Heulens: 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.
Heulens
Largest movements
- Intangible fixed assets +€650,928
up €650,928 (+13.8%), from €4.7m to €5.4m
- Tangible fixed assets -€593,089
down €593,089 (-17.8%), from €3.3m to €2.7m
of which Plant, machinery and equipment: -€641,820
- Current investments +€500,000
up €500,000 (+99.1%), from €504,332 to €1.0m
- Receivables within one year +€192,569
up €192,569 (+26.7%), from €721,649 to €914,218
of which Trade receivables: +€102,575
- Cash +€136,420
up €136,420 (+6.7%), from €2.0m to €2.2m
mainly Net result for the year (+€864,118) and Depreciation (+€766,372)
- Reserves +€864,118
up €864,118 (+12.1%), from €7.1m to €8.0m
of which Tax-exempt reserves: +€526,250
- Trade debts +€670,455
up €670,455 (+142%), from €473,747 to €1.1m
- Debts after one year -€638,572
down €638,572 (-85.5%), from €746,905 to €108,333
- Gross operating margin -€1.2m
down €1.2m (-27.4%), from €4.3m to €3.1m
- Taxes -€344,867
down €344,867 (-51.7%), from €666,657 to €321,790
- Staff costs +€163,103
up €163,103 (+16.6%), from €981,447 to €1.1m
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 | €11,794,478 | €12,659,916 | +€865,438 | +7.3% |
| Fixed assets | 21/28 | €8,030,627 | €8,088,466 | +€57,839 | +0.7% |
| Intangible fixed assets | 21 | €4,701,470 | €5,352,398 | +€650,928 | +13.8% |
| Tangible fixed assets | 22/27 | €3,328,886 | €2,735,797 | -€593,089 | -17.8% |
| Land and buildings | 22 | €580,677 | €555,163 | -€25,514 | -4.4% |
| Plant, machinery and equipment | 23 | €2,643,083 | €2,001,263 | -€641,820 | -24.3% |
| Furniture and vehicles | 24 | €105,126 | €179,371 | +€74,245 | +70.6% |
| Financial fixed assets | 28 | €271 | €271 | = | 0.0% |
| Current assets | 29/58 | €3,763,851 | €4,571,450 | +€807,599 | +21.5% |
| Stocks and contracts in progress | 3 | €454,224 | €435,500 | -€18,724 | -4.1% |
| Stocks | 30/36 | €454,224 | €435,500 | -€18,724 | -4.1% |
| Amounts receivable within one year | 40/41 | €721,649 | €914,218 | +€192,569 | +26.7% |
| Trade receivables | 40 | €351,776 | €454,351 | +€102,575 | +29.2% |
| Other amounts receivable | 41 | €369,873 | €459,867 | +€89,994 | +24.3% |
| Current investments | 50/53 | €504,332 | €1,004,332 | +€500,000 | +99.1% |
| Cash at bank and in hand | 54/58 | €2,027,851 | €2,164,271 | +€136,420 | +6.7% |
| Deferred charges and accrued income | 490/1 | €55,795 | €53,129 | -€2,666 | -4.8% |
| Total equity and liabilities | 10/49 | €11,794,478 | €12,659,916 | +€865,438 | +7.3% |
| Equity | 10/15 | €9,593,490 | €10,457,608 | +€864,118 | +9.0% |
| Contributions | 10/11 | €1,502,900 | €1,502,900 | = | 0.0% |
| Reserves | 13 | €7,116,015 | €7,980,134 | +€864,118 | +12.1% |
| Tax-exempt reserves | 132 | €1,608,883 | €2,135,133 | +€526,250 | +32.7% |
| Distributable reserves | 133 | €5,507,132 | €5,845,000 | +€337,868 | +6.1% |
| Profit (loss) carried forward | 14 | €974,575 | €974,575 | = | 0.0% |
| Amounts payable | 17/49 | €2,200,988 | €2,202,308 | +€1,320 | +0.1% |
| Amounts payable after more than one year | 17 | €746,905 | €108,333 | -€638,572 | -85.5% |
| Financial debts | 170/4 | €746,905 | €108,333 | -€638,572 | -85.5% |
| Amounts payable within one year | 42/48 | €1,454,083 | €2,093,975 | +€639,892 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €638,571 | €638,572 | +€0 | 0.0% |
| Financial debts | 43 | €2,467 | €1,586 | -€881 | -35.7% |
| Credit institutions | 430/8 | €2,467 | €1,586 | -€881 | -35.7% |
| Trade debts | 44 | €473,747 | €1,144,202 | +€670,455 | +142% |
| Suppliers | 440/4 | €473,747 | €1,144,202 | +€670,455 | +142% |
| Taxes, remuneration and social security | 45 | €296,933 | €283,836 | -€13,098 | -4.4% |
| Taxes | 450/3 | €253,699 | €192,080 | -€61,619 | -24.3% |
| Remuneration and social security | 454/9 | €43,235 | €91,756 | +€48,521 | +112% |
| Other amounts payable | 47/48 | €42,365 | €25,779 | -€16,585 | -39.1% |
| Non-recurring operating income | 76A | €2,000 | €20,814 | +€18,814 | +941% |
| Remuneration, social security and pensions | 62 | €981,447 | €1,144,549 | +€163,103 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €781,252 | €766,372 | -€14,881 | -1.9% |
| Other operating charges | 640/8 | €40,578 | €41,978 | +€1,400 | +3.5% |
| Non-recurring operating charges | 66A | €118,493 | €0 | -€118,493 | -100% |
| Gross operating margin | 9900 | €4,276,431 | €3,104,888 | -€1.2m | -27.4% |
| Operating profit (loss) | 9901 | €2,354,662 | €1,151,990 | -€1.2m | -51.1% |
| Financial income | 75/76B | €25,592 | €54,338 | +€28,746 | +112% |
| Recurring financial income | 75 | €25,592 | €54,338 | +€28,746 | +112% |
| Financial charges | 65/66B | €31,522 | €20,420 | -€11,102 | -35.2% |
| Recurring financial charges | 65 | €31,522 | €20,420 | -€11,102 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €2,348,733 | €1,185,908 | -€1.2m | -49.5% |
| Income taxes | 67/77 | €666,657 | €321,790 | -€344,867 | -51.7% |
| Profit (loss) for the period | 9904 | €1,682,076 | €864,118 | -€817,957 | -48.6% |
| Transfer to tax-exempt reserves | 689 | €799,900 | €526,250 | -€273,650 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €882,176 | €337,868 | -€544,307 | -61.7% |
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 13 October 2026 via checked.be.