HELO 2: 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 2
Largest movements
- Cash +€11,324
up €11,324 (+36.5%), from €31,012 to €42,337
mainly Net result for the year (+€17,915) and Receivables within one year (+€5,423)
- Tangible fixed assets +€10,924
up €10,924 (+215%), from €5,075 to €15,999
of which Other tangible fixed assets: +€11,116
- Receivables within one year -€5,423
down €5,423 (-28.7%), from €18,888 to €13,465
- Deferred charges and accrued income -€1,221
down €1,221 (-45.3%), from €2,697 to €1,476
- Profit (loss) carried forward +€17,915
new in 2025: €17,915
- Trade debts -€1,775
down €1,775 (-44.5%), from €3,990 to €2,216
- Gross operating margin +€4,083
up €4,083 (+17.9%), from €22,860 to €26,944
- Depreciation +€2,079
up €2,079 (+637%), from €327 to €2,406
- Taxes -€378
down €378 (-6.4%), from €5,936 to €5,558
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 | €57,672 | €73,277 | +€15,605 | +27.1% |
| Fixed assets | 21/28 | €5,075 | €15,999 | +€10,924 | +215% |
| Tangible fixed assets | 22/27 | €5,075 | €15,999 | +€10,924 | +215% |
| Furniture and vehicles | 24 | €858 | €667 | -€191 | -22.3% |
| Other tangible fixed assets | 26 | €4,217 | €15,332 | +€11,116 | +264% |
| Current assets | 29/58 | €52,597 | €57,278 | +€4,680 | +8.9% |
| Amounts receivable within one year | 40/41 | €18,888 | €13,465 | -€5,423 | -28.7% |
| Trade receivables | 40 | €18,888 | €13,465 | -€5,423 | -28.7% |
| Cash at bank and in hand | 54/58 | €31,012 | €42,337 | +€11,324 | +36.5% |
| Deferred charges and accrued income | 490/1 | €2,697 | €1,476 | -€1,221 | -45.3% |
| Total equity and liabilities | 10/49 | €57,672 | €73,277 | +€15,605 | +27.1% |
| Equity | 10/15 | €41,645 | €59,560 | +€17,915 | +43.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €40,645 | €40,645 | = | 0.0% |
| Distributable reserves | 133 | €40,645 | €40,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €17,915 | +€17,915 | |
| Amounts payable | 17/49 | €16,028 | €13,717 | -€2,311 | -14.4% |
| Amounts payable within one year | 42/48 | €15,130 | €12,991 | -€2,140 | -14.1% |
| Trade debts | 44 | €3,990 | €2,216 | -€1,775 | -44.5% |
| Suppliers | 440/4 | €3,990 | €2,216 | -€1,775 | -44.5% |
| Taxes, remuneration and social security | 45 | €10,499 | €10,665 | +€166 | +1.6% |
| Taxes | 450/3 | €7,597 | €7,749 | +€153 | +2.0% |
| Remuneration and social security | 454/9 | €2,902 | €2,916 | +€14 | +0.5% |
| Other amounts payable | 47/48 | €642 | €110 | -€532 | -82.9% |
| Accrued charges and deferred income | 492/3 | €897 | €726 | -€171 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €327 | €2,406 | +€2,079 | +637% |
| Other operating charges | 640/8 | €1,053 | €990 | -€63 | -5.9% |
| Gross operating margin | 9900 | €22,860 | €26,944 | +€4,083 | +17.9% |
| Operating profit (loss) | 9901 | €21,481 | €23,548 | +€2,067 | +9.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -95.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -95.0% |
| Financial charges | 65/66B | €98 | €74 | -€24 | -24.4% |
| Recurring financial charges | 65 | €98 | €74 | -€24 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €21,383 | €23,474 | +€2,090 | +9.8% |
| Income taxes | 67/77 | €5,936 | €5,558 | -€378 | -6.4% |
| Profit (loss) for the period | 9904 | €15,447 | €17,915 | +€2,468 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,447 | €17,915 | +€2,468 | +16.0% |
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 25 October 2026 via checked.be.