HESHENG: 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.
HESHENG
Largest movements
- Cash +€120,432
up €120,432 (+167%), from €72,184 to €192,616
mainly Net result for the year (+€115,768) and Tax, wage and social debts (+€36,775)
- Receivables within one year -€21,245
down €21,245 (-68.9%), from €30,850 to €9,605
of which Trade receivables: -€23,431
- Stocks and contracts +€16,658
new in 2025: €16,658
- Tangible fixed assets +€9,234
up €9,234 (+73.4%), from €12,585 to €21,819
- Reserves +€107,551
new in 2025: €107,551
- Tax, wage and social debts +€36,775
up €36,775 (+152%), from €24,132 to €60,907
of which Taxes: +€31,687
- Trade debts -€28,627
down €28,627 (-100%), from €28,627 to €0
- Profit (loss) carried forward +€8,217
no longer reported in 2025 (was -€8,217)
- Gross operating margin +€245,993
up €245,993 (+660%), from €37,290 to €283,283
- Staff costs +€88,189
up €88,189 (+218%), from €40,425 to €128,614
- Taxes +€29,422
new in 2025: €29,422
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 | €133,553 | €257,375 | +€123,822 | +92.7% |
| Fixed assets | 21/28 | €30,520 | €38,496 | +€7,976 | +26.1% |
| Intangible fixed assets | 21 | €17,935 | €16,678 | -€1,258 | -7.0% |
| Tangible fixed assets | 22/27 | €12,585 | €21,819 | +€9,234 | +73.4% |
| Plant, machinery and equipment | 23 | €12,585 | €21,819 | +€9,234 | +73.4% |
| Current assets | 29/58 | €103,033 | €218,879 | +€115,845 | +112% |
| Stocks and contracts in progress | 3 | - | €16,658 | +€16,658 | |
| Stocks | 30/36 | - | €16,658 | +€16,658 | |
| Amounts receivable within one year | 40/41 | €30,850 | €9,605 | -€21,245 | -68.9% |
| Trade receivables | 40 | €30,850 | €7,419 | -€23,431 | -76.0% |
| Other amounts receivable | 41 | - | €2,186 | +€2,186 | |
| Cash at bank and in hand | 54/58 | €72,184 | €192,616 | +€120,432 | +167% |
| Total equity and liabilities | 10/49 | €133,553 | €257,375 | +€123,822 | +92.7% |
| Equity | 10/15 | €41,783 | €157,551 | +€115,768 | +277% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | - | €107,551 | +€107,551 | |
| Distributable reserves | 133 | - | €107,551 | +€107,551 | |
| Profit (loss) carried forward | 14 | -€8,217 | - | +€8,217 | |
| Amounts payable | 17/49 | €91,770 | €99,824 | +€8,054 | +8.8% |
| Amounts payable within one year | 42/48 | €91,770 | €99,824 | +€8,054 | +8.8% |
| Trade debts | 44 | €28,627 | €0 | -€28,627 | -100% |
| Suppliers | 440/4 | €28,627 | €0 | -€28,627 | -100% |
| Taxes, remuneration and social security | 45 | €24,132 | €60,907 | +€36,775 | +152% |
| Taxes | 450/3 | €9,078 | €40,764 | +€31,687 | +349% |
| Remuneration and social security | 454/9 | €15,055 | €20,143 | +€5,088 | +33.8% |
| Other amounts payable | 47/48 | €39,011 | €38,917 | -€94 | -0.2% |
| Remuneration, social security and pensions | 62 | €40,425 | €128,614 | +€88,189 | +218% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,856 | €3,876 | +€2,020 | +109% |
| Other operating charges | 640/8 | €3,137 | €5,442 | +€2,304 | +73.4% |
| Gross operating margin | 9900 | €37,290 | €283,283 | +€245,993 | +660% |
| Operating profit (loss) | 9901 | -€8,128 | €145,351 | +€153,480 | |
| Financial income | 75/76B | €19 | €0 | -€19 | -99.9% |
| Recurring financial income | 75 | €19 | €0 | -€19 | -99.9% |
| Financial charges | 65/66B | €107 | €162 | +€55 | +50.8% |
| Recurring financial charges | 65 | €107 | €162 | +€55 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,217 | €145,190 | +€153,406 | |
| Income taxes | 67/77 | - | €29,422 | +€29,422 | |
| Profit (loss) for the period | 9904 | -€8,217 | €115,768 | +€123,985 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,217 | €115,768 | +€123,985 |
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 23 October 2026 via checked.be.