1438 HERITAGE: what changed
1438 HERITAGE
Largest movements
- Stocks and contracts +€15,000
new in 2025: €15,000
- Receivables within one year -€2,910
down €2,910 (-100%), from €2,910 to €0
- Cash +€977
up €977 (+7,875%), from €12 to €990
mainly Other debts (+€22,203) and Receivables within one year (+€2,910)
- Deferred charges and accrued income -€457
down €457 (-100%), from €457 to €0
- Formation expenses -€246
down €246 (-36.4%), from €675 to €429
- Other debts +€22,203
new in 2025: €22,203
- Profit (loss) carried forward -€9,839
down €9,839 (-506%), from -€1,946 to -€11,784
- Gross operating margin -€9,023
down €9,023, from €0 to -€9,023
- Financial income -€197
down €197 (-100%), from €197 to €0
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 | €4,054 | €16,419 | +€12,365 | +305% |
| Formation expenses | 20 | €675 | €429 | -€246 | -36.4% |
| Current assets | 29/58 | €3,379 | €15,990 | +€12,611 | +373% |
| Stocks and contracts in progress | 3 | - | €15,000 | +€15,000 | |
| Stocks | 30/36 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €2,910 | €0 | -€2,910 | -100% |
| Other amounts receivable | 41 | €2,910 | €0 | -€2,910 | -100% |
| Cash at bank and in hand | 54/58 | €12 | €990 | +€977 | +7,875% |
| Deferred charges and accrued income | 490/1 | €457 | €0 | -€457 | -100% |
| Total equity and liabilities | 10/49 | €4,054 | €16,419 | +€12,365 | +305% |
| Equity | 10/15 | €4,054 | -€5,784 | -€9,839 | |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,946 | -€11,784 | -€9,839 | -506% |
| Amounts payable | 17/49 | - | €22,203 | +€22,203 | |
| Amounts payable within one year | 42/48 | - | €22,203 | +€22,203 | |
| Other amounts payable | 47/48 | - | €22,203 | +€22,203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250 | €246 | -€4 | -1.6% |
| Other operating charges | 640/8 | €449 | €512 | +€62 | +13.9% |
| Gross operating margin | 9900 | €0 | -€9,023 | -€9,023 | |
| Operating profit (loss) | 9901 | -€699 | -€9,781 | -€9,082 | -1,299% |
| Financial income | 75/76B | €197 | €0 | -€197 | -100% |
| Recurring financial income | 75 | €197 | €0 | -€197 | -100% |
| Financial charges | 65/66B | €51 | €58 | +€7 | +12.7% |
| Recurring financial charges | 65 | €51 | €58 | +€7 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | -€553 | -€9,839 | -€9,285 | -1,679% |
| Profit (loss) for the period | 9904 | -€553 | -€9,839 | -€9,285 | -1,679% |
| Profit (loss) for the period to be appropriated | 9905 | -€553 | -€9,839 | -€9,285 | -1,679% |
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 2 November 2026 via checked.be.