HELAGS: 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.
HELAGS
Largest movements
- Cash +€10,815
up €10,815 (+12.3%), from €88,192 to €99,007
mainly Net result for the year (+€11,074) and Depreciation (+€5,716)
- Tangible fixed assets -€5,716
down €5,716 (-16.9%), from €33,745 to €28,029
of which Land and buildings: -€4,504
- Reserves +€11,074
up €11,074 (+26.8%), from €41,311 to €52,385
- Other debts -€5,757
down €5,757 (-3.5%), from €163,589 to €157,832
- Taxes +€4,011
up €4,011, from -€68 to €3,943
- Gross operating margin -€2,897
down €2,897 (-12.4%), from €23,298 to €20,400
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 | €214,768 | €219,978 | +€5,210 | +2.4% |
| Fixed assets | 21/28 | €33,745 | €28,029 | -€5,716 | -16.9% |
| Tangible fixed assets | 22/27 | €33,745 | €28,029 | -€5,716 | -16.9% |
| Land and buildings | 22 | €31,491 | €26,988 | -€4,504 | -14.3% |
| Furniture and vehicles | 24 | €2,253 | €1,041 | -€1,212 | -53.8% |
| Current assets | 29/58 | €181,024 | €191,950 | +€10,926 | +6.0% |
| Amounts receivable after more than one year | 29 | €12,500 | €12,500 | = | 0.0% |
| Other amounts receivable | 291 | €12,500 | €12,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €73,992 | €74,657 | +€665 | +0.9% |
| Trade receivables | 40 | €72,600 | €72,600 | = | 0.0% |
| Other amounts receivable | 41 | €1,392 | €2,057 | +€665 | +47.8% |
| Cash at bank and in hand | 54/58 | €88,192 | €99,007 | +€10,815 | +12.3% |
| Deferred charges and accrued income | 490/1 | €6,340 | €5,785 | -€555 | -8.7% |
| Total equity and liabilities | 10/49 | €214,768 | €219,978 | +€5,210 | +2.4% |
| Equity | 10/15 | €42,311 | €53,385 | +€11,074 | +26.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €41,311 | €52,385 | +€11,074 | +26.8% |
| Distributable reserves | 133 | €41,311 | €52,385 | +€11,074 | +26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €172,458 | €166,593 | -€5,864 | -3.4% |
| Amounts payable within one year | 42/48 | €172,458 | €166,593 | -€5,864 | -3.4% |
| Financial debts | 43 | €22 | €0 | -€22 | -100.0% |
| Credit institutions | 430/8 | €22 | €0 | -€22 | -100.0% |
| Trade debts | 44 | €2,755 | €859 | -€1,895 | -68.8% |
| Suppliers | 440/4 | €2,755 | €859 | -€1,895 | -68.8% |
| Taxes, remuneration and social security | 45 | €6,092 | €7,902 | +€1,810 | +29.7% |
| Taxes | 450/3 | €6,092 | €7,902 | +€1,810 | +29.7% |
| Other amounts payable | 47/48 | €163,589 | €157,832 | -€5,757 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,750 | €5,716 | -€34 | -0.6% |
| Other operating charges | 640/8 | €606 | €462 | -€144 | -23.8% |
| Gross operating margin | 9900 | €23,298 | €20,400 | -€2,897 | -12.4% |
| Operating profit (loss) | 9901 | €16,942 | €14,222 | -€2,720 | -16.1% |
| Financial income | 75/76B | €902 | €811 | -€91 | -10.1% |
| Recurring financial income | 75 | €902 | €811 | -€91 | -10.1% |
| Financial charges | 65/66B | €82 | €17 | -€66 | -79.7% |
| Recurring financial charges | 65 | €82 | €17 | -€66 | -79.7% |
| Profit (loss) for the period before taxes | 9903 | €17,762 | €15,017 | -€2,745 | -15.5% |
| Income taxes | 67/77 | -€68 | €3,943 | +€4,011 | |
| Profit (loss) for the period | 9904 | €17,830 | €11,074 | -€6,756 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,830 | €11,074 | -€6,756 | -37.9% |
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 9 October 2026 via checked.be.