HEVAB: 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.
HEVAB
Largest movements
- Cash +€74,719
up €74,719 (+147.1%), from €50,807 to €125,526
mainly Other debts (+€64,484) and Stocks and contracts (+€54,077)
- Stocks and contracts -€54,077
down €54,077 (-40.2%), from €134,385 to €80,308
- Tangible fixed assets -€17,061
down €17,061 (-2.3%), from €754,759 to €737,698
of which Land and buildings: -€9,719
- Debts after one year -€108,919
down €108,919 (-21.6%), from €504,964 to €396,045
of which Financial debts: -€95,169
- Other debts +€64,484
up €64,484 (+4204.9%), from €1,534 to €66,017
- Reserves +€17,099
up €17,099 (+43.0%), from €39,747 to €56,845
of which Distributable reserves: +€16,244
- Write-downs -€10,916
down €10,916 (-47.0%), from €23,240 to €12,324
- Taxes +€3,414
up €3,414 (+85.4%), from €3,999 to €7,413
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 | €1,009,901 | €996,304 | -€13,597 | -1.3% |
| Fixed assets | 21/28 | €769,788 | €745,213 | -€24,575 | -3.2% |
| Intangible fixed assets | 21 | €15,029 | €7,514 | -€7,514 | -50.0% |
| Tangible fixed assets | 22/27 | €754,759 | €737,698 | -€17,061 | -2.3% |
| Land and buildings | 22 | €727,904 | €718,185 | -€9,719 | -1.3% |
| Plant, machinery and equipment | 23 | €3,035 | €2,584 | -€451 | -14.9% |
| Furniture and vehicles | 24 | €23,820 | €16,929 | -€6,891 | -28.9% |
| Current assets | 29/58 | €240,112 | €251,091 | +€10,979 | +4.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €134,385 | €80,308 | -€54,077 | -40.2% |
| Stocks | 30/36 | €134,385 | €80,308 | -€54,077 | -40.2% |
| Amounts receivable within one year | 40/41 | €54,920 | €45,256 | -€9,664 | -17.6% |
| Trade receivables | 40 | €49,739 | €36,585 | -€13,154 | -26.4% |
| Other amounts receivable | 41 | €5,181 | €8,672 | +€3,491 | +67.4% |
| Cash at bank and in hand | 54/58 | €50,807 | €125,526 | +€74,719 | +147.1% |
| Total equity and liabilities | 10/49 | €1,009,901 | €996,304 | -€13,597 | -1.3% |
| Equity | 10/15 | €453,747 | €470,845 | +€17,099 | +3.8% |
| Contributions | 10/11 | €264,000 | €264,000 | = | 0.0% |
| Capital | 10 | €264,000 | €264,000 | = | 0.0% |
| Issued capital | 100 | €264,000 | €264,000 | = | 0.0% |
| Revaluation surpluses | 12 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €39,747 | €56,845 | +€17,099 | +43.0% |
| Non-distributable reserves | 130/1 | €2,657 | €3,512 | +€855 | +32.2% |
| Legal reserve | 130 | €2,657 | €3,512 | +€855 | +32.2% |
| Distributable reserves | 133 | €37,090 | €53,334 | +€16,244 | +43.8% |
| Amounts payable | 17/49 | €556,154 | €525,458 | -€30,696 | -5.5% |
| Amounts payable after more than one year | 17 | €504,964 | €396,045 | -€108,919 | -21.6% |
| Financial debts | 170/4 | €188,169 | €93,000 | -€95,169 | -50.6% |
| Other amounts payable | 178/9 | €316,795 | €303,045 | -€13,750 | -4.3% |
| Amounts payable within one year | 42/48 | €51,190 | €129,413 | +€78,223 | +152.8% |
| Current portion of amounts payable after more than one year | 42 | €5,625 | €7,500 | +€1,875 | +33.3% |
| Trade debts | 44 | €40,595 | €46,235 | +€5,639 | +13.9% |
| Suppliers | 440/4 | €40,595 | €46,235 | +€5,639 | +13.9% |
| Taxes, remuneration and social security | 45 | €3,436 | €9,662 | +€6,226 | +181.2% |
| Taxes | 450/3 | €3,436 | €9,662 | +€6,226 | +181.2% |
| Other amounts payable | 47/48 | €1,534 | €66,017 | +€64,484 | +4204.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,686 | €24,575 | -€110 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,240 | €12,324 | -€10,916 | -47.0% |
| Other operating charges | 640/8 | €7,572 | €8,016 | +€444 | +5.9% |
| Gross operating margin | 9900 | €83,174 | €83,760 | +€587 | +0.7% |
| Operating profit (loss) | 9901 | €27,676 | €38,845 | +€11,169 | +40.4% |
| Financial income | 75/76B | €32 | €444 | +€412 | +1294.6% |
| Recurring financial income | 75 | €32 | €444 | +€412 | +1294.6% |
| Financial charges | 65/66B | €15,505 | €14,777 | -€728 | -4.7% |
| Recurring financial charges | 65 | €15,505 | €14,777 | -€728 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €12,203 | €24,512 | +€12,309 | +100.9% |
| Income taxes | 67/77 | €3,999 | €7,413 | +€3,414 | +85.4% |
| Profit (loss) for the period | 9904 | €8,204 | €17,099 | +€8,895 | +108.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,204 | €17,099 | +€8,895 | +108.4% |
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 3 October 2026 via checked.be.