H.E.R.V.: 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.
H.E.R.V.
Largest movements
- Tangible fixed assets -€181,405
no longer reported in 2025 (was €181,405)
of which Plant, machinery and equipment: -€181,268
- Stocks and contracts -€105,634
no longer reported in 2025 (was €105,634)
- Receivables within one year +€14,428
up €14,428 (+126.6%), from €11,399 to €25,827
of which Trade receivables: +€22,500
- Trade debts -€199,453
down €199,453 (-95.6%), from €208,528 to €9,075
- Profit (loss) carried forward +€156,485
up €156,485 (+60.2%), from -€260,018 to -€103,534
- Other debts -€143,784
no longer reported in 2025 (was €143,784)
- Current portion of long-term debt -€77,634
no longer reported in 2025 (was €77,634)
- Tax, wage and social debts -€12,092
no longer reported in 2025 (was €12,092)
- Financial income +€116,307
up €116,307 (+561.6%), from €20,710 to €137,018
of which Non-recurring financial income: +€128,503
- Staff costs -€97,419
down €97,419 (-86.5%), from €112,564 to €15,145
- Gross operating margin -€76,887
down €76,887 (-57.1%), from €134,544 to €57,657
- Depreciation -€45,121
no longer reported in 2025 (was €45,121)
- Other operating charges -€44,975
down €44,975 (-76.1%), from €59,115 to €14,140
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 | €327,328 | €50,850 | -€276,478 | -84.5% |
| Fixed assets | 21/28 | €182,672 | - | -€182,672 | |
| Tangible fixed assets | 22/27 | €181,405 | - | -€181,405 | |
| Plant, machinery and equipment | 23 | €181,268 | - | -€181,268 | |
| Furniture and vehicles | 24 | €136 | - | -€136 | |
| Financial fixed assets | 28 | €1,267 | - | -€1,267 | |
| Current assets | 29/58 | €144,656 | €50,850 | -€93,806 | -64.8% |
| Stocks and contracts in progress | 3 | €105,634 | - | -€105,634 | |
| Stocks | 30/36 | €105,634 | - | -€105,634 | |
| Amounts receivable within one year | 40/41 | €11,399 | €25,827 | +€14,428 | +126.6% |
| Trade receivables | 40 | - | €22,500 | +€22,500 | |
| Other amounts receivable | 41 | €11,399 | €3,327 | -€8,072 | -70.8% |
| Cash at bank and in hand | 54/58 | €27,623 | €25,022 | -€2,600 | -9.4% |
| Total equity and liabilities | 10/49 | €327,328 | €50,850 | -€276,478 | -84.5% |
| Equity | 10/15 | -€114,710 | €41,775 | +€156,485 | |
| Contributions | 10/11 | €74,340 | €74,340 | = | 0.0% |
| Capital | 10 | €74,340 | €74,340 | = | 0.0% |
| Issued capital | 100 | €74,340 | €74,340 | = | 0.0% |
| Reserves | 13 | €70,968 | €70,968 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,434 | €7,434 | = | 0.0% |
| Legal reserve | 130 | €7,434 | €7,434 | = | 0.0% |
| Distributable reserves | 133 | €63,534 | €63,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,018 | -€103,534 | +€156,485 | +60.2% |
| Amounts payable | 17/49 | €442,038 | €9,075 | -€432,963 | -97.9% |
| Amounts payable within one year | 42/48 | €442,038 | €9,075 | -€432,963 | -97.9% |
| Current portion of amounts payable after more than one year | 42 | €77,634 | - | -€77,634 | |
| Trade debts | 44 | €208,528 | €9,075 | -€199,453 | -95.6% |
| Suppliers | 440/4 | €208,528 | €9,075 | -€199,453 | -95.6% |
| Taxes, remuneration and social security | 45 | €12,092 | - | -€12,092 | |
| Remuneration and social security | 454/9 | €12,092 | - | -€12,092 | |
| Other amounts payable | 47/48 | €143,784 | - | -€143,784 | |
| Remuneration, social security and pensions | 62 | €112,564 | €15,145 | -€97,419 | -86.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,121 | - | -€45,121 | |
| Other operating charges | 640/8 | €59,115 | €14,140 | -€44,975 | -76.1% |
| Gross operating margin | 9900 | €134,544 | €57,657 | -€76,887 | -57.1% |
| Operating profit (loss) | 9901 | -€82,256 | €28,371 | +€110,628 | |
| Financial income | 75/76B | €20,710 | €137,018 | +€116,307 | +561.6% |
| Recurring financial income | 75 | €20,710 | €8,514 | -€12,196 | -58.9% |
| Non-recurring financial income | 76B | - | €128,503 | +€128,503 | |
| Financial charges | 65/66B | €24,449 | €8,904 | -€15,545 | -63.6% |
| Recurring financial charges | 65 | €24,449 | €8,904 | -€15,545 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | -€85,996 | €156,485 | +€242,480 | |
| Profit (loss) for the period | 9904 | -€85,996 | €156,485 | +€242,480 | |
| Profit (loss) for the period to be appropriated | 9905 | -€85,996 | €156,485 | +€242,480 |
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 9 October 2026 via checked.be.