sn HELA: 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.
sn HELA
Largest movements
- Current investments +€254,000
up €254,000 (+32.5%), from €782,486 to €1.0m
- Cash -€147,544
down €147,544 (-86.8%), from €170,006 to €22,462
mainly Current investments (-€254,000) and Investment in fixed assets (net) (-€13,435)
- Tangible fixed assets -€39,068
down €39,068 (-3.7%), from €1.1m to €1.0m
of which Land and buildings: -€20,910
- Receivables within one year -€21,335
down €21,335 (-79.3%), from €26,914 to €5,579
of which Trade receivables: -€20,000
- Profit (loss) carried forward +€62,634
up €62,634 (+10.4%), from €601,411 to €664,045
- Gross operating margin -€55,452
down €55,452 (-37.2%), from €149,217 to €93,765
- Depreciation -€27,304
down €27,304 (-34.2%), from €79,806 to €52,503
- Taxes -€6,726
down €6,726 (-34.6%), from €19,455 to €12,728
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 | €2,055,748 | €2,089,025 | +€33,277 | +1.6% |
| Fixed assets | 21/28 | €1,061,439 | €1,022,371 | -€39,068 | -3.7% |
| Tangible fixed assets | 22/27 | €1,061,439 | €1,022,371 | -€39,068 | -3.7% |
| Land and buildings | 22 | €1,012,403 | €991,494 | -€20,910 | -2.1% |
| Furniture and vehicles | 24 | €49,036 | €30,878 | -€18,158 | -37.0% |
| Current assets | 29/58 | €994,309 | €1,066,654 | +€72,345 | +7.3% |
| Amounts receivable within one year | 40/41 | €26,914 | €5,579 | -€21,335 | -79.3% |
| Trade receivables | 40 | €20,000 | €0 | -€20,000 | -100.0% |
| Other amounts receivable | 41 | €6,914 | €5,579 | -€1,335 | -19.3% |
| Current investments | 50/53 | €782,486 | €1,036,486 | +€254,000 | +32.5% |
| Cash at bank and in hand | 54/58 | €170,006 | €22,462 | -€147,544 | -86.8% |
| Deferred charges and accrued income | 490/1 | €14,903 | €2,127 | -€12,776 | -85.7% |
| Total equity and liabilities | 10/49 | €2,055,748 | €2,089,025 | +€33,277 | +1.6% |
| Equity | 10/15 | €1,962,828 | €2,009,843 | +€47,015 | +2.4% |
| 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 | €1,299,418 | €1,283,798 | -€15,620 | -1.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €293,218 | €277,598 | -€15,620 | -5.3% |
| Distributable reserves | 133 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €601,411 | €664,045 | +€62,634 | +10.4% |
| Provisions and deferred taxes | 16 | €73,304 | €69,400 | -€3,905 | -5.3% |
| Deferred taxes | 168 | €73,304 | €69,400 | -€3,905 | -5.3% |
| Amounts payable | 17/49 | €19,615 | €9,783 | -€9,832 | -50.1% |
| Amounts payable within one year | 42/48 | €15,823 | €7,428 | -€8,395 | -53.1% |
| Trade debts | 44 | €2,178 | €990 | -€1,188 | -54.5% |
| Suppliers | 440/4 | €2,178 | €990 | -€1,188 | -54.5% |
| Taxes, remuneration and social security | 45 | €11,177 | €3,900 | -€7,277 | -65.1% |
| Taxes | 450/3 | €11,177 | €3,900 | -€7,277 | -65.1% |
| Other amounts payable | 47/48 | €2,468 | €2,537 | +€69 | +2.8% |
| Accrued charges and deferred income | 492/3 | €3,793 | €2,355 | -€1,438 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,806 | €52,503 | -€27,304 | -34.2% |
| Other operating charges | 640/8 | €6,352 | €7,821 | +€1,468 | +23.1% |
| Gross operating margin | 9900 | €149,217 | €93,765 | -€55,452 | -37.2% |
| Operating profit (loss) | 9901 | €63,058 | €33,441 | -€29,617 | -47.0% |
| Financial income | 75/76B | €23,016 | €24,452 | +€1,436 | +6.2% |
| Recurring financial income | 75 | €23,016 | €24,452 | +€1,436 | +6.2% |
| Financial charges | 65/66B | €2,153 | €2,055 | -€99 | -4.6% |
| Recurring financial charges | 65 | €2,153 | €2,055 | -€99 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €83,920 | €55,838 | -€28,083 | -33.5% |
| Transfer from deferred taxes | 780 | €2,771 | €3,905 | +€1,134 | +40.9% |
| Income taxes | 67/77 | €19,455 | €12,728 | -€6,726 | -34.6% |
| Profit (loss) for the period | 9904 | €67,237 | €47,015 | -€20,223 | -30.1% |
| Transfer from tax-exempt reserves | 789 | €11,086 | €15,620 | +€4,534 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,323 | €62,634 | -€15,689 | -20.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.