4 | €188,452 | €181,459 | -€6,993 | -3.7% |
| Amounts payable within one year | 42/48 | €115,130 | €350,383 | +€235,254 | +204.3% |
| Current portion of amounts payable after more than one year | 42 | €6,704 | €6,993 | +€290 | +4.3% |
| Taxes, remuneration and social security | 45 | €346 | €884 | +€538 | +155.8% |
| Taxes | 450/3 | €346 | €884 | +€538 | +155.8% |
| Other amounts payable | 47/48 | €108,081 | €342,506 | +€234,425 | +216.9% |
| Accrued charges and deferred income | 492/3 | €2,287 | €476 | -€1,811 | -79.2% |
| Non-recurring operating income | 76A | €70,470 | €0 | -€70,470 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,722 | €29,196 | +€3,474 | +13.5% |
| Other operating charges | 640/8 | €43,316 | €28,021 | -€15,296 | -35.3% |
| Gross operating margin | 9900 | €98,234 | €24,263 | -€73,971 | -75.3% |
| Operating profit (loss) | 9901 | €29,196 | -€32,954 | -€62,149 | |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €9,427 | €8,285 | -€1,142 | -12.1% |
| Recurring financial charges | 65 | €9,427 | €8,285 | -€1,142 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €19,769 | -€41,225 | -€60,994 | |
| Transfer from deferred taxes | 780 | €1,153 | €1,414 | +€261 | +22.7% |
| Profit (loss) for the period | 9904 | €20,922 | -€39,811 | -€60,733 | |
| Transfer from tax-exempt reserves | 789 | €3,459 | €4,243 | +€784 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,381 | -€35,568 | -€59,948 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.