HELES: 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.
HELES
Largest movements
- Stocks and contracts -€67,035
down €67,035 (-16.9%), from €397,748 to €330,713
- Tangible fixed assets -€27,747
down €27,747 (-29.9%), from €92,743 to €64,996
- Receivables within one year +€17,280
up €17,280 (+6.4%), from €270,037 to €287,317
of which Other amounts receivable: +€12,727
- Cash -€14,936
down €14,936 (-11.5%), from €129,708 to €114,772
mainly Current portion of long-term debt (-€128,843) and Debts after one year (-€26,783)
- Current portion of long-term debt -€128,843
down €128,843 (-82.8%), from €155,626 to €26,783
- Profit (loss) carried forward +€57,293
up €57,293 (+20.6%), from €278,595 to €335,889
- Debts after one year -€26,783
down €26,783 (-23.5%), from €113,985 to €87,202
- Tax, wage and social debts +€24,285
up €24,285 (+36.0%), from €67,391 to €91,677
of which Remuneration and social security: +€13,863
- Trade debts -€20,855
down €20,855 (-35.0%), from €59,523 to €38,668
- Staff costs +€34,729
up €34,729 (+266.0%), from €13,058 to €47,787
- Gross operating margin +€14,979
up €14,979 (+9.9%), from €150,650 to €165,629
- Other operating charges -€10,752
down €10,752 (-90.3%), from €11,912 to €1,161
- Financial charges -€6,581
down €6,581 (-43.4%), from €15,168 to €8,587
- Financial income -€2,279
down €2,279 (-97.7%), from €2,332 to €54
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €972,548 | €880,143 | -€92,405 | -9.5% |
| Fixed assets | 21/28 | €92,743 | €64,996 | -€27,747 | -29.9% |
| Tangible fixed assets | 22/27 | €92,743 | €64,996 | -€27,747 | -29.9% |
| Land and buildings | 22 | €43,255 | €32,532 | -€10,723 | -24.8% |
| Plant, machinery and equipment | 23 | €41,154 | €32,463 | -€8,690 | -21.1% |
| Furniture and vehicles | 24 | €8,334 | - | -€8,334 | |
| Current assets | 29/58 | €879,805 | €815,148 | -€64,657 | -7.3% |
| Amounts receivable after more than one year | 29 | €79,252 | €79,252 | = | 0.0% |
| Other amounts receivable | 291 | €79,252 | €79,252 | = | 0.0% |
| Stocks and contracts in progress | 3 | €397,748 | €330,713 | -€67,035 | -16.9% |
| Stocks | 30/36 | €397,748 | €330,713 | -€67,035 | -16.9% |
| Amounts receivable within one year | 40/41 | €270,037 | €287,317 | +€17,280 | +6.4% |
| Trade receivables | 40 | €5,887 | €10,441 | +€4,554 | +77.3% |
| Other amounts receivable | 41 | €264,150 | €276,876 | +€12,727 | +4.8% |
| Cash at bank and in hand | 54/58 | €129,708 | €114,772 | -€14,936 | -11.5% |
| Deferred charges and accrued income | 490/1 | €3,061 | €3,094 | +€33 | +1.1% |
| Total equity and liabilities | 10/49 | €972,548 | €880,143 | -€92,405 | -9.5% |
| Equity | 10/15 | €507,664 | €564,958 | +€57,293 | +11.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €154,701 | €154,701 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,795 | €15,795 | = | 0.0% |
| Distributable reserves | 133 | €131,469 | €131,469 | = | 0.0% |
| Profit (loss) carried forward | 14 | €278,595 | €335,889 | +€57,293 | +20.6% |
| Amounts payable | 17/49 | €464,884 | €315,186 | -€149,698 | -32.2% |
| Amounts payable after more than one year | 17 | €113,985 | €87,202 | -€26,783 | -23.5% |
| Financial debts | 170/4 | €113,985 | €87,202 | -€26,783 | -23.5% |
| Amounts payable within one year | 42/48 | €350,899 | €227,984 | -€122,915 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €155,626 | €26,783 | -€128,843 | -82.8% |
| Trade debts | 44 | €59,523 | €38,668 | -€20,855 | -35.0% |
| Suppliers | 440/4 | €59,523 | €38,668 | -€20,855 | -35.0% |
| Advances received on contracts in progress | 46 | €596 | €1,192 | +€596 | +100.0% |
| Taxes, remuneration and social security | 45 | €67,391 | €91,677 | +€24,285 | +36.0% |
| Taxes | 450/3 | €61,518 | €71,940 | +€10,422 | +16.9% |
| Remuneration and social security | 454/9 | €5,873 | €19,737 | +€13,863 | +236.0% |
| Other amounts payable | 47/48 | €67,764 | €69,664 | +€1,901 | +2.8% |
| Remuneration, social security and pensions | 62 | €13,058 | €47,787 | +€34,729 | +266.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,747 | €34,187 | +€440 | +1.3% |
| Other operating charges | 640/8 | €11,912 | €1,161 | -€10,752 | -90.3% |
| Gross operating margin | 9900 | €150,650 | €165,629 | +€14,979 | +9.9% |
| Operating profit (loss) | 9901 | €91,933 | €82,495 | -€9,438 | -10.3% |
| Financial income | 75/76B | €2,332 | €54 | -€2,279 | -97.7% |
| Recurring financial income | 75 | €2,332 | €54 | -€2,279 | -97.7% |
| Financial charges | 65/66B | €15,168 | €8,587 | -€6,581 | -43.4% |
| Recurring financial charges | 65 | €15,168 | €8,587 | -€6,581 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €79,097 | €73,961 | -€5,135 | -6.5% |
| Income taxes | 67/77 | €18,483 | €16,668 | -€1,815 | -9.8% |
| Profit (loss) for the period | 9904 | €60,614 | €57,293 | -€3,320 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,614 | €57,293 | -€3,320 | -5.5% |
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 2 October 2026 via checked.be.