HELAG: 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.
HELAG
Largest movements
- Cash +€18,351
up €18,351 (+31.9%), from €57,515 to €75,866
mainly Other debts (+€28,797) and Depreciation (+€4,872)
- Tangible fixed assets +€9,268
up €9,268 (+52.3%), from €17,718 to €26,986
of which Furniture and vehicles: +€9,949
- Receivables within one year +€4,012
up €4,012 (+34.1%), from €11,781 to €15,792
of which Other amounts receivable: +€2,575
- Deferred charges and accrued income -€1,503
down €1,503 (-61.1%), from €2,459 to €956
- Other debts +€28,797
up €28,797 (+86.3%), from €33,378 to €62,174
- Trade debts -€3,207
down €3,207 (-29.8%), from €10,759 to €7,551
- Profit (loss) carried forward +€2,412
up €2,412 (+16.2%), from €14,876 to €17,288
- Tax, wage and social debts +€2,250
up €2,250 (+22.7%), from €9,932 to €12,182
- Financial charges +€55,215
up €55,215 (+27034.5%), from €204 to €55,420
- Gross operating margin +€30,860
up €30,860 (+88.7%), from €34,790 to €65,651
- Taxes -€7,509
down €7,509 (-75.4%), from €9,964 to €2,455
- Depreciation +€4,191
up €4,191 (+615.5%), from €681 to €4,872
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 | €89,473 | €119,601 | +€30,128 | +33.7% |
| Fixed assets | 21/28 | €17,718 | €26,986 | +€9,268 | +52.3% |
| Tangible fixed assets | 22/27 | €17,718 | €26,986 | +€9,268 | +52.3% |
| Land and buildings | 22 | €4,342 | €3,661 | -€681 | -15.7% |
| Furniture and vehicles | 24 | - | €9,949 | +€9,949 | |
| Other tangible fixed assets | 26 | €13,376 | €13,376 | = | 0.0% |
| Current assets | 29/58 | €71,756 | €92,615 | +€20,859 | +29.1% |
| Amounts receivable within one year | 40/41 | €11,781 | €15,792 | +€4,012 | +34.1% |
| Trade receivables | 40 | €1,811 | €3,247 | +€1,436 | +79.3% |
| Other amounts receivable | 41 | €9,970 | €12,545 | +€2,575 | +25.8% |
| Cash at bank and in hand | 54/58 | €57,515 | €75,866 | +€18,351 | +31.9% |
| Deferred charges and accrued income | 490/1 | €2,459 | €956 | -€1,503 | -61.1% |
| Total equity and liabilities | 10/49 | €89,473 | €119,601 | +€30,128 | +33.7% |
| Equity | 10/15 | €35,281 | €37,693 | +€2,412 | +6.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,876 | €17,288 | +€2,412 | +16.2% |
| Amounts payable | 17/49 | €54,192 | €81,908 | +€27,715 | +51.1% |
| Amounts payable within one year | 42/48 | €54,068 | €81,908 | +€27,839 | +51.5% |
| Trade debts | 44 | €10,759 | €7,551 | -€3,207 | -29.8% |
| Suppliers | 440/4 | €10,759 | €7,551 | -€3,207 | -29.8% |
| Taxes, remuneration and social security | 45 | €9,932 | €12,182 | +€2,250 | +22.7% |
| Taxes | 450/3 | €9,932 | €12,182 | +€2,250 | +22.7% |
| Other amounts payable | 47/48 | €33,378 | €62,174 | +€28,797 | +86.3% |
| Accrued charges and deferred income | 492/3 | €124 | - | -€124 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €681 | €4,872 | +€4,191 | +615.5% |
| Other operating charges | 640/8 | €802 | €505 | -€297 | -37.0% |
| Gross operating margin | 9900 | €34,790 | €65,651 | +€30,860 | +88.7% |
| Operating profit (loss) | 9901 | €33,308 | €60,274 | +€26,966 | +81.0% |
| Financial income | 75/76B | €194 | €13 | -€180 | -93.2% |
| Recurring financial income | 75 | €194 | €13 | -€180 | -93.2% |
| Financial charges | 65/66B | €204 | €55,420 | +€55,215 | +27034.5% |
| Recurring financial charges | 65 | €204 | €55,420 | +€55,215 | +27034.5% |
| Profit (loss) for the period before taxes | 9903 | €33,297 | €4,867 | -€28,430 | -85.4% |
| Income taxes | 67/77 | €9,964 | €2,455 | -€7,509 | -75.4% |
| Profit (loss) for the period | 9904 | €23,333 | €2,412 | -€20,921 | -89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,333 | €2,412 | -€20,921 | -89.7% |
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 5 October 2026 via checked.be.