HELA: 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.
HELA
Largest movements
- Receivables within one year +€247,750
up €247,750 (+624.1%), from €39,699 to €287,449
of which Trade receivables: +€281,884
- Current investments +€164,371
up €164,371 (+21.7%), from €758,230 to €922,601
- Stocks and contracts -€114,836
down €114,836 (-23.1%), from €497,172 to €382,336
- Tangible fixed assets -€93,425
down €93,425 (-3.8%), from €2.5m to €2.4m
- Cash -€54,704
down €54,704 (-15.4%), from €354,646 to €299,942
mainly Receivables within one year (-€247,750) and Current investments (-€164,371)
- Reserves +€187,463
up €187,463 (+7.4%), from €2.5m to €2.7m
of which Distributable reserves: +€226,365
- Gross operating margin +€66,300
up €66,300 (+31.4%), from €211,143 to €277,443
- Financial income +€53,689
up €53,689 (+221.0%), from €24,295 to €77,984
- Taxes +€16,619
up €16,619 (+46.7%), from €35,599 to €52,218
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 | €4,105,797 | €4,254,768 | +€148,971 | +3.6% |
| Fixed assets | 21/28 | €2,455,865 | €2,362,440 | -€93,425 | -3.8% |
| Tangible fixed assets | 22/27 | €2,455,865 | €2,362,440 | -€93,425 | -3.8% |
| Land and buildings | 22 | €2,455,865 | €2,362,440 | -€93,425 | -3.8% |
| Current assets | 29/58 | €1,649,932 | €1,892,328 | +€242,396 | +14.7% |
| Stocks and contracts in progress | 3 | €497,172 | €382,336 | -€114,836 | -23.1% |
| Stocks | 30/36 | €497,172 | €382,336 | -€114,836 | -23.1% |
| Amounts receivable within one year | 40/41 | €39,699 | €287,449 | +€247,750 | +624.1% |
| Trade receivables | 40 | €0 | €281,884 | +€281,884 | |
| Other amounts receivable | 41 | €39,699 | €5,565 | -€34,134 | -86.0% |
| Current investments | 50/53 | €758,230 | €922,601 | +€164,371 | +21.7% |
| Cash at bank and in hand | 54/58 | €354,646 | €299,942 | -€54,704 | -15.4% |
| Deferred charges and accrued income | 490/1 | €185 | €0 | -€185 | -100.0% |
| Total equity and liabilities | 10/49 | €4,105,797 | €4,254,768 | +€148,971 | +3.6% |
| Equity | 10/15 | €3,835,303 | €4,022,766 | +€187,463 | +4.9% |
| Contributions | 10/11 | €1,300,000 | €1,300,000 | = | 0.0% |
| Outside capital | 11 | - | €1,300,000 | +€1.3m | |
| Other | 1109/19 | - | €1,300,000 | +€1.3m | |
| Reserves | 13 | €2,535,303 | €2,722,766 | +€187,463 | +7.4% |
| Non-distributable reserves | 130/1 | €130,000 | €130,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €130,000 | €130,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €593,194 | €554,292 | -€38,902 | -6.6% |
| Distributable reserves | 133 | €1,812,110 | €2,038,474 | +€226,365 | +12.5% |
| Provisions and deferred taxes | 16 | €197,731 | €184,764 | -€12,967 | -6.6% |
| Deferred taxes | 168 | €197,731 | €184,764 | -€12,967 | -6.6% |
| Amounts payable | 17/49 | €72,763 | €47,238 | -€25,525 | -35.1% |
| Amounts payable within one year | 42/48 | €72,763 | €47,238 | -€25,525 | -35.1% |
| Trade debts | 44 | €14,073 | €2,838 | -€11,236 | -79.8% |
| Suppliers | 440/4 | €14,073 | €2,838 | -€11,236 | -79.8% |
| Taxes, remuneration and social security | 45 | €28,675 | €14,385 | -€14,289 | -49.8% |
| Taxes | 450/3 | €28,675 | €14,385 | -€14,289 | -49.8% |
| Other amounts payable | 47/48 | €30,015 | €30,015 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,418 | €93,425 | +€7 | 0.0% |
| Other operating charges | 640/8 | €25,257 | €27,593 | +€2,336 | +9.2% |
| Gross operating margin | 9900 | €211,143 | €277,443 | +€66,300 | +31.4% |
| Operating profit (loss) | 9901 | €92,467 | €156,424 | +€63,957 | +69.2% |
| Financial income | 75/76B | €24,295 | €77,984 | +€53,689 | +221.0% |
| Recurring financial income | 75 | €24,295 | €77,984 | +€53,689 | +221.0% |
| Financial charges | 65/66B | €6,105 | €7,695 | +€1,590 | +26.0% |
| Recurring financial charges | 65 | €6,105 | €7,695 | +€1,590 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €110,657 | €226,714 | +€116,056 | +104.9% |
| Transfer from deferred taxes | 780 | €12,967 | €12,967 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €35,599 | €52,218 | +€16,619 | +46.7% |
| Profit (loss) for the period | 9904 | €88,025 | €187,463 | +€99,438 | +113.0% |
| Transfer from tax-exempt reserves | 789 | €38,902 | €38,902 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €126,927 | €226,365 | +€99,438 | +78.3% |
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 2 October 2026 via checked.be.