Her(en)der: 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.
Her(en)der
Largest movements
- Tangible fixed assets +€45,742
new in 2025: €45,742
- Cash +€9,215
up €9,215 (+48.9%), from €18,857 to €28,072
mainly Other debts (+€45,600) and Trade debts (+€16,566)
- Receivables within one year -€8,605
down €8,605 (-91.9%), from €9,364 to €759
- Other debts +€45,600
new in 2025: €45,600
- Trade debts +€16,566
up €16,566 (+6,679%), from €248 to €16,814
- Profit (loss) carried forward -€15,815
down €15,815 (-53.9%), from -€29,347 to -€45,162
- Gross operating margin -€13,925
down €13,925 (-933%), from -€1,492 to -€15,417
- Write-downs -€250
no longer reported in 2025 (was €250)
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 | €28,222 | €74,573 | +€46,351 | +164% |
| Fixed assets | 21/28 | - | €45,742 | +€45,742 | |
| Tangible fixed assets | 22/27 | - | €45,742 | +€45,742 | |
| Assets under construction and advance payments | 27 | - | €45,742 | +€45,742 | |
| Current assets | 29/58 | €28,222 | €28,831 | +€610 | +2.2% |
| Amounts receivable within one year | 40/41 | €9,364 | €759 | -€8,605 | -91.9% |
| Other amounts receivable | 41 | €9,364 | €759 | -€8,605 | -91.9% |
| Cash at bank and in hand | 54/58 | €18,857 | €28,072 | +€9,215 | +48.9% |
| Total equity and liabilities | 10/49 | €28,222 | €74,573 | +€46,351 | +164% |
| Equity | 10/15 | €27,974 | €12,159 | -€15,815 | -56.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €38,728 | €38,728 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €36,869 | €36,869 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,347 | -€45,162 | -€15,815 | -53.9% |
| Amounts payable | 17/49 | €248 | €62,414 | +€62,166 | +25,062% |
| Amounts payable within one year | 42/48 | €248 | €62,414 | +€62,166 | +25,062% |
| Trade debts | 44 | €248 | €16,814 | +€16,566 | +6,679% |
| Suppliers | 440/4 | €248 | €16,814 | +€16,566 | +6,679% |
| Other amounts payable | 47/48 | - | €45,600 | +€45,600 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €250 | - | -€250 | |
| Other operating charges | 640/8 | €349 | €225 | -€124 | -35.5% |
| Non-recurring operating charges | 66A | €2,221 | - | -€2,221 | |
| Gross operating margin | 9900 | -€1,492 | -€15,417 | -€13,925 | -933% |
| Operating profit (loss) | 9901 | -€4,312 | -€15,642 | -€11,330 | -263% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €175 | €181 | +€7 | +3.9% |
| Recurring financial charges | 65 | €175 | €181 | +€7 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,487 | -€15,815 | -€11,328 | -252% |
| Profit (loss) for the period | 9904 | -€4,487 | -€15,815 | -€11,328 | -252% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,487 | -€15,815 | -€11,328 | -252% |
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 29 October 2026 via checked.be.