M. HEYE: 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.
M. HEYE
Largest movements
- Receivables within one year -€18,436
down €18,436 (-97.7%), from €18,875 to €438
of which Trade receivables: -€15,857
- Tangible fixed assets -€8,602
down €8,602 (-13.1%), from €65,804 to €57,203
of which Land and buildings: -€7,552
- Cash +€4,902
up €4,902 (+11.6%), from €42,208 to €47,110
mainly Receivables within one year (+€18,436) and Depreciation (+€9,427)
- Deferred charges and accrued income +€1,594
up €1,594 (+78.1%), from €2,040 to €3,634
- Receivables after one year +€1,500
up €1,500 (+27.3%), from €5,500 to €7,000
- Profit (loss) carried forward -€12,669
down €12,669 (-67.4%), from -€18,805 to -€31,474
- Debts after one year -€4,374
down €4,374 (-11.7%), from €37,344 to €32,970
- Tax, wage and social debts -€2,564
down €2,564 (-92.1%), from €2,785 to €221
of which Taxes: -€2,542
- Gross operating margin -€4,811
down €4,811, from €4,660 to -€152
- Depreciation -€710
down €710 (-7.0%), from €10,137 to €9,427
- Financial charges -€190
down €190 (-9.0%), from €2,103 to €1,913
- Other operating charges +€159
up €159 (+15.9%), from €1,003 to €1,163
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 | €136,830 | €117,787 | -€19,043 | -13.9% |
| Fixed assets | 21/28 | €65,804 | €57,203 | -€8,602 | -13.1% |
| Tangible fixed assets | 22/27 | €65,804 | €57,203 | -€8,602 | -13.1% |
| Land and buildings | 22 | €62,189 | €54,636 | -€7,552 | -12.1% |
| Plant, machinery and equipment | 23 | €3,615 | €1,944 | -€1,671 | -46.2% |
| Furniture and vehicles | 24 | - | €622 | +€622 | |
| Current assets | 29/58 | €71,026 | €60,585 | -€10,441 | -14.7% |
| Amounts receivable after more than one year | 29 | €5,500 | €7,000 | +€1,500 | +27.3% |
| Other amounts receivable | 291 | €5,500 | €7,000 | +€1,500 | +27.3% |
| Stocks and contracts in progress | 3 | €2,403 | €2,403 | = | 0.0% |
| Stocks | 30/36 | €2,403 | €2,403 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,875 | €438 | -€18,436 | -97.7% |
| Trade receivables | 40 | €15,857 | - | -€15,857 | |
| Other amounts receivable | 41 | €3,018 | €438 | -€2,580 | -85.5% |
| Cash at bank and in hand | 54/58 | €42,208 | €47,110 | +€4,902 | +11.6% |
| Deferred charges and accrued income | 490/1 | €2,040 | €3,634 | +€1,594 | +78.1% |
| Total equity and liabilities | 10/49 | €136,830 | €117,787 | -€19,043 | -13.9% |
| Equity | 10/15 | €77,592 | €64,923 | -€12,669 | -16.3% |
| 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 | €34,424 | €34,424 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,520 | €2,520 | = | 0.0% |
| Legal reserve | 130 | €2,520 | €2,520 | = | 0.0% |
| Distributable reserves | 133 | €31,904 | €31,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,805 | -€31,474 | -€12,669 | -67.4% |
| Amounts payable | 17/49 | €59,238 | €52,864 | -€6,374 | -10.8% |
| Amounts payable after more than one year | 17 | €37,344 | €32,970 | -€4,374 | -11.7% |
| Financial debts | 170/4 | €37,344 | €32,970 | -€4,374 | -11.7% |
| Amounts payable within one year | 42/48 | €21,740 | €19,755 | -€1,984 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €4,533 | €4,730 | +€197 | +4.4% |
| Trade debts | 44 | €1,422 | €1,750 | +€328 | +23.1% |
| Suppliers | 440/4 | €1,422 | €1,750 | +€328 | +23.1% |
| Advances received on contracts in progress | 46 | €13,000 | €13,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,785 | €221 | -€2,564 | -92.1% |
| Taxes | 450/3 | €2,764 | €221 | -€2,542 | -92.0% |
| Remuneration and social security | 454/9 | €22 | - | -€22 | |
| Other amounts payable | 47/48 | - | €54 | +€54 | |
| Accrued charges and deferred income | 492/3 | €154 | €139 | -€15 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,137 | €9,427 | -€710 | -7.0% |
| Other operating charges | 640/8 | €1,003 | €1,163 | +€159 | +15.9% |
| Gross operating margin | 9900 | €4,660 | -€152 | -€4,811 | |
| Operating profit (loss) | 9901 | -€6,481 | -€10,742 | -€4,261 | -65.8% |
| Financial income | 75/76B | €188 | €206 | +€19 | +10.1% |
| Recurring financial income | 75 | €188 | €206 | +€19 | +10.1% |
| Financial charges | 65/66B | €2,103 | €1,913 | -€190 | -9.0% |
| Recurring financial charges | 65 | €2,103 | €1,913 | -€190 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,396 | -€12,448 | -€4,052 | -48.3% |
| Income taxes | 67/77 | €214 | €221 | +€8 | +3.5% |
| Profit (loss) for the period | 9904 | -€8,609 | -€12,669 | -€4,060 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,609 | -€12,669 | -€4,060 | -47.2% |
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 26 October 2026 via checked.be.