HEVM: 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.
HEVM
Largest movements
- Receivables after one year +€100,000
new in 2025: €100,000
- Receivables within one year +€56,120
up €56,120 (+50.4%), from €111,289 to €167,409
of which Trade receivables: +€36,054
- Cash -€49,295
down €49,295 (-13.9%), from €355,713 to €306,418
mainly Receivables after one year (-€100,000) and Receivables within one year (-€56,120)
- Stocks and contracts -€37,999
down €37,999 (-6.2%), from €616,761 to €578,762
- Tangible fixed assets +€17,686
up €17,686 (+38.6%), from €45,760 to €63,446
of which Furniture and vehicles: +€21,198
- Trade debts +€70,483
up €70,483 (+437.9%), from €16,097 to €86,580
- Reserves +€57,214
up €57,214 (+5.2%), from €1.1m to €1.1m
of which Distributable reserves: +€36,164
- Tax, wage and social debts -€35,425
down €35,425 (-82.8%), from €42,792 to €7,367
of which Taxes: -€35,482
- Debts after one year +€31,710
up €31,710, from €0 to €31,710
- Short-term financial debts -€20,254
down €20,254 (-100.0%), from €20,254 to €0
- Financial income +€13,919
up €13,919 (+1184.6%), from €1,175 to €15,094
- Depreciation -€13,047
down €13,047 (-32.2%), from €40,479 to €27,432
- Gross operating margin +€12,629
up €12,629 (+8.9%), from €141,825 to €154,453
- Taxes +€8,550
up €8,550 (+72.5%), from €11,793 to €20,344
- Other operating charges +€1,861
up €1,861 (+82.1%), from €2,266 to €4,127
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 | €1,200,636 | €1,300,987 | +€100,351 | +8.4% |
| Fixed assets | 21/28 | €47,440 | €65,126 | +€17,686 | +37.3% |
| Tangible fixed assets | 22/27 | €45,760 | €63,446 | +€17,686 | +38.6% |
| Plant, machinery and equipment | 23 | €6,354 | €2,842 | -€3,512 | -55.3% |
| Furniture and vehicles | 24 | €39,406 | €60,604 | +€21,198 | +53.8% |
| Financial fixed assets | 28 | €1,680 | €1,680 | = | 0.0% |
| Current assets | 29/58 | €1,153,196 | €1,235,861 | +€82,665 | +7.2% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Stocks and contracts in progress | 3 | €616,761 | €578,762 | -€37,999 | -6.2% |
| Stocks | 30/36 | €616,761 | €578,762 | -€37,999 | -6.2% |
| Amounts receivable within one year | 40/41 | €111,289 | €167,409 | +€56,120 | +50.4% |
| Trade receivables | 40 | €31,221 | €67,274 | +€36,054 | +115.5% |
| Other amounts receivable | 41 | €80,069 | €100,135 | +€20,066 | +25.1% |
| Current investments | 50/53 | €67,000 | €80,200 | +€13,200 | +19.7% |
| Cash at bank and in hand | 54/58 | €355,713 | €306,418 | -€49,295 | -13.9% |
| Deferred charges and accrued income | 490/1 | €2,432 | €3,072 | +€640 | +26.3% |
| Total equity and liabilities | 10/49 | €1,200,636 | €1,300,987 | +€100,351 | +8.4% |
| Equity | 10/15 | €1,101,016 | €1,158,231 | +€57,214 | +5.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,091,016 | €1,148,231 | +€57,214 | +5.2% |
| Tax-exempt reserves | 132 | - | €21,050 | +€21,050 | |
| Distributable reserves | 133 | €1,091,016 | €1,127,181 | +€36,164 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,619 | €142,756 | +€43,137 | +43.3% |
| Amounts payable after more than one year | 17 | €0 | €31,710 | +€31,710 | |
| Financial debts | 170/4 | €0 | €31,710 | +€31,710 | |
| Amounts payable within one year | 42/48 | €99,532 | €110,957 | +€11,426 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €17,937 | €12,010 | -€5,927 | -33.0% |
| Financial debts | 43 | €20,254 | €0 | -€20,254 | -100.0% |
| Credit institutions | 430/8 | €20,254 | €0 | -€20,254 | -100.0% |
| Trade debts | 44 | €16,097 | €86,580 | +€70,483 | +437.9% |
| Suppliers | 440/4 | €16,097 | €86,580 | +€70,483 | +437.9% |
| Taxes, remuneration and social security | 45 | €42,792 | €7,367 | -€35,425 | -82.8% |
| Taxes | 450/3 | €39,459 | €3,977 | -€35,482 | -89.9% |
| Remuneration and social security | 454/9 | €3,333 | €3,390 | +€57 | +1.7% |
| Other amounts payable | 47/48 | €2,451 | €5,000 | +€2,549 | +104.0% |
| Accrued charges and deferred income | 492/3 | €88 | €89 | +€2 | +1.9% |
| Non-recurring operating income | 76A | - | €8,424 | +€8,424 | |
| Remuneration, social security and pensions | 62 | €58,263 | €56,858 | -€1,405 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,479 | €27,432 | -€13,047 | -32.2% |
| Other operating charges | 640/8 | €2,266 | €4,127 | +€1,861 | +82.1% |
| Gross operating margin | 9900 | €141,825 | €154,453 | +€12,629 | +8.9% |
| Operating profit (loss) | 9901 | €40,817 | €66,037 | +€25,220 | +61.8% |
| Financial income | 75/76B | €1,175 | €15,094 | +€13,919 | +1184.6% |
| Recurring financial income | 75 | €1,175 | €15,094 | +€13,919 | +1184.6% |
| Financial charges | 65/66B | €3,632 | €3,572 | -€60 | -1.6% |
| Recurring financial charges | 65 | €3,632 | €3,572 | -€60 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €38,360 | €77,558 | +€39,198 | +102.2% |
| Income taxes | 67/77 | €11,793 | €20,344 | +€8,550 | +72.5% |
| Profit (loss) for the period | 9904 | €26,566 | €57,214 | +€30,648 | +115.4% |
| Transfer to tax-exempt reserves | 689 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,566 | €36,164 | +€9,598 | +36.1% |
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 7 October 2026 via checked.be.