HEVAHO: 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.
HEVAHO
Largest movements
- Tangible fixed assets +€686,541
up €686,541 (+26.6%), from €2.6m to €3.3m
of which Land and buildings: +€733,537
- Intangible fixed assets +€218,450
up €218,450 (+142%), from €153,431 to €371,880
- Stocks and contracts -€111,722
down €111,722 (-100%), from €111,722 to €0
- Receivables within one year -€70,559
down €70,559 (-30.6%), from €230,355 to €159,796
of which Other amounts receivable: -€50,333
- Cash +€59,214
up €59,214 (+221%), from €26,816 to €86,030
mainly Debts after one year (+€648,408) and Depreciation (+€422,526)
- Debts after one year +€648,408
up €648,408 (+28.8%), from €2.3m to €2.9m
- Other debts +€307,323
up €307,323 (+1,523%), from €20,175 to €327,498
- Trade debts -€120,153
down €120,153 (-74.6%), from €161,016 to €40,863
- Current portion of long-term debt -€91,179
down €91,179 (-20.2%), from €451,549 to €360,371
- Reserves +€46,559
up €46,559 (+56.2%), from €82,898 to €129,457
- Gross operating margin +€376,811
up €376,811 (+163%), from €231,291 to €608,102
- Depreciation +€304,307
up €304,307 (+257%), from €118,218 to €422,526
- Financial charges +€66,193
up €66,193 (+163%), from €40,548 to €106,741
- Other operating charges +€8,654
up €8,654 (+105%), from €8,232 to €16,886
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 | €3,112,795 | €3,919,435 | +€806,640 | +25.9% |
| Fixed assets | 21/28 | €2,732,952 | €3,637,942 | +€904,990 | +33.1% |
| Intangible fixed assets | 21 | €153,431 | €371,880 | +€218,450 | +142% |
| Tangible fixed assets | 22/27 | €2,579,521 | €3,266,062 | +€686,541 | +26.6% |
| Land and buildings | 22 | €2,349,083 | €3,082,621 | +€733,537 | +31.2% |
| Plant, machinery and equipment | 23 | €230,438 | €183,441 | -€46,996 | -20.4% |
| Current assets | 29/58 | €379,843 | €281,493 | -€98,351 | -25.9% |
| Stocks and contracts in progress | 3 | €111,722 | €0 | -€111,722 | -100% |
| Stocks | 30/36 | €111,722 | €0 | -€111,722 | -100% |
| Amounts receivable within one year | 40/41 | €230,355 | €159,796 | -€70,559 | -30.6% |
| Trade receivables | 40 | €130,713 | €110,486 | -€20,227 | -15.5% |
| Other amounts receivable | 41 | €99,642 | €49,309 | -€50,333 | -50.5% |
| Cash at bank and in hand | 54/58 | €26,816 | €86,030 | +€59,214 | +221% |
| Deferred charges and accrued income | 490/1 | €10,950 | €35,667 | +€24,717 | +226% |
| Total equity and liabilities | 10/49 | €3,112,795 | €3,919,435 | +€806,640 | +25.9% |
| Equity | 10/15 | €217,898 | €264,457 | +€46,559 | +21.4% |
| Contributions | 10/11 | €135,000 | €135,000 | = | 0.0% |
| Reserves | 13 | €82,898 | €129,457 | +€46,559 | +56.2% |
| Distributable reserves | 133 | €82,898 | €129,457 | +€46,559 | +56.2% |
| Amounts payable | 17/49 | €2,894,897 | €3,654,978 | +€760,081 | +26.3% |
| Amounts payable after more than one year | 17 | €2,250,977 | €2,899,385 | +€648,408 | +28.8% |
| Financial debts | 170/4 | €2,250,977 | €2,899,385 | +€648,408 | +28.8% |
| Amounts payable within one year | 42/48 | €639,123 | €754,792 | +€115,669 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €451,549 | €360,371 | -€91,179 | -20.2% |
| Trade debts | 44 | €161,016 | €40,863 | -€120,153 | -74.6% |
| Suppliers | 440/4 | €161,016 | €40,863 | -€120,153 | -74.6% |
| Taxes, remuneration and social security | 45 | €6,383 | €26,061 | +€19,678 | +308% |
| Taxes | 450/3 | €6,383 | €26,061 | +€19,678 | +308% |
| Other amounts payable | 47/48 | €20,175 | €327,498 | +€307,323 | +1,523% |
| Accrued charges and deferred income | 492/3 | €4,796 | €800 | -€3,996 | -83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,218 | €422,526 | +€304,307 | +257% |
| Other operating charges | 640/8 | €8,232 | €16,886 | +€8,654 | +105% |
| Gross operating margin | 9900 | €231,291 | €608,102 | +€376,811 | +163% |
| Operating profit (loss) | 9901 | €104,841 | €168,691 | +€63,850 | +60.9% |
| Financial income | 75/76B | €857 | €300 | -€557 | -65.0% |
| Recurring financial income | 75 | €857 | €300 | -€557 | -65.0% |
| Financial charges | 65/66B | €40,548 | €106,741 | +€66,193 | +163% |
| Recurring financial charges | 65 | €40,548 | €106,741 | +€66,193 | +163% |
| Profit (loss) for the period before taxes | 9903 | €65,150 | €62,250 | -€2,900 | -4.5% |
| Income taxes | 67/77 | €16,335 | €15,691 | -€644 | -3.9% |
| Profit (loss) for the period | 9904 | €48,815 | €46,559 | -€2,256 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,815 | €46,559 | -€2,256 | -4.6% |
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 23 October 2026 via checked.be.