HERBRAND: 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.
HERBRAND
Largest movements
- Tangible fixed assets -€136,303
down €136,303 (-52.7%), from €258,438 to €122,135
of which Leasing and similar rights: -€108,930
- Receivables within one year -€53,714
down €53,714 (-50.8%), from €105,739 to €52,025
of which Trade receivables: -€46,852
- Debts after one year -€109,416
down €109,416 (-76.9%), from €142,242 to €32,826
- Trade debts -€56,622
down €56,622 (-69.9%), from €81,053 to €24,431
- Short-term financial debts -€37,934
down €37,934 (-31.8%), from €119,441 to €81,507
- Reserves +€30,145
up €30,145 (+308.9%), from €9,759 to €39,904
of which Distributable reserves: +€39,904
- Current portion of long-term debt -€28,193
down €28,193 (-71.2%), from €39,585 to €11,392
- Depreciation -€43,131
down €43,131 (-64.2%), from €67,211 to €24,080
- Staff costs -€42,689
down €42,689 (-21.8%), from €195,978 to €153,289
- Other operating charges +€15,533
up €15,533 (+392.8%), from €3,954 to €19,487
- Taxes +€10,961
up €10,961 (+1581.7%), from €693 to €11,654
- Gross operating margin -€6,657
down €6,657 (-2.5%), from €269,074 to €262,417
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 | €563,198 | €371,604 | -€191,594 | -34.0% |
| Fixed assets | 21/28 | €258,438 | €122,135 | -€136,303 | -52.7% |
| Tangible fixed assets | 22/27 | €258,438 | €122,135 | -€136,303 | -52.7% |
| Land and buildings | 22 | €80,675 | €73,126 | -€7,549 | -9.4% |
| Plant, machinery and equipment | 23 | €19,934 | €11,777 | -€8,157 | -40.9% |
| Furniture and vehicles | 24 | €48,899 | €37,232 | -€11,667 | -23.9% |
| Leasing and similar rights | 25 | €108,930 | - | -€108,930 | |
| Current assets | 29/58 | €304,760 | €249,469 | -€55,291 | -18.1% |
| Amounts receivable after more than one year | 29 | €135 | - | -€135 | |
| Other amounts receivable | 291 | €135 | - | -€135 | |
| Stocks and contracts in progress | 3 | €174,399 | €174,437 | +€38 | 0.0% |
| Stocks | 30/36 | €174,399 | €174,437 | +€38 | 0.0% |
| Amounts receivable within one year | 40/41 | €105,739 | €52,025 | -€53,714 | -50.8% |
| Trade receivables | 40 | €96,302 | €49,450 | -€46,852 | -48.7% |
| Other amounts receivable | 41 | €9,437 | €2,575 | -€6,862 | -72.7% |
| Cash at bank and in hand | 54/58 | €13,619 | €17,613 | +€3,994 | +29.3% |
| Deferred charges and accrued income | 490/1 | €10,868 | €5,394 | -€5,474 | -50.4% |
| Total equity and liabilities | 10/49 | €563,198 | €371,604 | -€191,594 | -34.0% |
| Equity | 10/15 | €154,903 | €184,122 | +€29,219 | +18.9% |
| Contributions | 10/11 | €18,550 | €20,405 | +€1,855 | +10.0% |
| Capital | 10 | €18,550 | - | -€18,550 | |
| Issued capital | 100 | €18,550 | - | -€18,550 | |
| Reserves | 13 | €9,759 | €39,904 | +€30,145 | +308.9% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Legal reserve | 130 | €1,855 | - | -€1,855 | |
| Tax-exempt reserves | 132 | €7,904 | - | -€7,904 | |
| Distributable reserves | 133 | - | €39,904 | +€39,904 | |
| Profit (loss) carried forward | 14 | €124,119 | €123,798 | -€321 | -0.3% |
| Investment grants | 15 | €2,475 | €15 | -€2,460 | -99.4% |
| Amounts payable | 17/49 | €408,295 | €187,482 | -€220,813 | -54.1% |
| Amounts payable after more than one year | 17 | €142,242 | €32,826 | -€109,416 | -76.9% |
| Financial debts | 170/4 | €142,242 | €32,826 | -€109,416 | -76.9% |
| Amounts payable within one year | 42/48 | €262,390 | €154,534 | -€107,856 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €39,585 | €11,392 | -€28,193 | -71.2% |
| Financial debts | 43 | €119,441 | €81,507 | -€37,934 | -31.8% |
| Credit institutions | 430/8 | €119,441 | €81,507 | -€37,934 | -31.8% |
| Trade debts | 44 | €81,053 | €24,431 | -€56,622 | -69.9% |
| Suppliers | 440/4 | €81,053 | €24,431 | -€56,622 | -69.9% |
| Taxes, remuneration and social security | 45 | €20,785 | €35,515 | +€14,730 | +70.9% |
| Taxes | 450/3 | €6,912 | €22,501 | +€15,589 | +225.5% |
| Remuneration and social security | 454/9 | €13,873 | €13,014 | -€859 | -6.2% |
| Other amounts payable | 47/48 | €1,526 | €1,689 | +€163 | +10.7% |
| Accrued charges and deferred income | 492/3 | €3,663 | €122 | -€3,541 | -96.7% |
| Remuneration, social security and pensions | 62 | €195,978 | €153,289 | -€42,689 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,211 | €24,080 | -€43,131 | -64.2% |
| Other operating charges | 640/8 | €3,954 | €19,487 | +€15,533 | +392.8% |
| Gross operating margin | 9900 | €269,074 | €262,417 | -€6,657 | -2.5% |
| Operating profit (loss) | 9901 | €1,931 | €65,561 | +€63,630 | +3295.2% |
| Financial income | 75/76B | €2,612 | €2,082 | -€530 | -20.3% |
| Recurring financial income | 75 | €2,612 | €2,082 | -€530 | -20.3% |
| Financial charges | 65/66B | €25,224 | €23,477 | -€1,747 | -6.9% |
| Recurring financial charges | 65 | €25,224 | €23,477 | -€1,747 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,681 | €44,166 | +€64,847 | |
| Income taxes | 67/77 | €693 | €11,654 | +€10,961 | +1581.7% |
| Profit (loss) for the period | 9904 | -€21,374 | €32,512 | +€53,886 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,374 | €32,512 | +€53,886 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.