FNS HERES: 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.
FNS HERES
Largest movements
- Receivables after one year +€820,000
new in 2025: €820,000
- Financial fixed assets -€320,000
down €320,000 (-51.1%), from €626,250 to €306,250
- Receivables within one year -€83,398
no longer reported in 2025 (was €83,398)
of which Trade receivables: -€83,335
- Tangible fixed assets -€23,590
down €23,590 (-7.0%), from €336,151 to €312,561
of which Land and buildings: -€122,338
- Other debts +€862,300
up €862,300 (+32945.9%), from €2,617 to €864,918
- Debts after one year -€366,254
down €366,254 (-54.6%), from €671,070 to €304,816
- Reserves -€81,014
down €81,014 (-28.0%), from €289,239 to €208,225
- Tax, wage and social debts -€14,808
down €14,808 (-60.8%), from €24,350 to €9,542
- Taxes -€76,681
down €76,681 (-98.9%), from €77,507 to €826
- Write-downs +€73,807
new in 2025: €73,807
- Gross operating margin -€41,413
down €41,413 (-59.9%), from €69,137 to €27,724
- Financial income -€12,360
down €12,360 (-85.9%), from €14,389 to €2,029
- Financial charges -€9,839
down €9,839 (-52.9%), from €18,596 to €8,756
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 | €1,056,148 | €1,451,794 | +€395,646 | +37.5% |
| Fixed assets | 21/28 | €962,401 | €618,811 | -€343,590 | -35.7% |
| Tangible fixed assets | 22/27 | €336,151 | €312,561 | -€23,590 | -7.0% |
| Land and buildings | 22 | €302,254 | €179,916 | -€122,338 | -40.5% |
| Plant, machinery and equipment | 23 | - | €109,234 | +€109,234 | |
| Furniture and vehicles | 24 | €23,629 | €23,411 | -€219 | -0.9% |
| Other tangible fixed assets | 26 | €10,267 | - | -€10,267 | |
| Financial fixed assets | 28 | €626,250 | €306,250 | -€320,000 | -51.1% |
| Current assets | 29/58 | €93,746 | €832,983 | +€739,236 | +788.6% |
| Amounts receivable after more than one year | 29 | - | €820,000 | +€820,000 | |
| Other amounts receivable | 291 | - | €820,000 | +€820,000 | |
| Amounts receivable within one year | 40/41 | €83,398 | - | -€83,398 | |
| Trade receivables | 40 | €83,335 | - | -€83,335 | |
| Other amounts receivable | 41 | €63 | - | -€63 | |
| Cash at bank and in hand | 54/58 | €8,847 | €4,507 | -€4,341 | -49.1% |
| Deferred charges and accrued income | 490/1 | €1,501 | €8,476 | +€6,975 | +464.7% |
| Total equity and liabilities | 10/49 | €1,056,148 | €1,451,794 | +€395,646 | +37.5% |
| Equity | 10/15 | €307,899 | €226,885 | -€81,014 | -26.3% |
| Contributions | 10/11 | €18,660 | €18,660 | = | 0.0% |
| Reserves | 13 | €289,239 | €208,225 | -€81,014 | -28.0% |
| Distributable reserves | 133 | €289,239 | €208,225 | -€81,014 | -28.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €748,248 | €1,224,909 | +€476,661 | +63.7% |
| Amounts payable after more than one year | 17 | €671,070 | €304,816 | -€366,254 | -54.6% |
| Financial debts | 170/4 | €671,070 | €304,816 | -€366,254 | -54.6% |
| Amounts payable within one year | 42/48 | €74,998 | €920,093 | +€845,095 | +1126.8% |
| Current portion of amounts payable after more than one year | 42 | €43,931 | €39,222 | -€4,708 | -10.7% |
| Financial debts | 43 | €285 | - | -€285 | |
| Credit institutions | 430/8 | €285 | - | -€285 | |
| Trade debts | 44 | €3,814 | €6,411 | +€2,597 | +68.1% |
| Suppliers | 440/4 | €3,814 | €6,411 | +€2,597 | +68.1% |
| Taxes, remuneration and social security | 45 | €24,350 | €9,542 | -€14,808 | -60.8% |
| Taxes | 450/3 | €24,350 | €9,542 | -€14,808 | -60.8% |
| Other amounts payable | 47/48 | €2,617 | €864,918 | +€862,300 | +32945.9% |
| Accrued charges and deferred income | 492/3 | €2,181 | - | -€2,181 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,989 | €26,607 | +€618 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €73,807 | +€73,807 | |
| Other operating charges | 640/8 | €1,682 | €770 | -€912 | -54.2% |
| Gross operating margin | 9900 | €69,137 | €27,724 | -€41,413 | -59.9% |
| Operating profit (loss) | 9901 | €41,466 | -€73,461 | -€114,926 | |
| Financial income | 75/76B | €14,389 | €2,029 | -€12,360 | -85.9% |
| Recurring financial income | 75 | €14,389 | €2,029 | -€12,360 | -85.9% |
| Financial charges | 65/66B | €18,596 | €8,756 | -€9,839 | -52.9% |
| Recurring financial charges | 65 | €18,596 | €8,756 | -€9,839 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | €37,259 | -€80,188 | -€117,448 | |
| Income taxes | 67/77 | €77,507 | €826 | -€76,681 | -98.9% |
| Profit (loss) for the period | 9904 | -€40,247 | -€81,014 | -€40,767 | -101.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,247 | -€81,014 | -€40,767 | -101.3% |
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 10 October 2026 via checked.be.