HERBERT: 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.
HERBERT
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year -€465,630
down €465,630 (-98.6%), from €472,042 to €6,411
of which Other amounts receivable: -€349,949
- Tangible fixed assets -€113,447
down €113,447 (-5.5%), from €2.1m to €2.0m
- Cash +€110,571
up €110,571 (+43.7%), from €253,023 to €363,594
mainly Receivables within one year (+€465,630) and Net result for the year (+€137,633)
- Reserves +€137,633
up €137,633 (+11.9%), from €1.2m to €1.3m
- Debts after one year -€106,248
down €106,248 (-10.8%), from €982,834 to €876,586
- Gross operating margin +€9,333
up €9,333 (+2.6%), from €364,173 to €373,506
- Financial income -€6,975
down €6,975 (-44.2%), from €15,793 to €8,818
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 | €2,807,363 | €2,839,053 | +€31,690 | +1.1% |
| Fixed assets | 21/28 | €2,072,635 | €1,959,188 | -€113,447 | -5.5% |
| Tangible fixed assets | 22/27 | €2,072,635 | €1,959,188 | -€113,447 | -5.5% |
| Land and buildings | 22 | €2,072,635 | €1,959,188 | -€113,447 | -5.5% |
| Current assets | 29/58 | €734,728 | €879,866 | +€145,138 | +19.8% |
| Amounts receivable within one year | 40/41 | €472,042 | €6,411 | -€465,630 | -98.6% |
| Trade receivables | 40 | €120,970 | €5,289 | -€115,681 | -95.6% |
| Other amounts receivable | 41 | €351,072 | €1,122 | -€349,949 | -99.7% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €253,023 | €363,594 | +€110,571 | +43.7% |
| Deferred charges and accrued income | 490/1 | €9,663 | €9,860 | +€197 | +2.0% |
| Total equity and liabilities | 10/49 | €2,807,363 | €2,839,053 | +€31,690 | +1.1% |
| Equity | 10/15 | €1,699,414 | €1,837,047 | +€137,633 | +8.1% |
| Contributions | 10/11 | €538,021 | €538,021 | = | 0.0% |
| Reserves | 13 | €1,161,393 | €1,299,026 | +€137,633 | +11.9% |
| Distributable reserves | 133 | €1,161,393 | €1,299,026 | +€137,633 | +11.9% |
| Amounts payable | 17/49 | €1,107,949 | €1,002,006 | -€105,943 | -9.6% |
| Amounts payable after more than one year | 17 | €982,834 | €876,586 | -€106,248 | -10.8% |
| Financial debts | 170/4 | €982,834 | €876,586 | -€106,248 | -10.8% |
| Amounts payable within one year | 42/48 | €124,281 | €124,603 | +€322 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €106,248 | €106,248 | = | 0.0% |
| Trade debts | 44 | €6,185 | €6,478 | +€292 | +4.7% |
| Suppliers | 440/4 | €6,185 | €6,478 | +€292 | +4.7% |
| Taxes, remuneration and social security | 45 | €11,848 | €11,878 | +€30 | +0.3% |
| Taxes | 450/3 | €11,848 | €11,878 | +€30 | +0.3% |
| Accrued charges and deferred income | 492/3 | €834 | €817 | -€17 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,075 | €113,447 | -€1,627 | -1.4% |
| Other operating charges | 640/8 | €42,654 | €43,952 | +€1,297 | +3.0% |
| Gross operating margin | 9900 | €364,173 | €373,506 | +€9,333 | +2.6% |
| Operating profit (loss) | 9901 | €206,444 | €216,107 | +€9,663 | +4.7% |
| Financial income | 75/76B | €15,793 | €8,818 | -€6,975 | -44.2% |
| Recurring financial income | 75 | €15,793 | €8,818 | -€6,975 | -44.2% |
| Financial charges | 65/66B | €27,646 | €25,414 | -€2,232 | -8.1% |
| Recurring financial charges | 65 | €27,646 | €25,414 | -€2,232 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €194,591 | €199,510 | +€4,919 | +2.5% |
| Income taxes | 67/77 | €59,848 | €61,878 | +€2,030 | +3.4% |
| Profit (loss) for the period | 9904 | €134,743 | €137,633 | +€2,889 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €134,743 | €137,633 | +€2,889 | +2.1% |
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 4 October 2026 via checked.be.