HEYVAERT: 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.
HEYVAERT
Largest movements
- Cash +€197,541
up €197,541 (+414.7%), from €47,637 to €245,178
mainly Current investments (+€101,208) and Depreciation (+€70,900)
- Current investments -€101,208
down €101,208 (-32.7%), from €309,570 to €208,362
- Tangible fixed assets -€70,895
down €70,895 (-22.2%), from €319,852 to €248,957
of which Plant, machinery and equipment: -€45,983
- Receivables within one year -€34,057
down €34,057 (-59.8%), from €56,943 to €22,886
of which Trade receivables: -€47,231
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€105,529
down €105,529 (-46.7%), from €226,154 to €120,625
- Taxes -€30,014
down €30,014 (-96.5%), from €31,101 to €1,087
- Depreciation +€5,332
up €5,332 (+8.1%), from €65,568 to €70,900
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 | €792,281 | €777,755 | -€14,526 | -1.8% |
| Fixed assets | 21/28 | €319,852 | €250,452 | -€69,400 | -21.7% |
| Intangible fixed assets | 21 | - | €1,495 | +€1,495 | |
| Tangible fixed assets | 22/27 | €319,852 | €248,957 | -€70,895 | -22.2% |
| Land and buildings | 22 | €46,309 | €42,993 | -€3,317 | -7.2% |
| Plant, machinery and equipment | 23 | €170,727 | €124,744 | -€45,983 | -26.9% |
| Furniture and vehicles | 24 | €102,816 | €81,221 | -€21,595 | -21.0% |
| Current assets | 29/58 | €472,429 | €527,303 | +€54,874 | +11.6% |
| Stocks and contracts in progress | 3 | €49,268 | €47,438 | -€1,830 | -3.7% |
| Stocks | 30/36 | €49,268 | €47,438 | -€1,830 | -3.7% |
| Amounts receivable within one year | 40/41 | €56,943 | €22,886 | -€34,057 | -59.8% |
| Trade receivables | 40 | €50,527 | €3,296 | -€47,231 | -93.5% |
| Other amounts receivable | 41 | €6,417 | €19,590 | +€13,173 | +205.3% |
| Current investments | 50/53 | €309,570 | €208,362 | -€101,208 | -32.7% |
| Cash at bank and in hand | 54/58 | €47,637 | €245,178 | +€197,541 | +414.7% |
| Deferred charges and accrued income | 490/1 | €9,010 | €3,438 | -€5,572 | -61.8% |
| Total equity and liabilities | 10/49 | €792,281 | €777,755 | -€14,526 | -1.8% |
| Equity | 10/15 | €678,071 | €678,625 | +€554 | +0.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €599,767 | €600,317 | +€550 | +0.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €593,570 | €594,120 | +€550 | +0.1% |
| Profit (loss) carried forward | 14 | €16,330 | €16,334 | +€4 | 0.0% |
| Amounts payable | 17/49 | €114,210 | €99,130 | -€15,080 | -13.2% |
| Amounts payable within one year | 42/48 | €114,210 | €99,130 | -€15,080 | -13.2% |
| Trade debts | 44 | €12,385 | €5,626 | -€6,759 | -54.6% |
| Suppliers | 440/4 | €12,385 | €5,626 | -€6,759 | -54.6% |
| Taxes, remuneration and social security | 45 | €25,078 | €17,535 | -€7,543 | -30.1% |
| Taxes | 450/3 | €11,536 | €13,625 | +€2,088 | +18.1% |
| Remuneration and social security | 454/9 | €13,542 | €3,911 | -€9,631 | -71.1% |
| Other amounts payable | 47/48 | €76,747 | €75,969 | -€778 | -1.0% |
| Remuneration, social security and pensions | 62 | €33,796 | €34,141 | +€345 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,568 | €70,900 | +€5,332 | +8.1% |
| Other operating charges | 640/8 | €10,299 | €10,867 | +€568 | +5.5% |
| Gross operating margin | 9900 | €226,154 | €120,625 | -€105,529 | -46.7% |
| Operating profit (loss) | 9901 | €116,491 | €4,717 | -€111,774 | -96.0% |
| Financial income | 75/76B | €4,114 | €2,403 | -€1,711 | -41.6% |
| Recurring financial income | 75 | €4,114 | €2,403 | -€1,711 | -41.6% |
| Financial charges | 65/66B | €6,260 | €5,480 | -€781 | -12.5% |
| Recurring financial charges | 65 | €6,260 | €5,480 | -€781 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €114,344 | €1,640 | -€112,704 | -98.6% |
| Income taxes | 67/77 | €31,101 | €1,087 | -€30,014 | -96.5% |
| Profit (loss) for the period | 9904 | €83,244 | €554 | -€82,690 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €83,244 | €554 | -€82,690 | -99.3% |
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 7 October 2026 via checked.be.