HERAC: 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.
HERAC
Largest movements
- Current investments -€120,000
down €120,000 (-100%), from €120,000 to €0
- Stocks and contracts -€42,564
down €42,564 (-27.4%), from €155,230 to €112,666
- Receivables within one year +€25,888
up €25,888 (+23.8%), from €108,957 to €134,845
of which Other amounts receivable: +€19,115
- Tangible fixed assets -€11,241
down €11,241 (-7.4%), from €151,919 to €140,678
of which Furniture and vehicles: -€8,535
- Trade debts -€96,890
down €96,890 (-94.3%), from €102,762 to €5,872
- Other debts -€51,995
down €51,995 (-25.1%), from €207,454 to €155,459
- Gross operating margin -€47,528
down €47,528 (-10.6%), from €446,703 to €399,175
- Taxes -€16,762
down €16,762 (-24.0%), from €69,940 to €53,179
- Depreciation +€14,212
up €14,212 (+65.9%), from €21,574 to €35,787
- Staff costs +€7,674
up €7,674 (+5.2%), from €147,008 to €154,682
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 | €734,075 | €586,186 | -€147,889 | -20.1% |
| Fixed assets | 21/28 | €151,919 | €140,678 | -€11,241 | -7.4% |
| Tangible fixed assets | 22/27 | €151,919 | €140,678 | -€11,241 | -7.4% |
| Land and buildings | 22 | €22,760 | €20,054 | -€2,706 | -11.9% |
| Furniture and vehicles | 24 | €129,159 | €120,624 | -€8,535 | -6.6% |
| Current assets | 29/58 | €582,156 | €445,507 | -€136,648 | -23.5% |
| Stocks and contracts in progress | 3 | €155,230 | €112,666 | -€42,564 | -27.4% |
| Stocks | 30/36 | €155,230 | €112,666 | -€42,564 | -27.4% |
| Amounts receivable within one year | 40/41 | €108,957 | €134,845 | +€25,888 | +23.8% |
| Trade receivables | 40 | €100,163 | €106,936 | +€6,773 | +6.8% |
| Other amounts receivable | 41 | €8,794 | €27,909 | +€19,115 | +217% |
| Current investments | 50/53 | €120,000 | €0 | -€120,000 | -100% |
| Cash at bank and in hand | 54/58 | €188,552 | €188,081 | -€471 | -0.2% |
| Deferred charges and accrued income | 490/1 | €9,416 | €9,915 | +€499 | +5.3% |
| Total equity and liabilities | 10/49 | €734,075 | €586,186 | -€147,889 | -20.1% |
| Equity | 10/15 | €405,148 | €405,148 | = | 0.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €330,780 | €330,780 | = | 0.0% |
| Distributable reserves | 133 | €330,780 | €330,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €328,927 | €181,037 | -€147,889 | -45.0% |
| Amounts payable within one year | 42/48 | €328,927 | €181,037 | -€147,889 | -45.0% |
| Trade debts | 44 | €102,762 | €5,872 | -€96,890 | -94.3% |
| Suppliers | 440/4 | €102,762 | €5,872 | -€96,890 | -94.3% |
| Taxes, remuneration and social security | 45 | €18,710 | €19,706 | +€995 | +5.3% |
| Taxes | 450/3 | €0 | €5,080 | +€5,080 | |
| Remuneration and social security | 454/9 | €18,710 | €14,625 | -€4,085 | -21.8% |
| Other amounts payable | 47/48 | €207,454 | €155,459 | -€51,995 | -25.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €147,008 | €154,682 | +€7,674 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,574 | €35,787 | +€14,212 | +65.9% |
| Other operating charges | 640/8 | €1,288 | €1,326 | +€38 | +3.0% |
| Gross operating margin | 9900 | €446,703 | €399,175 | -€47,528 | -10.6% |
| Operating profit (loss) | 9901 | €276,833 | €207,380 | -€69,452 | -25.1% |
| Financial income | 75/76B | €896 | €2,849 | +€1,952 | +218% |
| Recurring financial income | 75 | €896 | €2,849 | +€1,952 | +218% |
| Financial charges | 65/66B | €334 | €1,591 | +€1,257 | +376% |
| Recurring financial charges | 65 | €334 | €1,591 | +€1,257 | +376% |
| Profit (loss) for the period before taxes | 9903 | €277,395 | €208,638 | -€68,757 | -24.8% |
| Income taxes | 67/77 | €69,940 | €53,179 | -€16,762 | -24.0% |
| Profit (loss) for the period | 9904 | €207,454 | €155,459 | -€51,995 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €207,454 | €155,459 | -€51,995 | -25.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.