HELUCA: 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.
What changed
HELUCA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€10.4m
2024 · €8.5m+€1.9m
Equity
€50.9m
2024 · €54.2m-€3.3m
Cash
€1,200
2024 · €9,024-€7,824
Balance sheet total
€107.2m
2024 · €111.9m-€4.7m
Largest movements
Assets
- Financial fixed assets -€3.2m
down €3.2m (-3.1%), from €105.9m to €102.6m
of which Affiliated companies: -€2.0m
- Receivables within one year -€1.4m
down €1.4m (-32.1%), from €4.3m to €2.9m
Equity and liabilities
- Profit (loss) carried forward -€3.3m
down €3.3m (-9.5%), from €34.4m to €31.1m
- Short-term financial debts -€3.0m
down €3.0m (-5.8%), from €51.3m to €48.3m
- Trade debts +€2.1m
up €2.1m (+55.8%), from €3.8m to €6.0m
Income statement
- Financial income +€1.9m
up €1.9m (+18.1%), from €10.5m to €12.4m
- Financial charges -€723,130
down €723,130 (-26.7%), from €2.7m to €2.0m
- Taxes +€607,356
up €607,356, from -€462,180 to €145,176
- Services and other goods +€92,256
up €92,256 (+2.8%), from €3.3m to €3.3m
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.
Result 2024
€8.5m
Turnover
+€27,494
Services and other goods
-€92,256
Staff costs
-€24,945
Other operating charges
-€209
Financial income
+€1.9m
Financial charges
+€723,130
Taxes
-€607,356
Result 2025
€10.4m
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.
From operations
+€14.0m
Investment
+€3.2m
Financing
-€17.3m
Cash 2024
€9,024
From operations (derived)
+€14.0m
Net result for the year
+€10.4m
Receivables within one year
+€1.4m
Deferred charges and accrued income
+€51,502
Trade debts
+€2.1m
Smaller working-capital items
+€40,357
Investment (derived)
+€3.2m
Investment in fixed assets (net)
+€3.2m
Financing
-€17.3m
Debts after one year
-€602,805
Short-term financial debts
-€3.0m
Contributions, distributions and other
-€13.7m
Cash 2025
€1,200
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €111,875,601 | €107,186,117 | -€4.7m | -4.2% |
| Fixed assets | 21/28 | €105,862,568 | €102,613,768 | -€3.2m | -3.1% |
| Financial fixed assets | 28 | €105,862,568 | €102,613,768 | -€3.2m | -3.1% |
| Affiliated companies | 280/1 | €92,923,150 | €90,923,454 | -€2.0m | -2.2% |
| Participating interests | 280 | €92,923,150 | €90,923,454 | -€2.0m | -2.2% |
| Other financial fixed assets | 284/8 | €12,939,418 | €11,690,314 | -€1.2m | -9.7% |
| Shares | 284 | €12,939,418 | €11,690,314 | -€1.2m | -9.7% |
| Current assets | 29/58 | €6,013,033 | €4,572,349 | -€1.4m | -24.0% |
| Amounts receivable within one year | 40/41 | €4,299,797 | €2,918,440 | -€1.4m | -32.1% |
| Trade receivables | 40 | €4,299,797 | €2,918,440 | -€1.4m | -32.1% |
| Cash at bank and in hand | 54/58 | €9,024 | €1,200 | -€7,824 | -86.7% |
| Deferred charges and accrued income | 490/1 | €1,704,212 | €1,652,710 | -€51,502 | -3.0% |
| Total equity and liabilities | 10/49 | €111,875,601 | €107,186,117 | -€4.7m | -4.2% |
| Equity | 10/15 | €54,216,909 | €50,941,981 | -€3.3m | -6.0% |
| Contributions | 10/11 | €16,598,989 | €16,598,989 | = | 0.0% |
| Capital | 10 | €16,598,989 | €16,598,989 | = | 0.0% |
| Issued capital | 100 | €16,598,989 | €16,598,989 | = | 0.0% |
| Reserves | 13 | €3,242,208 | €3,242,208 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,662,025 | €1,662,025 | = | 0.0% |
