HEVAM: 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.
HEVAM
Largest movements
- Receivables within one year -€96,426
down €96,426 (-30.0%), from €321,596 to €225,169
of which Trade receivables: -€106,297
- Cash +€32,626
up €32,626 (+84.4%), from €38,663 to €71,289
mainly Receivables within one year (+€96,426) and Depreciation (+€86,029)
- Tangible fixed assets -€14,778
down €14,778 (-2.8%), from €524,428 to €509,650
of which Plant, machinery and equipment: -€22,887
- Stocks and contracts +€10,500
up €10,500 (+38.0%), from €27,602 to €38,102
- Profit (loss) carried forward -€71,772
new in 2025: -€71,772
- Debts after one year +€34,814
up €34,814 (+11.5%), from €303,579 to €338,393
- Accrued charges and deferred income -€18,311
down €18,311 (-97.9%), from €18,712 to €401
- Other debts -€13,428
down €13,428 (-36.5%), from €36,825 to €23,397
- Tax, wage and social debts -€10,950
down €10,950 (-32.4%), from €33,816 to €22,866
of which Taxes: -€5,887
- Gross operating margin -€224,903
down €224,903 (-35.9%), from €626,521 to €401,618
- Staff costs -€130,601
down €130,601 (-26.2%), from €498,244 to €367,643
- Financial charges -€18,756
down €18,756 (-62.8%), from €29,846 to €11,089
- Write-downs +€11,287
up €11,287, from -€9,595 to €1,692
- Depreciation +€8,727
up €8,727 (+11.3%), from €77,303 to €86,029
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 | €985,960 | €916,094 | -€69,866 | -7.1% |
| Fixed assets | 21/28 | €589,788 | €569,476 | -€20,313 | -3.4% |
| Intangible fixed assets | 21 | €65,163 | €59,629 | -€5,535 | -8.5% |
| Tangible fixed assets | 22/27 | €524,428 | €509,650 | -€14,778 | -2.8% |
| Land and buildings | 22 | €388,170 | €371,650 | -€16,520 | -4.3% |
| Plant, machinery and equipment | 23 | €55,124 | €32,237 | -€22,887 | -41.5% |
| Furniture and vehicles | 24 | €48,955 | €37,412 | -€11,543 | -23.6% |
| Leasing and similar rights | 25 | €32,178 | €68,351 | +€36,173 | +112.4% |
| Financial fixed assets | 28 | €197 | €197 | = | 0.0% |
| Current assets | 29/58 | €396,172 | €346,619 | -€49,553 | -12.5% |
| Stocks and contracts in progress | 3 | €27,602 | €38,102 | +€10,500 | +38.0% |
| Stocks | 30/36 | €27,602 | €38,102 | +€10,500 | +38.0% |
| Amounts receivable within one year | 40/41 | €321,596 | €225,169 | -€96,426 | -30.0% |
| Trade receivables | 40 | €300,545 | €194,248 | -€106,297 | -35.4% |
| Other amounts receivable | 41 | €21,051 | €30,922 | +€9,871 | +46.9% |
| Cash at bank and in hand | 54/58 | €38,663 | €71,289 | +€32,626 | +84.4% |
| Deferred charges and accrued income | 490/1 | €8,311 | €12,058 | +€3,747 | +45.1% |
| Total equity and liabilities | 10/49 | €985,960 | €916,094 | -€69,866 | -7.1% |
| Equity | 10/15 | €402,101 | €330,329 | -€71,772 | -17.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €382,101 | €382,101 | = | 0.0% |
| Distributable reserves | 133 | €382,101 | €382,101 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€71,772 | -€71,772 | |
| Amounts payable | 17/49 | €583,859 | €585,765 | +€1,906 | +0.3% |
| Amounts payable after more than one year | 17 | €303,579 | €338,393 | +€34,814 | +11.5% |
| Financial debts | 170/4 | €303,579 | €338,393 | +€34,814 | +11.5% |
| Amounts payable within one year | 42/48 | €261,568 | €246,971 | -€14,597 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €67,100 | €71,785 | +€4,685 | +7.0% |
| Financial debts | 43 | €1,732 | €1,724 | -€9 | -0.5% |
| Other loans | 439 | €1,732 | €1,724 | -€9 | -0.5% |
| Trade debts | 44 | €122,095 | €127,200 | +€5,105 | +4.2% |
| Suppliers | 440/4 | €122,095 | €127,200 | +€5,105 | +4.2% |
| Taxes, remuneration and social security | 45 | €33,816 | €22,866 | -€10,950 | -32.4% |
| Taxes | 450/3 | €6,045 | €157 | -€5,887 | -97.4% |
| Remuneration and social security | 454/9 | €27,772 | €22,709 | -€5,063 | -18.2% |
| Other amounts payable | 47/48 | €36,825 | €23,397 | -€13,428 | -36.5% |
| Accrued charges and deferred income | 492/3 | €18,712 | €401 | -€18,311 | -97.9% |
| Non-recurring operating income | 76A | €5,215 | €8,533 | +€3,318 | +63.6% |
| Remuneration, social security and pensions | 62 | €498,244 | €367,643 | -€130,601 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,303 | €86,029 | +€8,727 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,595 | €1,692 | +€11,287 | |
| Other operating charges | 640/8 | €7,609 | €6,882 | -€728 | -9.6% |
| Non-recurring operating charges | 66A | €13,208 | €0 | -€13,208 | -100.0% |
| Gross operating margin | 9900 | €626,521 | €401,618 | -€224,903 | -35.9% |
| Operating profit (loss) | 9901 | €39,751 | -€60,628 | -€100,380 | |
| Financial income | 75/76B | €1,231 | €326 | -€906 | -73.6% |
| Recurring financial income | 75 | €1,231 | €326 | -€906 | -73.6% |
| Financial charges | 65/66B | €29,846 | €11,089 | -€18,756 | -62.8% |
| Recurring financial charges | 65 | €29,846 | €11,089 | -€18,756 | -62.8% |
| Profit (loss) for the period before taxes | 9903 | €11,137 | -€71,392 | -€82,529 | |
| Income taxes | 67/77 | €8,227 | €380 | -€7,847 | -95.4% |
| Profit (loss) for the period | 9904 | €2,910 | -€71,772 | -€74,682 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,910 | -€71,772 | -€74,682 |
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.