HIELS: 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.
HIELS
Largest movements
- Financial fixed assets -€50,000
down €50,000 (-26.3%), from €190,000 to €140,000
- Cash +€47,326
up €47,326 (+208%), from €22,758 to €70,084
mainly Trade debts (+€65,861) and Investment in fixed assets (net) (+€50,000)
- Stocks and contracts +€38,096
up €38,096 (+85.9%), from €44,359 to €82,456
- Receivables within one year +€31,500
up €31,500 (+57.4%), from €54,924 to €86,424
of which Trade receivables: +€41,264
- Trade debts +€65,861
up €65,861 (+1,227%), from €5,368 to €71,228
- Gross operating margin -€7,895
down €7,895 (-44.1%), from €17,919 to €10,025
- Staff costs +€3,839
up €3,839, from €0 to €3,839
- Taxes -€3,113
down €3,113 (-68.0%), from €4,579 to €1,465
- Depreciation +€434
up €434 (+16.0%), from €2,707 to €3,141
- Financial income -€213
down €213 (-6.5%), from €3,289 to €3,077
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €329,843 | €396,699 | +€66,857 | +20.3% |
| Fixed assets | 21/28 | €204,108 | €150,967 | -€53,141 | -26.0% |
| Tangible fixed assets | 22/27 | €14,108 | €10,967 | -€3,141 | -22.3% |
| Land and buildings | 22 | €4,340 | €3,720 | -€620 | -14.3% |
| Plant, machinery and equipment | 23 | €9,768 | €7,247 | -€2,521 | -25.8% |
| Financial fixed assets | 28 | €190,000 | €140,000 | -€50,000 | -26.3% |
| Current assets | 29/58 | €125,735 | €245,732 | +€119,997 | +95.4% |
| Stocks and contracts in progress | 3 | €44,359 | €82,456 | +€38,096 | +85.9% |
| Stocks | 30/36 | €44,359 | €82,456 | +€38,096 | +85.9% |
| Amounts receivable within one year | 40/41 | €54,924 | €86,424 | +€31,500 | +57.4% |
| Trade receivables | 40 | €42,149 | €83,413 | +€41,264 | +97.9% |
| Other amounts receivable | 41 | €12,775 | €3,011 | -€9,764 | -76.4% |
| Cash at bank and in hand | 54/58 | €22,758 | €70,084 | +€47,326 | +208% |
| Deferred charges and accrued income | 490/1 | €3,694 | €6,769 | +€3,075 | +83.2% |
| Total equity and liabilities | 10/49 | €329,843 | €396,699 | +€66,857 | +20.3% |
| Equity | 10/15 | €308,461 | €312,372 | +€3,912 | +1.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €278,461 | €282,372 | +€3,912 | +1.4% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €275,461 | €279,372 | +€3,912 | +1.4% |
| Amounts payable | 17/49 | €21,382 | €84,327 | +€62,945 | +294% |
| Amounts payable within one year | 42/48 | €17,782 | €81,127 | +€63,345 | +356% |
| Trade debts | 44 | €5,368 | €71,228 | +€65,861 | +1,227% |
| Suppliers | 440/4 | €5,368 | €71,228 | +€65,861 | +1,227% |
| Taxes, remuneration and social security | 45 | €12,414 | €9,899 | -€2,516 | -20.3% |
| Taxes | 450/3 | €12,414 | €6,044 | -€6,370 | -51.3% |
| Remuneration and social security | 454/9 | - | €3,855 | +€3,855 | |
| Accrued charges and deferred income | 492/3 | €3,600 | €3,200 | -€400 | -11.1% |
| Remuneration, social security and pensions | 62 | €0 | €3,839 | +€3,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,707 | €3,141 | +€434 | +16.0% |
| Other operating charges | 640/8 | €803 | €628 | -€175 | -21.8% |
| Gross operating margin | 9900 | €17,919 | €10,025 | -€7,895 | -44.1% |
| Operating profit (loss) | 9901 | €14,410 | €2,417 | -€11,993 | -83.2% |
| Financial income | 75/76B | €3,289 | €3,077 | -€213 | -6.5% |
| Recurring financial income | 75 | €3,289 | €3,077 | -€213 | -6.5% |
| Financial charges | 65/66B | €129 | €117 | -€12 | -9.5% |
| Recurring financial charges | 65 | €129 | €117 | -€12 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €17,570 | €5,377 | -€12,193 | -69.4% |
| Income taxes | 67/77 | €4,579 | €1,465 | -€3,113 | -68.0% |
| Profit (loss) for the period | 9904 | €12,992 | €3,912 | -€9,080 | -69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,992 | €3,912 | -€9,080 | -69.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.