HELCO: 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.
HELCO
Largest movements
- Stocks and contracts +€219,901
up €219,901 (+27.8%), from €792,205 to €1.0m
- Receivables within one year -€51,099
down €51,099 (-39.7%), from €128,773 to €77,675
of which Trade receivables: -€56,845
- Trade debts +€57,150
up €57,150 (+40.0%), from €143,005 to €200,155
- Short-term financial debts +€50,000
up €50,000 (+8.3%), from €600,000 to €650,000
- Other debts +€47,103
up €47,103 (+188.9%), from €24,933 to €72,036
- Profit (loss) carried forward +€14,803
up €14,803 (+65.3%), from -€22,664 to -€7,861
- Write-downs -€74,354
down €74,354, from €0 to -€74,354
- Other operating charges +€27,188
up €27,188 (+3185.7%), from €853 to €28,041
- Gross operating margin -€13,613
down €13,613 (-29.8%), from €45,674 to €32,061
- Financial charges +€11,350
up €11,350 (+27.0%), from €42,055 to €53,405
- Taxes +€5,223
up €5,223 (+399.6%), from €1,307 to €6,530
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 | €1,020,541 | €1,187,005 | +€166,464 | +16.3% |
| Fixed assets | 21/28 | €9,166 | €6,734 | -€2,432 | -26.5% |
| Tangible fixed assets | 22/27 | €9,166 | €6,734 | -€2,432 | -26.5% |
| Plant, machinery and equipment | 23 | €7,800 | €4,954 | -€2,846 | -36.5% |
| Furniture and vehicles | 24 | €1,366 | €1,780 | +€414 | +30.3% |
| Current assets | 29/58 | €1,011,375 | €1,180,270 | +€168,896 | +16.7% |
| Stocks and contracts in progress | 3 | €792,205 | €1,012,105 | +€219,901 | +27.8% |
| Stocks | 30/36 | €792,205 | €1,012,105 | +€219,901 | +27.8% |
| Amounts receivable within one year | 40/41 | €128,773 | €77,675 | -€51,099 | -39.7% |
| Trade receivables | 40 | €128,773 | €71,929 | -€56,845 | -44.1% |
| Other amounts receivable | 41 | €0 | €5,746 | +€5,746 | |
| Cash at bank and in hand | 54/58 | €89,041 | €89,131 | +€90 | +0.1% |
| Deferred charges and accrued income | 490/1 | €1,356 | €1,359 | +€4 | +0.3% |
| Total equity and liabilities | 10/49 | €1,020,541 | €1,187,005 | +€166,464 | +16.3% |
| Equity | 10/15 | €247,251 | €262,054 | +€14,803 | +6.0% |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €1,315 | €1,315 | = | 0.0% |
| Distributable reserves | 133 | €1,315 | €1,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,664 | -€7,861 | +€14,803 | +65.3% |
| Amounts payable | 17/49 | €773,290 | €924,951 | +€151,661 | +19.6% |
| Amounts payable within one year | 42/48 | €773,290 | €922,190 | +€148,900 | +19.3% |
| Financial debts | 43 | €600,000 | €650,000 | +€50,000 | +8.3% |
| Credit institutions | 430/8 | €600,000 | €650,000 | +€50,000 | +8.3% |
| Trade debts | 44 | €143,005 | €200,155 | +€57,150 | +40.0% |
| Suppliers | 440/4 | €143,005 | €200,155 | +€57,150 | +40.0% |
| Taxes, remuneration and social security | 45 | €5,353 | €0 | -€5,353 | -100.0% |
| Taxes | 450/3 | €5,353 | €0 | -€5,353 | -100.0% |
| Other amounts payable | 47/48 | €24,933 | €72,036 | +€47,103 | +188.9% |
| Accrued charges and deferred income | 492/3 | €0 | €2,761 | +€2,761 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,087 | €3,636 | +€548 | +17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€74,354 | -€74,354 | |
| Other operating charges | 640/8 | €853 | €28,041 | +€27,188 | +3185.7% |
| Gross operating margin | 9900 | €45,674 | €32,061 | -€13,613 | -29.8% |
| Operating profit (loss) | 9901 | €41,733 | €74,738 | +€33,004 | +79.1% |
| Financial income | 75/76B | €3,163 | €0 | -€3,163 | -100.0% |
| Recurring financial income | 75 | €3,163 | €0 | -€3,163 | -100.0% |
| Financial charges | 65/66B | €42,055 | €53,405 | +€11,350 | +27.0% |
| Recurring financial charges | 65 | €42,055 | €53,405 | +€11,350 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €2,841 | €21,333 | +€18,492 | +650.8% |
| Income taxes | 67/77 | €1,307 | €6,530 | +€5,223 | +399.6% |
| Profit (loss) for the period | 9904 | €1,534 | €14,803 | +€13,269 | +864.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,534 | €14,803 | +€13,269 | +864.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.