HEYLEN MANAGEMENT: 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.
HEYLEN MANAGEMENT
Largest movements
- Tangible fixed assets +€105,876
up €105,876 (+20.6%), from €515,090 to €620,966
of which Assets under construction and advance payments: +€113,867
- Cash -€62,299
down €62,299 (-31.6%), from €197,046 to €134,747
mainly Investment in fixed assets (net) (-€158,800) and Contributions, distributions and other (-€97,595)
- Receivables within one year +€18,344
up €18,344 (+7.3%), from €251,020 to €269,364
of which Other amounts receivable: +€27,907
- Reserves +€51,958
up €51,958 (+6.2%), from €835,817 to €887,775
of which Distributable reserves: +€51,958
- Other debts +€50,370
up €50,370 (+16.5%), from €305,983 to €356,353
- Debts after one year -€41,818
down €41,818 (-26.9%), from €155,274 to €113,455
- Gross operating margin -€36,438
down €36,438 (-11.3%), from €322,951 to €286,512
- Depreciation +€13,077
up €13,077 (+32.8%), from €39,848 to €52,925
- Taxes -€12,761
down €12,761 (-15.7%), from €81,241 to €68,480
- Financial charges -€3,730
down €3,730 (-20.7%), from €17,986 to €14,256
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 | €1,388,390 | €1,449,630 | +€61,240 | +4.4% |
| Fixed assets | 21/28 | €936,509 | €1,042,385 | +€105,876 | +11.3% |
| Tangible fixed assets | 22/27 | €515,090 | €620,966 | +€105,876 | +20.6% |
| Land and buildings | 22 | €401,979 | €422,348 | +€20,369 | +5.1% |
| Plant, machinery and equipment | 23 | €3,953 | €3,368 | -€584 | -14.8% |
| Furniture and vehicles | 24 | €109,158 | €81,382 | -€27,776 | -25.4% |
| Assets under construction and advance payments | 27 | - | €113,867 | +€113,867 | |
| Financial fixed assets | 28 | €421,419 | €421,419 | = | 0.0% |
| Current assets | 29/58 | €451,881 | €407,245 | -€44,636 | -9.9% |
| Amounts receivable within one year | 40/41 | €251,020 | €269,364 | +€18,344 | +7.3% |
| Trade receivables | 40 | €10,421 | €858 | -€9,563 | -91.8% |
| Other amounts receivable | 41 | €240,599 | €268,506 | +€27,907 | +11.6% |
| Cash at bank and in hand | 54/58 | €197,046 | €134,747 | -€62,299 | -31.6% |
| Deferred charges and accrued income | 490/1 | €3,815 | €3,133 | -€681 | -17.9% |
| Total equity and liabilities | 10/49 | €1,388,390 | €1,449,630 | +€61,240 | +4.4% |
| Equity | 10/15 | €848,217 | €900,175 | +€51,958 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €835,817 | €887,775 | +€51,958 | +6.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €835,817 | €887,775 | +€51,958 | +6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €540,173 | €549,455 | +€9,281 | +1.7% |
| Amounts payable after more than one year | 17 | €155,274 | €113,455 | -€41,818 | -26.9% |
| Financial debts | 170/4 | €155,274 | €113,455 | -€41,818 | -26.9% |
| Amounts payable within one year | 42/48 | €366,955 | €421,592 | +€54,637 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €41,402 | €41,818 | +€417 | +1.0% |
| Trade debts | 44 | €5,132 | €7,070 | +€1,939 | +37.8% |
| Suppliers | 440/4 | €5,132 | €7,070 | +€1,939 | +37.8% |
| Taxes, remuneration and social security | 45 | €14,438 | €16,350 | +€1,912 | +13.2% |
| Taxes | 450/3 | €11,671 | €13,559 | +€1,889 | +16.2% |
| Remuneration and social security | 454/9 | €2,767 | €2,790 | +€23 | +0.8% |
| Other amounts payable | 47/48 | €305,983 | €356,353 | +€50,370 | +16.5% |
| Accrued charges and deferred income | 492/3 | €17,945 | €14,408 | -€3,537 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,848 | €52,925 | +€13,077 | +32.8% |
| Other operating charges | 640/8 | €3,378 | €4,872 | +€1,494 | +44.2% |
| Gross operating margin | 9900 | €322,951 | €286,512 | -€36,438 | -11.3% |
| Operating profit (loss) | 9901 | €279,725 | €228,715 | -€51,010 | -18.2% |
| Financial income | 75/76B | €4,104 | €3,574 | -€530 | -12.9% |
| Recurring financial income | 75 | €4,104 | €3,574 | -€530 | -12.9% |
| Financial charges | 65/66B | €17,986 | €14,256 | -€3,730 | -20.7% |
| Recurring financial charges | 65 | €17,986 | €14,256 | -€3,730 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €265,843 | €218,034 | -€47,809 | -18.0% |
| Income taxes | 67/77 | €81,241 | €68,480 | -€12,761 | -15.7% |
| Profit (loss) for the period | 9904 | €184,601 | €149,553 | -€35,048 | -19.0% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €184,601 | €149,553 | -€35,048 | -19.0% |
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 25 October 2026 via checked.be.