HERBOVAN: 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.
HERBOVAN
Largest movements
- Tangible fixed assets +€241,023
up €241,023 (+717.1%), from €33,611 to €274,635
of which Land and buildings: +€242,499
- Stocks and contracts -€124,991
down €124,991 (-100.0%), from €124,991 to €0
- Receivables within one year +€51,358
up €51,358 (+86.3%), from €59,529 to €110,887
of which Trade receivables: +€49,060
- Intangible fixed assets +€44,975
new in 2025: €44,975
- Cash +€38,192
up €38,192 (+300.8%), from €12,698 to €50,891
mainly Contributions, distributions and other (+€245,400) and Stocks and contracts (+€124,991)
- Contributions +€245,400
up €245,400 (+1291.6%), from €19,000 to €264,400
- Trade debts +€12,184
up €12,184 (+36.8%), from €33,105 to €45,289
- Current portion of long-term debt -€11,247
down €11,247 (-100.0%), from €11,247 to €0
- Other debts -€5,337
down €5,337 (-100.0%), from €5,337 to €0
- Gross operating margin -€22,957
down €22,957 (-25.7%), from €89,412 to €66,455
- Staff costs +€14,511
up €14,511 (+41.9%), from €34,671 to €49,182
- Depreciation -€12,508
down €12,508 (-74.0%), from €16,909 to €4,401
- Taxes -€6,028
down €6,028 (-85.6%), from €7,046 to €1,018
- Financial charges -€1,043
down €1,043 (-19.3%), from €5,398 to €4,355
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 | €233,863 | €481,387 | +€247,525 | +105.8% |
| Fixed assets | 21/28 | €33,611 | €319,610 | +€285,999 | +850.9% |
| Intangible fixed assets | 21 | - | €44,975 | +€44,975 | |
| Tangible fixed assets | 22/27 | €33,611 | €274,635 | +€241,023 | +717.1% |
| Land and buildings | 22 | €29,299 | €271,798 | +€242,499 | +827.7% |
| Plant, machinery and equipment | 23 | €3,764 | €2,647 | -€1,116 | -29.7% |
| Furniture and vehicles | 24 | €549 | €189 | -€360 | -65.5% |
| Current assets | 29/58 | €200,251 | €161,777 | -€38,474 | -19.2% |
| Stocks and contracts in progress | 3 | €124,991 | €0 | -€124,991 | -100.0% |
| Stocks | 30/36 | €124,991 | €0 | -€124,991 | -100.0% |
| Amounts receivable within one year | 40/41 | €59,529 | €110,887 | +€51,358 | +86.3% |
| Trade receivables | 40 | €52,808 | €101,868 | +€49,060 | +92.9% |
| Other amounts receivable | 41 | €6,721 | €9,019 | +€2,298 | +34.2% |
| Cash at bank and in hand | 54/58 | €12,698 | €50,891 | +€38,192 | +300.8% |
| Deferred charges and accrued income | 490/1 | €3,033 | €0 | -€3,033 | -100.0% |
| Total equity and liabilities | 10/49 | €233,863 | €481,387 | +€247,525 | +105.8% |
| Equity | 10/15 | €178,929 | €427,383 | +€248,454 | +138.9% |
| Contributions | 10/11 | €19,000 | €264,400 | +€245,400 | +1291.6% |
| Reserves | 13 | €130,247 | €130,247 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,347 | €8,347 | = | 0.0% |
| Distributable reserves | 133 | €121,900 | €121,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,681 | €32,735 | +€3,054 | +10.3% |
| Amounts payable | 17/49 | €54,934 | €54,005 | -€929 | -1.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €54,934 | €54,005 | -€929 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €11,247 | €0 | -€11,247 | -100.0% |
| Trade debts | 44 | €33,105 | €45,289 | +€12,184 | +36.8% |
| Suppliers | 440/4 | €33,105 | €45,289 | +€12,184 | +36.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,246 | €8,716 | +€3,470 | +66.1% |
| Taxes | 450/3 | €0 | €6,577 | +€6,577 | |
| Remuneration and social security | 454/9 | €5,246 | €2,139 | -€3,107 | -59.2% |
| Other amounts payable | 47/48 | €5,337 | €0 | -€5,337 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Remuneration, social security and pensions | 62 | €34,671 | €49,182 | +€14,511 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,909 | €4,401 | -€12,508 | -74.0% |
| Other operating charges | 640/8 | €4,909 | €4,894 | -€15 | -0.3% |
| Gross operating margin | 9900 | €89,412 | €66,455 | -€22,957 | -25.7% |
| Operating profit (loss) | 9901 | €32,924 | €7,978 | -€24,946 | -75.8% |
| Financial income | 75/76B | €243 | €449 | +€205 | +84.4% |
| Recurring financial income | 75 | €243 | €449 | +€205 | +84.4% |
| Financial charges | 65/66B | €5,398 | €4,355 | -€1,043 | -19.3% |
| Recurring financial charges | 65 | €5,398 | €4,355 | -€1,043 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €27,769 | €4,072 | -€23,697 | -85.3% |
| Income taxes | 67/77 | €7,046 | €1,018 | -€6,028 | -85.6% |
| Profit (loss) for the period | 9904 | €20,723 | €3,054 | -€17,669 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,723 | €3,054 | -€17,669 | -85.3% |
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 7 October 2026 via checked.be.