HEYMDALL: 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.
HEYMDALL
Largest movements
- Cash -€67,447
down €67,447 (-99.5%), from €67,763 to €315
mainly Net result for the year (-€147,773) and Investment in fixed assets (net) (-€54,404)
- Intangible fixed assets -€64,738
down €64,738 (-14.3%), from €452,569 to €387,831
- Receivables within one year -€19,997
down €19,997 (-74.1%), from €26,976 to €6,980
of which Other amounts receivable: -€19,997
- Stocks and contracts +€14,413
new in 2025: €14,413
- Profit (loss) carried forward -€147,773
down €147,773 (-85.8%), from -€172,299 to -€320,072
- Other debts +€28,420
up €28,420 (+7.1%), from €402,400 to €430,820
- Trade debts -€20,972
down €20,972 (-16.9%), from €123,924 to €102,952
- Depreciation +€10,479
up €10,479 (+9.6%), from €108,663 to €119,142
- Gross operating margin -€8,011
down €8,011 (-40.8%), from -€19,639 to -€27,650
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 | €550,524 | €413,275 | -€137,249 | -24.9% |
| Fixed assets | 21/28 | €455,419 | €390,681 | -€64,738 | -14.2% |
| Intangible fixed assets | 21 | €452,569 | €387,831 | -€64,738 | -14.3% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €95,105 | €22,594 | -€72,511 | -76.2% |
| Stocks and contracts in progress | 3 | - | €14,413 | +€14,413 | |
| Stocks | 30/36 | - | €14,413 | +€14,413 | |
| Amounts receivable within one year | 40/41 | €26,976 | €6,980 | -€19,997 | -74.1% |
| Trade receivables | 40 | €5,989 | €5,989 | = | 0.0% |
| Other amounts receivable | 41 | €20,987 | €990 | -€19,997 | -95.3% |
| Cash at bank and in hand | 54/58 | €67,763 | €315 | -€67,447 | -99.5% |
| Deferred charges and accrued income | 490/1 | €366 | €886 | +€520 | +141.9% |
| Total equity and liabilities | 10/49 | €550,524 | €413,275 | -€137,249 | -24.9% |
| Equity | 10/15 | €24,201 | -€123,572 | -€147,773 | |
| Contributions | 10/11 | €196,500 | €196,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,299 | -€320,072 | -€147,773 | -85.8% |
| Amounts payable | 17/49 | €526,324 | €536,847 | +€10,523 | +2.0% |
| Amounts payable within one year | 42/48 | €526,324 | €533,772 | +€7,448 | +1.4% |
| Trade debts | 44 | €123,924 | €102,952 | -€20,972 | -16.9% |
| Suppliers | 440/4 | €123,924 | €102,952 | -€20,972 | -16.9% |
| Other amounts payable | 47/48 | €402,400 | €430,820 | +€28,420 | +7.1% |
| Accrued charges and deferred income | 492/3 | - | €3,075 | +€3,075 | |
| Non-recurring operating income | 76A | €21,500 | - | -€21,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,663 | €119,142 | +€10,479 | +9.6% |
| Other operating charges | 640/8 | €528 | €704 | +€176 | +33.3% |
| Gross operating margin | 9900 | -€19,639 | -€27,650 | -€8,011 | -40.8% |
| Operating profit (loss) | 9901 | -€128,829 | -€147,496 | -€18,666 | -14.5% |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €220 | €277 | +€57 | +25.8% |
| Recurring financial charges | 65 | €220 | €277 | +€57 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | -€129,002 | -€147,773 | -€18,770 | -14.6% |
| Profit (loss) for the period | 9904 | -€129,002 | -€147,773 | -€18,770 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€129,002 | -€147,773 | -€18,770 | -14.6% |
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 8 October 2026 via checked.be.