HEULCO: 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.
What changed
HEULCO
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€138,472
2024 · €302,366-€163,894
Equity
€1.5m
2024 · €1.5m+€3,472
Cash
€517,142
2024 · €155,387+€361,755
Balance sheet total
€4.2m
2024 · €4.2m-€53,428
Largest movements
Assets
- Cash +€361,755
up €361,755 (+232.8%), from €155,387 to €517,142
mainly Current investments (+€350,000) and Depreciation (+€339,347)
- Current investments -€350,000
down €350,000 (-100.0%), from €350,000 to €0
- Tangible fixed assets -€181,478
down €181,478 (-6.4%), from €2.8m to €2.7m
of which Plant, machinery and equipment: -€92,975
- Stocks and contracts +€96,215
up €96,215 (+16.0%), from €601,288 to €697,503
Equity and liabilities
- Debts after one year -€103,897
down €103,897 (-9.0%), from €1.2m to €1.1m
- Trade debts +€63,683
up €63,683 (+6.2%), from €1.0m to €1.1m
Income statement
- Gross operating margin -€230,855
down €230,855 (-17.9%), from €1.3m to €1.1m
- Staff costs -€58,987
down €58,987 (-12.3%), from €478,105 to €419,117
- Taxes -€50,328
down €50,328 (-45.0%), from €111,722 to €61,394
- Depreciation +€28,340
up €28,340 (+9.1%), from €311,007 to €339,347
- Other operating charges -€18,153
down €18,153 (-81.2%), from €22,369 to €4,217
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
€302,366
Gross operating margin
-€230,855
Staff costs
+€58,987
Depreciation
-€28,340
Other operating charges
+€18,153
Other operating items
-€39,033
Financial income
+€2,347
Financial charges
+€4,519
Taxes
+€50,328
Result 2025
€138,472
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
+€388,700
Investment
+€192,131
Financing
-€219,076
Cash 2024
€155,387
From operations (derived)
+€388,700
Net result for the year
+€138,472
Depreciation
+€339,347
Stocks and contracts
-€96,215
Receivables within one year
-€13,731
Deferred charges and accrued income
-€6,350
Trade debts
+€63,683
Tax, wage and social debts
-€13,637
Other debts
+€5,049
Accrued charges and deferred income
-€27,919
Investment (derived)
+€192,131
Investment in fixed assets (net)
-€157,869
Current investments
+€350,000
Financing
-€219,076
Debts after one year
-€103,897
Current portion of long-term debt
+€19,821
Contributions, distributions and other
-€135,000
Cash 2025
€517,142
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,244,049 | €4,190,622 | -€53,428 | -1.3% |
| Fixed assets | 21/28 | €2,845,741 | €2,664,262 | -€181,478 | -6.4% |
| Tangible fixed assets | 22/27 | €2,845,741 | €2,664,262 | -€181,478 | -6.4% |
| Land and buildings | 22 | €116,800 | €112,000 | -€4,800 | -4.1% |
| Plant, machinery and equipment | 23 | €791,646 | €698,671 | -€92,975 | -11.7% |
| Furniture and vehicles | 24 | €237,832 | €210,226 | -€27,606 | -11.6% |
| Other tangible fixed assets | 26 | €1,699,463 | €1,643,365 | -€56,098 | -3.3% |
| Current assets | 29/58 | €1,398,309 | €1,526,359 | +€128,050 | +9.2% |
| Stocks and contracts in progress | 3 | €601,288 | €697,503 | +€96,215 | +16.0% |
| Stocks | 30/36 | €601,288 | €697,503 | +€96,215 | +16.0% |
| Amounts receivable within one year | 40/41 | €289,952 | €303,683 | +€13,731 | +4.7% |
| Trade receivables | 40 | €137,500 | €175,084 | +€37,584 | +27.3% |
| Other amounts receivable | 41 | €152,452 | €128,598 | -€23,854 | -15.6% |
| Current investments | 50/53 | €350,000 | €0 | -€350,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €155,387 | €517,142 | +€361,755 | +232.8% |
| Deferred charges and accrued income | 490/1 | €1,682 | €8,032 | +€6,350 | +377.5% |
| Total equity and liabilities | 10/49 | €4,244,049 | €4,190,622 | -€53,428 | -1.3% |
| Equity | 10/15 | €1,502,688 | €1,506,160 | +€3,472 | +0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,438,400 | €1,441,400 | +€3,000 | +0.2% |
| Non-distributable reserves | 130/1 | €22,400 | €22,400 | = | 0.0% |
| Legal reserve | 130 | €22,400 | €22,400 | = | 0.0% |
| Distributable reserves | 133 | €1,416,000 | €1,419,000 | +€3,000 | +0.2% |
| Profit (loss) carried forward | 14 | €2,288 | €2,760 | +€472 | +20.6% |
| Amounts payable | 17/49 | €2,741,361 | €2,684,462 | -€56,899 | -2.1% |
| Amounts payable after more than one year | 17 | €1,160,514 | €1,056,617 | -€103,897 | -9.0% |
| Financial debts | 170/4 | €1,160,514 | €1,056,617 | -€103,897 | -9.0% |
| Amounts payable within one year | 42/48 | €1,333,599 | €1,408,515 | +€74,916 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €121,997 | €141,818 | +€19,821 | +16.2% |
| Trade debts | 44 | €1,029,025 | €1,092,708 | +€63,683 | +6.2% |
| Suppliers | 440/4 | €1,029,025 | €1,092,708 | +€63,683 | +6.2% |
| Taxes, remuneration and social security | 45 | €91,049 | €77,412 | -€13,637 | -15.0% |
| Taxes | 450/3 | €33,118 | €41,694 | +€8,576 | +25.9% |
| Remuneration and social security | 454/9 | €57,931 | €35,718 | -€22,212 | -38.3% |
| Other amounts payable | 47/48 | €91,528 | €96,577 | +€5,049 | +5.5% |
| Accrued charges and deferred income | 492/3 | €247,249 | €219,330 | -€27,919 | -11.3% |
| Non-recurring operating income | 76A | - | €5,500 | +€5,500 | |
| Remuneration, social security and pensions | 62 | €478,105 | €419,117 | -€58,987 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,007 | €339,347 | +€28,340 | +9.1% |
| Other operating charges | 640/8 | €22,369 | €4,217 | -€18,153 | -81.2% |
| Non-recurring operating charges | 66A | €680 | €39,713 | +€39,033 | +5740.1% |
| Gross operating margin | 9900 | €1,286,567 | €1,055,712 | -€230,855 | -17.9% |
| Operating profit (loss) | 9901 | €474,406 | €253,318 | -€221,088 | -46.6% |
| Financial income | 75/76B | €5,495 | €7,842 | +€2,347 | +42.7% |
| Recurring financial income | 75 | €5,495 | €7,842 | +€2,347 | +42.7% |
| Financial charges | 65/66B | €65,813 | €61,295 | -€4,519 | -6.9% |
| Recurring financial charges | 65 | €65,813 | €61,295 | -€4,519 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €414,087 | €199,865 | -€214,222 | -51.7% |
| Income taxes | 67/77 | €111,722 | €61,394 | -€50,328 | -45.0% |
| Profit (loss) for the period | 9904 | €302,366 | €138,472 | -€163,894 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €302,366 | €138,472 | -€163,894 | -54.2% |
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 12 October 2026 via checked.be.