HELO: 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.
HELO
Largest movements
- Cash +€87,644
up €87,644 (+250.1%), from €35,038 to €122,682
mainly Depreciation (+€101,422) and Net result for the year (+€46,706)
- Stocks and contracts -€42,985
down €42,985 (-27.0%), from €159,285 to €116,300
of which Contracts in progress: -€28,480
- Tangible fixed assets -€30,795
down €30,795 (-7.6%), from €406,777 to €375,981
of which Furniture and vehicles: -€62,028
- Receivables within one year -€12,802
down €12,802 (-36.8%), from €34,748 to €21,946
of which Other amounts receivable: -€8,565
- Debts after one year -€49,178
down €49,178 (-34.2%), from €143,950 to €94,772
- Reserves +€45,906
up €45,906 (+14.1%), from €324,759 to €370,665
- Other debts +€9,277
up €9,277 (+28.4%), from €32,679 to €41,956
- Gross operating margin +€135,736
up €135,736 (+111.9%), from €121,335 to €257,071
- Staff costs +€20,241
up €20,241 (+29.3%), from €69,126 to €89,367
- Depreciation +€18,519
up €18,519 (+22.3%), from €82,903 to €101,422
- Write-downs +€17,730
up €17,730, from -€15,936 to €1,794
- Taxes +€16,626
up €16,626 (+2072.7%), from €802 to €17,428
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 | €635,847 | €636,909 | +€1,062 | +0.2% |
| Fixed assets | 21/28 | €406,777 | €375,981 | -€30,795 | -7.6% |
| Tangible fixed assets | 22/27 | €406,777 | €375,981 | -€30,795 | -7.6% |
| Plant, machinery and equipment | 23 | €86,906 | €118,139 | +€31,233 | +35.9% |
| Furniture and vehicles | 24 | €319,870 | €257,842 | -€62,028 | -19.4% |
| Current assets | 29/58 | €229,071 | €260,928 | +€31,858 | +13.9% |
| Stocks and contracts in progress | 3 | €159,285 | €116,300 | -€42,985 | -27.0% |
| Stocks | 30/36 | €58,130 | €43,625 | -€14,505 | -25.0% |
| Contracts in progress | 37 | €101,155 | €72,675 | -€28,480 | -28.2% |
| Amounts receivable within one year | 40/41 | €34,748 | €21,946 | -€12,802 | -36.8% |
| Trade receivables | 40 | €12,235 | €7,998 | -€4,237 | -34.6% |
| Other amounts receivable | 41 | €22,513 | €13,948 | -€8,565 | -38.0% |
| Cash at bank and in hand | 54/58 | €35,038 | €122,682 | +€87,644 | +250.1% |
| Total equity and liabilities | 10/49 | €635,847 | €636,909 | +€1,062 | +0.2% |
| Equity | 10/15 | €374,759 | €420,665 | +€45,906 | +12.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €324,759 | €370,665 | +€45,906 | +14.1% |
| Distributable reserves | 133 | €324,759 | €370,665 | +€45,906 | +14.1% |
| Amounts payable | 17/49 | €261,089 | €216,245 | -€44,844 | -17.2% |
| Amounts payable after more than one year | 17 | €143,950 | €94,772 | -€49,178 | -34.2% |
| Financial debts | 170/4 | €143,950 | €94,772 | -€49,178 | -34.2% |
| Amounts payable within one year | 42/48 | €117,139 | €121,283 | +€4,144 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €48,065 | €49,178 | +€1,112 | +2.3% |
| Trade debts | 44 | €16,994 | €12,861 | -€4,134 | -24.3% |
| Suppliers | 440/4 | €16,994 | €12,861 | -€4,134 | -24.3% |
| Taxes, remuneration and social security | 45 | €19,400 | €17,289 | -€2,111 | -10.9% |
| Taxes | 450/3 | €3,491 | €9,271 | +€5,780 | +165.6% |
| Remuneration and social security | 454/9 | €15,909 | €8,018 | -€7,890 | -49.6% |
| Other amounts payable | 47/48 | €32,679 | €41,956 | +€9,277 | +28.4% |
| Accrued charges and deferred income | 492/3 | - | €189 | +€189 | |
| Non-recurring operating income | 76A | €21,329 | €12,397 | -€8,932 | -41.9% |
| Remuneration, social security and pensions | 62 | €69,126 | €89,367 | +€20,241 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,903 | €101,422 | +€18,519 | +22.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,936 | €1,794 | +€17,730 | |
| Other operating charges | 640/8 | €1,797 | €2,042 | +€244 | +13.6% |
| Non-recurring operating charges | 66A | €10,739 | - | -€10,739 | |
| Gross operating margin | 9900 | €121,335 | €257,071 | +€135,736 | +111.9% |
| Operating profit (loss) | 9901 | -€27,294 | €62,447 | +€89,741 | |
| Financial income | 75/76B | €5,687 | €6,264 | +€576 | +10.1% |
| Recurring financial income | 75 | €5,687 | €6,264 | +€576 | +10.1% |
| Financial charges | 65/66B | €3,986 | €4,577 | +€591 | +14.8% |
| Recurring financial charges | 65 | €3,986 | €4,577 | +€591 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | -€25,593 | €64,134 | +€89,727 | |
| Transfer from deferred taxes | 780 | €5,871 | - | -€5,871 | |
| Income taxes | 67/77 | €802 | €17,428 | +€16,626 | +2072.7% |
| Profit (loss) for the period | 9904 | -€20,524 | €46,706 | +€67,230 | |
| Transfer from tax-exempt reserves | 789 | €23,483 | - | -€23,483 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,959 | €46,706 | +€43,747 | +1478.3% |
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 5 October 2026 via checked.be.