HELA: 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.
HELA
Largest movements
- Cash -€22,105
down €22,105 (-54.8%), from €40,307 to €18,202
mainly Trade debts (-€15,846) and Investment in fixed assets (net) (-€15,766)
- Current investments -€16,861
down €16,861 (-87.1%), from €19,368 to €2,507
- Receivables within one year +€14,666
up €14,666 (+129%), from €11,346 to €26,011
of which Other amounts receivable: +€8,412
- Tangible fixed assets -€12,573
down €12,573 (-6.3%), from €199,355 to €186,782
of which Other tangible fixed assets: -€15,348
- Deferred charges and accrued income +€3,882
up €3,882 (+125%), from €3,094 to €6,976
- Trade debts -€15,846
down €15,846 (-52.0%), from €30,450 to €14,604
- Debts after one year -€12,033
down €12,033 (-8.7%), from €138,514 to €126,481
- Tax, wage and social debts -€5,080
down €5,080 (-36.3%), from €13,989 to €8,908
of which Taxes: -€5,080
- Other debts -€4,286
down €4,286 (-100%), from €4,286 to €0
- Reserves +€3,412
up €3,412 (+5.7%), from €59,782 to €63,194
- Depreciation +€9,086
up €9,086 (+47.2%), from €19,252 to €28,339
- Gross operating margin -€5,615
down €5,615 (-11.8%), from €47,711 to €42,096
- Taxes -€3,983
down €3,983 (-58.2%), from €6,844 to €2,861
- Financial income +€1,201
up €1,201 (+278%), from €432 to €1,632
- Financial charges +€1,168
up €1,168 (+18.1%), from €6,454 to €7,623
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 | €323,470 | €290,479 | -€32,991 | -10.2% |
| Fixed assets | 21/28 | €199,355 | €186,782 | -€12,573 | -6.3% |
| Tangible fixed assets | 22/27 | €199,355 | €186,782 | -€12,573 | -6.3% |
| Plant, machinery and equipment | 23 | €2,123 | €5,727 | +€3,604 | +170% |
| Furniture and vehicles | 24 | €4,217 | €10,719 | +€6,502 | +154% |
| Leasing and similar rights | 25 | €36,613 | €29,282 | -€7,331 | -20.0% |
| Other tangible fixed assets | 26 | €156,402 | €141,054 | -€15,348 | -9.8% |
| Current assets | 29/58 | €124,115 | €103,697 | -€20,418 | -16.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,346 | €26,011 | +€14,666 | +129% |
| Trade receivables | 40 | €9,238 | €15,491 | +€6,253 | +67.7% |
| Other amounts receivable | 41 | €2,108 | €10,520 | +€8,412 | +399% |
| Current investments | 50/53 | €19,368 | €2,507 | -€16,861 | -87.1% |
| Cash at bank and in hand | 54/58 | €40,307 | €18,202 | -€22,105 | -54.8% |
| Deferred charges and accrued income | 490/1 | €3,094 | €6,976 | +€3,882 | +125% |
| Total equity and liabilities | 10/49 | €323,470 | €290,479 | -€32,991 | -10.2% |
| Equity | 10/15 | €117,989 | €121,401 | +€3,412 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,782 | €63,194 | +€3,412 | +5.7% |
| Distributable reserves | 133 | €59,782 | €63,194 | +€3,412 | +5.7% |
| Profit (loss) carried forward | 14 | €39,607 | €39,607 | = | 0.0% |
| Amounts payable | 17/49 | €205,481 | €169,077 | -€36,404 | -17.7% |
| Amounts payable after more than one year | 17 | €138,514 | €126,481 | -€12,033 | -8.7% |
| Financial debts | 170/4 | €138,514 | €126,481 | -€12,033 | -8.7% |
| Amounts payable within one year | 42/48 | €66,968 | €42,486 | -€24,482 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €18,243 | €18,974 | +€731 | +4.0% |
| Trade debts | 44 | €30,450 | €14,604 | -€15,846 | -52.0% |
| Suppliers | 440/4 | €30,450 | €14,604 | -€15,846 | -52.0% |
| Taxes, remuneration and social security | 45 | €13,989 | €8,908 | -€5,080 | -36.3% |
| Taxes | 450/3 | €8,389 | €3,308 | -€5,080 | -60.6% |
| Remuneration and social security | 454/9 | €5,600 | €5,600 | = | 0.0% |
| Other amounts payable | 47/48 | €4,286 | €0 | -€4,286 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €111 | +€111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,252 | €28,339 | +€9,086 | +47.2% |
| Other operating charges | 640/8 | €1,547 | €1,493 | -€54 | -3.5% |
| Gross operating margin | 9900 | €47,711 | €42,096 | -€5,615 | -11.8% |
| Operating profit (loss) | 9901 | €26,911 | €12,264 | -€14,647 | -54.4% |
| Financial income | 75/76B | €432 | €1,632 | +€1,201 | +278% |
| Recurring financial income | 75 | €432 | €1,632 | +€1,201 | +278% |
| Financial charges | 65/66B | €6,454 | €7,623 | +€1,168 | +18.1% |
| Recurring financial charges | 65 | €6,454 | €7,623 | +€1,168 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €20,888 | €6,273 | -€14,615 | -70.0% |
| Income taxes | 67/77 | €6,844 | €2,861 | -€3,983 | -58.2% |
| Profit (loss) for the period | 9904 | €14,045 | €3,412 | -€10,633 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,045 | €3,412 | -€10,633 | -75.7% |
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 26 October 2026 via checked.be.