HERA STAR: 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 STAR
Largest movements
- Cash -€55,363
down €55,363 (-46.8%), from €118,188 to €62,825
mainly Debts after one year (-€338,000) and Receivables within one year (-€4,283)
- Tangible fixed assets -€8,579
down €8,579 (-22.6%), from €37,996 to €29,417
of which Plant, machinery and equipment: -€4,704
- Receivables within one year +€4,283
up €4,283 (+117.3%), from €3,651 to €7,934
- Debts after one year -€338,000
no longer reported in 2026 (was €338,000)
- Other debts +€124,634
up €124,634 (+71.5%), from €174,253 to €298,888
- Provisions +€95,000
new in 2026: €95,000
- Profit (loss) carried forward +€47,214
up €47,214 (+12.7%), from -€371,701 to -€324,487
- Trade debts +€8,446
new in 2026: €8,446
- Financial charges +€18,856
up €18,856 (+1537.3%), from €1,227 to €20,083
- Gross operating margin +€15,294
up €15,294 (+24.9%), from €61,448 to €76,741
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,649 | €105,488 | -€60,161 | -36.3% |
| Fixed assets | 21/28 | €42,597 | €34,018 | -€8,579 | -20.1% |
| Tangible fixed assets | 22/27 | €37,996 | €29,417 | -€8,579 | -22.6% |
| Plant, machinery and equipment | 23 | €19,366 | €14,662 | -€4,704 | -24.3% |
| Other tangible fixed assets | 26 | €18,630 | €14,755 | -€3,875 | -20.8% |
| Financial fixed assets | 28 | €4,601 | €4,601 | = | 0.0% |
| Current assets | 29/58 | €123,052 | €71,470 | -€51,582 | -41.9% |
| Stocks and contracts in progress | 3 | €967 | €474 | -€493 | -51.0% |
| Stocks | 30/36 | €967 | €474 | -€493 | -51.0% |
| Amounts receivable within one year | 40/41 | €3,651 | €7,934 | +€4,283 | +117.3% |
| Trade receivables | 40 | €3,651 | €7,934 | +€4,283 | +117.3% |
| Cash at bank and in hand | 54/58 | €118,188 | €62,825 | -€55,363 | -46.8% |
| Deferred charges and accrued income | 490/1 | €246 | €237 | -€9 | -3.7% |
| Total equity and liabilities | 10/49 | €165,649 | €105,488 | -€60,161 | -36.3% |
| Equity | 10/15 | -€353,101 | -€305,887 | +€47,214 | +13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€371,701 | -€324,487 | +€47,214 | +12.7% |
| Provisions and deferred taxes | 16 | - | €95,000 | +€95,000 | |
| Provisions for liabilities and charges | 160/5 | - | €95,000 | +€95,000 | |
| Pensions and similar obligations | 160 | - | €95,000 | +€95,000 | |
| Amounts payable | 17/49 | €518,750 | €316,375 | -€202,375 | -39.0% |
| Amounts payable after more than one year | 17 | €338,000 | - | -€338,000 | |
| Financial debts | 170/4 | €338,000 | - | -€338,000 | |
| Amounts payable within one year | 42/48 | €180,750 | €316,375 | +€135,625 | +75.0% |
| Trade debts | 44 | - | €8,446 | +€8,446 | |
| Suppliers | 440/4 | - | €8,446 | +€8,446 | |
| Taxes, remuneration and social security | 45 | €6,496 | €9,041 | +€2,544 | +39.2% |
| Taxes | 450/3 | €5,757 | €8,301 | +€2,544 | +44.2% |
| Remuneration and social security | 454/9 | €739 | €739 | = | 0.0% |
| Other amounts payable | 47/48 | €174,253 | €298,888 | +€124,634 | +71.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,579 | €8,579 | = | 0.0% |
| Other operating charges | 640/8 | €1,126 | €865 | -€261 | -23.1% |
| Gross operating margin | 9900 | €61,448 | €76,741 | +€15,294 | +24.9% |
| Operating profit (loss) | 9901 | €51,743 | €67,297 | +€15,554 | +30.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,227 | €20,083 | +€18,856 | +1537.3% |
| Recurring financial charges | 65 | €1,227 | €20,083 | +€18,856 | +1537.3% |
| Profit (loss) for the period before taxes | 9903 | €50,516 | €47,214 | -€3,302 | -6.5% |
| Profit (loss) for the period | 9904 | €50,516 | €47,214 | -€3,302 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,516 | €47,214 | -€3,302 | -6.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.