HEIRMAN: 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.
HEIRMAN
Largest movements
- Cash -€53,371
down €53,371 (-46.5%), from €114,892 to €61,521
mainly Investment in fixed assets (net) (-€135,628) and Trade debts (-€38,786)
- Tangible fixed assets +€51,053
up €51,053 (+2.9%), from €1.8m to €1.8m
of which Land and buildings: +€77,164
- Receivables within one year -€39,252
down €39,252 (-34.5%), from €113,617 to €74,364
of which Trade receivables: -€39,206
- Reserves +€43,923
up €43,923 (+36.1%), from €121,512 to €165,436
- Trade debts -€38,786
down €38,786 (-95.0%), from €40,813 to €2,027
- Debts after one year -€33,780
down €33,780 (-12.8%), from €264,239 to €230,459
- Gross operating margin +€25,528
up €25,528 (+11.8%), from €216,195 to €241,723
- Taxes +€9,877
up €9,877 (+89.7%), from €11,016 to €20,892
- Depreciation -€7,872
down €7,872 (-8.5%), from €92,446 to €84,575
- Staff costs +€6,437
up €6,437 (+20.7%), from €31,115 to €37,553
- Financial charges -€3,048
down €3,048 (-6.3%), from €48,065 to €45,018
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.
Derived cash bridge
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 | €1,989,358 | €1,946,264 | -€43,095 | -2.2% |
| Fixed assets | 21/28 | €1,755,020 | €1,806,074 | +€51,053 | +2.9% |
| Tangible fixed assets | 22/27 | €1,755,020 | €1,806,074 | +€51,053 | +2.9% |
| Land and buildings | 22 | €1,677,336 | €1,754,500 | +€77,164 | +4.6% |
| Plant, machinery and equipment | 23 | €34,990 | €20,313 | -€14,677 | -41.9% |
| Furniture and vehicles | 24 | €42,695 | €31,261 | -€11,434 | -26.8% |
| Current assets | 29/58 | €234,338 | €140,190 | -€94,148 | -40.2% |
| Amounts receivable within one year | 40/41 | €113,617 | €74,364 | -€39,252 | -34.5% |
| Trade receivables | 40 | €92,838 | €53,632 | -€39,206 | -42.2% |
| Other amounts receivable | 41 | €20,779 | €20,733 | -€46 | -0.2% |
| Cash at bank and in hand | 54/58 | €114,892 | €61,521 | -€53,371 | -46.5% |
| Deferred charges and accrued income | 490/1 | €5,830 | €4,305 | -€1,525 | -26.2% |
| Total equity and liabilities | 10/49 | €1,989,358 | €1,946,264 | -€43,095 | -2.2% |
| Equity | 10/15 | €521,512 | €565,436 | +€43,923 | +8.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €121,512 | €165,436 | +€43,923 | +36.1% |
| Distributable reserves | 133 | €121,512 | €165,436 | +€43,923 | +36.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,467,846 | €1,380,828 | -€87,018 | -5.9% |
| Amounts payable after more than one year | 17 | €264,239 | €230,459 | -€33,780 | -12.8% |
| Financial debts | 170/4 | €264,239 | €230,459 | -€33,780 | -12.8% |
| Amounts payable within one year | 42/48 | €1,198,751 | €1,145,384 | -€53,367 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €33,204 | €33,780 | +€576 | +1.7% |
| Trade debts | 44 | €40,813 | €2,027 | -€38,786 | -95.0% |
| Suppliers | 440/4 | €40,813 | €2,027 | -€38,786 | -95.0% |
| Taxes, remuneration and social security | 45 | €62,081 | €43,577 | -€18,503 | -29.8% |
| Taxes | 450/3 | €55,288 | €33,943 | -€21,344 | -38.6% |
| Remuneration and social security | 454/9 | €6,793 | €9,634 | +€2,841 | +41.8% |
| Other amounts payable | 47/48 | €1,062,654 | €1,066,000 | +€3,346 | +0.3% |
| Accrued charges and deferred income | 492/3 | €4,856 | €4,985 | +€129 | +2.7% |
| Remuneration, social security and pensions | 62 | €31,115 | €37,553 | +€6,437 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,446 | €84,575 | -€7,872 | -8.5% |
| Other operating charges | 640/8 | €10,351 | €10,749 | +€398 | +3.8% |
| Gross operating margin | 9900 | €216,195 | €241,723 | +€25,528 | +11.8% |
| Operating profit (loss) | 9901 | €82,282 | €108,847 | +€26,564 | +32.3% |
| Financial income | 75/76B | €624 | €986 | +€362 | +58.0% |
| Recurring financial income | 75 | €624 | €986 | +€362 | +58.0% |
| Financial charges | 65/66B | €48,065 | €45,018 | -€3,048 | -6.3% |
| Recurring financial charges | 65 | €48,065 | €45,018 | -€3,048 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €34,841 | €64,815 | +€29,974 | +86.0% |
| Income taxes | 67/77 | €11,016 | €20,892 | +€9,877 | +89.7% |
| Profit (loss) for the period | 9904 | €23,826 | €43,923 | +€20,098 | +84.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,826 | €43,923 | +€20,098 | +84.4% |
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 26 October 2026 via checked.be.