| Legal reserve | 130 | €1,659,899 | €1,659,899 | = | 0.0% |
| Other | 1319 | €2,127 | €2,127 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,702 | €26,702 | = | 0.0% |
| Distributable reserves | 133 | €1,553,481 | €1,553,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,375,712 | €31,100,784 | -€3.3m | -9.5% |
| Amounts payable | 17/49 | €57,658,692 | €56,244,136 | -€1.4m | -2.5% |
| Amounts payable after more than one year | 17 | €1,808,415 | €1,205,610 | -€602,805 | -33.3% |
| Financial debts | 170/4 | €1,808,415 | €1,205,610 | -€602,805 | -33.3% |
| Credit institutions | 173 | €1,808,415 | €1,205,610 | -€602,805 | -33.3% |
| Amounts payable within one year | 42/48 | €55,845,599 | €55,017,012 | -€828,587 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €602,805 | €602,805 | = | 0.0% |
| Financial debts | 43 | €51,293,603 | €48,300,928 | -€3.0m | -5.8% |
| Other loans | 439 | €51,293,603 | €48,300,928 | -€3.0m | -5.8% |
| Trade debts | 44 | €3,838,005 | €5,978,573 | +€2.1m | +55.8% |
| Suppliers | 440/4 | €3,838,005 | €5,978,573 | +€2.1m | +55.8% |
| Taxes, remuneration and social security | 45 | €110,940 | €134,301 | +€23,361 | +21.1% |
| Taxes | 450/3 | €56,810 | €78,234 | +€21,424 | +37.7% |
| Remuneration and social security | 454/9 | €54,130 | €56,067 | +€1,937 | +3.6% |
| Other amounts payable | 47/48 | €246 | €405 | +€159 | +64.6% |
| Accrued charges and deferred income | 492/3 | €4,678 | €21,515 | +€16,837 | +359.9% |
| Operating income | 70/76A | €4,367,875 | €4,395,369 | +€27,494 | +0.6% |
| Turnover | 70 | €4,367,875 | €4,395,369 | +€27,494 | +0.6% |
| Operating charges | 60/66A | €4,131,544 | €4,248,955 | +€117,411 | +2.8% |
| Services and other goods | 61 | €3,253,777 | €3,346,033 | +€92,256 | +2.8% |
| Remuneration, social security and pensions | 62 | €875,706 | €900,652 | +€24,945 | +2.8% |
| Other operating charges | 640/8 | €2,060 | €2,270 | +€209 | +10.2% |
| Operating profit (loss) | 9901 | €236,331 | €146,414 | -€89,917 | -38.0% |
| Financial income | 75/76B | €10,496,505 | €12,393,031 | +€1.9m | +18.1% |
| Recurring financial income | 75 | €10,496,505 | €12,393,031 | +€1.9m | +18.1% |
| Income from financial fixed assets | 750 | €10,399,375 | €12,330,167 | +€1.9m | +18.6% |
| Income from current assets | 751 | €97,038 | €62,400 | -€34,638 | -35.7% |
| Other financial income | 752/9 | €92 | €464 | +€372 | +406.0% |
| Financial charges | 65/66B | €2,710,013 | €1,986,883 | -€723,130 | -26.7% |
| Recurring financial charges | 65 | €2,710,013 | €1,986,883 | -€723,130 | -26.7% |
| Debt charges | 650 | €2,675,838 | €1,977,243 | -€698,595 | -26.1% |
| Other financial charges | 652/9 | €34,175 | €9,640 | -€24,535 | -71.8% |
| Profit (loss) for the period before taxes | 9903 | €8,022,823 | €10,552,562 | +€2.5m | +31.5% |
| Income taxes | 67/77 | -€462,180 | €145,176 | +€607,356 | |
| Taxes | 670/3 | €144,329 | €219,589 | +€75,261 | +52.1% |
| Tax adjustments and reversals of tax provisions | 77 | €606,509 | €74,413 | -€532,096 | -87.7% |
| Profit (loss) for the period | 9904 | €8,485,003 | €10,407,386 | +€1.9m | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,485,003 | €10,407,386 | +€1.9m | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.