HELS: 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.
HELS
Largest movements
- Receivables within one year -€181,274
down €181,274 (-33.6%), from €539,732 to €358,458
of which Trade receivables: -€182,936
- Intangible fixed assets -€60,000
down €60,000 (-13.3%), from €449,753 to €389,753
- Tangible fixed assets +€17,997
up €17,997 (+10.8%), from €166,008 to €184,005
of which Furniture and vehicles: +€39,520
- Short-term financial debts -€154,844
down €154,844 (-80.3%), from €192,844 to €38,000
- Contributions +€150,000
up €150,000 (+33.3%), from €450,000 to €600,000
- Trade debts -€98,558
down €98,558 (-25.9%), from €379,916 to €281,359
- Debts after one year -€83,325
no longer reported in 2025 (was €83,325)
- Tax, wage and social debts -€77,846
down €77,846 (-80.6%), from €96,565 to €18,718
of which Remuneration and social security: -€63,743
- Staff costs -€149,534
down €149,534 (-20.1%), from €745,327 to €595,792
- Gross operating margin -€52,098
down €52,098 (-6.0%), from €869,124 to €817,026
- Taxes +€35,177
up €35,177 (+2969.8%), from €1,184 to €36,361
- Financial charges -€34,245
down €34,245 (-61.9%), from €55,312 to €21,068
- Write-downs -€22,769
down €22,769 (-66.9%), from €34,013 to €11,243
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 | €1,251,629 | €1,030,581 | -€221,048 | -17.7% |
| Formation expenses | 20 | €2,459 | €510 | -€1,949 | -79.2% |
| Fixed assets | 21/28 | €615,761 | €573,759 | -€42,003 | -6.8% |
| Intangible fixed assets | 21 | €449,753 | €389,753 | -€60,000 | -13.3% |
| Tangible fixed assets | 22/27 | €166,008 | €184,005 | +€17,997 | +10.8% |
| Plant, machinery and equipment | 23 | €152,011 | €130,489 | -€21,523 | -14.2% |
| Furniture and vehicles | 24 | €13,997 | €53,517 | +€39,520 | +282.4% |
| Current assets | 29/58 | €633,408 | €456,312 | -€177,097 | -28.0% |
| Amounts receivable within one year | 40/41 | €539,732 | €358,458 | -€181,274 | -33.6% |
| Trade receivables | 40 | €539,732 | €356,796 | -€182,936 | -33.9% |
| Other amounts receivable | 41 | - | €1,662 | +€1,662 | |
| Cash at bank and in hand | 54/58 | €62,374 | €74,483 | +€12,109 | +19.4% |
| Deferred charges and accrued income | 490/1 | €31,302 | €23,371 | -€7,931 | -25.3% |
| Total equity and liabilities | 10/49 | €1,251,629 | €1,030,581 | -€221,048 | -17.7% |
| Equity | 10/15 | €393,738 | €603,458 | +€209,721 | +53.3% |
| Contributions | 10/11 | €450,000 | €600,000 | +€150,000 | +33.3% |
| Reserves | 13 | - | €3,458 | +€3,458 | |
| Distributable reserves | 133 | - | €3,458 | +€3,458 | |
| Profit (loss) carried forward | 14 | -€56,262 | - | +€56,262 | |
| Amounts payable | 17/49 | €857,892 | €427,123 | -€430,769 | -50.2% |
| Amounts payable after more than one year | 17 | €83,325 | - | -€83,325 | |
| Financial debts | 170/4 | €83,325 | - | -€83,325 | |
| Amounts payable within one year | 42/48 | €751,983 | €426,991 | -€324,992 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €82,428 | €88,684 | +€6,256 | +7.6% |
| Financial debts | 43 | €192,844 | €38,000 | -€154,844 | -80.3% |
| Credit institutions | 430/8 | €192,844 | €38,000 | -€154,844 | -80.3% |
| Trade debts | 44 | €379,916 | €281,359 | -€98,558 | -25.9% |
| Suppliers | 440/4 | €379,916 | €281,359 | -€98,558 | -25.9% |
| Taxes, remuneration and social security | 45 | €96,565 | €18,718 | -€77,846 | -80.6% |
| Taxes | 450/3 | €21,332 | €7,229 | -€14,103 | -66.1% |
| Remuneration and social security | 454/9 | €75,233 | €11,490 | -€63,743 | -84.7% |
| Other amounts payable | 47/48 | €229 | €229 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €22,584 | €132 | -€22,452 | -99.4% |
| Non-recurring operating income | 76A | €3,480 | - | -€3,480 | |
| Remuneration, social security and pensions | 62 | €745,327 | €595,792 | -€149,534 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,103 | €92,577 | +€5,474 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,013 | €11,243 | -€22,769 | -66.9% |
| Other operating charges | 640/8 | €4,996 | €7,390 | +€2,394 | +47.9% |
| Gross operating margin | 9900 | €869,124 | €817,026 | -€52,098 | -6.0% |
| Operating profit (loss) | 9901 | -€2,313 | €110,024 | +€112,338 | |
| Financial income | 75/76B | €7,635 | €7,125 | -€511 | -6.7% |
| Recurring financial income | 75 | €7,635 | €7,125 | -€511 | -6.7% |
| Financial charges | 65/66B | €55,312 | €21,068 | -€34,245 | -61.9% |
| Recurring financial charges | 65 | €55,312 | €21,068 | -€34,245 | -61.9% |
| Profit (loss) for the period before taxes | 9903 | -€49,990 | €96,082 | +€146,072 | |
| Income taxes | 67/77 | €1,184 | €36,361 | +€35,177 | +2969.8% |
| Profit (loss) for the period | 9904 | -€51,175 | €59,721 | +€110,895 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,175 | €59,721 | +€110,895 |
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.