HERARD 2D.: 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.
HERARD 2D.
Largest movements
- Receivables within one year +€5,169
up €5,169 (+124%), from €4,160 to €9,329
of which Other amounts receivable: +€4,981
- Tangible fixed assets -€3,050
down €3,050 (-32.7%), from €9,321 to €6,271
of which Furniture and vehicles: -€3,500
- Stocks and contracts -€713
down €713 (-6.3%), from €11,285 to €10,572
- Short-term financial debts +€2,120
up €2,120 (+323%), from €657 to €2,777
- Profit (loss) carried forward -€1,062
down €1,062 (-7.8%), from €13,681 to €12,619
- Purchases and services -€14,384
down €14,384 (-17.2%), from €83,420 to €69,036
- Turnover -€12,289
down €12,289 (-14.5%), from €84,979 to €72,690
- Staff costs -€3,619
no longer reported in 2025 (was €3,619)
- Gross operating margin +€2,095
up €2,095 (+134%), from €1,559 to €3,654
- Depreciation +€2,065
up €2,065 (+107%), from €1,930 to €3,995
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 | €28,187 | €29,443 | +€1,256 | +4.5% |
| Fixed assets | 21/28 | €9,682 | €6,564 | -€3,118 | -32.2% |
| Tangible fixed assets | 22/27 | €9,321 | €6,271 | -€3,050 | -32.7% |
| Plant, machinery and equipment | 23 | €571 | €1,021 | +€450 | +78.8% |
| Furniture and vehicles | 24 | €8,750 | €5,250 | -€3,500 | -40.0% |
| Financial fixed assets | 28 | €361 | €293 | -€68 | -18.8% |
| Current assets | 29/58 | €18,505 | €22,879 | +€4,374 | +23.6% |
| Stocks and contracts in progress | 3 | €11,285 | €10,572 | -€713 | -6.3% |
| Stocks | 30/36 | €11,285 | €10,572 | -€713 | -6.3% |
| Amounts receivable within one year | 40/41 | €4,160 | €9,329 | +€5,169 | +124% |
| Trade receivables | 40 | €372 | €560 | +€188 | +50.5% |
| Other amounts receivable | 41 | €3,788 | €8,769 | +€4,981 | +131% |
| Cash at bank and in hand | 54/58 | €3,060 | €2,978 | -€82 | -2.7% |
| Total equity and liabilities | 10/49 | €28,187 | €29,443 | +€1,256 | +4.5% |
| Equity | 10/15 | €27,341 | €26,279 | -€1,062 | -3.9% |
| Contributions | 10/11 | €11,800 | €11,800 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,681 | €12,619 | -€1,062 | -7.8% |
| Amounts payable | 17/49 | €846 | €3,164 | +€2,318 | +274% |
| Amounts payable within one year | 42/48 | €846 | €3,164 | +€2,318 | +274% |
| Financial debts | 43 | €657 | €2,777 | +€2,120 | +323% |
| Credit institutions | 430/8 | €657 | €2,777 | +€2,120 | +323% |
| Trade debts | 44 | €189 | €135 | -€54 | -28.6% |
| Suppliers | 440/4 | €189 | €135 | -€54 | -28.6% |
| Taxes, remuneration and social security | 45 | - | €252 | +€252 | |
| Taxes | 450/3 | - | €252 | +€252 | |
| Turnover | 70 | €84,979 | €72,690 | -€12,289 | -14.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €83,420 | €69,036 | -€14,384 | -17.2% |
| Remuneration, social security and pensions | 62 | €3,619 | - | -€3,619 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,930 | €3,995 | +€2,065 | +107% |
| Other operating charges | 640/8 | €193 | €151 | -€42 | -21.8% |
| Gross operating margin | 9900 | €1,559 | €3,654 | +€2,095 | +134% |
| Operating profit (loss) | 9901 | -€4,183 | -€492 | +€3,691 | +88.2% |
| Financial income | 75/76B | €128 | €333 | +€205 | +160% |
| Recurring financial income | 75 | €128 | €333 | +€205 | +160% |
| Financial charges | 65/66B | €613 | €857 | +€244 | +39.8% |
| Recurring financial charges | 65 | €613 | €857 | +€244 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,668 | -€1,016 | +€3,652 | +78.2% |
| Income taxes | 67/77 | - | €46 | +€46 | |
| Profit (loss) for the period | 9904 | -€4,668 | -€1,062 | +€3,606 | +77.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,668 | -€1,062 | +€3,606 | +77.2% |
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 17 October 2026 via checked.be.