HEY: 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.
HEY
Largest movements
- Tangible fixed assets -€45,830
down €45,830 (-21.8%), from €210,642 to €164,812
of which Plant, machinery and equipment: -€42,149
- Receivables within one year +€10,269
up €10,269 (+61.9%), from €16,589 to €26,858
of which Trade receivables: +€26,858
- Trade debts -€22,124
down €22,124 (-28.1%), from €78,805 to €56,680
- Current portion of long-term debt -€19,487
down €19,487 (-79.5%), from €24,508 to €5,021
- Reserves +€13,627
up €13,627 (+14.8%), from €92,308 to €105,935
- Debts after one year -€12,010
no longer reported in 2025 (was €12,010)
- Tax, wage and social debts +€4,597
up €4,597 (+290%), from €1,583 to €6,180
- Gross operating margin +€19,323
up €19,323 (+18.2%), from €106,257 to €125,579
- Taxes +€4,597
up €4,597 (+1,259%), from €365 to €4,962
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 | €227,814 | €192,415 | -€35,398 | -15.5% |
| Fixed assets | 21/28 | €210,642 | €164,812 | -€45,830 | -21.8% |
| Tangible fixed assets | 22/27 | €210,642 | €164,812 | -€45,830 | -21.8% |
| Plant, machinery and equipment | 23 | €105,119 | €62,969 | -€42,149 | -40.1% |
| Furniture and vehicles | 24 | €76,109 | €81,143 | +€5,035 | +6.6% |
| Leasing and similar rights | 25 | €21,031 | €13,756 | -€7,275 | -34.6% |
| Other tangible fixed assets | 26 | €8,383 | €6,943 | -€1,440 | -17.2% |
| Current assets | 29/58 | €17,172 | €27,604 | +€10,432 | +60.7% |
| Amounts receivable within one year | 40/41 | €16,589 | €26,858 | +€10,269 | +61.9% |
| Trade receivables | 40 | - | €26,858 | +€26,858 | |
| Other amounts receivable | 41 | €16,589 | - | -€16,589 | |
| Cash at bank and in hand | 54/58 | €491 | €726 | +€235 | +47.9% |
| Deferred charges and accrued income | 490/1 | €92 | €19 | -€73 | -79.1% |
| Total equity and liabilities | 10/49 | €227,814 | €192,415 | -€35,398 | -15.5% |
| Equity | 10/15 | €110,908 | €124,535 | +€13,627 | +12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,308 | €105,935 | +€13,627 | +14.8% |
| Distributable reserves | 133 | €92,308 | €105,935 | +€13,627 | +14.8% |
| Amounts payable | 17/49 | €116,906 | €67,881 | -€49,025 | -41.9% |
| Amounts payable after more than one year | 17 | €12,010 | - | -€12,010 | |
| Financial debts | 170/4 | €12,010 | - | -€12,010 | |
| Amounts payable within one year | 42/48 | €104,895 | €67,881 | -€37,015 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €24,508 | €5,021 | -€19,487 | -79.5% |
| Trade debts | 44 | €78,805 | €56,680 | -€22,124 | -28.1% |
| Suppliers | 440/4 | €78,805 | €56,680 | -€22,124 | -28.1% |
| Taxes, remuneration and social security | 45 | €1,583 | €6,180 | +€4,597 | +290% |
| Taxes | 450/3 | €1,583 | €6,180 | +€4,597 | +290% |
| Non-recurring operating income | 76A | €496 | - | -€496 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,943 | €103,830 | +€887 | +0.9% |
| Other operating charges | 640/8 | €148 | €150 | +€2 | +1.4% |
| Gross operating margin | 9900 | €106,257 | €125,579 | +€19,323 | +18.2% |
| Operating profit (loss) | 9901 | €3,166 | €21,599 | +€18,433 | +582% |
| Financial charges | 65/66B | €2,043 | €3,011 | +€968 | +47.4% |
| Recurring financial charges | 65 | €2,043 | €3,011 | +€968 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €1,123 | €18,589 | +€17,466 | +1,555% |
| Income taxes | 67/77 | €365 | €4,962 | +€4,597 | +1,259% |
| Profit (loss) for the period | 9904 | €758 | €13,627 | +€12,869 | +1,698% |
| Profit (loss) for the period to be appropriated | 9905 | €758 | €13,627 | +€12,869 | +1,698% |
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 17 October 2026 via checked.be.