HEYHOEVEKE: 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.
HEYHOEVEKE
Largest movements
- Cash +€84,304
new in 2025: €84,304
mainly Debts after one year (+€132,016) and Depreciation (+€94,806)
- Intangible fixed assets -€60,000
down €60,000 (-12.5%), from €480,000 to €420,000
- Receivables within one year -€51,357
down €51,357 (-95.6%), from €53,722 to €2,365
of which Trade receivables: -€51,813
- Current investments -€36,914
no longer reported in 2025 (was €36,914)
- Tangible fixed assets -€20,181
down €20,181 (-13.9%), from €144,744 to €124,563
of which Plant, machinery and equipment: -€20,581
- Current portion of long-term debt -€231,793
down €231,793 (-70.5%), from €328,647 to €96,854
- Debts after one year +€132,016
up €132,016 (+71.7%), from €184,082 to €316,098
- Trade debts -€99,828
down €99,828 (-61.5%), from €162,361 to €62,533
- Reserves +€68,098
up €68,098 (+297%), from €22,957 to €91,055
- Tax, wage and social debts +€59,936
up €59,936 (+162%), from €36,933 to €96,869
of which Taxes: +€39,309
- Staff costs -€90,799
down €90,799 (-19.0%), from €477,098 to €386,299
- Gross operating margin -€19,232
down €19,232 (-3.2%), from €598,238 to €579,006
- Taxes +€15,158
up €15,158 (+789%), from €1,922 to €17,080
- Financial charges -€8,247
down €8,247 (-44.4%), from €18,580 to €10,333
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 | €740,396 | €669,789 | -€70,607 | -9.5% |
| Fixed assets | 21/28 | €629,469 | €549,288 | -€80,181 | -12.7% |
| Intangible fixed assets | 21 | €480,000 | €420,000 | -€60,000 | -12.5% |
| Tangible fixed assets | 22/27 | €144,744 | €124,563 | -€20,181 | -13.9% |
| Plant, machinery and equipment | 23 | €144,744 | €124,163 | -€20,581 | -14.2% |
| Furniture and vehicles | 24 | - | €400 | +€400 | |
| Financial fixed assets | 28 | €4,725 | €4,725 | = | 0.0% |
| Current assets | 29/58 | €110,927 | €120,500 | +€9,573 | +8.6% |
| Stocks and contracts in progress | 3 | €20,291 | €18,656 | -€1,635 | -8.1% |
| Stocks | 30/36 | €20,291 | €18,656 | -€1,635 | -8.1% |
| Amounts receivable within one year | 40/41 | €53,722 | €2,365 | -€51,357 | -95.6% |
| Trade receivables | 40 | €51,868 | €55 | -€51,813 | -99.9% |
| Other amounts receivable | 41 | €1,854 | €2,310 | +€456 | +24.6% |
| Current investments | 50/53 | €36,914 | - | -€36,914 | |
| Cash at bank and in hand | 54/58 | - | €84,304 | +€84,304 | |
| Deferred charges and accrued income | 490/1 | - | €15,176 | +€15,176 | |
| Total equity and liabilities | 10/49 | €740,396 | €669,789 | -€70,607 | -9.5% |
| Equity | 10/15 | €28,373 | €96,471 | +€68,098 | +240% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €22,957 | €91,055 | +€68,098 | +297% |
| Distributable reserves | 133 | €22,957 | €91,055 | +€68,098 | +297% |
| Profit (loss) carried forward | 14 | €416 | €416 | -€0 | -0.1% |
| Amounts payable | 17/49 | €712,023 | €573,318 | -€138,705 | -19.5% |
| Amounts payable after more than one year | 17 | €184,082 | €316,098 | +€132,016 | +71.7% |
| Financial debts | 170/4 | €184,082 | €316,098 | +€132,016 | +71.7% |
| Amounts payable within one year | 42/48 | €527,941 | €257,220 | -€270,721 | -51.3% |
| Current portion of amounts payable after more than one year | 42 | €328,647 | €96,854 | -€231,793 | -70.5% |
| Trade debts | 44 | €162,361 | €62,533 | -€99,828 | -61.5% |
| Suppliers | 440/4 | €162,361 | €62,533 | -€99,828 | -61.5% |
| Taxes, remuneration and social security | 45 | €36,933 | €96,869 | +€59,936 | +162% |
| Taxes | 450/3 | €15,474 | €54,783 | +€39,309 | +254% |
| Remuneration and social security | 454/9 | €21,459 | €42,085 | +€20,626 | +96.1% |
| Other amounts payable | 47/48 | - | €964 | +€964 | |
| Remuneration, social security and pensions | 62 | €477,098 | €386,299 | -€90,799 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,834 | €94,806 | +€1,972 | +2.1% |
| Other operating charges | 640/8 | €1,346 | €2,389 | +€1,043 | +77.5% |
| Gross operating margin | 9900 | €598,238 | €579,006 | -€19,232 | -3.2% |
| Operating profit (loss) | 9901 | €26,960 | €95,511 | +€68,551 | +254% |
| Financial charges | 65/66B | €18,580 | €10,333 | -€8,247 | -44.4% |
| Recurring financial charges | 65 | €18,580 | €10,333 | -€8,247 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | €8,380 | €85,178 | +€76,798 | +916% |
| Income taxes | 67/77 | €1,922 | €17,080 | +€15,158 | +789% |
| Profit (loss) for the period | 9904 | €6,458 | €68,098 | +€61,640 | +954% |
| Profit (loss) for the period to be appropriated | 9905 | €6,458 | €68,098 | +€61,640 | +954% |
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 16 October 2026 via checked.be.