HERBAY & KO: 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.
HERBAY & KO
Largest movements
- Intangible fixed assets -€100,749
down €100,749 (-14.2%), from €709,107 to €608,358
- Cash +€33,168
up €33,168 (+31.0%), from €107,047 to €140,216
mainly Depreciation (+€124,586) and Net result for the year (+€47,723)
- Current investments -€28,000
no longer reported in 2025 (was €28,000)
- Tangible fixed assets +€17,633
up €17,633 (+20.8%), from €84,715 to €102,349
of which Furniture and vehicles: +€22,409
- Debts after one year -€87,245
down €87,245 (-13.6%), from €639,393 to €552,148
- Reserves +€47,700
up €47,700 (+136%), from €35,155 to €82,855
- Provisions -€28,000
no longer reported in 2025 (was €28,000)
- Other debts -€14,618
down €14,618 (-91.4%), from €16,000 to €1,382
- Provisions -€56,000
down €56,000, from €28,000 to -€28,000
- Staff costs +€46,901
up €46,901 (+26.2%), from €179,270 to €226,171
- Financial charges -€38,811
down €38,811 (-50.2%), from €77,327 to €38,516
- Gross operating margin +€32,643
up €32,643 (+8.1%), from €404,868 to €437,512
- Taxes +€17,702
up €17,702 (+207%), from €8,533 to €26,235
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 | €1,017,820 | €943,927 | -€73,893 | -7.3% |
| Fixed assets | 21/28 | €794,048 | €710,932 | -€83,116 | -10.5% |
| Intangible fixed assets | 21 | €709,107 | €608,358 | -€100,749 | -14.2% |
| Tangible fixed assets | 22/27 | €84,715 | €102,349 | +€17,633 | +20.8% |
| Furniture and vehicles | 24 | €35,922 | €58,331 | +€22,409 | +62.4% |
| Other tangible fixed assets | 26 | €48,794 | €44,018 | -€4,776 | -9.8% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €223,772 | €232,995 | +€9,223 | +4.1% |
| Amounts receivable within one year | 40/41 | €82,380 | €83,246 | +€866 | +1.1% |
| Trade receivables | 40 | €76,575 | €83,220 | +€6,645 | +8.7% |
| Other amounts receivable | 41 | €5,805 | €27 | -€5,779 | -99.5% |
| Current investments | 50/53 | €28,000 | - | -€28,000 | |
| Cash at bank and in hand | 54/58 | €107,047 | €140,216 | +€33,168 | +31.0% |
| Deferred charges and accrued income | 490/1 | €6,345 | €9,533 | +€3,188 | +50.2% |
| Total equity and liabilities | 10/49 | €1,017,820 | €943,927 | -€73,893 | -7.3% |
| Equity | 10/15 | €144,081 | €191,803 | +€47,723 | +33.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €35,155 | €82,855 | +€47,700 | +136% |
| Distributable reserves | 133 | €35,155 | €82,855 | +€47,700 | +136% |
| Profit (loss) carried forward | 14 | €102,726 | €102,748 | +€23 | 0.0% |
| Provisions and deferred taxes | 16 | €28,000 | - | -€28,000 | |
| Provisions for liabilities and charges | 160/5 | €28,000 | - | -€28,000 | |
| Other liabilities and charges | 164/5 | €28,000 | - | -€28,000 | |
| Amounts payable | 17/49 | €845,739 | €752,124 | -€93,616 | -11.1% |
| Amounts payable after more than one year | 17 | €639,393 | €552,148 | -€87,245 | -13.6% |
| Financial debts | 170/4 | €639,393 | €552,148 | -€87,245 | -13.6% |
| Amounts payable within one year | 42/48 | €206,346 | €199,975 | -€6,371 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €104,006 | €110,555 | +€6,549 | +6.3% |
| Trade debts | 44 | €4,264 | €8,290 | +€4,025 | +94.4% |
| Suppliers | 440/4 | €4,264 | €8,290 | +€4,025 | +94.4% |
| Advances received on contracts in progress | 46 | €2,503 | €810 | -€1,693 | -67.6% |
| Taxes, remuneration and social security | 45 | €79,573 | €78,938 | -€635 | -0.8% |
| Taxes | 450/3 | €41,709 | €28,810 | -€12,898 | -30.9% |
| Remuneration and social security | 454/9 | €37,864 | €50,128 | +€12,264 | +32.4% |
| Other amounts payable | 47/48 | €16,000 | €1,382 | -€14,618 | -91.4% |
| Remuneration, social security and pensions | 62 | €179,270 | €226,171 | +€46,901 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,280 | €124,586 | +€6,305 | +5.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €28,000 | -€28,000 | -€56,000 | |
| Other operating charges | 640/8 | €4,105 | €4,558 | +€453 | +11.0% |
| Gross operating margin | 9900 | €404,868 | €437,512 | +€32,643 | +8.1% |
| Operating profit (loss) | 9901 | €75,212 | €110,197 | +€34,984 | +46.5% |
| Financial income | 75/76B | €17,345 | €2,277 | -€15,068 | -86.9% |
| Recurring financial income | 75 | €17,345 | €2,277 | -€15,068 | -86.9% |
| Financial charges | 65/66B | €77,327 | €38,516 | -€38,811 | -50.2% |
| Recurring financial charges | 65 | €77,327 | €38,516 | -€38,811 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €15,230 | €73,957 | +€58,728 | +386% |
| Income taxes | 67/77 | €8,533 | €26,235 | +€17,702 | +207% |
| Profit (loss) for the period | 9904 | €6,697 | €47,723 | +€41,026 | +613% |
| Profit (loss) for the period to be appropriated | 9905 | €6,697 | €47,723 | +€41,026 | +613% |
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 16 October 2026 via checked.be.