HERA: 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.
HERA
Largest movements
- Receivables within one year -€359,149
down €359,149 (-22.4%), from €1.6m to €1.2m
of which Trade receivables: -€358,820
- Cash +€44,386
up €44,386 (+5.8%), from €759,143 to €803,528
mainly Receivables within one year (+€359,149) and Other debts (+€159,162)
- Intangible fixed assets +€29,164
up €29,164 (+197.1%), from €14,798 to €43,962
- Trade debts -€233,829
down €233,829 (-33.9%), from €688,930 to €455,101
- Other debts +€159,162
up €159,162 (+29.4%), from €541,862 to €701,024
- Advances received -€89,741
down €89,741 (-16.5%), from €544,078 to €454,337
- Profit (loss) carried forward -€84,639
down €84,639 (-19.1%), from €442,826 to €358,187
- Tax, wage and social debts -€48,463
down €48,463 (-49.3%), from €98,346 to €49,883
of which Taxes: -€45,833
- Gross operating margin -€100,397
down €100,397 (-20.0%), from €502,926 to €402,529
- Staff costs +€35,713
up €35,713 (+8.6%), from €413,925 to €449,639
- Financial income +€15,825
up €15,825 (+36.8%), from €43,057 to €58,882
- Financial charges +€15,306
up €15,306 (+31.4%), from €48,710 to €64,016
of which Financial charges: +€12,006
- Taxes -€15,065
down €15,065 (-80.2%), from €18,782 to €3,717
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,398,368 | €2,106,420 | -€291,948 | -12.2% |
| Fixed assets | 21/28 | €19,045 | €48,001 | +€28,956 | +152.0% |
| Intangible fixed assets | 21 | €14,798 | €43,962 | +€29,164 | +197.1% |
| Tangible fixed assets | 22/27 | €4,247 | €4,038 | -€208 | -4.9% |
| Plant, machinery and equipment | 23 | €2,407 | €2,198 | -€208 | -8.7% |
| Furniture and vehicles | 24 | €1,840 | €1,840 | = | 0.0% |
| Current assets | 29/58 | €2,379,323 | €2,058,419 | -€320,904 | -13.5% |
| Amounts receivable within one year | 40/41 | €1,601,090 | €1,241,941 | -€359,149 | -22.4% |
| Trade receivables | 40 | €1,557,095 | €1,198,276 | -€358,820 | -23.0% |
| Other amounts receivable | 41 | €43,995 | €43,665 | -€330 | -0.7% |
| Cash at bank and in hand | 54/58 | €759,143 | €803,528 | +€44,386 | +5.8% |
| Deferred charges and accrued income | 490/1 | €19,091 | €12,950 | -€6,141 | -32.2% |
| Total equity and liabilities | 10/49 | €2,398,368 | €2,106,420 | -€291,948 | -12.2% |
| Equity | 10/15 | €519,596 | €439,531 | -€80,064 | -15.4% |
| Contributions | 10/11 | €67,495 | €72,070 | +€4,575 | +6.8% |
| Reserves | 13 | €9,275 | €9,275 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,275 | €7,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | €442,826 | €358,187 | -€84,639 | -19.1% |
| Amounts payable | 17/49 | €1,878,772 | €1,666,888 | -€211,884 | -11.3% |
| Amounts payable within one year | 42/48 | €1,873,216 | €1,660,345 | -€212,871 | -11.4% |
| Trade debts | 44 | €688,930 | €455,101 | -€233,829 | -33.9% |
| Suppliers | 440/4 | €688,930 | €455,101 | -€233,829 | -33.9% |
| Advances received on contracts in progress | 46 | €544,078 | €454,337 | -€89,741 | -16.5% |
| Taxes, remuneration and social security | 45 | €98,346 | €49,883 | -€48,463 | -49.3% |
| Taxes | 450/3 | €45,833 | - | -€45,833 | |
| Remuneration and social security | 454/9 | €52,514 | €49,883 | -€2,630 | -5.0% |
| Other amounts payable | 47/48 | €541,862 | €701,024 | +€159,162 | +29.4% |
| Accrued charges and deferred income | 492/3 | €5,557 | €6,544 | +€987 | +17.8% |
| Non-recurring operating income | 76A | €6,000 | - | -€6,000 | |
| Remuneration, social security and pensions | 62 | €413,925 | €449,639 | +€35,713 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,184 | €13,691 | -€5,493 | -28.6% |
| Other operating charges | 640/8 | €184 | €118 | -€66 | -35.9% |
| Gross operating margin | 9900 | €502,926 | €402,529 | -€100,397 | -20.0% |
| Operating profit (loss) | 9901 | €69,632 | -€60,920 | -€130,552 | |
| Financial income | 75/76B | €43,057 | €58,882 | +€15,825 | +36.8% |
| Recurring financial income | 75 | €43,057 | €58,882 | +€15,825 | +36.8% |
| Financial charges | 65/66B | €48,710 | €64,016 | +€15,306 | +31.4% |
| Recurring financial charges | 65 | €48,710 | €60,716 | +€12,006 | +24.6% |
| Non-recurring financial charges | 66B | - | €3,300 | +€3,300 | |
| Profit (loss) for the period before taxes | 9903 | €63,979 | -€66,054 | -€130,033 | |
| Income taxes | 67/77 | €18,782 | €3,717 | -€15,065 | -80.2% |
| Profit (loss) for the period | 9904 | €45,197 | -€69,771 | -€114,968 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,197 | -€69,771 | -€114,968 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.