HELFATHERM: 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.
HELFATHERM
Largest movements
- Tangible fixed assets +€70,664
up €70,664 (+68.3%), from €103,510 to €174,174
of which Furniture and vehicles: +€60,180
- Receivables within one year +€29,415
up €29,415 (+60.2%), from €48,870 to €78,285
of which Trade receivables: +€37,586
- Cash -€22,880
down €22,880 (-23.7%), from €96,739 to €73,859
mainly Investment in fixed assets (net) (-€98,708) and Receivables within one year (-€29,415)
- Reserves +€59,109
up €59,109 (+77.4%), from €76,364 to €135,473
of which Distributable reserves: +€36,555
- Debts after one year +€26,309
up €26,309 (+56.8%), from €46,299 to €72,607
- Current portion of long-term debt -€8,797
down €8,797 (-32.5%), from €27,105 to €18,308
- Other debts -€7,993
down €7,993 (-25.0%), from €31,951 to €23,958
- Provisions +€7,518
new in 2025: €7,518
- Gross operating margin +€68,723
up €68,723 (+74.4%), from €92,385 to €161,107
- Depreciation +€7,400
up €7,400 (+35.8%), from €20,644 to €28,044
- Taxes +€6,220
up €6,220 (+52.4%), from €11,870 to €18,090
- Financial charges +€1,817
up €1,817 (+68.0%), from €2,670 to €4,487
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 | €258,378 | €336,580 | +€78,202 | +30.3% |
| Fixed assets | 21/28 | €103,510 | €174,174 | +€70,664 | +68.3% |
| Tangible fixed assets | 22/27 | €103,510 | €174,174 | +€70,664 | +68.3% |
| Plant, machinery and equipment | 23 | €61,978 | €82,935 | +€20,957 | +33.8% |
| Furniture and vehicles | 24 | €31,060 | €91,239 | +€60,180 | +194% |
| Leasing and similar rights | 25 | €10,473 | - | -€10,473 | |
| Current assets | 29/58 | €154,867 | €162,406 | +€7,538 | +4.9% |
| Stocks and contracts in progress | 3 | €5,425 | €6,546 | +€1,121 | +20.7% |
| Stocks | 30/36 | €5,425 | €6,546 | +€1,121 | +20.7% |
| Amounts receivable within one year | 40/41 | €48,870 | €78,285 | +€29,415 | +60.2% |
| Trade receivables | 40 | €25,587 | €63,173 | +€37,586 | +147% |
| Other amounts receivable | 41 | €23,283 | €15,112 | -€8,171 | -35.1% |
| Cash at bank and in hand | 54/58 | €96,739 | €73,859 | -€22,880 | -23.7% |
| Deferred charges and accrued income | 490/1 | €3,833 | €3,715 | -€118 | -3.1% |
| Total equity and liabilities | 10/49 | €258,378 | €336,580 | +€78,202 | +30.3% |
| Equity | 10/15 | €89,275 | €147,972 | +€58,697 | +65.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €76,364 | €135,473 | +€59,109 | +77.4% |
| Tax-exempt reserves | 132 | - | €22,555 | +€22,555 | |
| Distributable reserves | 133 | €76,364 | €112,918 | +€36,555 | +47.9% |
| Profit (loss) carried forward | 14 | €512 | €100 | -€412 | -80.5% |
| Provisions and deferred taxes | 16 | - | €7,518 | +€7,518 | |
| Deferred taxes | 168 | - | €7,518 | +€7,518 | |
| Amounts payable | 17/49 | €169,102 | €181,089 | +€11,987 | +7.1% |
| Amounts payable after more than one year | 17 | €46,299 | €72,607 | +€26,309 | +56.8% |
| Financial debts | 170/4 | €46,299 | €72,607 | +€26,309 | +56.8% |
| Amounts payable within one year | 42/48 | €119,903 | €105,234 | -€14,670 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €27,105 | €18,308 | -€8,797 | -32.5% |
| Trade debts | 44 | €38,567 | €33,102 | -€5,464 | -14.2% |
| Suppliers | 440/4 | €38,567 | €33,102 | -€5,464 | -14.2% |
| Advances received on contracts in progress | 46 | €7,262 | €11,509 | +€4,247 | +58.5% |
| Taxes, remuneration and social security | 45 | €15,019 | €18,356 | +€3,337 | +22.2% |
| Taxes | 450/3 | €7,282 | €11,819 | +€4,537 | +62.3% |
| Remuneration and social security | 454/9 | €7,736 | €6,537 | -€1,200 | -15.5% |
| Other amounts payable | 47/48 | €31,951 | €23,958 | -€7,993 | -25.0% |
| Accrued charges and deferred income | 492/3 | €2,900 | €3,248 | +€348 | +12.0% |
| Remuneration, social security and pensions | 62 | €28,538 | €29,678 | +€1,141 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,644 | €28,044 | +€7,400 | +35.8% |
| Other operating charges | 640/8 | €3,089 | €1,591 | -€1,498 | -48.5% |
| Gross operating margin | 9900 | €92,385 | €161,107 | +€68,723 | +74.4% |
| Operating profit (loss) | 9901 | €40,114 | €101,793 | +€61,679 | +154% |
| Financial income | 75/76B | €407 | €878 | +€471 | +116% |
| Recurring financial income | 75 | €407 | €878 | +€471 | +116% |
| Financial charges | 65/66B | €2,670 | €4,487 | +€1,817 | +68.0% |
| Recurring financial charges | 65 | €2,670 | €4,487 | +€1,817 | +68.0% |
| Profit (loss) for the period before taxes | 9903 | €37,851 | €98,184 | +€60,333 | +159% |
| Transfer from deferred taxes | 780 | - | €1,357 | +€1,357 | |
| Transfer to deferred taxes | 680 | - | €8,875 | +€8,875 | |
| Income taxes | 67/77 | €11,870 | €18,090 | +€6,220 | +52.4% |
| Profit (loss) for the period | 9904 | €25,980 | €72,576 | +€46,595 | +179% |
| Transfer from tax-exempt reserves | 789 | - | €4,070 | +€4,070 | |
| Transfer to tax-exempt reserves | 689 | - | €26,625 | +€26,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,980 | €50,021 | +€24,041 | +92.5% |
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 19 October 2026 via checked.be.