HELU: 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.
HELU
Largest movements
- Tangible fixed assets +€116,274
up €116,274 (+23.7%), from €491,174 to €607,447
of which Land and buildings: +€123,279
- Cash -€50,926
down €50,926 (-22.4%), from €227,448 to €176,522
mainly Investment in fixed assets (net) (-€171,451) and Contributions, distributions and other (-€116,210)
- Debts after one year +€88,858
up €88,858 (+51.5%), from €172,522 to €261,380
- Reserves -€40,330
down €40,330 (-9.1%), from €442,524 to €402,194
of which Distributable reserves: -€40,330
- Current portion of long-term debt +€14,307
up €14,307 (+67.9%), from €21,069 to €35,376
- Gross operating margin +€95,089
up €95,089 (+142.0%), from €66,948 to €162,036
- Taxes +€19,108
up €19,108 (+187.9%), from €10,167 to €29,274
- Depreciation +€17,570
up €17,570 (+60.4%), from €29,107 to €46,677
- Other operating charges +€3,303
up €3,303 (+70.4%), from €4,693 to €7,996
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 | €919,994 | €994,627 | +€74,633 | +8.1% |
| Fixed assets | 21/28 | €491,174 | €615,947 | +€124,774 | +25.4% |
| Tangible fixed assets | 22/27 | €491,174 | €607,447 | +€116,274 | +23.7% |
| Land and buildings | 22 | €448,071 | €571,349 | +€123,279 | +27.5% |
| Plant, machinery and equipment | 23 | €34,958 | €30,684 | -€4,275 | -12.2% |
| Furniture and vehicles | 24 | €8,145 | €5,415 | -€2,730 | -33.5% |
| Financial fixed assets | 28 | - | €8,500 | +€8,500 | |
| Current assets | 29/58 | €428,820 | €378,680 | -€50,141 | -11.7% |
| Amounts receivable within one year | 40/41 | €148,767 | €145,550 | -€3,217 | -2.2% |
| Other amounts receivable | 41 | €148,767 | €145,550 | -€3,217 | -2.2% |
| Current investments | 50/53 | €31,509 | €33,778 | +€2,268 | +7.2% |
| Cash at bank and in hand | 54/58 | €227,448 | €176,522 | -€50,926 | -22.4% |
| Deferred charges and accrued income | 490/1 | €21,096 | €22,830 | +€1,733 | +8.2% |
| Total equity and liabilities | 10/49 | €919,994 | €994,627 | +€74,633 | +8.1% |
| Equity | 10/15 | €603,837 | €563,507 | -€40,330 | -6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €442,524 | €402,194 | -€40,330 | -9.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €442,524 | €402,194 | -€40,330 | -9.1% |
| Profit (loss) carried forward | 14 | €155,113 | €155,113 | = | 0.0% |
| Amounts payable | 17/49 | €316,156 | €431,120 | +€114,963 | +36.4% |
| Amounts payable after more than one year | 17 | €172,522 | €261,380 | +€88,858 | +51.5% |
| Financial debts | 170/4 | €172,522 | €261,380 | +€88,858 | +51.5% |
| Amounts payable within one year | 42/48 | €143,634 | €169,739 | +€26,105 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €21,069 | €35,376 | +€14,307 | +67.9% |
| Trade debts | 44 | €2,876 | €1,124 | -€1,752 | -60.9% |
| Suppliers | 440/4 | €2,876 | €1,124 | -€1,752 | -60.9% |
| Taxes, remuneration and social security | 45 | €9,618 | €16,154 | +€6,536 | +68.0% |
| Taxes | 450/3 | €9,618 | €16,154 | +€6,536 | +68.0% |
| Other amounts payable | 47/48 | €110,071 | €117,085 | +€7,014 | +6.4% |
| Remuneration, social security and pensions | 62 | - | €192 | +€192 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,107 | €46,677 | +€17,570 | +60.4% |
| Other operating charges | 640/8 | €4,693 | €7,996 | +€3,303 | +70.4% |
| Gross operating margin | 9900 | €66,948 | €162,036 | +€95,089 | +142.0% |
| Operating profit (loss) | 9901 | €33,148 | €107,171 | +€74,023 | +223.3% |
| Financial income | 75/76B | €3,398 | €2,451 | -€947 | -27.9% |
| Recurring financial income | 75 | €3,398 | €2,451 | -€947 | -27.9% |
| Financial charges | 65/66B | €3,103 | €4,468 | +€1,364 | +44.0% |
| Recurring financial charges | 65 | €3,103 | €4,468 | +€1,364 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €33,443 | €105,154 | +€71,712 | +214.4% |
| Income taxes | 67/77 | €10,167 | €29,274 | +€19,108 | +187.9% |
| Profit (loss) for the period | 9904 | €23,276 | €75,880 | +€52,604 | +226.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,276 | €75,880 | +€52,604 | +226.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.