HERA INVEST: 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 INVEST
Largest movements
- Receivables within one year +€41,298
up €41,298 (+190%), from €21,696 to €62,994
of which Other amounts receivable: +€25,988
- Tangible fixed assets +€27,268
up €27,268 (+36.2%), from €75,395 to €102,663
of which Furniture and vehicles: +€27,752
- Financial fixed assets +€2,250
new in 2025: €2,250
- Reserves +€39,305
new in 2025: €39,305
- Tax, wage and social debts +€22,130
new in 2025: €22,130
of which Taxes: +€13,567
- Accrued charges and deferred income +€11,155
new in 2025: €11,155
- Provisions -€10,886
no longer reported in 2025 (was €10,886)
- Other debts +€7,609
up €7,609 (+80.5%), from €9,457 to €17,066
- Turnover -€307,105
no longer reported in 2025 (was €307,105)
- Staff costs -€32,019
down €32,019 (-20.9%), from €152,870 to €120,851
- Taxes +€17,674
new in 2025: €17,674
- Gross operating margin +€14,115
up €14,115 (+7.4%), from €191,283 to €205,398
- Depreciation +€7,303
up €7,303 (+47.0%), from €15,555 to €22,858
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 | €108,915 | €178,092 | +€69,177 | +63.5% |
| Fixed assets | 21/28 | €75,395 | €104,913 | +€29,518 | +39.2% |
| Tangible fixed assets | 22/27 | €75,395 | €102,663 | +€27,268 | +36.2% |
| Plant, machinery and equipment | 23 | €484 | - | -€484 | |
| Furniture and vehicles | 24 | €74,911 | €102,663 | +€27,752 | +37.0% |
| Financial fixed assets | 28 | - | €2,250 | +€2,250 | |
| Current assets | 29/58 | €33,520 | €73,179 | +€39,659 | +118% |
| Amounts receivable within one year | 40/41 | €21,696 | €62,994 | +€41,298 | +190% |
| Trade receivables | 40 | €20,256 | €35,566 | +€15,310 | +75.6% |
| Other amounts receivable | 41 | €1,440 | €27,428 | +€25,988 | +1,805% |
| Cash at bank and in hand | 54/58 | €11,824 | €10,185 | -€1,639 | -13.9% |
| Total equity and liabilities | 10/49 | €108,915 | €178,092 | +€69,177 | +63.5% |
| Equity | 10/15 | €25,974 | €65,279 | +€39,305 | +151% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | - | -€5,000 | |
| Issued capital | 100 | €5,000 | - | -€5,000 | |
| Reserves | 13 | - | €39,305 | +€39,305 | |
| Distributable reserves | 133 | - | €39,305 | +€39,305 | |
| Profit (loss) carried forward | 14 | €20,974 | €20,974 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €10,886 | - | -€10,886 | |
| Provisions for liabilities and charges | 160/5 | €10,886 | - | -€10,886 | |
| Other liabilities and charges | 164/5 | €10,886 | - | -€10,886 | |
| Amounts payable | 17/49 | €72,055 | €112,814 | +€40,759 | +56.6% |
| Amounts payable after more than one year | 17 | €44,653 | €45,626 | +€973 | +2.2% |
| Financial debts | 170/4 | €44,653 | €45,626 | +€973 | +2.2% |
| Amounts payable within one year | 42/48 | €27,402 | €56,033 | +€28,631 | +104% |
| Current portion of amounts payable after more than one year | 42 | €15,066 | €16,836 | +€1,770 | +11.8% |
| Trade debts | 44 | €2,879 | - | -€2,879 | |
| Suppliers | 440/4 | €2,879 | - | -€2,879 | |
| Taxes, remuneration and social security | 45 | - | €22,130 | +€22,130 | |
| Taxes | 450/3 | - | €13,567 | +€13,567 | |
| Remuneration and social security | 454/9 | - | €8,564 | +€8,564 | |
| Other amounts payable | 47/48 | €9,457 | €17,066 | +€7,609 | +80.5% |
| Accrued charges and deferred income | 492/3 | - | €11,155 | +€11,155 | |
| Turnover | 70 | €307,105 | - | -€307,105 | |
| Remuneration, social security and pensions | 62 | €152,870 | €120,851 | -€32,019 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,555 | €22,858 | +€7,303 | +47.0% |
| Other operating charges | 640/8 | - | €748 | +€748 | |
| Gross operating margin | 9900 | €191,283 | €205,398 | +€14,115 | +7.4% |
| Operating profit (loss) | 9901 | €22,858 | €60,940 | +€38,082 | +167% |
| Financial charges | 65/66B | €1,940 | €3,962 | +€2,022 | +104% |
| Recurring financial charges | 65 | €1,940 | €3,962 | +€2,022 | +104% |
| Profit (loss) for the period before taxes | 9903 | €20,918 | €56,978 | +€36,060 | +172% |
| Income taxes | 67/77 | - | €17,674 | +€17,674 | |
| Profit (loss) for the period | 9904 | €20,918 | €39,305 | +€18,387 | +87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,918 | €39,305 | +€18,387 | +87.9% |
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 1 November 2026 via checked.be.