HELDO: 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.
HELDO
Largest movements
- Tangible fixed assets -€18,497
down €18,497 (-23.0%), from €80,462 to €61,966
- Cash +€8,376
up €8,376 (+117480.4%), from €7 to €8,383
mainly Investment in fixed assets (net) (+€12,429) and Depreciation (+€6,068)
- Tax, wage and social debts -€6,542
down €6,542 (-92.8%), from €7,047 to €505
of which Remuneration and social security: -€4,793
- Short-term financial debts -€6,193
no longer reported in 2025 (was €6,193)
- Profit (loss) carried forward +€6,040
up €6,040 (+75.9%), from -€7,957 to -€1,917
- Current portion of long-term debt -€5,177
no longer reported in 2025 (was €5,177)
- Other debts +€1,310
up €1,310 (+28.4%), from €4,615 to €5,925
- Gross operating margin +€9,901
up €9,901 (+54.7%), from €18,102 to €28,002
- Depreciation -€9,507
down €9,507 (-61.0%), from €15,575 to €6,068
- Other operating charges -€4,221
down €4,221 (-69.3%), from €6,093 to €1,872
- Staff costs -€2,809
down €2,809 (-97.1%), from €2,893 to €84
- Taxes +€679
new in 2025: €679
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 | €82,164 | €71,517 | -€10,647 | -13.0% |
| Fixed assets | 21/28 | €80,462 | €61,966 | -€18,497 | -23.0% |
| Tangible fixed assets | 22/27 | €80,462 | €61,966 | -€18,497 | -23.0% |
| Plant, machinery and equipment | 23 | €6,579 | - | -€6,579 | |
| Furniture and vehicles | 24 | €68,034 | €61,966 | -€6,068 | -8.9% |
| Other tangible fixed assets | 26 | €5,850 | - | -€5,850 | |
| Current assets | 29/58 | €1,702 | €9,552 | +€7,850 | +461.2% |
| Amounts receivable within one year | 40/41 | €704 | €861 | +€157 | +22.4% |
| Other amounts receivable | 41 | €704 | €861 | +€157 | +22.4% |
| Cash at bank and in hand | 54/58 | €7 | €8,383 | +€8,376 | +117480.4% |
| Deferred charges and accrued income | 490/1 | €991 | €307 | -€684 | -69.0% |
| Total equity and liabilities | 10/49 | €82,164 | €71,517 | -€10,647 | -13.0% |
| Equity | 10/15 | €58,762 | €64,801 | +€6,040 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,118 | €48,118 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,258 | €46,258 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,957 | -€1,917 | +€6,040 | +75.9% |
| Amounts payable | 17/49 | €23,403 | €6,716 | -€16,687 | -71.3% |
| Amounts payable within one year | 42/48 | €23,403 | €6,716 | -€16,687 | -71.3% |
| Current portion of amounts payable after more than one year | 42 | €5,177 | - | -€5,177 | |
| Financial debts | 43 | €6,193 | - | -€6,193 | |
| Credit institutions | 430/8 | €6,193 | - | -€6,193 | |
| Trade debts | 44 | €370 | €286 | -€85 | -22.8% |
| Suppliers | 440/4 | €370 | €286 | -€85 | -22.8% |
| Taxes, remuneration and social security | 45 | €7,047 | €505 | -€6,542 | -92.8% |
| Taxes | 450/3 | €2,253 | €505 | -€1,748 | -77.6% |
| Remuneration and social security | 454/9 | €4,793 | - | -€4,793 | |
| Other amounts payable | 47/48 | €4,615 | €5,925 | +€1,310 | +28.4% |
| Remuneration, social security and pensions | 62 | €2,893 | €84 | -€2,809 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,575 | €6,068 | -€9,507 | -61.0% |
| Other operating charges | 640/8 | €6,093 | €1,872 | -€4,221 | -69.3% |
| Non-recurring operating charges | 66A | - | €12,429 | +€12,429 | |
| Gross operating margin | 9900 | €18,102 | €28,002 | +€9,901 | +54.7% |
| Operating profit (loss) | 9901 | -€6,459 | €7,550 | +€14,009 | |
| Financial charges | 65/66B | €1,498 | €831 | -€667 | -44.5% |
| Recurring financial charges | 65 | €1,498 | €831 | -€667 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,957 | €6,719 | +€14,676 | |
| Income taxes | 67/77 | - | €679 | +€679 | |
| Profit (loss) for the period | 9904 | -€7,957 | €6,040 | +€13,996 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,957 | €6,040 | +€13,996 |
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 3 October 2026 via checked.be.