HELDO: 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.
HELDO
Largest movements
- Current investments -€225,000
no longer reported in 2025 (was €225,000)
- Cash +€62,024
up €62,024 (+44.1%), from €140,562 to €202,586
mainly Current investments (+€225,000) and Net result for the year (+€150,211)
- Receivables within one year +€56,554
up €56,554 (+41.8%), from €135,450 to €192,004
of which Other amounts receivable: +€150,837
- Stocks and contracts +€19,223
up €19,223 (+12.7%), from €151,498 to €170,721
- Tangible fixed assets -€10,494
down €10,494 (-16.5%), from €63,655 to €53,160
of which Plant, machinery and equipment: -€49,163
- Other debts -€72,217
down €72,217 (-37.8%), from €191,238 to €119,021
- Tax, wage and social debts -€41,902
down €41,902 (-71.1%), from €58,914 to €17,013
of which Taxes: -€45,119
- Profit (loss) carried forward +€30,211
up €30,211 (+19.5%), from €155,168 to €185,379
- Trade debts -€16,229
down €16,229 (-53.0%), from €30,594 to €14,365
- Turnover -€1.9m
no longer reported in 2025 (was €1.9m)
- Purchases and services -€1.6m
no longer reported in 2025 (was €1.6m)
- Taxes -€40,906
down €40,906 (-78.7%), from €51,981 to €11,074
- Gross operating margin -€25,633
down €25,633 (-7.6%), from €336,178 to €310,545
- Financial income -€23,364
down €23,364 (-80.5%), from €29,007 to €5,643
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.
Derived cash bridge
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 | €718,065 | €621,357 | -€96,708 | -13.5% |
| Fixed assets | 21/28 | €64,307 | €53,813 | -€10,494 | -16.3% |
| Tangible fixed assets | 22/27 | €63,655 | €53,160 | -€10,494 | -16.5% |
| Land and buildings | 22 | €13,575 | €48,492 | +€34,917 | +257% |
| Plant, machinery and equipment | 23 | €49,530 | €367 | -€49,163 | -99.3% |
| Furniture and vehicles | 24 | €549 | €4,301 | +€3,751 | +683% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €653 | €653 | = | 0.0% |
| Current assets | 29/58 | €653,758 | €567,544 | -€86,213 | -13.2% |
| Stocks and contracts in progress | 3 | €151,498 | €170,721 | +€19,223 | +12.7% |
| Stocks | 30/36 | €151,498 | €170,721 | +€19,223 | +12.7% |
| Amounts receivable within one year | 40/41 | €135,450 | €192,004 | +€56,554 | +41.8% |
| Trade receivables | 40 | €132,013 | €37,731 | -€94,282 | -71.4% |
| Other amounts receivable | 41 | €3,437 | €154,273 | +€150,837 | +4,389% |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €140,562 | €202,586 | +€62,024 | +44.1% |
| Deferred charges and accrued income | 490/1 | €1,247 | €2,233 | +€986 | +79.1% |
| Total equity and liabilities | 10/49 | €718,065 | €621,357 | -€96,708 | -13.5% |
| Equity | 10/15 | €430,652 | €460,862 | +€30,211 | +7.0% |
| Contributions | 10/11 | €62,650 | €62,650 | = | 0.0% |
| Capital | 10 | €62,650 | €62,650 | = | 0.0% |
| Issued capital | 100 | €62,650 | €62,650 | = | 0.0% |
| Reserves | 13 | €212,833 | €212,833 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,334 | €10,334 | = | 0.0% |
| Legal reserve | 130 | €10,334 | €10,334 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €165,000 | €165,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,168 | €185,379 | +€30,211 | +19.5% |
| Amounts payable | 17/49 | €287,413 | €160,495 | -€126,918 | -44.2% |
| Amounts payable within one year | 42/48 | €287,413 | €160,495 | -€126,918 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | €10,097 | +€3,430 | +51.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €30,594 | €14,365 | -€16,229 | -53.0% |
| Suppliers | 440/4 | €30,594 | €14,365 | -€16,229 | -53.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €58,914 | €17,013 | -€41,902 | -71.1% |
| Taxes | 450/3 | €46,088 | €969 | -€45,119 | -97.9% |
| Remuneration and social security | 454/9 | €12,826 | €16,044 | +€3,218 | +25.1% |
| Other amounts payable | 47/48 | €191,238 | €119,021 | -€72,217 | -37.8% |
| Turnover | 70 | €1,907,867 | - | -€1.9m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,619,700 | - | -€1.6m | |
| Remuneration, social security and pensions | 62 | €146,388 | €134,298 | -€12,091 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,477 | €13,263 | +€786 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,762 | - | -€3,762 | |
| Other operating charges | 640/8 | €9,375 | €1,230 | -€8,145 | -86.9% |
| Gross operating margin | 9900 | €336,178 | €310,545 | -€25,633 | -7.6% |
| Operating profit (loss) | 9901 | €164,177 | €161,755 | -€2,422 | -1.5% |
| Financial income | 75/76B | €29,007 | €5,643 | -€23,364 | -80.5% |
| Recurring financial income | 75 | €29,007 | €5,643 | -€23,364 | -80.5% |
| Financial charges | 65/66B | €896 | €6,113 | +€5,217 | +582% |
| Recurring financial charges | 65 | €896 | €6,113 | +€5,217 | +582% |
| Profit (loss) for the period before taxes | 9903 | €192,288 | €161,285 | -€31,003 | -16.1% |
| Income taxes | 67/77 | €51,981 | €11,074 | -€40,906 | -78.7% |
| Profit (loss) for the period | 9904 | €140,307 | €150,211 | +€9,904 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €140,307 | €150,211 | +€9,904 | +7.1% |
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 14 October 2026 via checked.be.