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
- Current investments +€35,340
up €35,340 (+12.8%), from €275,273 to €310,613
- Receivables within one year -€19,834
down €19,834 (-91.9%), from €21,572 to €1,738
of which Trade receivables: -€19,438
- Tangible fixed assets -€12,283
down €12,283 (-11.0%), from €111,461 to €99,177
of which Land and buildings: -€14,625
- Reserves +€26,803
up €26,803 (+25.0%), from €107,080 to €133,884
- Other debts -€16,022
down €16,022 (-7.4%), from €216,179 to €200,158
- Advances received -€12,840
down €12,840 (-26.5%), from €48,483 to €35,643
- Debts after one year -€9,710
down €9,710 (-23.7%), from €41,031 to €31,321
- Trade debts +€6,358
up €6,358, from €0 to €6,358
- Gross operating margin +€7,080
up €7,080 (+13.1%), from €53,899 to €60,979
- Taxes +€5,851
up €5,851 (+106.8%), from €5,477 to €11,328
- Financial income +€5,548
up €5,548 (+104.9%), from €5,289 to €10,837
- Write-downs -€5,390
down €5,390, from €3,657 to -€1,734
- Depreciation -€4,164
down €4,164 (-18.0%), from €23,166 to €19,002
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 | €486,451 | €483,859 | -€2,592 | -0.5% |
| Fixed assets | 21/28 | €127,413 | €112,629 | -€14,783 | -11.6% |
| Intangible fixed assets | 21 | €15,952 | €13,452 | -€2,500 | -15.7% |
| Tangible fixed assets | 22/27 | €111,461 | €99,177 | -€12,283 | -11.0% |
| Land and buildings | 22 | €109,688 | €95,063 | -€14,625 | -13.3% |
| Furniture and vehicles | 24 | €1,773 | €4,115 | +€2,342 | +132.0% |
| Current assets | 29/58 | €359,039 | €371,230 | +€12,191 | +3.4% |
| Amounts receivable within one year | 40/41 | €21,572 | €1,738 | -€19,834 | -91.9% |
| Trade receivables | 40 | €20,591 | €1,153 | -€19,438 | -94.4% |
| Other amounts receivable | 41 | €981 | €584 | -€396 | -40.4% |
| Current investments | 50/53 | €275,273 | €310,613 | +€35,340 | +12.8% |
| Cash at bank and in hand | 54/58 | €60,796 | €57,318 | -€3,479 | -5.7% |
| Deferred charges and accrued income | 490/1 | €1,398 | €1,562 | +€164 | +11.8% |
| Total equity and liabilities | 10/49 | €486,451 | €483,859 | -€2,592 | -0.5% |
| Equity | 10/15 | €157,080 | €183,884 | +€26,803 | +17.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €107,080 | €133,884 | +€26,803 | +25.0% |
| Distributable reserves | 133 | €107,080 | €133,884 | +€26,803 | +25.0% |
| Amounts payable | 17/49 | €329,371 | €299,975 | -€29,396 | -8.9% |
| Amounts payable after more than one year | 17 | €41,031 | €31,321 | -€9,710 | -23.7% |
| Financial debts | 170/4 | €41,031 | €31,321 | -€9,710 | -23.7% |
| Amounts payable within one year | 42/48 | €276,655 | €258,186 | -€18,468 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €10,083 | €9,710 | -€373 | -3.7% |
| Trade debts | 44 | €0 | €6,358 | +€6,358 | |
| Suppliers | 440/4 | €0 | €6,358 | +€6,358 | |
| Advances received on contracts in progress | 46 | €48,483 | €35,643 | -€12,840 | -26.5% |
| Taxes, remuneration and social security | 45 | €1,909 | €6,317 | +€4,408 | +230.8% |
| Taxes | 450/3 | €1,909 | €6,317 | +€4,408 | +230.8% |
| Other amounts payable | 47/48 | €216,179 | €200,158 | -€16,022 | -7.4% |
| Accrued charges and deferred income | 492/3 | €11,685 | €10,467 | -€1,217 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,166 | €19,002 | -€4,164 | -18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,657 | -€1,734 | -€5,390 | |
| Other operating charges | 640/8 | €4,275 | €4,205 | -€70 | -1.6% |
| Gross operating margin | 9900 | €53,899 | €60,979 | +€7,080 | +13.1% |
| Operating profit (loss) | 9901 | €22,801 | €39,505 | +€16,704 | +73.3% |
| Financial income | 75/76B | €5,289 | €10,837 | +€5,548 | +104.9% |
| Recurring financial income | 75 | €5,289 | €10,837 | +€5,548 | +104.9% |
| Financial charges | 65/66B | €12,977 | €12,211 | -€766 | -5.9% |
| Recurring financial charges | 65 | €12,977 | €12,211 | -€766 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €15,113 | €38,132 | +€23,018 | +152.3% |
| Income taxes | 67/77 | €5,477 | €11,328 | +€5,851 | +106.8% |
| Profit (loss) for the period | 9904 | €9,636 | €26,803 | +€17,167 | +178.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,636 | €26,803 | +€17,167 | +178.1% |
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 4 October 2026 via checked.be.