HELVAN: what changed
HELVAN
Largest movements
- Cash +€470,025
up €470,025 (+358%), from €131,449 to €601,475
mainly Current investments (+€400,000) and Net result for the year (+€206,646)
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Receivables within one year +€128,495
up €128,495 (+25.3%), from €507,881 to €636,376
of which Trade receivables: +€140,474
- Tangible fixed assets +€85,316
up €85,316 (+77.5%), from €110,101 to €195,416
of which Furniture and vehicles: +€92,233
- Deferred charges and accrued income +€16,407
up €16,407 (+212%), from €7,729 to €24,137
- Reserves +€206,646
up €206,646 (+27.8%), from €744,131 to €950,778
of which Distributable reserves: +€206,646
- Trade debts +€133,595
up €133,595 (+52.9%), from €252,492 to €386,087
- Tax, wage and social debts -€46,829
down €46,829 (-79.4%), from €58,954 to €12,125
of which Taxes: -€41,723
- Financial income -€144,963
down €144,963 (-94.5%), from €153,463 to €8,499
of which Non-recurring financial income: -€151,548
- Gross operating margin +€132,162
up €132,162 (+41.8%), from €316,102 to €448,263
- Staff costs +€83,107
up €83,107 (+1,205%), from €6,896 to €90,004
- Taxes -€22,379
down €22,379 (-25.5%), from €87,775 to €65,396
- Depreciation +€7,302
up €7,302 (+42.6%), from €17,135 to €24,437
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,178,660 | €1,466,403 | +€287,743 | +24.4% |
| Fixed assets | 21/28 | €119,101 | €204,416 | +€85,316 | +71.6% |
| Tangible fixed assets | 22/27 | €110,101 | €195,416 | +€85,316 | +77.5% |
| Land and buildings | 22 | €46,949 | €45,918 | -€1,031 | -2.2% |
| Plant, machinery and equipment | 23 | €40,095 | €34,208 | -€5,887 | -14.7% |
| Furniture and vehicles | 24 | €23,057 | €115,290 | +€92,233 | +400% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €1,059,560 | €1,261,987 | +€202,427 | +19.1% |
| Stocks and contracts in progress | 3 | €12,500 | - | -€12,500 | |
| Stocks | 30/36 | €12,500 | - | -€12,500 | |
| Amounts receivable within one year | 40/41 | €507,881 | €636,376 | +€128,495 | +25.3% |
| Trade receivables | 40 | €459,919 | €600,393 | +€140,474 | +30.5% |
| Other amounts receivable | 41 | €47,962 | €35,983 | -€11,979 | -25.0% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €131,449 | €601,475 | +€470,025 | +358% |
| Deferred charges and accrued income | 490/1 | €7,729 | €24,137 | +€16,407 | +212% |
| Total equity and liabilities | 10/49 | €1,178,660 | €1,466,403 | +€287,743 | +24.4% |
| Equity | 10/15 | €805,631 | €1,012,278 | +€206,646 | +25.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €744,131 | €950,778 | +€206,646 | +27.8% |
| Non-distributable reserves | 130/1 | €17,396 | €17,396 | = | 0.0% |
| Legal reserve | 130 | €17,396 | €17,396 | = | 0.0% |
| Tax-exempt reserves | 132 | €121,238 | €121,238 | = | 0.0% |
| Distributable reserves | 133 | €605,497 | €812,143 | +€206,646 | +34.1% |
| Provisions and deferred taxes | 16 | €30,310 | €30,310 | = | 0.0% |
| Deferred taxes | 168 | €30,310 | €30,310 | = | 0.0% |
| Amounts payable | 17/49 | €342,719 | €423,816 | +€81,097 | +23.7% |
| Amounts payable after more than one year | 17 | €21,399 | €11,524 | -€9,876 | -46.1% |
| Financial debts | 170/4 | €21,399 | €11,524 | -€9,876 | -46.1% |
| Amounts payable within one year | 42/48 | €321,320 | €408,221 | +€86,901 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €9,874 | €9,876 | +€2 | 0.0% |
| Trade debts | 44 | €252,492 | €386,087 | +€133,595 | +52.9% |
| Suppliers | 440/4 | €252,492 | €386,087 | +€133,595 | +52.9% |
| Taxes, remuneration and social security | 45 | €58,954 | €12,125 | -€46,829 | -79.4% |
| Taxes | 450/3 | €53,755 | €12,031 | -€41,723 | -77.6% |
| Remuneration and social security | 454/9 | €5,200 | €94 | -€5,106 | -98.2% |
| Other amounts payable | 47/48 | - | €133 | +€133 | |
| Accrued charges and deferred income | 492/3 | - | €4,072 | +€4,072 | |
| Remuneration, social security and pensions | 62 | €6,896 | €90,004 | +€83,107 | +1,205% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,135 | €24,437 | +€7,302 | +42.6% |
| Other operating charges | 640/8 | €4,942 | €9,728 | +€4,786 | +96.8% |
| Non-recurring operating charges | 66A | - | €55,057 | +€55,057 | |
| Gross operating margin | 9900 | €316,102 | €448,263 | +€132,162 | +41.8% |
| Operating profit (loss) | 9901 | €287,129 | €269,038 | -€18,090 | -6.3% |
| Financial income | 75/76B | €153,463 | €8,499 | -€144,963 | -94.5% |
| Recurring financial income | 75 | €1,915 | €8,499 | +€6,585 | +344% |
| Non-recurring financial income | 76B | €151,548 | - | -€151,548 | |
| Financial charges | 65/66B | €10,213 | €5,495 | -€4,718 | -46.2% |
| Recurring financial charges | 65 | €10,213 | €5,495 | -€4,718 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €430,378 | €272,042 | -€158,336 | -36.8% |
| Transfer to deferred taxes | 680 | €30,310 | - | -€30,310 | |
| Income taxes | 67/77 | €87,775 | €65,396 | -€22,379 | -25.5% |
| Profit (loss) for the period | 9904 | €312,293 | €206,646 | -€105,647 | -33.8% |
| Transfer to tax-exempt reserves | 689 | €121,238 | - | -€121,238 | |
| Profit (loss) for the period to be appropriated | 9905 | €191,055 | €206,646 | +€15,591 | +8.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.