HEO: 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.
HEO
Largest movements
- Tangible fixed assets +€3,876
up €3,876 (+1.9%), from €209,196 to €213,072
of which Land and buildings: +€5,575
- Other debts +€29,529
up €29,529 (+492.2%), from €5,999 to €35,528
- Profit (loss) carried forward -€22,578
down €22,578 (-59.3%), from -€38,073 to -€60,652
- Debts after one year -€8,778
down €8,778 (-5.2%), from €168,847 to €160,069
- Trade debts +€2,549
up €2,549 (+25.5%), from €10,011 to €12,561
- Short-term financial debts +€2,546
up €2,546 (+103.2%), from €2,467 to €5,013
- Gross operating margin -€10,285
down €10,285, from €1,753 to -€8,533
- Taxes +€219
up €219 (+121.0%), from €181 to €400
- Financial charges +€196
up €196 (+4.0%), from €4,948 to €5,144
- Depreciation -€109
down €109 (-1.3%), from €8,407 to €8,299
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 | €222,728 | €225,854 | +€3,126 | +1.4% |
| Fixed assets | 21/28 | €209,196 | €213,072 | +€3,876 | +1.9% |
| Tangible fixed assets | 22/27 | €209,196 | €213,072 | +€3,876 | +1.9% |
| Land and buildings | 22 | €190,337 | €195,912 | +€5,575 | +2.9% |
| Plant, machinery and equipment | 23 | €17,843 | €16,818 | -€1,024 | -5.7% |
| Furniture and vehicles | 24 | €1,016 | €341 | -€675 | -66.4% |
| Current assets | 29/58 | €13,532 | €12,783 | -€749 | -5.5% |
| Amounts receivable within one year | 40/41 | €12,009 | €11,720 | -€289 | -2.4% |
| Trade receivables | 40 | €11,747 | €11,714 | -€33 | -0.3% |
| Other amounts receivable | 41 | €263 | €6 | -€256 | -97.6% |
| Cash at bank and in hand | 54/58 | €1,523 | €735 | -€787 | -51.7% |
| Deferred charges and accrued income | 490/1 | - | €327 | +€327 | |
| Total equity and liabilities | 10/49 | €222,728 | €225,854 | +€3,126 | +1.4% |
| Equity | 10/15 | €11,464 | -€11,114 | -€22,578 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €43,338 | €43,338 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €41,478 | €41,478 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,073 | -€60,652 | -€22,578 | -59.3% |
| Amounts payable | 17/49 | €211,264 | €236,968 | +€25,705 | +12.2% |
| Amounts payable after more than one year | 17 | €168,847 | €160,069 | -€8,778 | -5.2% |
| Financial debts | 170/4 | €168,847 | €160,069 | -€8,778 | -5.2% |
| Amounts payable within one year | 42/48 | €42,257 | €76,899 | +€34,642 | +82.0% |
| Current portion of amounts payable after more than one year | 42 | €8,593 | €9,797 | +€1,204 | +14.0% |
| Financial debts | 43 | €2,467 | €5,013 | +€2,546 | +103.2% |
| Credit institutions | 430/8 | €2,467 | €5,013 | +€2,546 | +103.2% |
| Trade debts | 44 | €10,011 | €12,561 | +€2,549 | +25.5% |
| Suppliers | 440/4 | €10,011 | €12,561 | +€2,549 | +25.5% |
| Advances received on contracts in progress | 46 | €13,145 | €13,665 | +€521 | +4.0% |
| Taxes, remuneration and social security | 45 | €2,042 | €335 | -€1,707 | -83.6% |
| Taxes | 450/3 | €2,042 | €335 | -€1,707 | -83.6% |
| Other amounts payable | 47/48 | €5,999 | €35,528 | +€29,529 | +492.2% |
| Accrued charges and deferred income | 492/3 | €160 | - | -€160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,407 | €8,299 | -€109 | -1.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €1,753 | -€8,533 | -€10,285 | |
| Operating profit (loss) | 9901 | -€7,042 | -€17,231 | -€10,189 | -144.7% |
| Financial income | 75/76B | €147 | €197 | +€49 | +33.3% |
| Recurring financial income | 75 | €147 | €197 | +€49 | +33.3% |
| Financial charges | 65/66B | €4,948 | €5,144 | +€196 | +4.0% |
| Recurring financial charges | 65 | €4,948 | €5,144 | +€196 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,843 | -€22,178 | -€10,335 | -87.3% |
| Income taxes | 67/77 | €181 | €400 | +€219 | +121.0% |
| Profit (loss) for the period | 9904 | -€12,024 | -€22,578 | -€10,554 | -87.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,024 | -€22,578 | -€10,554 | -87.8% |
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.