HERBORT: 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.
HERBORT
Largest movements
- Receivables within one year -€81,642
down €81,642 (-77.7%), from €105,127 to €23,486
of which Trade receivables: -€79,040
- Stocks and contracts +€34,397
new in 2025: €34,397
- Tangible fixed assets -€12,089
down €12,089 (-2.9%), from €412,989 to €400,900
- Current investments -€6,963
down €6,963 (-5.1%), from €136,687 to €129,723
- Other debts -€111,974
down €111,974 (-29.7%), from €377,396 to €265,422
- Trade debts -€91,516
down €91,516 (-85.6%), from €106,851 to €15,335
- Debts after one year +€90,393
new in 2025: €90,393
- Current portion of long-term debt +€21,336
new in 2025: €21,336
- Accrued charges and deferred income +€10,710
new in 2025: €10,710
- Gross operating margin -€46,044
down €46,044 (-50.6%), from €90,975 to €44,931
- Other operating charges +€14,594
up €14,594 (+10386.8%), from €141 to €14,734
- Depreciation -€7,436
down €7,436 (-36.7%), from €20,254 to €12,817
- Taxes +€7,018
up €7,018 (+292.7%), from €2,398 to €9,415
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €659,559 | €592,601 | -€66,958 | -10.2% |
| Fixed assets | 21/28 | €414,317 | €401,500 | -€12,817 | -3.1% |
| Intangible fixed assets | 21 | €728 | - | -€728 | |
| Tangible fixed assets | 22/27 | €412,989 | €400,900 | -€12,089 | -2.9% |
| Land and buildings | 22 | €412,989 | €400,900 | -€12,089 | -2.9% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €245,242 | €191,102 | -€54,140 | -22.1% |
| Stocks and contracts in progress | 3 | - | €34,397 | +€34,397 | |
| Stocks | 30/36 | - | €34,397 | +€34,397 | |
| Amounts receivable within one year | 40/41 | €105,127 | €23,486 | -€81,642 | -77.7% |
| Trade receivables | 40 | €102,525 | €23,486 | -€79,040 | -77.1% |
| Other amounts receivable | 41 | €2,602 | - | -€2,602 | |
| Current investments | 50/53 | €136,687 | €129,723 | -€6,963 | -5.1% |
| Deferred charges and accrued income | 490/1 | €3,428 | €3,496 | +€69 | +2.0% |
| Total equity and liabilities | 10/49 | €659,559 | €592,601 | -€66,958 | -10.2% |
| Equity | 10/15 | €171,217 | €178,029 | +€6,812 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,017 | €171,829 | +€6,812 | +4.1% |
| Distributable reserves | 133 | €165,017 | €171,829 | +€6,812 | +4.1% |
| Amounts payable | 17/49 | €488,342 | €414,572 | -€73,770 | -15.1% |
| Amounts payable after more than one year | 17 | - | €90,393 | +€90,393 | |
| Financial debts | 170/4 | - | €90,393 | +€90,393 | |
| Amounts payable within one year | 42/48 | €488,342 | €313,469 | -€174,873 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | - | €21,336 | +€21,336 | |
| Trade debts | 44 | €106,851 | €15,335 | -€91,516 | -85.6% |
| Suppliers | 440/4 | €106,851 | €15,335 | -€91,516 | -85.6% |
| Taxes, remuneration and social security | 45 | €4,095 | €11,377 | +€7,282 | +177.8% |
| Taxes | 450/3 | €4,095 | €11,377 | +€7,282 | +177.8% |
| Other amounts payable | 47/48 | €377,396 | €265,422 | -€111,974 | -29.7% |
| Accrued charges and deferred income | 492/3 | - | €10,710 | +€10,710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,254 | €12,817 | -€7,436 | -36.7% |
| Other operating charges | 640/8 | €141 | €14,734 | +€14,594 | +10386.8% |
| Gross operating margin | 9900 | €90,975 | €44,931 | -€46,044 | -50.6% |
| Operating profit (loss) | 9901 | €70,581 | €17,379 | -€53,202 | -75.4% |
| Financial charges | 65/66B | €626 | €1,152 | +€525 | +83.9% |
| Recurring financial charges | 65 | €626 | €1,152 | +€525 | +83.9% |
| Profit (loss) for the period before taxes | 9903 | €69,955 | €16,227 | -€53,727 | -76.8% |
| Income taxes | 67/77 | €2,398 | €9,415 | +€7,018 | +292.7% |
| Profit (loss) for the period | 9904 | €67,557 | €6,812 | -€60,745 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,557 | €6,812 | -€60,745 | -89.9% |
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 6 October 2026 via checked.be.