HEVAR: 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.
HEVAR
Largest movements
- Stocks and contracts -€599,254
no longer reported in 2025 (was €599,254)
- Receivables within one year +€429,638
up €429,638 (+693.0%), from €62,000 to €491,638
of which Trade receivables: +€414,417
- Deferred charges and accrued income -€39,032
down €39,032 (-91.7%), from €42,570 to €3,538
- Short-term financial debts -€736,578
down €736,578 (-88.6%), from €830,985 to €94,407
- Profit (loss) carried forward +€383,195
up €383,195, from -€383,168 to €27
- Trade debts +€193,165
up €193,165 (+554.3%), from €34,846 to €228,011
- Debts after one year -€138,632
down €138,632 (-17.0%), from €813,233 to €674,601
- Other debts +€113,748
up €113,748 (+99.0%), from €114,852 to €228,600
- Gross operating margin +€584,028
up €584,028 (+184.3%), from €316,955 to €900,983
- Depreciation -€20,117
down €20,117 (-8.4%), from €238,690 to €218,572
- Financial charges -€17,717
down €17,717 (-22.7%), from €78,070 to €60,353
- Other operating charges -€15,238
down €15,238 (-59.8%), from €25,501 to €10,263
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,203,239 | €1,977,261 | -€225,978 | -10.3% |
| Fixed assets | 21/28 | €1,499,415 | €1,482,086 | -€17,330 | -1.2% |
| Tangible fixed assets | 22/27 | €1,499,415 | €1,482,086 | -€17,330 | -1.2% |
| Land and buildings | 22 | €1,410,843 | €1,349,133 | -€61,710 | -4.4% |
| Plant, machinery and equipment | 23 | €88,573 | €132,953 | +€44,380 | +50.1% |
| Current assets | 29/58 | €703,824 | €495,176 | -€208,648 | -29.6% |
| Stocks and contracts in progress | 3 | €599,254 | - | -€599,254 | |
| Stocks | 30/36 | €599,254 | - | -€599,254 | |
| Amounts receivable within one year | 40/41 | €62,000 | €491,638 | +€429,638 | +693.0% |
| Trade receivables | 40 | €62,000 | €476,417 | +€414,417 | +668.4% |
| Other amounts receivable | 41 | - | €15,221 | +€15,221 | |
| Deferred charges and accrued income | 490/1 | €42,570 | €3,538 | -€39,032 | -91.7% |
| Total equity and liabilities | 10/49 | €2,203,239 | €1,977,261 | -€225,978 | -10.3% |
| Equity | 10/15 | €227,232 | €610,427 | +€383,195 | +168.6% |
| Revaluation surpluses | 12 | €610,400 | €610,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€383,168 | €27 | +€383,195 | |
| Amounts payable | 17/49 | €1,976,007 | €1,366,834 | -€609,172 | -30.8% |
| Amounts payable after more than one year | 17 | €813,233 | €674,601 | -€138,632 | -17.0% |
| Financial debts | 170/4 | €813,233 | €674,601 | -€138,632 | -17.0% |
| Amounts payable within one year | 42/48 | €1,134,081 | €689,649 | -€444,432 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €138,632 | €138,632 | = | 0.0% |
| Financial debts | 43 | €830,985 | €94,407 | -€736,578 | -88.6% |
| Credit institutions | 430/8 | €830,985 | €94,407 | -€736,578 | -88.6% |
| Trade debts | 44 | €34,846 | €228,011 | +€193,165 | +554.3% |
| Suppliers | 440/4 | €34,846 | €228,011 | +€193,165 | +554.3% |
| Taxes, remuneration and social security | 45 | €14,766 | - | -€14,766 | |
| Taxes | 450/3 | €14,766 | - | -€14,766 | |
| Other amounts payable | 47/48 | €114,852 | €228,600 | +€113,748 | +99.0% |
| Accrued charges and deferred income | 492/3 | €28,693 | €2,584 | -€26,109 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,690 | €218,572 | -€20,117 | -8.4% |
| Other operating charges | 640/8 | €25,501 | €10,263 | -€15,238 | -59.8% |
| Gross operating margin | 9900 | €316,955 | €900,983 | +€584,028 | +184.3% |
| Operating profit (loss) | 9901 | €52,764 | €672,148 | +€619,384 | +1173.9% |
| Financial charges | 65/66B | €78,070 | €60,353 | -€17,717 | -22.7% |
| Recurring financial charges | 65 | €78,070 | €60,353 | -€17,717 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,306 | €611,795 | +€637,101 | |
| Profit (loss) for the period | 9904 | -€25,306 | €611,795 | +€637,101 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,306 | €611,795 | +€637,101 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.