HELDO: what changed
HELDO
Largest movements
- Current investments -€225,000
no longer reported in 2025 (was €225,000)
- Cash +€62,024
up €62,024 (+44.1%), from €140,562 to €202,586
mainly Current investments (+€225,000) and Net result for the year (+€150,211)
- Receivables within one year +€56,554
up €56,554 (+41.8%), from €135,450 to €192,004
of which Other amounts receivable: +€150,837
- Stocks and contracts +€19,223
up €19,223 (+12.7%), from €151,498 to €170,721
- Tangible fixed assets -€10,494
down €10,494 (-16.5%), from €63,655 to €53,160
of which Plant, machinery and equipment: -€49,163
- Other debts -€72,217
down €72,217 (-37.8%), from €191,238 to €119,021
- Tax, wage and social debts -€41,902
down €41,902 (-71.1%), from €58,914 to €17,013
of which Taxes: -€45,119
- Profit (loss) carried forward +€30,211
up €30,211 (+19.5%), from €155,168 to €185,379
- Trade debts -€16,229
down €16,229 (-53.0%), from €30,594 to €14,365
- Turnover -€1.9m
no longer reported in 2025 (was €1.9m)
- Purchases and services -€1.6m
no longer reported in 2025 (was €1.6m)
- Taxes -€40,906
down €40,906 (-78.7%), from €51,981 to €11,074
- Gross operating margin -€25,633
down €25,633 (-7.6%), from €336,178 to €310,545
- Financial income -€23,364
down €23,364 (-80.5%), from €29,007 to €5,643
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 | €718,065 | €621,357 | -€96,708 | -13.5% |
| Fixed assets | 21/28 | €64,307 | €53,813 | -€10,494 | -16.3% |
| Tangible fixed assets | 22/27 | €63,655 | €53,160 | -€10,494 | -16.5% |
| Land and buildings | 22 | €13,575 | €48,492 | +€34,917 | +257% |
| Plant, machinery and equipment | 23 | €49,530 | €367 | -€49,163 | -99.3% |
| Furniture and vehicles | 24 | €549 | €4,301 | +€3,751 | +683% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €653 | €653 | = | 0.0% |
| Current assets | 29/58 | €653,758 | €567,544 | -€86,213 | -13.2% |
| Stocks and contracts in progress | 3 | €151,498 | €170,721 | +€19,223 | +12.7% |
| Stocks | 30/36 | €151,498 | €170,721 | +€19,223 | +12.7% |
| Amounts receivable within one year | 40/41 | €135,450 | €192,004 | +€56,554 | +41.8% |
| Trade receivables | 40 | €132,013 | €37,731 | -€94,282 | -71.4% |
| Other amounts receivable | 41 | €3,437 | €154,273 | +€150,837 | +4,389% |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €140,562 | €202,586 | +€62,024 | +44.1% |
| Deferred charges and accrued income | 490/1 | €1,247 | €2,233 | +€986 | +79.1% |
| Total equity and liabilities | 10/49 | €718,065 | €621,357 | -€96,708 | -13.5% |
| Equity | 10/15 | €430,652 | €460,862 | +€30,211 | +7.0% |
| Contributions | 10/11 | €62,650 | €62,650 | = | 0.0% |
| Capital | 10 | €62,650 | €62,650 | = | 0.0% |
| Issued capital | 100 | €62,650 | €62,650 | = | 0.0% |
| Reserves | 13 | €212,833 | €212,833 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,334 | €10,334 | = | 0.0% |
| Legal reserve | 130 | €10,334 | €10,334 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €165,000 | €165,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,168 | €185,379 | +€30,211 | +19.5% |
| Amounts payable | 17/49 | €287,413 | €160,495 | -€126,918 | -44.2% |
| Amounts payable within one year | 42/48 | €287,413 | €160,495 | -€126,918 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | €10,097 | +€3,430 | +51.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €30,594 | €14,365 | -€16,229 | -53.0% |
| Suppliers | 440/4 | €30,594 | €14,365 | -€16,229 | -53.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €58,914 | €17,013 | -€41,902 | -71.1% |
| Taxes | 450/3 | €46,088 | €969 | -€45,119 | -97.9% |
| Remuneration and social security | 454/9 | €12,826 | €16,044 | +€3,218 | +25.1% |
| Other amounts payable | 47/48 | €191,238 | €119,021 | -€72,217 | -37.8% |
| Turnover | 70 | €1,907,867 | - | -€1.9m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,619,700 | - | -€1.6m | |
| Remuneration, social security and pensions | 62 | €146,388 | €134,298 | -€12,091 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,477 | €13,263 | +€786 | +6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,762 | - | -€3,762 | |
| Other operating charges | 640/8 | €9,375 | €1,230 | -€8,145 | -86.9% |
| Gross operating margin | 9900 | €336,178 | €310,545 | -€25,633 | -7.6% |
| Operating profit (loss) | 9901 | €164,177 | €161,755 | -€2,422 | -1.5% |
| Financial income | 75/76B | €29,007 | €5,643 | -€23,364 | -80.5% |
| Recurring financial income | 75 | €29,007 | €5,643 | -€23,364 | -80.5% |
| Financial charges | 65/66B | €896 | €6,113 | +€5,217 | +582% |
| Recurring financial charges | 65 | €896 | €6,113 | +€5,217 | +582% |
| Profit (loss) for the period before taxes | 9903 | €192,288 | €161,285 | -€31,003 | -16.1% |
| Income taxes | 67/77 | €51,981 | €11,074 | -€40,906 | -78.7% |
| Profit (loss) for the period | 9904 | €140,307 | €150,211 | +€9,904 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €140,307 | €150,211 | +€9,904 | +7.1% |
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 4 November 2026 via checked.be.