HEIRO: 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.
HEIRO
Largest movements
- Financial fixed assets +€49,599
up €49,599 (+99.3%), from €49,930 to €99,529
- Cash -€38,976
down €38,976 (-36.8%), from €106,006 to €67,029
mainly Investment in fixed assets (net) (-€49,599) and Net result for the year (-€6,120)
- Tangible fixed assets -€23,124
down €23,124 (-4.9%), from €467,305 to €444,181
of which Land and buildings: -€13,552
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€3,461
up €3,461 (+12.1%), from €28,697 to €32,158
- Financial income +€1,011
new in 2025: €1,011
- Depreciation +€750
up €750 (+3.4%), from €22,374 to €23,124
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 | €623,963 | €612,927 | -€11,036 | -1.8% |
| Fixed assets | 21/28 | €517,235 | €543,709 | +€26,475 | +5.1% |
| Tangible fixed assets | 22/27 | €467,305 | €444,181 | -€23,124 | -4.9% |
| Land and buildings | 22 | €417,456 | €403,904 | -€13,552 | -3.2% |
| Plant, machinery and equipment | 23 | €13,694 | €12,973 | -€721 | -5.3% |
| Furniture and vehicles | 24 | €36,155 | €27,304 | -€8,851 | -24.5% |
| Financial fixed assets | 28 | €49,930 | €99,529 | +€49,599 | +99.3% |
| Current assets | 29/58 | €106,728 | €69,218 | -€37,510 | -35.1% |
| Amounts receivable within one year | 40/41 | - | €137 | +€137 | |
| Other amounts receivable | 41 | - | €137 | +€137 | |
| Cash at bank and in hand | 54/58 | €106,006 | €67,029 | -€38,976 | -36.8% |
| Deferred charges and accrued income | 490/1 | €722 | €2,051 | +€1,328 | +183.9% |
| Total equity and liabilities | 10/49 | €623,963 | €612,927 | -€11,036 | -1.8% |
| Equity | 10/15 | €52,091 | €45,971 | -€6,120 | -11.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€147,909 | -€154,029 | -€6,120 | -4.1% |
| Amounts payable | 17/49 | €571,871 | €566,955 | -€4,916 | -0.9% |
| Amounts payable after more than one year | 17 | €557,155 | €551,736 | -€5,419 | -1.0% |
| Financial debts | 170/4 | €411,208 | €415,300 | +€4,092 | +1.0% |
| Other amounts payable | 178/9 | €145,947 | €136,436 | -€9,511 | -6.5% |
| Amounts payable within one year | 42/48 | €3,390 | €3,949 | +€559 | +16.5% |
| Trade debts | 44 | €1,452 | €2,094 | +€642 | +44.2% |
| Suppliers | 440/4 | €1,452 | €2,094 | +€642 | +44.2% |
| Taxes, remuneration and social security | 45 | €1,938 | €1,855 | -€83 | -4.3% |
| Taxes | 450/3 | €1,938 | €1,855 | -€83 | -4.3% |
| Accrued charges and deferred income | 492/3 | €11,326 | €11,270 | -€56 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,374 | €23,124 | +€750 | +3.4% |
| Other operating charges | 640/8 | €6,101 | €6,143 | +€42 | +0.7% |
| Gross operating margin | 9900 | €28,697 | €32,158 | +€3,461 | +12.1% |
| Operating profit (loss) | 9901 | €221 | €2,891 | +€2,670 | +1206.5% |
| Financial income | 75/76B | - | €1,011 | +€1,011 | |
| Recurring financial income | 75 | - | €1,011 | +€1,011 | |
| Financial charges | 65/66B | €10,032 | €9,857 | -€176 | -1.8% |
| Recurring financial charges | 65 | €10,032 | €9,857 | -€176 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,811 | -€5,954 | +€3,857 | +39.3% |
| Income taxes | 67/77 | €161 | €166 | +€5 | +2.9% |
| Profit (loss) for the period | 9904 | -€9,972 | -€6,120 | +€3,852 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,972 | -€6,120 | +€3,852 | +38.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.