D.HERS: 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.
D.HERS
Largest movements
- Current investments +€504,066
new in 2025: €504,066
- Cash -€469,681
down €469,681 (-69.3%), from €677,755 to €208,074
mainly Current investments (-€504,066) and Receivables after one year (-€42,127)
- Receivables after one year +€42,127
up €42,127 (+141.6%), from €29,744 to €71,871
- Tangible fixed assets +€29,296
up €29,296 (+1672.7%), from €1,751 to €31,048
of which Furniture and vehicles: +€29,001
- Receivables within one year -€14,723
down €14,723 (-40.7%), from €36,213 to €21,490
of which Trade receivables: -€34,752
- Reserves +€98,536
up €98,536 (+15.8%), from €623,748 to €722,283
- Gross operating margin +€23,263
up €23,263 (+12.2%), from €189,990 to €213,253
- Taxes +€6,714
up €6,714 (+11.5%), from €58,539 to €65,252
- Financial income +€6,266
up €6,266 (+591.9%), from €1,059 to €7,325
- Depreciation +€5,952
up €5,952 (+894.4%), from €665 to €6,617
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 | €763,275 | €851,842 | +€88,567 | +11.6% |
| Fixed assets | 21/28 | €1,751 | €31,048 | +€29,296 | +1672.7% |
| Tangible fixed assets | 22/27 | €1,751 | €31,048 | +€29,296 | +1672.7% |
| Plant, machinery and equipment | 23 | €1,751 | €900 | -€851 | -48.6% |
| Furniture and vehicles | 24 | - | €29,001 | +€29,001 | |
| Other tangible fixed assets | 26 | - | €1,146 | +€1,146 | |
| Current assets | 29/58 | €761,523 | €820,794 | +€59,271 | +7.8% |
| Amounts receivable after more than one year | 29 | €29,744 | €71,871 | +€42,127 | +141.6% |
| Other amounts receivable | 291 | €29,744 | €71,871 | +€42,127 | +141.6% |
| Amounts receivable within one year | 40/41 | €36,213 | €21,490 | -€14,723 | -40.7% |
| Trade receivables | 40 | €34,752 | - | -€34,752 | |
| Other amounts receivable | 41 | €1,461 | €21,490 | +€20,029 | +1370.7% |
| Current investments | 50/53 | - | €504,066 | +€504,066 | |
| Cash at bank and in hand | 54/58 | €677,755 | €208,074 | -€469,681 | -69.3% |
| Deferred charges and accrued income | 490/1 | €17,811 | €15,293 | -€2,517 | -14.1% |
| Total equity and liabilities | 10/49 | €763,275 | €851,842 | +€88,567 | +11.6% |
| Equity | 10/15 | €636,148 | €734,683 | +€98,536 | +15.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €623,748 | €722,283 | +€98,536 | +15.8% |
| Distributable reserves | 133 | €623,748 | €722,283 | +€98,536 | +15.8% |
| Provisions and deferred taxes | 16 | €85,777 | €83,277 | -€2,500 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €85,777 | €83,277 | -€2,500 | -2.9% |
| Other liabilities and charges | 164/5 | €85,777 | €83,277 | -€2,500 | -2.9% |
| Amounts payable | 17/49 | €41,350 | €33,881 | -€7,469 | -18.1% |
| Amounts payable within one year | 42/48 | €41,350 | €33,881 | -€7,469 | -18.1% |
| Trade debts | 44 | €6,597 | €1,506 | -€5,091 | -77.2% |
| Suppliers | 440/4 | €6,597 | €1,506 | -€5,091 | -77.2% |
| Other amounts payable | 47/48 | €34,753 | €32,375 | -€2,378 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €665 | €6,617 | +€5,952 | +894.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,455 | -€2,500 | -€45 | -1.8% |
| Other operating charges | 640/8 | €809 | €764 | -€45 | -5.5% |
| Gross operating margin | 9900 | €189,990 | €213,253 | +€23,263 | +12.2% |
| Operating profit (loss) | 9901 | €190,971 | €208,371 | +€17,400 | +9.1% |
| Financial income | 75/76B | €1,059 | €7,325 | +€6,266 | +591.9% |
| Recurring financial income | 75 | €1,059 | €7,325 | +€6,266 | +591.9% |
| Financial charges | 65/66B | €11,412 | €11,545 | +€133 | +1.2% |
| Recurring financial charges | 65 | €11,412 | €11,545 | +€133 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €180,618 | €204,152 | +€23,534 | +13.0% |
| Income taxes | 67/77 | €58,539 | €65,252 | +€6,714 | +11.5% |
| Profit (loss) for the period | 9904 | €122,079 | €138,899 | +€16,820 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €122,079 | €138,899 | +€16,820 | +13.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.