HERBOTS PIGEONS: 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.
HERBOTS PIGEONS
Largest movements
- Tangible fixed assets +€120,318
up €120,318 (+42.5%), from €283,156 to €403,474
of which Land and buildings: +€118,929
- Receivables within one year -€74,818
down €74,818 (-24.4%), from €306,528 to €231,710
of which Other amounts receivable: -€110,803
- Cash -€20,530
down €20,530 (-24.0%), from €85,399 to €64,869
mainly Investment in fixed assets (net) (-€150,816) and Contributions, distributions and other (-€70,525)
- Reserves +€44,807
up €44,807 (+9.4%), from €475,347 to €520,154
- Debts after one year -€22,579
down €22,579 (-13.5%), from €167,311 to €144,732
of which Financial debts: -€28,730
- Gross operating margin +€51,033
up €51,033 (+20.3%), from €250,945 to €301,978
- Financial income -€5,830
down €5,830 (-98.8%), from €5,901 to €71
- Staff costs +€5,385
up €5,385 (+5.1%), from €105,578 to €110,963
- Financial charges -€4,818
down €4,818 (-35.7%), from €13,483 to €8,665
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 | €800,914 | €825,553 | +€24,639 | +3.1% |
| Fixed assets | 21/28 | €300,103 | €414,370 | +€114,267 | +38.1% |
| Intangible fixed assets | 21 | €16,946 | €10,896 | -€6,051 | -35.7% |
| Tangible fixed assets | 22/27 | €283,156 | €403,474 | +€120,318 | +42.5% |
| Land and buildings | 22 | €264,380 | €383,309 | +€118,929 | +45.0% |
| Plant, machinery and equipment | 23 | €3,164 | €8,841 | +€5,678 | +179% |
| Furniture and vehicles | 24 | €3,672 | €2,716 | -€957 | -26.0% |
| Leasing and similar rights | 25 | €11,941 | €8,608 | -€3,332 | -27.9% |
| Current assets | 29/58 | €500,812 | €411,184 | -€89,628 | -17.9% |
| Stocks and contracts in progress | 3 | €104,900 | €108,650 | +€3,750 | +3.6% |
| Stocks | 30/36 | €104,900 | €108,650 | +€3,750 | +3.6% |
| Amounts receivable within one year | 40/41 | €306,528 | €231,710 | -€74,818 | -24.4% |
| Trade receivables | 40 | €190,709 | €226,694 | +€35,985 | +18.9% |
| Other amounts receivable | 41 | €115,819 | €5,016 | -€110,803 | -95.7% |
| Cash at bank and in hand | 54/58 | €85,399 | €64,869 | -€20,530 | -24.0% |
| Deferred charges and accrued income | 490/1 | €3,985 | €5,955 | +€1,970 | +49.4% |
| Total equity and liabilities | 10/49 | €800,914 | €825,553 | +€24,639 | +3.1% |
| Equity | 10/15 | €495,347 | €540,154 | +€44,807 | +9.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €475,347 | €520,154 | +€44,807 | +9.4% |
| Distributable reserves | 133 | €475,347 | €520,154 | +€44,807 | +9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €69,286 | €69,286 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €69,286 | €69,286 | = | 0.0% |
| Pensions and similar obligations | 160 | €69,286 | €69,286 | = | 0.0% |
| Amounts payable | 17/49 | €236,282 | €216,114 | -€20,168 | -8.5% |
| Amounts payable after more than one year | 17 | €167,311 | €144,732 | -€22,579 | -13.5% |
| Financial debts | 170/4 | €107,447 | €78,717 | -€28,730 | -26.7% |
| Other amounts payable | 178/9 | €59,864 | €66,016 | +€6,151 | +10.3% |
| Amounts payable within one year | 42/48 | €64,838 | €66,651 | +€1,813 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €27,272 | €28,455 | +€1,183 | +4.3% |
| Trade debts | 44 | €8,528 | €14,492 | +€5,965 | +69.9% |
| Suppliers | 440/4 | €8,528 | €14,492 | +€5,965 | +69.9% |
| Taxes, remuneration and social security | 45 | €28,533 | €23,704 | -€4,829 | -16.9% |
| Taxes | 450/3 | €17,769 | €11,275 | -€6,494 | -36.5% |
| Remuneration and social security | 454/9 | €10,764 | €12,429 | +€1,665 | +15.5% |
| Other amounts payable | 47/48 | €506 | €0 | -€506 | -100% |
| Accrued charges and deferred income | 492/3 | €4,132 | €4,730 | +€598 | +14.5% |
| Remuneration, social security and pensions | 62 | €105,578 | €110,963 | +€5,385 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,904 | €36,549 | -€356 | -1.0% |
| Other operating charges | 640/8 | €2,409 | €2,549 | +€140 | +5.8% |
| Gross operating margin | 9900 | €250,945 | €301,978 | +€51,033 | +20.3% |
| Operating profit (loss) | 9901 | €106,054 | €151,917 | +€45,864 | +43.2% |
| Financial income | 75/76B | €5,901 | €71 | -€5,830 | -98.8% |
| Recurring financial income | 75 | €5,901 | €71 | -€5,830 | -98.8% |
| Financial charges | 65/66B | €13,483 | €8,665 | -€4,818 | -35.7% |
| Recurring financial charges | 65 | €13,483 | €8,665 | -€4,818 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €98,472 | €143,323 | +€44,851 | +45.5% |
| Income taxes | 67/77 | €27,961 | €27,990 | +€29 | +0.1% |
| Profit (loss) for the period | 9904 | €70,511 | €115,333 | +€44,822 | +63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,511 | €115,333 | +€44,822 | +63.6% |
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 17 October 2026 via checked.be.