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
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Cash +€624,698
up €624,698 (+179.7%), from €347,721 to €972,419
mainly Current investments (+€1.0m) and Depreciation (+€277,889)
- Tangible fixed assets +€520,701
up €520,701 (+91.5%), from €569,267 to €1.1m
of which Plant, machinery and equipment: +€541,176
- Receivables within one year -€57,777
down €57,777 (-20.5%), from €282,033 to €224,256
of which Other amounts receivable: -€47,222
- Stocks and contracts +€28,801
up €28,801 (+18.4%), from €156,866 to €185,668
- Reserves +€73,430
up €73,430 (+7.2%), from €1.0m to €1.1m
of which Distributable reserves: +€73,430
- Trade debts +€39,525
up €39,525 (+71.3%), from €55,412 to €94,937
- Gross operating margin +€125,377
up €125,377 (+21.8%), from €574,257 to €699,634
- Staff costs +€33,995
up €33,995 (+13.6%), from €250,161 to €284,156
- Taxes +€13,404
up €13,404 (+70.7%), from €18,950 to €32,353
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 | €2,392,012 | €2,507,901 | +€115,889 | +4.8% |
| Fixed assets | 21/28 | €569,267 | €1,089,968 | +€520,701 | +91.5% |
| Tangible fixed assets | 22/27 | €569,267 | €1,089,968 | +€520,701 | +91.5% |
| Plant, machinery and equipment | 23 | €474,280 | €1,015,456 | +€541,176 | +114.1% |
| Furniture and vehicles | 24 | €90,631 | €65,472 | -€25,158 | -27.8% |
| Other tangible fixed assets | 26 | €4,357 | €9,039 | +€4,683 | +107.5% |
| Current assets | 29/58 | €1,822,745 | €1,417,933 | -€404,812 | -22.2% |
| Amounts receivable after more than one year | 29 | €458 | €458 | = | 0.0% |
| Other amounts receivable | 291 | €458 | €458 | = | 0.0% |
| Stocks and contracts in progress | 3 | €156,866 | €185,668 | +€28,801 | +18.4% |
| Stocks | 30/36 | €156,866 | €185,668 | +€28,801 | +18.4% |
| Amounts receivable within one year | 40/41 | €282,033 | €224,256 | -€57,777 | -20.5% |
| Trade receivables | 40 | €112,776 | €102,222 | -€10,554 | -9.4% |
| Other amounts receivable | 41 | €169,257 | €122,034 | -€47,222 | -27.9% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €347,721 | €972,419 | +€624,698 | +179.7% |
| Deferred charges and accrued income | 490/1 | €35,668 | €35,133 | -€535 | -1.5% |
| Total equity and liabilities | 10/49 | €2,392,012 | €2,507,901 | +€115,889 | +4.8% |
| Equity | 10/15 | €2,322,105 | €2,395,535 | +€73,430 | +3.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,015,241 | €1,088,671 | +€73,430 | +7.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,009,041 | €1,082,471 | +€73,430 | +7.3% |
| Profit (loss) carried forward | 14 | €1,244,864 | €1,244,864 | = | 0.0% |
| Amounts payable | 17/49 | €69,907 | €112,366 | +€42,459 | +60.7% |
| Amounts payable within one year | 42/48 | €69,907 | €112,366 | +€42,459 | +60.7% |
| Trade debts | 44 | €55,412 | €94,937 | +€39,525 | +71.3% |
| Suppliers | 440/4 | €55,412 | €94,937 | +€39,525 | +71.3% |
| Taxes, remuneration and social security | 45 | €14,496 | €17,429 | +€2,934 | +20.2% |
| Taxes | 450/3 | €1,496 | - | -€1,496 | |
| Remuneration and social security | 454/9 | €12,999 | €17,429 | +€4,430 | +34.1% |
| Remuneration, social security and pensions | 62 | €250,161 | €284,156 | +€33,995 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,412 | €277,889 | -€1,523 | -0.5% |
| Other operating charges | 640/8 | €3,772 | €4,384 | +€612 | +16.2% |
| Gross operating margin | 9900 | €574,257 | €699,634 | +€125,377 | +21.8% |
| Operating profit (loss) | 9901 | €40,913 | €133,207 | +€92,294 | +225.6% |
| Financial income | 75/76B | €24,922 | €24,504 | -€418 | -1.7% |
| Recurring financial income | 75 | €24,922 | €24,504 | -€418 | -1.7% |
| Financial charges | 65/66B | €2,351 | €2,177 | -€174 | -7.4% |
| Recurring financial charges | 65 | €2,351 | €2,177 | -€174 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €63,483 | €155,534 | +€92,051 | +145.0% |
| Income taxes | 67/77 | €18,950 | €32,353 | +€13,404 | +70.7% |
| Profit (loss) for the period | 9904 | €44,533 | €123,181 | +€78,647 | +176.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,533 | €123,181 | +€78,647 | +176.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.