4 HERITAGE: what changed
Two financial 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.
4 HERITAGE
Largest movements
- Cash -€106,901
down €106,901 (-57.7%), from €185,430 to €78,529
mainly Current portion of long-term debt (-€68,922) and Receivables within one year (-€55,614)
- Receivables within one year +€55,614
up €55,614 (+180%), from €30,964 to €86,577
of which Trade receivables: +€62,537
- Tangible fixed assets -€19,854
down €19,854 (-6.7%), from €297,990 to €278,137
of which Furniture and vehicles: -€11,047
- Stocks and contracts +€6,783
up €6,783 (+12.7%), from €53,566 to €60,349
- Current portion of long-term debt -€68,922
down €68,922 (-53.3%), from €129,284 to €60,361
- Trade debts +€41,745
up €41,745 (+263%), from €15,899 to €57,644
- Other debts -€31,545
down €31,545 (-35.1%), from €89,950 to €58,405
- Reserves +€26,827
new in 2025: €26,827
- Debts after one year -€20,361
down €20,361 (-6.6%), from €310,194 to €289,833
- Gross operating margin -€91,548
down €91,548 (-55.9%), from €163,688 to €72,140
- Write-downs -€15,811
down €15,811 (-100%), from €15,811 to €0
- Taxes -€13,148
down €13,148 (-47.3%), from €27,774 to €14,626
- Financial charges +€1,688
up €1,688 (+17.7%), from €9,530 to €11,218
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.
Derived cash bridge
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 | €579,839 | €519,426 | -€60,413 | -10.4% |
| Fixed assets | 21/28 | €297,990 | €278,137 | -€19,854 | -6.7% |
| Tangible fixed assets | 22/27 | €297,990 | €278,137 | -€19,854 | -6.7% |
| Land and buildings | 22 | €276,843 | €271,197 | -€5,646 | -2.0% |
| Plant, machinery and equipment | 23 | €7,865 | €4,705 | -€3,160 | -40.2% |
| Furniture and vehicles | 24 | €13,282 | €2,235 | -€11,047 | -83.2% |
| Current assets | 29/58 | €281,848 | €241,289 | -€40,559 | -14.4% |
| Stocks and contracts in progress | 3 | €53,566 | €60,349 | +€6,783 | +12.7% |
| Stocks | 30/36 | €53,566 | €60,349 | +€6,783 | +12.7% |
| Amounts receivable within one year | 40/41 | €30,964 | €86,577 | +€55,614 | +180% |
| Trade receivables | 40 | €23,846 | €86,383 | +€62,537 | +262% |
| Other amounts receivable | 41 | €7,117 | €194 | -€6,923 | -97.3% |
| Current investments | 50/53 | €7,139 | €8,657 | +€1,518 | +21.3% |
| Cash at bank and in hand | 54/58 | €185,430 | €78,529 | -€106,901 | -57.7% |
| Deferred charges and accrued income | 490/1 | €4,750 | €7,177 | +€2,427 | +51.1% |
| Total equity and liabilities | 10/49 | €579,839 | €519,426 | -€60,413 | -10.4% |
| Equity | 10/15 | €18,600 | €45,427 | +€26,827 | +144% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €26,827 | +€26,827 | |
| Distributable reserves | 133 | - | €26,827 | +€26,827 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €561,239 | €473,999 | -€87,240 | -15.5% |
| Amounts payable after more than one year | 17 | €310,194 | €289,833 | -€20,361 | -6.6% |
| Financial debts | 170/4 | €310,194 | €289,833 | -€20,361 | -6.6% |
| Amounts payable within one year | 42/48 | €243,344 | €184,166 | -€59,178 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €129,284 | €60,361 | -€68,922 | -53.3% |
| Trade debts | 44 | €15,899 | €57,644 | +€41,745 | +263% |
| Suppliers | 440/4 | €15,899 | €57,644 | +€41,745 | +263% |
| Taxes, remuneration and social security | 45 | €8,211 | €7,756 | -€455 | -5.5% |
| Taxes | 450/3 | €8,211 | €7,756 | -€455 | -5.5% |
| Other amounts payable | 47/48 | €89,950 | €58,405 | -€31,545 | -35.1% |
| Accrued charges and deferred income | 492/3 | €7,700 | €0 | -€7,700 | -100% |
| Remuneration, social security and pensions | 62 | €4,143 | €3,338 | -€805 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,641 | €19,854 | +€213 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,811 | €0 | -€15,811 | -100% |
| Other operating charges | 640/8 | €3,210 | €3,328 | +€118 | +3.7% |
| Gross operating margin | 9900 | €163,688 | €72,140 | -€91,548 | -55.9% |
| Operating profit (loss) | 9901 | €120,884 | €45,620 | -€75,264 | -62.3% |
| Financial income | 75/76B | €6,371 | €7,050 | +€680 | +10.7% |
| Recurring financial income | 75 | €6,371 | €7,050 | +€680 | +10.7% |
| Financial charges | 65/66B | €9,530 | €11,218 | +€1,688 | +17.7% |
| Recurring financial charges | 65 | €9,530 | €11,218 | +€1,688 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €117,725 | €41,453 | -€76,272 | -64.8% |
| Income taxes | 67/77 | €27,774 | €14,626 | -€13,148 | -47.3% |
| Profit (loss) for the period | 9904 | €89,950 | €26,827 | -€63,124 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €89,950 | €26,827 | -€63,124 | -70.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.