HEIVELD: 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.
HEIVELD
Largest movements
- Tangible fixed assets -€94,812
down €94,812 (-7.6%), from €1.2m to €1.2m
of which Land and buildings: -€78,980
- Receivables within one year +€24,728
up €24,728 (+87.0%), from €28,418 to €53,146
of which Trade receivables: +€23,509
- Cash -€21,737
down €21,737 (-24.4%), from €89,059 to €67,323
mainly Debts after one year (-€108,161) and Contributions, distributions and other (-€77,915)
- Debts after one year -€108,161
down €108,161 (-14.9%), from €727,219 to €619,058
- Profit (loss) carried forward +€43,485
up €43,485 (+46.4%), from €93,692 to €137,177
- Investment grants -€17,915
down €17,915 (-8.0%), from €223,938 to €206,023
- Provisions -€30,595
down €30,595, from €24,480 to -€6,115
- Financial charges -€19,737
down €19,737 (-34.3%), from €57,612 to €37,875
- Taxes +€13,139
up €13,139 (+61.3%), from €21,434 to €34,573
- Gross operating margin +€4,923
up €4,923 (+1.5%), from €322,057 to €326,980
- Depreciation +€3,440
up €3,440 (+2.6%), from €130,693 to €134,133
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 | €1,389,801 | €1,298,654 | -€91,147 | -6.6% |
| Formation expenses | 20 | €5,512 | €3,605 | -€1,906 | -34.6% |
| Fixed assets | 21/28 | €1,254,812 | €1,155,080 | -€99,732 | -7.9% |
| Tangible fixed assets | 22/27 | €1,249,892 | €1,155,080 | -€94,812 | -7.6% |
| Land and buildings | 22 | €1,165,425 | €1,086,445 | -€78,980 | -6.8% |
| Plant, machinery and equipment | 23 | €69,973 | €55,487 | -€14,486 | -20.7% |
| Furniture and vehicles | 24 | €9,689 | €9,452 | -€237 | -2.4% |
| Other tangible fixed assets | 26 | €4,806 | €3,697 | -€1,109 | -23.1% |
| Financial fixed assets | 28 | €4,920 | €0 | -€4,920 | -100% |
| Current assets | 29/58 | €129,477 | €139,969 | +€10,492 | +8.1% |
| Amounts receivable within one year | 40/41 | €28,418 | €53,146 | +€24,728 | +87.0% |
| Trade receivables | 40 | €27,211 | €50,720 | +€23,509 | +86.4% |
| Other amounts receivable | 41 | €1,207 | €2,426 | +€1,219 | +101% |
| Cash at bank and in hand | 54/58 | €89,059 | €67,323 | -€21,737 | -24.4% |
| Deferred charges and accrued income | 490/1 | €12,000 | €19,500 | +€7,500 | +62.5% |
| Total equity and liabilities | 10/49 | €1,389,801 | €1,298,654 | -€91,147 | -6.6% |
| Equity | 10/15 | €537,630 | €563,200 | +€25,570 | +4.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €93,692 | €137,177 | +€43,485 | +46.4% |
| Investment grants | 15 | €223,938 | €206,023 | -€17,915 | -8.0% |
| Provisions and deferred taxes | 16 | €24,480 | €18,365 | -€6,115 | -25.0% |
| Provisions for liabilities and charges | 160/5 | €24,480 | €18,365 | -€6,115 | -25.0% |
| Other liabilities and charges | 164/5 | €24,480 | €18,365 | -€6,115 | -25.0% |
| Amounts payable | 17/49 | €827,692 | €717,090 | -€110,602 | -13.4% |
| Amounts payable after more than one year | 17 | €727,219 | €619,058 | -€108,161 | -14.9% |
| Financial debts | 170/4 | €727,219 | €619,058 | -€108,161 | -14.9% |
| Amounts payable within one year | 42/48 | €93,001 | €90,560 | -€2,441 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €52,025 | €54,328 | +€2,303 | +4.4% |
| Trade debts | 44 | €30,476 | €25,916 | -€4,560 | -15.0% |
| Suppliers | 440/4 | €30,476 | €25,916 | -€4,560 | -15.0% |
| Taxes, remuneration and social security | 45 | €10,499 | €10,316 | -€184 | -1.7% |
| Taxes | 450/3 | €7,534 | €7,381 | -€153 | -2.0% |
| Remuneration and social security | 454/9 | €2,965 | €2,935 | -€30 | -1.0% |
| Accrued charges and deferred income | 492/3 | €7,472 | €7,472 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €35,847 | €34,522 | -€1,324 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,693 | €134,133 | +€3,440 | +2.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €24,480 | -€6,115 | -€30,595 | |
| Other operating charges | 640/8 | €6,563 | €6,500 | -€63 | -1.0% |
| Gross operating margin | 9900 | €322,057 | €326,980 | +€4,923 | +1.5% |
| Operating profit (loss) | 9901 | €124,474 | €157,939 | +€33,465 | +26.9% |
| Financial income | 75/76B | €17,921 | €17,994 | +€73 | +0.4% |
| Recurring financial income | 75 | €17,921 | €17,994 | +€73 | +0.4% |
| Financial charges | 65/66B | €57,612 | €37,875 | -€19,737 | -34.3% |
| Recurring financial charges | 65 | €57,612 | €37,875 | -€19,737 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €84,783 | €138,058 | +€53,275 | +62.8% |
| Income taxes | 67/77 | €21,434 | €34,573 | +€13,139 | +61.3% |
| Profit (loss) for the period | 9904 | €63,349 | €103,485 | +€40,136 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,349 | €103,485 | +€40,136 | +63.4% |
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 16 October 2026 via checked.be.