heta: 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.
heta
Largest movements
- Stocks and contracts +€449,630
new in 2025: €449,630
- Intangible fixed assets -€151,566
down €151,566 (-22.1%), from €687,207 to €535,642
- Cash +€148,104
up €148,104 (+263.7%), from €56,174 to €204,278
mainly Net result for the year (+€405,034) and Trade debts (+€340,659)
- Receivables after one year -€70,000
down €70,000 (-25.9%), from €270,000 to €200,000
- Receivables within one year -€63,675
down €63,675 (-6.1%), from €1.0m to €985,589
of which Trade receivables: -€281,464
- Tax, wage and social debts -€395,210
down €395,210 (-55.9%), from €706,910 to €311,700
of which Taxes: -€431,781
- Trade debts +€340,659
up €340,659 (+110.9%), from €307,149 to €647,808
- Reserves +€185,034
up €185,034 (+19.4%), from €952,308 to €1.1m
- Short-term financial debts +€145,703
up €145,703 (+424.8%), from €34,297 to €180,000
- Other debts -€116,940
down €116,940 (-34.7%), from €336,940 to €220,000
- Gross operating margin +€467,967
up €467,967 (+39.9%), from €1.2m to €1.6m
- Staff costs +€231,762
up €231,762 (+38.9%), from €596,226 to €827,988
- Taxes +€56,699
up €56,699 (+49.7%), from €114,135 to €170,834
- Depreciation +€53,461
up €53,461 (+36.2%), from €147,686 to €201,147
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 | €2,362,784 | €2,572,898 | +€210,114 | +8.9% |
| Fixed assets | 21/28 | €895,668 | €694,520 | -€201,147 | -22.5% |
| Intangible fixed assets | 21 | €687,207 | €535,642 | -€151,566 | -22.1% |
| Tangible fixed assets | 22/27 | €173,460 | €123,879 | -€49,582 | -28.6% |
| Plant, machinery and equipment | 23 | €14,145 | €9,391 | -€4,754 | -33.6% |
| Furniture and vehicles | 24 | €130,946 | €92,619 | -€38,327 | -29.3% |
| Other tangible fixed assets | 26 | €28,369 | €21,869 | -€6,500 | -22.9% |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €1,467,116 | €1,878,378 | +€411,261 | +28.0% |
| Amounts receivable after more than one year | 29 | €270,000 | €200,000 | -€70,000 | -25.9% |
| Other amounts receivable | 291 | €270,000 | €200,000 | -€70,000 | -25.9% |
| Stocks and contracts in progress | 3 | - | €449,630 | +€449,630 | |
| Contracts in progress | 37 | - | €449,630 | +€449,630 | |
| Amounts receivable within one year | 40/41 | €1,049,265 | €985,589 | -€63,675 | -6.1% |
| Trade receivables | 40 | €1,006,677 | €725,213 | -€281,464 | -28.0% |
| Other amounts receivable | 41 | €42,588 | €260,377 | +€217,789 | +511.4% |
| Cash at bank and in hand | 54/58 | €56,174 | €204,278 | +€148,104 | +263.7% |
| Deferred charges and accrued income | 490/1 | €91,677 | €38,880 | -€52,797 | -57.6% |
| Total equity and liabilities | 10/49 | €2,362,784 | €2,572,898 | +€210,114 | +8.9% |
| Equity | 10/15 | €957,808 | €1,142,842 | +€185,034 | +19.3% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Reserves | 13 | €952,308 | €1,137,342 | +€185,034 | +19.4% |
| Distributable reserves | 133 | €952,308 | €1,137,342 | +€185,034 | +19.4% |
| Amounts payable | 17/49 | €1,404,976 | €1,430,056 | +€25,080 | +1.8% |
| Amounts payable within one year | 42/48 | €1,385,296 | €1,415,778 | +€30,482 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | - | €56,270 | +€56,270 | |
| Financial debts | 43 | €34,297 | €180,000 | +€145,703 | +424.8% |
| Credit institutions | 430/8 | €34,297 | €180,000 | +€145,703 | +424.8% |
| Trade debts | 44 | €307,149 | €647,808 | +€340,659 | +110.9% |
| Suppliers | 440/4 | €307,149 | €647,808 | +€340,659 | +110.9% |
| Taxes, remuneration and social security | 45 | €706,910 | €311,700 | -€395,210 | -55.9% |
| Taxes | 450/3 | €640,235 | €208,454 | -€431,781 | -67.4% |
| Remuneration and social security | 454/9 | €66,675 | €103,246 | +€36,571 | +54.8% |
| Other amounts payable | 47/48 | €336,940 | €220,000 | -€116,940 | -34.7% |
| Accrued charges and deferred income | 492/3 | €19,680 | €14,278 | -€5,402 | -27.4% |
| Remuneration, social security and pensions | 62 | €596,226 | €827,988 | +€231,762 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,686 | €201,147 | +€53,461 | +36.2% |
| Other operating charges | 640/8 | €14,783 | €29,703 | +€14,920 | +100.9% |
| Gross operating margin | 9900 | €1,174,316 | €1,642,282 | +€467,967 | +39.9% |
| Operating profit (loss) | 9901 | €415,620 | €583,444 | +€167,824 | +40.4% |
| Financial income | 75/76B | €16,438 | €9,188 | -€7,250 | -44.1% |
| Recurring financial income | 75 | €16,438 | €9,188 | -€7,250 | -44.1% |
| Financial charges | 65/66B | €24,284 | €16,764 | -€7,520 | -31.0% |
| Recurring financial charges | 65 | €24,284 | €16,764 | -€7,520 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €407,774 | €575,868 | +€168,094 | +41.2% |
| Income taxes | 67/77 | €114,135 | €170,834 | +€56,699 | +49.7% |
| Profit (loss) for the period | 9904 | €293,639 | €405,034 | +€111,395 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €293,639 | €405,034 | +€111,395 | +37.9% |
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 30 September 2026 via checked.be.