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 +€24,512
up €24,512 (+101.8%), from €24,084 to €48,596
of which Trade receivables: +€18,648
- Cash +€13,762
up €13,762 (+191.4%), from €7,190 to €20,952
mainly Net result for the year (+€17,161) and Depreciation (+€11,284)
- Tangible fixed assets -€2,364
down €2,364 (-15.2%), from €15,527 to €13,163
of which Plant, machinery and equipment: -€2,258
- Intangible fixed assets -€2,250
down €2,250 (-5.3%), from €42,750 to €40,500
- Reserves +€12,000
up €12,000 (+50.0%), from €24,000 to €36,000
- Tax, wage and social debts +€10,242
new in 2025: €10,242
- Trade debts +€10,220
up €10,220 (+212.4%), from €4,811 to €15,031
- Profit (loss) carried forward +€5,161
up €5,161 (+12.2%), from €42,421 to €47,581
- Debts after one year -€4,508
down €4,508 (-43.5%), from €10,357 to €5,849
- Gross operating margin +€27,993
up €27,993 (+101.1%), from €27,688 to €55,680
- Taxes +€19,836
up €19,836 (+360.2%), from €5,506 to €25,343
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 | €89,951 | €123,211 | +€33,260 | +37.0% |
| Fixed assets | 21/28 | €58,277 | €53,663 | -€4,614 | -7.9% |
| Intangible fixed assets | 21 | €42,750 | €40,500 | -€2,250 | -5.3% |
| Tangible fixed assets | 22/27 | €15,527 | €13,163 | -€2,364 | -15.2% |
| Plant, machinery and equipment | 23 | €15,421 | €13,163 | -€2,258 | -14.6% |
| Furniture and vehicles | 24 | €106 | - | -€106 | |
| Current assets | 29/58 | €31,674 | €69,548 | +€37,874 | +119.6% |
| Amounts receivable within one year | 40/41 | €24,084 | €48,596 | +€24,512 | +101.8% |
| Trade receivables | 40 | €19,533 | €38,181 | +€18,648 | +95.5% |
| Other amounts receivable | 41 | €4,551 | €10,415 | +€5,864 | +128.9% |
| Cash at bank and in hand | 54/58 | €7,190 | €20,952 | +€13,762 | +191.4% |
| Deferred charges and accrued income | 490/1 | €400 | - | -€400 | |
| Total equity and liabilities | 10/49 | €89,951 | €123,211 | +€33,260 | +37.0% |
| Equity | 10/15 | €70,421 | €87,581 | +€17,161 | +24.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Outside capital | 11 | €4,000 | €4,000 | = | 0.0% |
| Share premium | 1100/10 | - | €4,000 | +€4,000 | |
| Other | 1109/19 | €4,000 | - | -€4,000 | |
| Reserves | 13 | €24,000 | €36,000 | +€12,000 | +50.0% |
| Distributable reserves | 133 | €24,000 | €36,000 | +€12,000 | +50.0% |
| Profit (loss) carried forward | 14 | €42,421 | €47,581 | +€5,161 | +12.2% |
| Amounts payable | 17/49 | €19,531 | €35,630 | +€16,099 | +82.4% |
| Amounts payable after more than one year | 17 | €10,357 | €5,849 | -€4,508 | -43.5% |
| Financial debts | 170/4 | €10,357 | €5,849 | -€4,508 | -43.5% |
| Amounts payable within one year | 42/48 | €9,174 | €29,782 | +€20,608 | +224.6% |
| Current portion of amounts payable after more than one year | 42 | €4,362 | €4,508 | +€146 | +3.4% |
| Trade debts | 44 | €4,811 | €15,031 | +€10,220 | +212.4% |
| Suppliers | 440/4 | €4,811 | €15,031 | +€10,220 | +212.4% |
| Taxes, remuneration and social security | 45 | - | €10,242 | +€10,242 | |
| Taxes | 450/3 | - | €10,242 | +€10,242 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,376 | €11,284 | -€92 | -0.8% |
| Other operating charges | 640/8 | €599 | €795 | +€196 | +32.7% |
| Gross operating margin | 9900 | €27,688 | €55,680 | +€27,993 | +101.1% |
| Operating profit (loss) | 9901 | €15,713 | €43,602 | +€27,889 | +177.5% |
| Financial income | 75/76B | €12 | €58 | +€46 | +390.5% |
| Recurring financial income | 75 | €12 | €58 | +€46 | +390.5% |
| Financial charges | 65/66B | €916 | €1,157 | +€240 | +26.2% |
| Recurring financial charges | 65 | €916 | €1,157 | +€240 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €14,808 | €42,503 | +€27,695 | +187.0% |
| Income taxes | 67/77 | €5,506 | €25,343 | +€19,836 | +360.2% |
| Profit (loss) for the period | 9904 | €9,302 | €17,161 | +€7,859 | +84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,302 | €17,161 | +€7,859 | +84.5% |
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 9 October 2026 via checked.be.