HEYS: 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.
HEYS
Largest movements
- Cash +€127,361
up €127,361 (+199%), from €63,905 to €191,266
mainly Net result for the year (+€129,003) and Depreciation (+€11,782)
- Tangible fixed assets -€9,592
down €9,592 (-27.7%), from €34,652 to €25,060
- Reserves +€129,003
up €129,003 (+42.5%), from €303,208 to €432,211
- Debts after one year -€6,570
down €6,570 (-85.4%), from €7,690 to €1,120
- Gross operating margin +€12,621
up €12,621 (+7.4%), from €170,976 to €183,596
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 | €358,110 | €479,038 | +€120,928 | +33.8% |
| Fixed assets | 21/28 | €34,700 | €25,108 | -€9,592 | -27.6% |
| Tangible fixed assets | 22/27 | €34,652 | €25,060 | -€9,592 | -27.7% |
| Furniture and vehicles | 24 | €34,652 | €25,060 | -€9,592 | -27.7% |
| Financial fixed assets | 28 | €47 | €47 | = | 0.0% |
| Current assets | 29/58 | €323,410 | €453,930 | +€130,520 | +40.4% |
| Amounts receivable within one year | 40/41 | €30,895 | €32,450 | +€1,554 | +5.0% |
| Trade receivables | 40 | €20,370 | €24,202 | +€3,832 | +18.8% |
| Other amounts receivable | 41 | €10,525 | €8,247 | -€2,278 | -21.6% |
| Current investments | 50/53 | €203,672 | €204,057 | +€385 | +0.2% |
| Cash at bank and in hand | 54/58 | €63,905 | €191,266 | +€127,361 | +199% |
| Deferred charges and accrued income | 490/1 | €24,938 | €26,157 | +€1,220 | +4.9% |
| Total equity and liabilities | 10/49 | €358,110 | €479,038 | +€120,928 | +33.8% |
| Equity | 10/15 | €321,808 | €450,811 | +€129,003 | +40.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €303,208 | €432,211 | +€129,003 | +42.5% |
| Distributable reserves | 133 | €303,208 | €432,211 | +€129,003 | +42.5% |
| Amounts payable | 17/49 | €36,302 | €28,227 | -€8,075 | -22.2% |
| Amounts payable after more than one year | 17 | €7,690 | €1,120 | -€6,570 | -85.4% |
| Financial debts | 170/4 | €7,690 | €1,120 | -€6,570 | -85.4% |
| Amounts payable within one year | 42/48 | €28,612 | €27,107 | -€1,505 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €6,324 | €6,570 | +€246 | +3.9% |
| Trade debts | 44 | €7,570 | €7,656 | +€86 | +1.1% |
| Suppliers | 440/4 | €7,570 | €7,656 | +€86 | +1.1% |
| Taxes, remuneration and social security | 45 | €3,053 | €3,705 | +€652 | +21.3% |
| Taxes | 450/3 | €3,053 | €3,705 | +€652 | +21.3% |
| Other amounts payable | 47/48 | €11,665 | €9,176 | -€2,489 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,411 | €11,782 | +€371 | +3.3% |
| Other operating charges | 640/8 | €305 | €313 | +€8 | +2.7% |
| Gross operating margin | 9900 | €170,976 | €183,596 | +€12,621 | +7.4% |
| Operating profit (loss) | 9901 | €159,260 | €171,501 | +€12,241 | +7.7% |
| Financial income | 75/76B | €4,787 | €6,215 | +€1,428 | +29.8% |
| Recurring financial income | 75 | €4,787 | €6,215 | +€1,428 | +29.8% |
| Financial charges | 65/66B | €2,085 | €1,131 | -€954 | -45.7% |
| Recurring financial charges | 65 | €2,085 | €1,131 | -€954 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €161,962 | €176,584 | +€14,623 | +9.0% |
| Income taxes | 67/77 | €47,439 | €47,582 | +€142 | +0.3% |
| Profit (loss) for the period | 9904 | €114,523 | €129,003 | +€14,480 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €114,523 | €129,003 | +€14,480 | +12.6% |
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.