Helbinor: 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.
Helbinor
Largest movements
- Receivables within one year +€11,575
up €11,575 (+30.8%), from €37,581 to €49,156
of which Other amounts receivable: +€15,524
- Current investments -€9,785
down €9,785 (-51.2%), from €19,093 to €9,309
- Tangible fixed assets +€6,131
up €6,131 (+16.6%), from €36,915 to €43,046
of which Land and buildings: +€5,444
- Cash -€5,292
down €5,292 (-56.4%), from €9,376 to €4,083
mainly Debts after one year (-€20,302) and Investment in fixed assets (net) (-€12,612)
- Reserves +€32,346
up €32,346 (+26.9%), from €120,374 to €152,720
- Tax, wage and social debts +€21,962
up €21,962 (+202.1%), from €10,867 to €32,828
of which Taxes: +€16,343
- Debts after one year -€20,302
down €20,302 (-16.4%), from €123,521 to €103,219
- Other debts -€11,521
down €11,521 (-39.5%), from €29,179 to €17,658
- Current portion of long-term debt -€9,905
down €9,905 (-55.9%), from €17,707 to €7,802
- Gross operating margin +€41,744
up €41,744 (+294.2%), from €14,191 to €55,935
- Taxes +€10,818
up €10,818 (+342.4%), from €3,159 to €13,977
- Financial charges +€2,750
up €2,750 (+142.5%), from €1,930 to €4,680
- Financial income +€2,406
up €2,406 (+14617.1%), from €16 to €2,422
of which Non-recurring financial income: +€2,421
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 | €318,258 | €322,531 | +€4,273 | +1.3% |
| Fixed assets | 21/28 | €245,915 | €252,046 | +€6,131 | +2.5% |
| Tangible fixed assets | 22/27 | €36,915 | €43,046 | +€6,131 | +16.6% |
| Land and buildings | 22 | €35,961 | €41,406 | +€5,444 | +15.1% |
| Furniture and vehicles | 24 | €953 | €1,640 | +€687 | +72.1% |
| Financial fixed assets | 28 | €209,000 | €209,000 | = | 0.0% |
| Current assets | 29/58 | €72,344 | €70,485 | -€1,858 | -2.6% |
| Amounts receivable within one year | 40/41 | €37,581 | €49,156 | +€11,575 | +30.8% |
| Trade receivables | 40 | €13,650 | €9,701 | -€3,949 | -28.9% |
| Other amounts receivable | 41 | €23,931 | €39,455 | +€15,524 | +64.9% |
| Current investments | 50/53 | €19,093 | €9,309 | -€9,785 | -51.2% |
| Cash at bank and in hand | 54/58 | €9,376 | €4,083 | -€5,292 | -56.4% |
| Deferred charges and accrued income | 490/1 | €6,294 | €7,938 | +€1,644 | +26.1% |
| Total equity and liabilities | 10/49 | €318,258 | €322,531 | +€4,273 | +1.3% |
| Equity | 10/15 | €121,374 | €153,720 | +€32,346 | +26.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €120,374 | €152,720 | +€32,346 | +26.9% |
| Distributable reserves | 133 | €120,374 | €152,720 | +€32,346 | +26.9% |
| Amounts payable | 17/49 | €196,884 | €168,811 | -€28,073 | -14.3% |
| Amounts payable after more than one year | 17 | €123,521 | €103,219 | -€20,302 | -16.4% |
| Financial debts | 170/4 | €123,521 | €103,219 | -€20,302 | -16.4% |
| Amounts payable within one year | 42/48 | €70,795 | €65,592 | -€5,203 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €17,707 | €7,802 | -€9,905 | -55.9% |
| Trade debts | 44 | €13,042 | €7,304 | -€5,738 | -44.0% |
| Suppliers | 440/4 | €13,042 | €7,304 | -€5,738 | -44.0% |
| Taxes, remuneration and social security | 45 | €10,867 | €32,828 | +€21,962 | +202.1% |
| Taxes | 450/3 | €10,867 | €27,209 | +€16,343 | +150.4% |
| Remuneration and social security | 454/9 | €0 | €5,619 | +€5,619 | |
| Other amounts payable | 47/48 | €29,179 | €17,658 | -€11,521 | -39.5% |
| Accrued charges and deferred income | 492/3 | €2,568 | €0 | -€2,568 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,976 | €6,480 | +€505 | +8.4% |
| Other operating charges | 640/8 | €581 | €874 | +€293 | +50.5% |
| Gross operating margin | 9900 | €14,191 | €55,935 | +€41,744 | +294.2% |
| Operating profit (loss) | 9901 | €7,635 | €48,581 | +€40,946 | +536.3% |
| Financial income | 75/76B | €16 | €2,422 | +€2,406 | +14617.1% |
| Recurring financial income | 75 | €16 | €1 | -€15 | -92.9% |
| Non-recurring financial income | 76B | - | €2,421 | +€2,421 | |
| Financial charges | 65/66B | €1,930 | €4,680 | +€2,750 | +142.5% |
| Recurring financial charges | 65 | €1,930 | €4,680 | +€2,750 | +142.5% |
| Profit (loss) for the period before taxes | 9903 | €5,722 | €46,323 | +€40,602 | +709.6% |
| Income taxes | 67/77 | €3,159 | €13,977 | +€10,818 | +342.4% |
| Profit (loss) for the period | 9904 | €2,562 | €32,346 | +€29,784 | +1162.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,562 | €32,346 | +€29,784 | +1162.5% |
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 11 October 2026 via checked.be.