HERAN: 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.
HERAN
Largest movements
- Cash -€26,770
down €26,770 (-29.8%), from €89,937 to €63,166
mainly Investment in fixed assets (net) (-€62,053) and Contributions, distributions and other (-€24,023)
- Tangible fixed assets +€25,953
up €25,953 (+21.4%), from €121,413 to €147,366
of which Plant, machinery and equipment: +€19,424
- Receivables within one year -€9,177
down €9,177 (-14.9%), from €61,602 to €52,426
of which Trade receivables: -€14,914
- Reserves -€14,065
down €14,065 (-6.3%), from €224,850 to €210,786
of which Distributable reserves: -€14,065
- Tax, wage and social debts -€3,136
down €3,136 (-36.1%), from €8,693 to €5,556
- Gross operating margin -€18,406
down €18,406 (-22.0%), from €83,620 to €65,214
- Taxes -€9,286
down €9,286 (-74.4%), from €12,474 to €3,188
- Depreciation -€1,825
down €1,825 (-4.8%), from €37,925 to €36,100
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 | €287,108 | €275,449 | -€11,659 | -4.1% |
| Fixed assets | 21/28 | €121,413 | €147,366 | +€25,953 | +21.4% |
| Tangible fixed assets | 22/27 | €121,413 | €147,366 | +€25,953 | +21.4% |
| Land and buildings | 22 | €40,048 | €41,845 | +€1,797 | +4.5% |
| Plant, machinery and equipment | 23 | €31,838 | €51,262 | +€19,424 | +61.0% |
| Furniture and vehicles | 24 | €47,692 | €52,791 | +€5,099 | +10.7% |
| Other tangible fixed assets | 26 | €1,835 | €1,468 | -€367 | -20.0% |
| Current assets | 29/58 | €165,695 | €128,082 | -€37,612 | -22.7% |
| Stocks and contracts in progress | 3 | €6,577 | €4,738 | -€1,839 | -28.0% |
| Stocks | 30/36 | €6,577 | €4,738 | -€1,839 | -28.0% |
| Amounts receivable within one year | 40/41 | €61,602 | €52,426 | -€9,177 | -14.9% |
| Trade receivables | 40 | €14,914 | €0 | -€14,914 | -100.0% |
| Other amounts receivable | 41 | €46,689 | €52,426 | +€5,737 | +12.3% |
| Cash at bank and in hand | 54/58 | €89,937 | €63,166 | -€26,770 | -29.8% |
| Deferred charges and accrued income | 490/1 | €7,578 | €7,752 | +€174 | +2.3% |
| Total equity and liabilities | 10/49 | €287,108 | €275,449 | -€11,659 | -4.1% |
| Equity | 10/15 | €256,100 | €242,036 | -€14,065 | -5.5% |
| Contributions | 10/11 | €31,250 | €31,250 | = | 0.0% |
| Reserves | 13 | €224,850 | €210,786 | -€14,065 | -6.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €224,850 | €210,786 | -€14,065 | -6.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €31,008 | €33,413 | +€2,405 | +7.8% |
| Amounts payable within one year | 42/48 | €31,008 | €33,413 | +€2,405 | +7.8% |
| Financial debts | 43 | €0 | €2,703 | +€2,703 | |
| Other loans | 439 | €0 | €2,703 | +€2,703 | |
| Trade debts | 44 | €384 | €1,131 | +€747 | +194.4% |
| Suppliers | 440/4 | €384 | €1,131 | +€747 | +194.4% |
| Taxes, remuneration and social security | 45 | €8,693 | €5,556 | -€3,136 | -36.1% |
| Taxes | 450/3 | €8,693 | €5,556 | -€3,136 | -36.1% |
| Other amounts payable | 47/48 | €21,931 | €24,023 | +€2,092 | +9.5% |
| Non-recurring operating income | 76A | €17,418 | €0 | -€17,418 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,925 | €36,100 | -€1,825 | -4.8% |
| Other operating charges | 640/8 | €2,539 | €2,787 | +€248 | +9.8% |
| Non-recurring operating charges | 66A | - | €13,284 | +€13,284 | |
| Gross operating margin | 9900 | €83,620 | €65,214 | -€18,406 | -22.0% |
| Operating profit (loss) | 9901 | €43,156 | €13,043 | -€30,113 | -69.8% |
| Financial income | 75/76B | €100 | €328 | +€228 | +228.3% |
| Recurring financial income | 75 | €100 | €328 | +€228 | +228.3% |
| Financial charges | 65/66B | €84 | €225 | +€141 | +167.9% |
| Recurring financial charges | 65 | €84 | €225 | +€141 | +167.9% |
| Profit (loss) for the period before taxes | 9903 | €43,172 | €13,146 | -€30,026 | -69.6% |
| Income taxes | 67/77 | €12,474 | €3,188 | -€9,286 | -74.4% |
| Profit (loss) for the period | 9904 | €30,698 | €9,958 | -€20,741 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,698 | €9,958 | -€20,741 | -67.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.