HERASAN: 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.
HERASAN
Largest movements
- Cash +€605,641
up €605,641 (+384%), from €157,854 to €763,494
mainly Net result for the year (+€429,526) and Tax, wage and social debts (+€169,973)
- Tangible fixed assets -€119,361
down €119,361 (-43.7%), from €272,997 to €153,635
of which Land and buildings: -€109,086
- Current investments +€100,000
up €100,000 (+26.9%), from €371,518 to €471,518
- Reserves +€293,391
up €293,391 (+61.1%), from €480,498 to €773,889
of which Distributable reserves: +€300,000
- Tax, wage and social debts +€169,973
up €169,973 (+293,259%), from €58 to €170,031
- Profit (loss) carried forward +€136,135
up €136,135, from -€55,296 to €80,838
- Gross operating margin +€404,274
up €404,274 (+184%), from €219,713 to €623,987
- Taxes +€171,667
up €171,667 (+80,436%), from €213 to €171,880
- Depreciation -€16,048
down €16,048 (-41.1%), from €39,012 to €22,965
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 | €823,720 | €1,408,442 | +€584,722 | +71.0% |
| Fixed assets | 21/28 | €280,997 | €159,635 | -€121,361 | -43.2% |
| Intangible fixed assets | 21 | €8,000 | €6,000 | -€2,000 | -25.0% |
| Tangible fixed assets | 22/27 | €272,997 | €153,635 | -€119,361 | -43.7% |
| Land and buildings | 22 | €252,446 | €143,360 | -€109,086 | -43.2% |
| Plant, machinery and equipment | 23 | €6,953 | €3,476 | -€3,476 | -50.0% |
| Furniture and vehicles | 24 | €13,598 | €6,799 | -€6,799 | -50.0% |
| Current assets | 29/58 | €542,723 | €1,248,806 | +€706,083 | +130% |
| Stocks and contracts in progress | 3 | €5,089 | €6,973 | +€1,883 | +37.0% |
| Stocks | 30/36 | €5,089 | €6,973 | +€1,883 | +37.0% |
| Amounts receivable within one year | 40/41 | €8,262 | €6,173 | -€2,089 | -25.3% |
| Trade receivables | 40 | €2,673 | €3,393 | +€720 | +26.9% |
| Other amounts receivable | 41 | €5,589 | €2,780 | -€2,809 | -50.3% |
| Current investments | 50/53 | €371,518 | €471,518 | +€100,000 | +26.9% |
| Cash at bank and in hand | 54/58 | €157,854 | €763,494 | +€605,641 | +384% |
| Deferred charges and accrued income | 490/1 | - | €648 | +€648 | |
| Total equity and liabilities | 10/49 | €823,720 | €1,408,442 | +€584,722 | +71.0% |
| Equity | 10/15 | €443,802 | €873,327 | +€429,526 | +96.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €480,498 | €773,889 | +€293,391 | +61.1% |
| Tax-exempt reserves | 132 | €211,740 | €205,131 | -€6,609 | -3.1% |
| Distributable reserves | 133 | €268,758 | €568,758 | +€300,000 | +112% |
| Profit (loss) carried forward | 14 | -€55,296 | €80,838 | +€136,135 | |
| Provisions and deferred taxes | 16 | €70,580 | €68,377 | -€2,203 | -3.1% |
| Deferred taxes | 168 | €70,580 | €68,377 | -€2,203 | -3.1% |
| Amounts payable | 17/49 | €309,338 | €466,737 | +€157,399 | +50.9% |
| Amounts payable after more than one year | 17 | €1,306 | €332 | -€974 | -74.6% |
| Other amounts payable | 178/9 | €1,306 | €332 | -€974 | -74.6% |
| Amounts payable within one year | 42/48 | €307,645 | €466,405 | +€158,760 | +51.6% |
| Trade debts | 44 | €3,149 | €705 | -€2,444 | -77.6% |
| Suppliers | 440/4 | €3,149 | €705 | -€2,444 | -77.6% |
| Taxes, remuneration and social security | 45 | €58 | €170,031 | +€169,973 | +293,259% |
| Taxes | 450/3 | €58 | €170,031 | +€169,973 | +293,259% |
| Other amounts payable | 47/48 | €304,438 | €295,669 | -€8,769 | -2.9% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Non-recurring operating income | 76A | €262,276 | €644,092 | +€381,816 | +146% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,012 | €22,965 | -€16,048 | -41.1% |
| Other operating charges | 640/8 | €6,919 | €6,089 | -€830 | -12.0% |
| Non-recurring operating charges | 66A | - | €1,077 | +€1,077 | |
| Gross operating margin | 9900 | €219,713 | €623,987 | +€404,274 | +184% |
| Operating profit (loss) | 9901 | €173,782 | €593,856 | +€420,075 | +242% |
| Financial income | 75/76B | €9,979 | €6,355 | -€3,624 | -36.3% |
| Recurring financial income | 75 | €9,979 | €6,355 | -€3,624 | -36.3% |
| Financial charges | 65/66B | €1,004 | €1,008 | +€4 | +0.4% |
| Recurring financial charges | 65 | €1,004 | €1,008 | +€4 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €182,756 | €599,203 | +€416,447 | +228% |
| Transfer from deferred taxes | 780 | €3,103 | €2,203 | -€900 | -29.0% |
| Transfer to deferred taxes | 680 | €62,562 | - | -€62,562 | |
| Income taxes | 67/77 | €213 | €171,880 | +€171,667 | +80,436% |
| Profit (loss) for the period | 9904 | €123,083 | €429,526 | +€306,443 | +249% |
| Transfer from tax-exempt reserves | 789 | €9,308 | €6,609 | -€2,699 | -29.0% |
| Transfer to tax-exempt reserves | 689 | €187,687 | - | -€187,687 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,296 | €436,135 | +€491,431 |
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 19 October 2026 via checked.be.