HE3M: 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.
HE3M
Largest movements
- Tangible fixed assets -€74,713
down €74,713 (-2.6%), from €2.8m to €2.7m
of which Land and buildings: -€63,692
- Cash +€56,718
up €56,718 (+191.9%), from €29,549 to €86,267
mainly Debts after one year (+€1.5m) and Current portion of long-term debt (+€175,200)
- Other debts -€1.8m
down €1.8m (-95.5%), from €1.9m to €83,787
- Debts after one year +€1.5m
new in 2025: €1.5m
- Current portion of long-term debt +€175,200
new in 2025: €175,200
- Reserves +€118,018
up €118,018 (+12.2%), from €964,169 to €1.1m
of which Distributable reserves: +€118,018
- Gross operating margin -€261,668
down €261,668 (-42.3%), from €618,501 to €356,833
- Depreciation -€113,097
down €113,097 (-44.6%), from €253,539 to €140,442
- Taxes -€49,358
down €49,358 (-46.6%), from €105,809 to €56,452
- Financial charges +€26,899
up €26,899 (+23910.0%), from €113 to €27,011
- Other operating charges -€20,729
down €20,729 (-58.2%), from €35,638 to €14,910
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 | €2,871,309 | €2,850,908 | -€20,402 | -0.7% |
| Fixed assets | 21/28 | €2,819,476 | €2,744,763 | -€74,713 | -2.6% |
| Tangible fixed assets | 22/27 | €2,819,476 | €2,744,763 | -€74,713 | -2.6% |
| Land and buildings | 22 | €2,471,118 | €2,407,426 | -€63,692 | -2.6% |
| Plant, machinery and equipment | 23 | €42,317 | €79,196 | +€36,878 | +87.1% |
| Furniture and vehicles | 24 | €25,311 | €11,787 | -€13,524 | -53.4% |
| Other tangible fixed assets | 26 | €280,729 | €246,354 | -€34,375 | -12.2% |
| Current assets | 29/58 | €51,834 | €106,145 | +€54,311 | +104.8% |
| Amounts receivable within one year | 40/41 | €21,839 | €19,878 | -€1,961 | -9.0% |
| Trade receivables | 40 | €6,000 | €6,000 | = | 0.0% |
| Other amounts receivable | 41 | €15,839 | €13,878 | -€1,961 | -12.4% |
| Cash at bank and in hand | 54/58 | €29,549 | €86,267 | +€56,718 | +191.9% |
| Deferred charges and accrued income | 490/1 | €446 | - | -€446 | |
| Total equity and liabilities | 10/49 | €2,871,309 | €2,850,908 | -€20,402 | -0.7% |
| Equity | 10/15 | €970,369 | €1,088,387 | +€118,018 | +12.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €964,169 | €1,082,187 | +€118,018 | +12.2% |
| Tax-exempt reserves | 132 | €790 | €790 | = | 0.0% |
| Distributable reserves | 133 | €963,379 | €1,081,397 | +€118,018 | +12.3% |
| Amounts payable | 17/49 | €1,900,941 | €1,762,521 | -€138,420 | -7.3% |
| Amounts payable after more than one year | 17 | - | €1,474,600 | +€1.5m | |
| Financial debts | 170/4 | - | €1,474,600 | +€1.5m | |
| Amounts payable within one year | 42/48 | €1,900,941 | €287,901 | -€1.6m | -84.9% |
| Current portion of amounts payable after more than one year | 42 | - | €175,200 | +€175,200 | |
| Trade debts | 44 | €21,241 | €22,463 | +€1,222 | +5.8% |
| Suppliers | 440/4 | €21,241 | €22,463 | +€1,222 | +5.8% |
| Taxes, remuneration and social security | 45 | €18,309 | €6,452 | -€11,858 | -64.8% |
| Taxes | 450/3 | €18,309 | €6,452 | -€11,858 | -64.8% |
| Other amounts payable | 47/48 | €1,861,391 | €83,787 | -€1.8m | -95.5% |
| Accrued charges and deferred income | 492/3 | - | €20 | +€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,539 | €140,442 | -€113,097 | -44.6% |
| Other operating charges | 640/8 | €35,638 | €14,910 | -€20,729 | -58.2% |
| Gross operating margin | 9900 | €618,501 | €356,833 | -€261,668 | -42.3% |
| Operating profit (loss) | 9901 | €329,323 | €201,481 | -€127,842 | -38.8% |
| Financial charges | 65/66B | €113 | €27,011 | +€26,899 | +23910.0% |
| Recurring financial charges | 65 | €113 | €27,011 | +€26,899 | +23910.0% |
| Profit (loss) for the period before taxes | 9903 | €329,211 | €174,470 | -€154,741 | -47.0% |
| Income taxes | 67/77 | €105,809 | €56,452 | -€49,358 | -46.6% |
| Profit (loss) for the period | 9904 | €223,401 | €118,018 | -€105,383 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €223,401 | €118,018 | -€105,383 | -47.2% |
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.