HEIRMAN: what changed
Two fiscal 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.
HEIRMAN
Largest movements
- Receivables within one year -€671,781
down €671,781 (-31.7%), from €2.1m to €1.4m
of which Other amounts receivable: -€781,239
- Cash -€200,641
down €200,641 (-23.2%), from €863,821 to €663,180
mainly Contributions, distributions and other (-€556,300) and Other debts (-€299,923)
- Stocks and contracts +€100,928
up €100,928 (+86.8%), from €116,240 to €217,168
- Tangible fixed assets +€73,753
up €73,753 (+7.5%), from €984,911 to €1.1m
of which Other tangible fixed assets: +€160,382
- Reserves -€343,014
down €343,014 (-25.5%), from €1.3m to €1.0m
of which Distributable reserves: -€343,014
- Other debts -€299,923
down €299,923 (-35.0%), from €856,223 to €556,300
- Debts after one year -€105,814
down €105,814 (-8.6%), from €1.2m to €1.1m
- Trade debts +€76,573
up €76,573 (+43.5%), from €176,168 to €252,741
- Gross operating margin -€87,187
down €87,187 (-6.8%), from €1.3m to €1.2m
- Staff costs +€31,783
up €31,783 (+4.2%), from €758,963 to €790,746
- Financial charges +€29,858
up €29,858 (+146.1%), from €20,436 to €50,294
- Taxes -€29,347
down €29,347 (-27.5%), from €106,778 to €77,431
- Financial income +€15,693
up €15,693 (+26.8%), from €58,511 to €74,204
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 | €4,097,516 | €3,428,074 | -€669,442 | -16.3% |
| Fixed assets | 21/28 | €984,961 | €1,063,214 | +€78,253 | +7.9% |
| Tangible fixed assets | 22/27 | €984,911 | €1,058,664 | +€73,753 | +7.5% |
| Land and buildings | 22 | €916,319 | €846,000 | -€70,319 | -7.7% |
| Plant, machinery and equipment | 23 | €44,888 | €32,536 | -€12,352 | -27.5% |
| Furniture and vehicles | 24 | €23,703 | €19,746 | -€3,958 | -16.7% |
| Other tangible fixed assets | 26 | - | €160,382 | +€160,382 | |
| Financial fixed assets | 28 | €50 | €4,550 | +€4,500 | +9076.2% |
| Current assets | 29/58 | €3,112,555 | €2,364,860 | -€747,695 | -24.0% |
| Stocks and contracts in progress | 3 | €116,240 | €217,168 | +€100,928 | +86.8% |
| Stocks | 30/36 | €116,240 | €217,168 | +€100,928 | +86.8% |
| Amounts receivable within one year | 40/41 | €2,117,619 | €1,445,838 | -€671,781 | -31.7% |
| Trade receivables | 40 | €301,746 | €411,204 | +€109,458 | +36.3% |
| Other amounts receivable | 41 | €1,815,873 | €1,034,634 | -€781,239 | -43.0% |
| Cash at bank and in hand | 54/58 | €863,821 | €663,180 | -€200,641 | -23.2% |
| Deferred charges and accrued income | 490/1 | €14,875 | €38,674 | +€23,799 | +160.0% |
| Total equity and liabilities | 10/49 | €4,097,516 | €3,428,074 | -€669,442 | -16.3% |
| Equity | 10/15 | €1,677,227 | €1,334,213 | -€343,014 | -20.5% |
| Contributions | 10/11 | €330,600 | €330,600 | = | 0.0% |
| Reserves | 13 | €1,346,627 | €1,003,613 | -€343,014 | -25.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,346,627 | €1,003,613 | -€343,014 | -25.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,420,289 | €2,093,861 | -€326,428 | -13.5% |
| Amounts payable after more than one year | 17 | €1,227,654 | €1,121,840 | -€105,814 | -8.6% |
| Financial debts | 170/4 | €1,227,654 | €1,121,840 | -€105,814 | -8.6% |
| Amounts payable within one year | 42/48 | €1,188,947 | €968,524 | -€220,422 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €108,087 | €111,067 | +€2,981 | +2.8% |
| Trade debts | 44 | €176,168 | €252,741 | +€76,573 | +43.5% |
| Suppliers | 440/4 | €176,168 | €252,741 | +€76,573 | +43.5% |
| Taxes, remuneration and social security | 45 | €48,469 | €48,416 | -€54 | -0.1% |
| Taxes | 450/3 | €6,814 | €4,968 | -€1,846 | -27.1% |
| Remuneration and social security | 454/9 | €41,656 | €43,448 | +€1,792 | +4.3% |
| Other amounts payable | 47/48 | €856,223 | €556,300 | -€299,923 | -35.0% |
| Accrued charges and deferred income | 492/3 | €3,689 | €3,497 | -€192 | -5.2% |
| Non-recurring operating income | 76A | €15,000 | €0 | -€15,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €758,963 | €790,746 | +€31,783 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,083 | €104,013 | -€2,070 | -2.0% |
| Other operating charges | 640/8 | €33,691 | €27,532 | -€6,159 | -18.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,276,286 | €1,189,099 | -€87,187 | -6.8% |
| Operating profit (loss) | 9901 | €377,549 | €266,808 | -€110,741 | -29.3% |
| Financial income | 75/76B | €58,511 | €74,204 | +€15,693 | +26.8% |
| Recurring financial income | 75 | €58,511 | €74,204 | +€15,693 | +26.8% |
| Financial charges | 65/66B | €20,436 | €50,294 | +€29,858 | +146.1% |
| Recurring financial charges | 65 | €20,436 | €50,294 | +€29,858 | +146.1% |
| Profit (loss) for the period before taxes | 9903 | €415,624 | €290,717 | -€124,907 | -30.1% |
| Income taxes | 67/77 | €106,778 | €77,431 | -€29,347 | -27.5% |
| Profit (loss) for the period | 9904 | €308,846 | €213,286 | -€95,559 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €308,846 | €213,286 | -€95,559 | -30.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.