Heyvaert & Co: 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.
Heyvaert & Co
Largest movements
- Tangible fixed assets -€425,639
down €425,639 (-41.2%), from €1.0m to €607,376
of which Leasing and similar rights: -€487,258
- Cash +€376,057
up €376,057 (+203%), from €184,841 to €560,898
mainly Net result for the year (+€1.4m) and Depreciation (+€478,948)
- Formation expenses +€206,696
new in 2025: €206,696
- Receivables within one year +€167,617
up €167,617 (+77.8%), from €215,337 to €382,954
of which Trade receivables: +€135,952
- Financial fixed assets -€19,409
down €19,409 (-17.1%), from €113,643 to €94,234
- Reserves +€1.4m
up €1.4m (+2,405%), from €59,860 to €1.5m
of which Tax-exempt reserves: +€1.4m
- Tax, wage and social debts -€779,623
down €779,623 (-72.0%), from €1.1m to €303,795
of which Remuneration and social security: -€686,670
- Debts after one year -€201,512
down €201,512 (-38.7%), from €521,141 to €319,629
- Trade debts +€178,423
up €178,423 (+47.8%), from €372,932 to €551,355
- Other debts -€126,560
down €126,560 (-100%), from €126,560 to €0
- Gross operating margin +€1.9m
up €1.9m (+68.5%), from €2.8m to €4.8m
- Financial charges -€147,179
down €147,179 (-50.2%), from €293,013 to €145,835
- Staff costs +€112,153
up €112,153 (+4.6%), from €2.4m to €2.6m
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 | €1,580,197 | €1,893,824 | +€313,627 | +19.8% |
| Formation expenses | 20 | - | €206,696 | +€206,696 | |
| Fixed assets | 21/28 | €1,146,658 | €701,609 | -€445,048 | -38.8% |
| Tangible fixed assets | 22/27 | €1,033,015 | €607,376 | -€425,639 | -41.2% |
| Plant, machinery and equipment | 23 | €14,683 | €19,800 | +€5,117 | +34.9% |
| Furniture and vehicles | 24 | €68,179 | €120,469 | +€52,290 | +76.7% |
| Leasing and similar rights | 25 | €941,801 | €454,543 | -€487,258 | -51.7% |
| Other tangible fixed assets | 26 | €8,352 | €12,564 | +€4,212 | +50.4% |
| Financial fixed assets | 28 | €113,643 | €94,234 | -€19,409 | -17.1% |
| Current assets | 29/58 | €433,540 | €985,519 | +€551,980 | +127% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €215,337 | €382,954 | +€167,617 | +77.8% |
| Trade receivables | 40 | €215,337 | €351,289 | +€135,952 | +63.1% |
| Other amounts receivable | 41 | €0 | €31,666 | +€31,666 | |
| Cash at bank and in hand | 54/58 | €184,841 | €560,898 | +€376,057 | +203% |
| Deferred charges and accrued income | 490/1 | €33,361 | €41,667 | +€8,305 | +24.9% |
| Total equity and liabilities | 10/49 | €1,580,197 | €1,893,824 | +€313,627 | +19.8% |
| Equity | 10/15 | -€1,053,519 | €306,524 | +€1.4m | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,860 | €1,499,228 | +€1.4m | +2,405% |
| Tax-exempt reserves | 132 | €8,000 | €1,447,368 | +€1.4m | +17,992% |
| Distributable reserves | 133 | €51,860 | €51,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,119,579 | -€1,198,904 | -€79,325 | -7.1% |
| Amounts payable | 17/49 | €2,633,716 | €1,587,301 | -€1.0m | -39.7% |
| Amounts payable after more than one year | 17 | €521,141 | €319,629 | -€201,512 | -38.7% |
| Financial debts | 170/4 | €521,141 | €319,629 | -€201,512 | -38.7% |
| Amounts payable within one year | 42/48 | €2,112,575 | €1,200,065 | -€912,510 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €464,770 | €344,915 | -€119,855 | -25.8% |
| Financial debts | 43 | €64,896 | €0 | -€64,896 | -100% |
| Credit institutions | 430/8 | €64,896 | €0 | -€64,896 | -100% |
| Trade debts | 44 | €372,932 | €551,355 | +€178,423 | +47.8% |
| Suppliers | 440/4 | €372,932 | €551,355 | +€178,423 | +47.8% |
| Taxes, remuneration and social security | 45 | €1,083,418 | €303,795 | -€779,623 | -72.0% |
| Taxes | 450/3 | €141,543 | €48,590 | -€92,953 | -65.7% |
| Remuneration and social security | 454/9 | €941,875 | €255,205 | -€686,670 | -72.9% |
| Other amounts payable | 47/48 | €126,560 | €0 | -€126,560 | -100% |
| Accrued charges and deferred income | 492/3 | - | €67,607 | +€67,607 | |
| Non-recurring operating income | 76A | - | €1,439,368 | +€1.4m | |
| Remuneration, social security and pensions | 62 | €2,442,941 | €2,555,095 | +€112,153 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €519,689 | €478,948 | -€40,740 | -7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,188 | -€310 | -€5,498 | |
| Other operating charges | 640/8 | €223,455 | €244,707 | +€21,252 | +9.5% |
| Gross operating margin | 9900 | €2,839,232 | €4,783,333 | +€1.9m | +68.5% |
| Operating profit (loss) | 9901 | -€352,041 | €1,504,892 | +€1.9m | |
| Financial income | 75/76B | €1,321 | €1,005 | -€315 | -23.9% |
| Recurring financial income | 75 | €1,321 | €1,005 | -€315 | -23.9% |
| Financial charges | 65/66B | €293,013 | €145,835 | -€147,179 | -50.2% |
| Recurring financial charges | 65 | €293,013 | €145,835 | -€147,179 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | -€643,734 | €1,360,063 | +€2.0m | |
| Income taxes | 67/77 | €1,000 | €20 | -€980 | -98.0% |
| Profit (loss) for the period | 9904 | -€644,734 | €1,360,043 | +€2.0m | |
| Transfer to tax-exempt reserves | 689 | - | €1,439,368 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€644,734 | -€79,325 | +€565,409 | +87.7% |
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 14 October 2026 via checked.be.