HERA HENA: 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.
HERA HENA
Largest movements
- Tangible fixed assets -€116,667
down €116,667 (-13.9%), from €840,320 to €723,653
- Cash -€10,244
down €10,244 (-23.0%), from €44,450 to €34,206
mainly Other debts (-€214,449) and Debts after one year (-€49,108)
- Other debts -€214,449
down €214,449 (-37.3%), from €574,643 to €360,194
- Trade debts +€103,350
up €103,350 (+294%), from €35,189 to €138,538
- Debts after one year -€49,108
down €49,108 (-21.6%), from €227,358 to €178,250
- Reserves +€18,071
up €18,071 (+32.5%), from €55,548 to €73,620
of which Distributable reserves: +€18,071
- Tax, wage and social debts +€12,062
up €12,062 (+50.6%), from €23,856 to €35,918
of which Remuneration and social security: +€6,456
- Staff costs -€35,473
down €35,473 (-14.3%), from €247,387 to €211,914
- Gross operating margin -€29,497
down €29,497 (-6.7%), from €439,222 to €409,725
- Taxes +€7,174
up €7,174 (+294%), from €2,436 to €9,610
- Other operating charges +€6,754
up €6,754 (+393%), from €1,719 to €8,472
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 | €978,840 | €851,344 | -€127,496 | -13.0% |
| Fixed assets | 21/28 | €861,778 | €738,411 | -€123,367 | -14.3% |
| Intangible fixed assets | 21 | €21,458 | €14,758 | -€6,700 | -31.2% |
| Tangible fixed assets | 22/27 | €840,320 | €723,653 | -€116,667 | -13.9% |
| Plant, machinery and equipment | 23 | €840,320 | €723,653 | -€116,667 | -13.9% |
| Current assets | 29/58 | €117,062 | €112,933 | -€4,129 | -3.5% |
| Stocks and contracts in progress | 3 | €12,497 | €16,141 | +€3,644 | +29.2% |
| Stocks | 30/36 | €12,497 | €16,141 | +€3,644 | +29.2% |
| Amounts receivable within one year | 40/41 | €10,383 | €3,078 | -€7,305 | -70.4% |
| Trade receivables | 40 | €6,201 | €865 | -€5,336 | -86.0% |
| Other amounts receivable | 41 | €4,182 | €2,213 | -€1,969 | -47.1% |
| Current investments | 50/53 | €44,611 | €54,165 | +€9,554 | +21.4% |
| Cash at bank and in hand | 54/58 | €44,450 | €34,206 | -€10,244 | -23.0% |
| Deferred charges and accrued income | 490/1 | €5,122 | €5,343 | +€222 | +4.3% |
| Total equity and liabilities | 10/49 | €978,840 | €851,344 | -€127,496 | -13.0% |
| Equity | 10/15 | €61,748 | €79,820 | +€18,071 | +29.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €55,548 | €73,620 | +€18,071 | +32.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €55,548 | €73,620 | +€18,071 | +32.5% |
| Amounts payable | 17/49 | €917,092 | €771,525 | -€145,567 | -15.9% |
| Amounts payable after more than one year | 17 | €227,358 | €178,250 | -€49,108 | -21.6% |
| Financial debts | 170/4 | €227,358 | €178,250 | -€49,108 | -21.6% |
| Amounts payable within one year | 42/48 | €687,285 | €591,284 | -€96,001 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €53,597 | €56,004 | +€2,407 | +4.5% |
| Financial debts | 43 | - | €629 | +€629 | |
| Credit institutions | 430/8 | - | €629 | +€629 | |
| Trade debts | 44 | €35,189 | €138,538 | +€103,350 | +294% |
| Suppliers | 440/4 | €35,189 | €138,538 | +€103,350 | +294% |
| Taxes, remuneration and social security | 45 | €23,856 | €35,918 | +€12,062 | +50.6% |
| Taxes | 450/3 | €4,886 | €10,492 | +€5,606 | +115% |
| Remuneration and social security | 454/9 | €18,970 | €25,426 | +€6,456 | +34.0% |
| Other amounts payable | 47/48 | €574,643 | €360,194 | -€214,449 | -37.3% |
| Accrued charges and deferred income | 492/3 | €2,449 | €1,991 | -€458 | -18.7% |
| Remuneration, social security and pensions | 62 | €247,387 | €211,914 | -€35,473 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,367 | €123,367 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,719 | €8,472 | +€6,754 | +393% |
| Gross operating margin | 9900 | €439,222 | €409,725 | -€29,497 | -6.7% |
| Operating profit (loss) | 9901 | €66,750 | €65,972 | -€778 | -1.2% |
| Financial income | 75/76B | €2,051 | €286 | -€1,765 | -86.0% |
| Recurring financial income | 75 | €2,051 | €286 | -€1,765 | -86.0% |
| Financial charges | 65/66B | €42,005 | €38,577 | -€3,428 | -8.2% |
| Recurring financial charges | 65 | €42,005 | €38,577 | -€3,428 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €26,797 | €27,681 | +€884 | +3.3% |
| Income taxes | 67/77 | €2,436 | €9,610 | +€7,174 | +294% |
| Profit (loss) for the period | 9904 | €24,361 | €18,071 | -€6,289 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,361 | €18,071 | -€6,289 | -25.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.