HLE Equity: 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.
HLE Equity
Largest movements
- Formation expenses -€219
down €219 (-40.4%), from €541 to €322
- Profit (loss) carried forward -€797
down €797 (-24.6%), from -€3,243 to -€4,040
- Other debts +€513
up €513 (+15.1%), from €3,386 to €3,899
- Short-term financial debts +€53
new in 2025: €53
- Accrued charges and deferred income +€13
up €13 (+3.1%), from €398 to €411
- Gross operating margin +€118
up €118 (+64.3%), from -€184 to -€66
- Purchases and services -€118
down €118 (-64.3%), from €184 to €66
- Financial charges +€94
up €94 (+480%), from €20 to €113
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 | €542 | €322 | -€219 | -40.5% |
| Formation expenses | 20 | €541 | €322 | -€219 | -40.4% |
| Current assets | 29/58 | €1 | - | -€1 | |
| Cash at bank and in hand | 54/58 | €1 | - | -€1 | |
| Total equity and liabilities | 10/49 | €542 | €322 | -€219 | -40.5% |
| Equity | 10/15 | -€3,243 | -€4,040 | -€797 | -24.6% |
| Profit (loss) carried forward | 14 | -€3,243 | -€4,040 | -€797 | -24.6% |
| Amounts payable | 17/49 | €3,785 | €4,363 | +€578 | +15.3% |
| Amounts payable within one year | 42/48 | €3,386 | €3,952 | +€565 | +16.7% |
| Financial debts | 43 | - | €53 | +€53 | |
| Credit institutions | 430/8 | - | €53 | +€53 | |
| Other amounts payable | 47/48 | €3,386 | €3,899 | +€513 | +15.1% |
| Accrued charges and deferred income | 492/3 | €398 | €411 | +€13 | +3.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €184 | €66 | -€118 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219 | €219 | = | 0.0% |
| Other operating charges | 640/8 | €398 | €400 | +€2 | +0.4% |
| Gross operating margin | 9900 | -€184 | -€66 | +€118 | +64.3% |
| Operating profit (loss) | 9901 | -€801 | -€684 | +€117 | +14.6% |
| Financial charges | 65/66B | €20 | €113 | +€94 | +480% |
| Recurring financial charges | 65 | €20 | €113 | +€94 | +480% |
| Profit (loss) for the period before taxes | 9903 | -€820 | -€797 | +€23 | +2.8% |
| Profit (loss) for the period | 9904 | -€820 | -€797 | +€23 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€820 | -€797 | +€23 | +2.8% |
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 23 October 2026 via checked.be.