HEV: 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.
HEV
Largest movements
- Tangible fixed assets -€14,633
down €14,633 (-4.7%), from €308,706 to €294,073
of which Land and buildings: -€20,631
- Cash +€5,163
up €5,163 (+5.6%), from €91,515 to €96,678
mainly Depreciation (+€41,979) and Net result for the year (+€12,010)
- Debts after one year -€29,259
down €29,259 (-13.3%), from €219,335 to €190,076
of which Financial debts: -€29,259
- Profit (loss) carried forward +€12,010
up €12,010 (+18.6%), from €64,523 to €76,533
- Turnover -€16,512
down €16,512 (-13.1%), from €125,741 to €109,229
- Gross operating margin -€14,392
down €14,392 (-13.2%), from €109,405 to €95,013
- Taxes -€4,873
down €4,873 (-55.4%), from €8,800 to €3,927
- Purchases and services -€2,120
down €2,120 (-13.0%), from €16,336 to €14,216
- Write-downs +€1,364
new in 2025: €1,364
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 | €420,588 | €409,000 | -€11,588 | -2.8% |
| Formation expenses | 20 | €3,609 | - | -€3,609 | |
| Fixed assets | 21/28 | €308,706 | €294,073 | -€14,633 | -4.7% |
| Tangible fixed assets | 22/27 | €308,706 | €294,073 | -€14,633 | -4.7% |
| Land and buildings | 22 | €282,054 | €261,423 | -€20,631 | -7.3% |
| Plant, machinery and equipment | 23 | €25,915 | €32,650 | +€6,735 | +26.0% |
| Furniture and vehicles | 24 | €737 | - | -€737 | |
| Current assets | 29/58 | €108,273 | €114,927 | +€6,654 | +6.1% |
| Amounts receivable within one year | 40/41 | €15,450 | €16,679 | +€1,229 | +8.0% |
| Trade receivables | 40 | €47 | €3,375 | +€3,328 | +7080.9% |
| Other amounts receivable | 41 | €15,403 | €13,304 | -€2,099 | -13.6% |
| Cash at bank and in hand | 54/58 | €91,515 | €96,678 | +€5,163 | +5.6% |
| Deferred charges and accrued income | 490/1 | €1,308 | €1,570 | +€262 | +20.0% |
| Total equity and liabilities | 10/49 | €420,588 | €409,000 | -€11,588 | -2.8% |
| Equity | 10/15 | €150,622 | €162,632 | +€12,010 | +8.0% |
| Contributions | 10/11 | €3,100 | €3,100 | = | 0.0% |
| Reserves | 13 | €82,999 | €82,999 | = | 0.0% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Distributable reserves | 133 | €82,069 | €82,069 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,523 | €76,533 | +€12,010 | +18.6% |
| Amounts payable | 17/49 | €269,966 | €246,368 | -€23,598 | -8.7% |
| Amounts payable after more than one year | 17 | €219,335 | €190,076 | -€29,259 | -13.3% |
| Financial debts | 170/4 | €212,135 | €182,876 | -€29,259 | -13.8% |
| Other amounts payable | 178/9 | €7,200 | €7,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,991 | €53,926 | +€4,935 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €29,259 | €29,259 | = | 0.0% |
| Trade debts | 44 | €768 | €4,223 | +€3,455 | +449.9% |
| Suppliers | 440/4 | €768 | €4,223 | +€3,455 | +449.9% |
| Taxes, remuneration and social security | 45 | €5,548 | €5,664 | +€116 | +2.1% |
| Taxes | 450/3 | €5,548 | €5,664 | +€116 | +2.1% |
| Other amounts payable | 47/48 | €13,416 | €14,780 | +€1,364 | +10.2% |
| Accrued charges and deferred income | 492/3 | €1,640 | €2,366 | +€726 | +44.3% |
| Turnover | 70 | €125,741 | €109,229 | -€16,512 | -13.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €16,336 | €14,216 | -€2,120 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,293 | €41,979 | +€686 | +1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,364 | +€1,364 | |
| Other operating charges | 640/8 | €10,630 | €11,198 | +€568 | +5.3% |
| Gross operating margin | 9900 | €109,405 | €95,013 | -€14,392 | -13.2% |
| Operating profit (loss) | 9901 | €57,482 | €40,472 | -€17,010 | -29.6% |
| Financial charges | 65/66B | €23,352 | €24,535 | +€1,183 | +5.1% |
| Recurring financial charges | 65 | €23,352 | €24,535 | +€1,183 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €34,130 | €15,937 | -€18,193 | -53.3% |
| Income taxes | 67/77 | €8,800 | €3,927 | -€4,873 | -55.4% |
| Profit (loss) for the period | 9904 | €25,330 | €12,010 | -€13,320 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,330 | €12,010 | -€13,320 | -52.6% |
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.