HELLIN MICHEL: 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.
HELLIN MICHEL
Largest movements
- Cash -€35,857
down €35,857 (-46.8%), from €76,630 to €40,773
mainly Net result for the year (-€17,128) and Other debts (-€12,999)
- Tangible fixed assets -€11,118
down €11,118 (-92.0%), from €12,085 to €968
of which Land and buildings: -€9,800
- Profit (loss) carried forward -€17,128
down €17,128 (-29.4%), from -€58,256 to -€75,384
- Other debts -€12,999
down €12,999 (-45.9%), from €28,329 to €15,330
- Reserves -€12,207
down €12,207 (-4.0%), from €306,511 to €294,303
- Depreciation -€18,146
down €18,146 (-93.2%), from €19,463 to €1,317
- Gross operating margin -€6,752
down €6,752 (-85.3%), from -€7,920 to -€14,673
- Financial income +€4,264
up €4,264 (+14430.8%), from €30 to €4,294
- Other operating charges -€2,268
down €2,268 (-89.3%), from €2,539 to €271
- Taxes -€354
down €354 (-100.0%), from €354 to €0
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 | €297,607 | €254,384 | -€43,222 | -14.5% |
| Fixed assets | 21/28 | €12,085 | €968 | -€11,118 | -92.0% |
| Tangible fixed assets | 22/27 | €12,085 | €968 | -€11,118 | -92.0% |
| Land and buildings | 22 | €9,800 | €0 | -€9,800 | -100.0% |
| Plant, machinery and equipment | 23 | €1,484 | €968 | -€516 | -34.8% |
| Furniture and vehicles | 24 | €801 | €0 | -€801 | -100.0% |
| Current assets | 29/58 | €285,522 | €253,417 | -€32,105 | -11.2% |
| Amounts receivable within one year | 40/41 | €2,872 | €4,083 | +€1,211 | +42.2% |
| Trade receivables | 40 | €2,627 | €2,695 | +€68 | +2.6% |
| Other amounts receivable | 41 | €245 | €1,388 | +€1,143 | +466.3% |
| Current investments | 50/53 | €205,538 | €208,378 | +€2,841 | +1.4% |
| Cash at bank and in hand | 54/58 | €76,630 | €40,773 | -€35,857 | -46.8% |
| Deferred charges and accrued income | 490/1 | €483 | €183 | -€299 | -62.0% |
| Total equity and liabilities | 10/49 | €297,607 | €254,384 | -€43,222 | -14.5% |
| Equity | 10/15 | €266,855 | €237,519 | -€29,335 | -11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €306,511 | €294,303 | -€12,207 | -4.0% |
| Distributable reserves | 133 | €306,511 | €294,303 | -€12,207 | -4.0% |
| Profit (loss) carried forward | 14 | -€58,256 | -€75,384 | -€17,128 | -29.4% |
| Amounts payable | 17/49 | €30,752 | €16,865 | -€13,887 | -45.2% |
| Amounts payable within one year | 42/48 | €30,752 | €16,865 | -€13,887 | -45.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,419 | €122 | -€2,297 | -95.0% |
| Suppliers | 440/4 | €2,419 | €122 | -€2,297 | -95.0% |
| Taxes, remuneration and social security | 45 | €4 | €1,414 | +€1,410 | +33403.3% |
| Taxes | 450/3 | €4 | €1,414 | +€1,410 | +33403.3% |
| Other amounts payable | 47/48 | €28,329 | €15,330 | -€12,999 | -45.9% |
| Non-recurring operating income | 76A | €20,256 | €1,707 | -€18,549 | -91.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,463 | €1,317 | -€18,146 | -93.2% |
| Other operating charges | 640/8 | €2,539 | €271 | -€2,268 | -89.3% |
| Non-recurring operating charges | 66A | - | €5,007 | +€5,007 | |
| Gross operating margin | 9900 | -€7,920 | -€14,673 | -€6,752 | -85.3% |
| Operating profit (loss) | 9901 | -€29,922 | -€21,268 | +€8,655 | +28.9% |
| Financial income | 75/76B | €30 | €4,294 | +€4,264 | +14430.8% |
| Recurring financial income | 75 | €30 | €4,294 | +€4,264 | +14430.8% |
| Financial charges | 65/66B | €150 | €154 | +€4 | +2.8% |
| Recurring financial charges | 65 | €150 | €154 | +€4 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€30,043 | -€17,128 | +€12,915 | +43.0% |
| Income taxes | 67/77 | €354 | €0 | -€354 | -100.0% |
| Profit (loss) for the period | 9904 | -€30,397 | -€17,128 | +€13,269 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,397 | -€17,128 | +€13,269 | +43.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.