HERAX: 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.
HERAX
Largest movements
- Tangible fixed assets -€27,878
down €27,878 (-2.7%), from €1.0m to €992,571
- Debts after one year -€30,756
down €30,756 (-6.0%), from €510,822 to €480,066
- Profit (loss) carried forward -€15,314
down €15,314 (-12.5%), from -€122,494 to -€137,808
- Other debts +€11,249
up €11,249 (+1.9%), from €593,131 to €604,380
- Gross operating margin +€9,606
up €9,606 (+55.9%), from €17,187 to €26,793
- Other operating charges +€3,990
up €3,990 (+789.7%), from €505 to €4,496
- Financial charges -€549
down €549 (-5.3%), from €10,283 to €9,734
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 | €1,031,649 | €998,500 | -€33,149 | -3.2% |
| Fixed assets | 21/28 | €1,020,448 | €992,571 | -€27,878 | -2.7% |
| Tangible fixed assets | 22/27 | €1,020,448 | €992,571 | -€27,878 | -2.7% |
| Land and buildings | 22 | €1,020,448 | €992,571 | -€27,878 | -2.7% |
| Current assets | 29/58 | €11,201 | €5,929 | -€5,271 | -47.1% |
| Amounts receivable within one year | 40/41 | €114 | - | -€114 | |
| Trade receivables | 40 | €114 | - | -€114 | |
| Cash at bank and in hand | 54/58 | €10,170 | €5,005 | -€5,165 | -50.8% |
| Deferred charges and accrued income | 490/1 | €916 | €924 | +€8 | +0.8% |
| Total equity and liabilities | 10/49 | €1,031,649 | €998,500 | -€33,149 | -3.2% |
| Equity | 10/15 | -€102,494 | -€117,808 | -€15,314 | -14.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,494 | -€137,808 | -€15,314 | -12.5% |
| Amounts payable | 17/49 | €1,134,143 | €1,116,308 | -€17,835 | -1.6% |
| Amounts payable after more than one year | 17 | €510,822 | €480,066 | -€30,756 | -6.0% |
| Financial debts | 170/4 | €510,822 | €480,066 | -€30,756 | -6.0% |
| Amounts payable within one year | 42/48 | €623,322 | €636,243 | +€12,921 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €30,191 | €30,756 | +€565 | +1.9% |
| Trade debts | 44 | - | €1,107 | +€1,107 | |
| Suppliers | 440/4 | - | €1,107 | +€1,107 | |
| Other amounts payable | 47/48 | €593,131 | €604,380 | +€11,249 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,878 | €27,878 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €4,496 | +€3,990 | +789.7% |
| Gross operating margin | 9900 | €17,187 | €26,793 | +€9,606 | +55.9% |
| Operating profit (loss) | 9901 | -€11,196 | -€5,580 | +€5,615 | +50.2% |
| Financial charges | 65/66B | €10,283 | €9,734 | -€549 | -5.3% |
| Recurring financial charges | 65 | €10,283 | €9,734 | -€549 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€21,478 | -€15,314 | +€6,164 | +28.7% |
| Profit (loss) for the period | 9904 | -€21,478 | -€15,314 | +€6,164 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,478 | -€15,314 | +€6,164 | +28.7% |
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 8 October 2026 via checked.be.