HERAD: 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.
HERAD
Largest movements
- Current investments +€35,013
up €35,013 (+2.2%), from €1.6m to €1.6m
- Profit (loss) carried forward +€29,725
up €29,725 (+2.2%), from €1.4m to €1.4m
- Gross operating margin +€22,867
up €22,867 (+1279.6%), from €1,787 to €24,654
- Depreciation -€16,165
down €16,165 (-92.6%), from €17,466 to €1,301
- Taxes +€6,132
up €6,132 (+442.1%), from €1,387 to €7,519
- Financial income -€3,386
down €3,386 (-16.2%), from €20,965 to €17,579
- Financial charges -€1,240
down €1,240 (-52.7%), from €2,355 to €1,115
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.
Cash bridge derived
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 | €1,700,225 | €1,732,745 | +€32,520 | +1.9% |
| Fixed assets | 21/28 | €8,331 | €1,934 | -€6,397 | -76.8% |
| Tangible fixed assets | 22/27 | €8,331 | €1,934 | -€6,397 | -76.8% |
| Plant, machinery and equipment | 23 | €2,535 | €1,934 | -€601 | -23.7% |
| Furniture and vehicles | 24 | €5,796 | - | -€5,796 | |
| Current assets | 29/58 | €1,691,894 | €1,730,811 | +€38,917 | +2.3% |
| Amounts receivable within one year | 40/41 | €34,464 | €49,393 | +€14,929 | +43.3% |
| Trade receivables | 40 | €4,041 | €23,324 | +€19,283 | +477.2% |
| Other amounts receivable | 41 | €30,423 | €26,069 | -€4,354 | -14.3% |
| Current investments | 50/53 | €1,563,059 | €1,598,072 | +€35,013 | +2.2% |
| Cash at bank and in hand | 54/58 | €93,170 | €83,346 | -€9,824 | -10.5% |
| Deferred charges and accrued income | 490/1 | €1,201 | - | -€1,201 | |
| Total equity and liabilities | 10/49 | €1,700,225 | €1,732,745 | +€32,520 | +1.9% |
| Equity | 10/15 | €1,695,553 | €1,725,278 | +€29,725 | +1.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €260,200 | €260,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €254,000 | €254,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,373,353 | €1,403,078 | +€29,725 | +2.2% |
| Amounts payable | 17/49 | €4,672 | €7,467 | +€2,795 | +59.8% |
| Amounts payable within one year | 42/48 | €4,672 | €7,467 | +€2,795 | +59.8% |
| Trade debts | 44 | €288 | €179 | -€109 | -37.8% |
| Suppliers | 440/4 | €288 | €179 | -€109 | -37.8% |
| Taxes, remuneration and social security | 45 | €4,384 | €7,288 | +€2,904 | +66.2% |
| Taxes | 450/3 | €4,384 | €7,288 | +€2,904 | +66.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,466 | €1,301 | -€16,165 | -92.6% |
| Other operating charges | 640/8 | €3,757 | €2,573 | -€1,184 | -31.5% |
| Gross operating margin | 9900 | €1,787 | €24,654 | +€22,867 | +1279.6% |
| Operating profit (loss) | 9901 | -€19,436 | €20,780 | +€40,216 | |
| Financial income | 75/76B | €20,965 | €17,579 | -€3,386 | -16.2% |
| Recurring financial income | 75 | €20,965 | €17,579 | -€3,386 | -16.2% |
| Financial charges | 65/66B | €2,355 | €1,115 | -€1,240 | -52.7% |
| Recurring financial charges | 65 | €2,355 | €1,115 | -€1,240 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | -€826 | €37,244 | +€38,070 | |
| Income taxes | 67/77 | €1,387 | €7,519 | +€6,132 | +442.1% |
| Profit (loss) for the period | 9904 | -€2,213 | €29,725 | +€31,938 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,213 | €29,725 | +€31,938 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.