Guy HERION: 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.
Guy HERION
Largest movements
- Receivables within one year -€383,736
down €383,736 (-52.9%), from €725,085 to €341,349
of which Trade receivables: -€319,562
- Current investments +€320,000
new in 2025: €320,000
- Cash +€203,966
up €203,966 (+58.0%), from €351,386 to €555,352
mainly Receivables within one year (+€383,736) and Depreciation (+€348,117)
- Tangible fixed assets +€180,782
up €180,782 (+8.8%), from €2.0m to €2.2m
of which Land and buildings: +€225,633
- Intangible fixed assets -€42,527
down €42,527 (-80.0%), from €53,146 to €10,619
- Trade debts -€247,588
down €247,588 (-21.7%), from €1.1m to €892,269
- Debts after one year +€244,851
up €244,851 (+48.0%), from €509,819 to €754,670
of which Financial debts: +€259,628
- Reserves +€240,000
up €240,000 (+23.5%), from €1.0m to €1.3m
of which Distributable reserves: +€240,000
- Other debts +€83,322
up €83,322 (+313.8%), from €26,554 to €109,876
- Current portion of long-term debt -€45,975
down €45,975 (-16.6%), from €277,716 to €231,741
- Gross operating margin +€114,514
up €114,514 (+7.0%), from €1.6m to €1.8m
- Staff costs +€66,524
up €66,524 (+8.4%), from €789,697 to €856,221
- Depreciation -€38,102
down €38,102 (-9.9%), from €386,218 to €348,117
- Taxes +€26,825
up €26,825 (+20.7%), from €129,580 to €156,405
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 | €3,708,723 | €4,014,138 | +€305,415 | +8.2% |
| Fixed assets | 21/28 | €2,109,535 | €2,247,790 | +€138,255 | +6.6% |
| Intangible fixed assets | 21 | €53,146 | €10,619 | -€42,527 | -80.0% |
| Tangible fixed assets | 22/27 | €2,049,256 | €2,230,037 | +€180,782 | +8.8% |
| Land and buildings | 22 | €1,634,292 | €1,859,924 | +€225,633 | +13.8% |
| Plant, machinery and equipment | 23 | €294,128 | €287,377 | -€6,750 | -2.3% |
| Furniture and vehicles | 24 | €63,336 | €82,736 | +€19,400 | +30.6% |
| Assets under construction and advance payments | 27 | €57,500 | - | -€57,500 | |
| Financial fixed assets | 28 | €7,133 | €7,133 | = | 0.0% |
| Current assets | 29/58 | €1,599,188 | €1,766,348 | +€167,160 | +10.5% |
| Stocks and contracts in progress | 3 | €509,393 | €537,354 | +€27,961 | +5.5% |
| Stocks | 30/36 | €509,393 | €537,354 | +€27,961 | +5.5% |
| Amounts receivable within one year | 40/41 | €725,085 | €341,349 | -€383,736 | -52.9% |
| Trade receivables | 40 | €647,316 | €327,754 | -€319,562 | -49.4% |
| Other amounts receivable | 41 | €77,769 | €13,595 | -€64,174 | -82.5% |
| Current investments | 50/53 | - | €320,000 | +€320,000 | |
| Cash at bank and in hand | 54/58 | €351,386 | €555,352 | +€203,966 | +58.0% |
| Deferred charges and accrued income | 490/1 | €13,324 | €12,293 | -€1,031 | -7.7% |
| Total equity and liabilities | 10/49 | €3,708,723 | €4,014,138 | +€305,415 | +8.2% |
| Equity | 10/15 | €1,495,448 | €1,735,733 | +€240,285 | +16.1% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €1,020,500 | €1,260,500 | +€240,000 | +23.5% |
| Non-distributable reserves | 130/1 | €45,000 | €45,000 | = | 0.0% |
| Legal reserve | 130 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €975,500 | €1,215,500 | +€240,000 | +24.6% |
| Profit (loss) carried forward | 14 | €24,948 | €25,233 | +€285 | +1.1% |
| Amounts payable | 17/49 | €2,213,275 | €2,278,405 | +€65,130 | +2.9% |
| Amounts payable after more than one year | 17 | €509,819 | €754,670 | +€244,851 | +48.0% |
| Financial debts | 170/4 | €447,989 | €707,617 | +€259,628 | +58.0% |
| Other amounts payable | 178/9 | €61,830 | €47,054 | -€14,777 | -23.9% |
| Amounts payable within one year | 42/48 | €1,688,961 | €1,521,557 | -€167,404 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €277,716 | €231,741 | -€45,975 | -16.6% |
| Trade debts | 44 | €1,139,856 | €892,269 | -€247,588 | -21.7% |
| Suppliers | 440/4 | €1,139,856 | €892,269 | -€247,588 | -21.7% |
| Taxes, remuneration and social security | 45 | €244,835 | €287,672 | +€42,837 | +17.5% |
| Taxes | 450/3 | €128,776 | €150,842 | +€22,066 | +17.1% |
| Remuneration and social security | 454/9 | €116,059 | €136,830 | +€20,771 | +17.9% |
| Other amounts payable | 47/48 | €26,554 | €109,876 | +€83,322 | +313.8% |
| Accrued charges and deferred income | 492/3 | €14,495 | €2,178 | -€12,317 | -85.0% |
| Remuneration, social security and pensions | 62 | €789,697 | €856,221 | +€66,524 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €386,218 | €348,117 | -€38,102 | -9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,230 | €6,109 | +€10,338 | |
| Other operating charges | 640/8 | €51,205 | €43,916 | -€7,289 | -14.2% |
| Non-recurring operating charges | 66A | €2,090 | - | -€2,090 | |
| Gross operating margin | 9900 | €1,643,742 | €1,758,256 | +€114,514 | +7.0% |
| Operating profit (loss) | 9901 | €418,762 | €503,893 | +€85,131 | +20.3% |
| Financial income | 75/76B | €17,270 | €14,899 | -€2,370 | -13.7% |
| Recurring financial income | 75 | €17,270 | €14,899 | -€2,370 | -13.7% |
| Financial charges | 65/66B | €37,792 | €35,103 | -€2,689 | -7.1% |
| Recurring financial charges | 65 | €37,792 | €35,103 | -€2,689 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €398,240 | €483,690 | +€85,450 | +21.5% |
| Income taxes | 67/77 | €129,580 | €156,405 | +€26,825 | +20.7% |
| Profit (loss) for the period | 9904 | €268,661 | €327,285 | +€58,625 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €268,661 | €327,285 | +€58,625 | +21.8% |
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 11 October 2026 via checked.be.