Heliovision: 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.
Heliovision
Largest movements
- Intangible fixed assets +€180,886
up €180,886 (+308.7%), from €58,588 to €239,473
- Deferred charges and accrued income +€162,647
up €162,647 (+5265.5%), from €3,089 to €165,736
- Receivables within one year +€158,378
up €158,378 (+66.0%), from €239,976 to €398,354
of which Trade receivables: +€217,066
- Stocks and contracts +€91,664
up €91,664 (+32.0%), from €286,516 to €378,181
of which Stocks: +€61,096
- Cash +€20,676
up €20,676 (+30.7%), from €67,257 to €87,932
mainly Debts after one year (+€304,175) and Trade debts (+€283,556)
- Debts after one year +€304,175
up €304,175 (+10284.4%), from €2,958 to €307,132
of which Financial debts: +€234,175
- Trade debts +€283,556
up €283,556 (+195.4%), from €145,113 to €428,669
- Reserves +€14,571
up €14,571 (+6.2%), from €236,326 to €250,897
- Current portion of long-term debt +€13,945
up €13,945 (+116.3%), from €11,990 to €25,935
- Depreciation +€50,319
up €50,319 (+297.4%), from €16,921 to €67,240
- Gross operating margin +€40,601
up €40,601 (+7.6%), from €533,574 to €574,174
- Staff costs +€17,371
up €17,371 (+4.0%), from €436,637 to €454,008
- Financial charges +€11,507
up €11,507 (+78.6%), from €14,632 to €26,138
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 | €664,699 | €1,288,248 | +€623,549 | +93.8% |
| Fixed assets | 21/28 | €67,862 | €258,045 | +€190,184 | +280.3% |
| Intangible fixed assets | 21 | €58,588 | €239,473 | +€180,886 | +308.7% |
| Tangible fixed assets | 22/27 | €9,274 | €10,772 | +€1,498 | +16.2% |
| Plant, machinery and equipment | 23 | €3,196 | €4,918 | +€1,721 | +53.8% |
| Furniture and vehicles | 24 | €6,078 | €5,854 | -€223 | -3.7% |
| Financial fixed assets | 28 | - | €7,800 | +€7,800 | |
| Current assets | 29/58 | €596,838 | €1,030,203 | +€433,365 | +72.6% |
| Stocks and contracts in progress | 3 | €286,516 | €378,181 | +€91,664 | +32.0% |
| Stocks | 30/36 | €167,134 | €228,231 | +€61,096 | +36.6% |
| Contracts in progress | 37 | €119,382 | €149,950 | +€30,568 | +25.6% |
| Amounts receivable within one year | 40/41 | €239,976 | €398,354 | +€158,378 | +66.0% |
| Trade receivables | 40 | €117,226 | €334,292 | +€217,066 | +185.2% |
| Other amounts receivable | 41 | €122,750 | €64,062 | -€58,688 | -47.8% |
| Cash at bank and in hand | 54/58 | €67,257 | €87,932 | +€20,676 | +30.7% |
| Deferred charges and accrued income | 490/1 | €3,089 | €165,736 | +€162,647 | +5265.5% |
| Total equity and liabilities | 10/49 | €664,699 | €1,288,248 | +€623,549 | +93.8% |
| Equity | 10/15 | €237,826 | €252,397 | +€14,571 | +6.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €236,326 | €250,897 | +€14,571 | +6.2% |
| Distributable reserves | 133 | €236,326 | €250,897 | +€14,571 | +6.2% |
| Amounts payable | 17/49 | €426,873 | €1,035,851 | +€608,978 | +142.7% |
| Amounts payable after more than one year | 17 | €2,958 | €307,132 | +€304,175 | +10284.4% |
| Financial debts | 170/4 | €2,958 | €237,132 | +€234,175 | +7917.6% |
| Other amounts payable | 178/9 | - | €70,000 | +€70,000 | |
| Amounts payable within one year | 42/48 | €423,916 | €725,108 | +€301,192 | +71.0% |
| Current portion of amounts payable after more than one year | 42 | €11,990 | €25,935 | +€13,945 | +116.3% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €145,113 | €428,669 | +€283,556 | +195.4% |
| Suppliers | 440/4 | €145,113 | €428,669 | +€283,556 | +195.4% |
| Taxes, remuneration and social security | 45 | €63,554 | €64,026 | +€471 | +0.7% |
| Taxes | 450/3 | €8,667 | €475 | -€8,192 | -94.5% |
| Remuneration and social security | 454/9 | €54,888 | €63,551 | +€8,663 | +15.8% |
| Other amounts payable | 47/48 | €3,258 | €6,477 | +€3,219 | +98.8% |
| Accrued charges and deferred income | 492/3 | - | €3,611 | +€3,611 | |
| Non-recurring operating income | 76A | €1,600 | €0 | -€1,600 | -100.0% |
| Remuneration, social security and pensions | 62 | €436,637 | €454,008 | +€17,371 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,921 | €67,240 | +€50,319 | +297.4% |
| Other operating charges | 640/8 | €951 | €721 | -€230 | -24.2% |
| Non-recurring operating charges | 66A | - | €11,538 | +€11,538 | |
| Gross operating margin | 9900 | €533,574 | €574,174 | +€40,601 | +7.6% |
| Operating profit (loss) | 9901 | €79,065 | €40,668 | -€38,397 | -48.6% |
| Financial income | 75/76B | €83 | €1,284 | +€1,201 | +1448.6% |
| Recurring financial income | 75 | €83 | €1,284 | +€1,201 | +1448.6% |
| Financial charges | 65/66B | €14,632 | €26,138 | +€11,507 | +78.6% |
| Recurring financial charges | 65 | €14,632 | €26,138 | +€11,507 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €64,516 | €15,813 | -€48,703 | -75.5% |
| Income taxes | 67/77 | €877 | €1,243 | +€366 | +41.7% |
| Profit (loss) for the period | 9904 | €63,639 | €14,571 | -€49,068 | -77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,639 | €14,571 | -€49,068 | -77.1% |
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 9 October 2026 via checked.be.