HELSEN: 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.
HELSEN
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+295%), from €352,915 to €1.4m
of which Other amounts receivable: +€1.0m
- Tangible fixed assets -€101,869
down €101,869 (-4.0%), from €2.5m to €2.4m
of which Land and buildings: -€106,587
- Debts after one year +€913,999
up €913,999 (+90.2%), from €1.0m to €1.9m
- Trade debts -€70,859
down €70,859 (-94.6%), from €74,943 to €4,084
- Current portion of long-term debt +€63,329
up €63,329 (+51.4%), from €123,140 to €186,469
- Reserves -€45,642
down €45,642 (-4.3%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€33,070
- Accrued charges and deferred income +€43,185
up €43,185 (+872%), from €4,950 to €48,135
- Gross operating margin -€67,117
down €67,117 (-23.0%), from €291,239 to €224,122
- Depreciation -€53,338
down €53,338 (-26.2%), from €203,941 to €150,603
- Financial charges +€23,501
up €23,501 (+124%), from €18,902 to €42,404
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 | €2,950,600 | €3,875,464 | +€924,863 | +31.3% |
| Fixed assets | 21/28 | €2,519,685 | €2,417,815 | -€101,869 | -4.0% |
| Tangible fixed assets | 22/27 | €2,519,685 | €2,417,815 | -€101,869 | -4.0% |
| Land and buildings | 22 | €2,511,685 | €2,405,098 | -€106,587 | -4.2% |
| Plant, machinery and equipment | 23 | - | €4,717 | +€4,717 | |
| Other tangible fixed assets | 26 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €430,916 | €1,457,648 | +€1.0m | +238% |
| Amounts receivable within one year | 40/41 | €352,915 | €1,395,672 | +€1.0m | +295% |
| Trade receivables | 40 | €8,675 | €8,278 | -€397 | -4.6% |
| Other amounts receivable | 41 | €344,240 | €1,387,394 | +€1.0m | +303% |
| Cash at bank and in hand | 54/58 | €72,466 | €55,913 | -€16,554 | -22.8% |
| Deferred charges and accrued income | 490/1 | €5,534 | €6,063 | +€529 | +9.6% |
| Total equity and liabilities | 10/49 | €2,950,600 | €3,875,464 | +€924,863 | +31.3% |
| Equity | 10/15 | €1,561,131 | €1,515,489 | -€45,642 | -2.9% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,061,131 | €1,015,489 | -€45,642 | -4.3% |
| Non-distributable reserves | 130/1 | €66,357 | €66,357 | = | 0.0% |
| Legal reserve | 130 | €66,357 | €66,357 | = | 0.0% |
| Tax-exempt reserves | 132 | €498,587 | €465,517 | -€33,070 | -6.6% |
| Distributable reserves | 133 | €496,187 | €483,615 | -€12,571 | -2.5% |
| Provisions and deferred taxes | 16 | €166,196 | €155,172 | -€11,024 | -6.6% |
| Deferred taxes | 168 | €166,196 | €155,172 | -€11,024 | -6.6% |
| Amounts payable | 17/49 | €1,223,274 | €2,204,803 | +€981,529 | +80.2% |
| Amounts payable after more than one year | 17 | €1,013,701 | €1,927,700 | +€913,999 | +90.2% |
| Financial debts | 170/4 | €1,013,701 | €1,927,700 | +€913,999 | +90.2% |
| Amounts payable within one year | 42/48 | €204,623 | €228,968 | +€24,344 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €123,140 | €186,469 | +€63,329 | +51.4% |
| Trade debts | 44 | €74,943 | €4,084 | -€70,859 | -94.6% |
| Suppliers | 440/4 | €74,943 | €4,084 | -€70,859 | -94.6% |
| Advances received on contracts in progress | 46 | - | €31,500 | +€31,500 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,540 | €6,915 | +€375 | +5.7% |
| Accrued charges and deferred income | 492/3 | €4,950 | €48,135 | +€43,185 | +872% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,941 | €150,603 | -€53,338 | -26.2% |
| Other operating charges | 640/8 | €86,799 | €89,205 | +€2,406 | +2.8% |
| Gross operating margin | 9900 | €291,239 | €224,122 | -€67,117 | -23.0% |
| Operating profit (loss) | 9901 | €499 | -€15,687 | -€16,186 | |
| Financial income | 75/76B | €0 | €1,425 | +€1,425 | |
| Recurring financial income | 75 | €0 | €1,425 | +€1,425 | |
| Financial charges | 65/66B | €18,902 | €42,404 | +€23,501 | +124% |
| Recurring financial charges | 65 | €18,902 | €42,404 | +€23,501 | +124% |
| Profit (loss) for the period before taxes | 9903 | -€18,403 | -€56,665 | -€38,262 | -208% |
| Transfer from deferred taxes | 780 | €11,024 | €11,024 | = | 0.0% |
| Income taxes | 67/77 | €2,300 | €0 | -€2,300 | -100% |
| Profit (loss) for the period | 9904 | -€9,680 | -€45,642 | -€35,962 | -372% |
| Transfer from tax-exempt reserves | 789 | €33,070 | €33,070 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,391 | -€12,571 | -€35,962 |
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 16 October 2026 via checked.be.