HELO: 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.
HELO
Largest movements
- Tangible fixed assets -€206,814
down €206,814 (-12.5%), from €1.7m to €1.4m
of which Plant, machinery and equipment: -€139,442
- Receivables within one year -€62,768
down €62,768 (-43.5%), from €144,305 to €81,537
of which Trade receivables: -€39,151
- Deferred charges and accrued income -€29,088
down €29,088 (-32.2%), from €90,449 to €61,361
- Cash -€22,900
down €22,900 (-25.7%), from €89,176 to €66,276
mainly Debts after one year (-€156,812) and Short-term financial debts (-€150,000)
- Debts after one year -€156,812
down €156,812 (-15.5%), from €1.0m to €858,035
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Current portion of long-term debt -€35,625
down €35,625 (-15.6%), from €227,975 to €192,351
- Tax, wage and social debts +€23,049
up €23,049 (+496.8%), from €4,639 to €27,689
of which Remuneration and social security: +€25,027
- Gross operating margin +€150,767
up €150,767 (+18.1%), from €831,420 to €982,186
- Staff costs +€110,068
up €110,068 (+22.2%), from €495,300 to €605,369
- Financial charges +€15,564
up €15,564 (+31.4%), from €49,505 to €65,069
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 | €2,109,929 | €1,793,445 | -€316,485 | -15.0% |
| Fixed assets | 21/28 | €1,657,767 | €1,449,627 | -€208,141 | -12.6% |
| Intangible fixed assets | 21 | €1,990 | €663 | -€1,327 | -66.7% |
| Tangible fixed assets | 22/27 | €1,654,092 | €1,447,278 | -€206,814 | -12.5% |
| Land and buildings | 22 | €594,095 | €531,744 | -€62,351 | -10.5% |
| Plant, machinery and equipment | 23 | €1,000,254 | €860,812 | -€139,442 | -13.9% |
| Furniture and vehicles | 24 | €31,971 | €38,745 | +€6,774 | +21.2% |
| Leasing and similar rights | 25 | €27,773 | €15,978 | -€11,795 | -42.5% |
| Financial fixed assets | 28 | €1,685 | €1,685 | = | 0.0% |
| Current assets | 29/58 | €452,162 | €343,818 | -€108,344 | -24.0% |
| Stocks and contracts in progress | 3 | €128,232 | €134,644 | +€6,412 | +5.0% |
| Stocks | 30/36 | €128,232 | €134,644 | +€6,412 | +5.0% |
| Amounts receivable within one year | 40/41 | €144,305 | €81,537 | -€62,768 | -43.5% |
| Trade receivables | 40 | €92,116 | €52,965 | -€39,151 | -42.5% |
| Other amounts receivable | 41 | €52,189 | €28,573 | -€23,617 | -45.3% |
| Cash at bank and in hand | 54/58 | €89,176 | €66,276 | -€22,900 | -25.7% |
| Deferred charges and accrued income | 490/1 | €90,449 | €61,361 | -€29,088 | -32.2% |
| Total equity and liabilities | 10/49 | €2,109,929 | €1,793,445 | -€316,485 | -15.0% |
| Equity | 10/15 | €462,461 | €471,890 | +€9,429 | +2.0% |
| Contributions | 10/11 | €34,500 | €34,500 | = | 0.0% |
| Reserves | 13 | €427,961 | €437,390 | +€9,429 | +2.2% |
| Non-distributable reserves | 130/1 | €3,450 | €3,450 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,450 | €3,450 | = | 0.0% |
| Distributable reserves | 133 | €424,511 | €433,940 | +€9,429 | +2.2% |
| Amounts payable | 17/49 | €1,647,468 | €1,321,554 | -€325,914 | -19.8% |
| Amounts payable after more than one year | 17 | €1,014,847 | €858,035 | -€156,812 | -15.5% |
| Financial debts | 170/4 | €1,014,847 | €858,035 | -€156,812 | -15.5% |
| Amounts payable within one year | 42/48 | €632,621 | €461,607 | -€171,015 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €227,975 | €192,351 | -€35,625 | -15.6% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €156,875 | €154,543 | -€2,332 | -1.5% |
| Suppliers | 440/4 | €156,875 | €154,543 | -€2,332 | -1.5% |
| Advances received on contracts in progress | 46 | - | €1,215 | +€1,215 | |
| Taxes, remuneration and social security | 45 | €4,639 | €27,689 | +€23,049 | +496.8% |
| Taxes | 450/3 | €4,171 | €2,193 | -€1,978 | -47.4% |
| Remuneration and social security | 454/9 | €468 | €25,496 | +€25,027 | +5346.4% |
| Other amounts payable | 47/48 | €93,132 | €85,810 | -€7,323 | -7.9% |
| Accrued charges and deferred income | 492/3 | - | €1,913 | +€1,913 | |
| Remuneration, social security and pensions | 62 | €495,300 | €605,369 | +€110,068 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,516 | €272,133 | +€617 | +0.2% |
| Other operating charges | 640/8 | €8,658 | €10,801 | +€2,143 | +24.7% |
| Non-recurring operating charges | 66A | - | €10,987 | +€10,987 | |
| Gross operating margin | 9900 | €831,420 | €982,186 | +€150,767 | +18.1% |
| Operating profit (loss) | 9901 | €55,945 | €82,897 | +€26,952 | +48.2% |
| Financial income | 75/76B | €620 | €531 | -€89 | -14.4% |
| Recurring financial income | 75 | €620 | €531 | -€89 | -14.4% |
| Financial charges | 65/66B | €49,505 | €65,069 | +€15,564 | +31.4% |
| Recurring financial charges | 65 | €49,505 | €65,069 | +€15,564 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | €7,060 | €18,360 | +€11,299 | +160.0% |
| Income taxes | 67/77 | €5,776 | €8,931 | +€3,155 | +54.6% |
| Profit (loss) for the period | 9904 | €1,284 | €9,429 | +€8,145 | +634.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,284 | €9,429 | +€8,145 | +634.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.