HERCABO: 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.
What changed
HERCABO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €1.5m+€139,951
Equity
€19.3m
2024 · €17.8m+€1.6m
Cash
€507,435
2024 · €989,058-€481,623
Balance sheet total
€22.3m
2024 · €21.6m+€708,446
Largest movements
Assets
- Current investments +€1.7m
up €1.7m (+59.6%), from €2.8m to €4.4m
- Stocks and contracts -€865,639
down €865,639 (-72.9%), from €1.2m to €321,842
- Tangible fixed assets +€602,151
up €602,151 (+12.5%), from €4.8m to €5.4m
- Cash -€481,623
down €481,623 (-48.7%), from €989,058 to €507,435
mainly Current investments (-€1.7m) and Debts after one year (-€875,000)
Equity and liabilities
- Reserves +€1.4m
up €1.4m (+15.7%), from €9.1m to €10.5m
of which Distributable reserves: +€1.4m
- Debts after one year -€875,000
down €875,000 (-67.6%), from €1.3m to €418,750
Income statement
- Gross operating margin +€161,155
up €161,155 (+63.2%), from €255,075 to €416,230
- Staff costs +€106,237
new in 2025: €106,237
- Financial income +€96,301
up €96,301 (+6.3%), from €1.5m to €1.6m
- Taxes +€15,676
up €15,676 (+53.9%), from €29,058 to €44,733
- Financial charges -€4,670
down €4,670 (-5.2%), from €89,603 to €84,933
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.
Result 2024
€1.5m
Gross operating margin
+€161,155
Staff costs
-€106,237
Depreciation
-€1
Other operating charges
-€261
Financial income
+€96,301
Financial charges
+€4,670
Taxes
-€15,676
Result 2025
€1.7m
raises the resultlowers the result
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.
From operations
+€2.9m
Investment
-€2.4m
Financing
-€975,000
Cash 2024
€989,058
From operations (derived)
+€2.9m
Net result for the year
+€1.7m
Depreciation
+€124,782
Stocks and contracts
+€865,639
Receivables within one year
+€204,074
Deferred charges and accrued income
-€7,631
Provisions
-€6,378
Trade debts
+€3,415
Tax, wage and social debts
+€19,918
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€726,934
Current investments
-€1.7m
Financing
-€975,000
Debts after one year
-€875,000
Contributions, distributions and other
-€100,000
Cash 2025
€507,435
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,550,608 | €22,259,054 | +€708,446 | +3.3% |
| Fixed assets | 21/28 | €16,241,009 | €16,843,160 | +€602,151 | +3.7% |
| Tangible fixed assets | 22/27 | €4,810,839 | €5,412,990 | +€602,151 | +12.5% |
| Land and buildings | 22 | €4,810,839 | €5,412,990 | +€602,151 | +12.5% |
| Financial fixed assets | 28 | €11,430,170 | €11,430,170 | = | 0.0% |
| Current assets | 29/58 | €5,309,599 | €5,415,894 | +€106,295 | +2.0% |
| Stocks and contracts in progress | 3 | €1,187,481 | €321,842 | -€865,639 | -72.9% |
| Stocks | 30/36 | €1,187,481 | €321,842 | -€865,639 | -72.9% |
| Amounts receivable within one year | 40/41 | €356,309 | €152,236 | -€204,074 | -57.3% |
| Trade receivables | 40 | - | €21,054 | +€21,054 | |
| Other amounts receivable | 41 | €356,309 | €131,182 | -€225,127 | -63.2% |
| Current investments | 50/53 | €2,767,550 | €4,417,550 | +€1.7m | +59.6% |
| Cash at bank and in hand | 54/58 | €989,058 | €507,435 | -€481,623 | -48.7% |
| Deferred charges and accrued income | 490/1 | €9,201 | €16,832 | +€7,631 | +82.9% |
| Total equity and liabilities | 10/49 | €21,550,608 | €22,259,054 | +€708,446 | +3.3% |
| Equity | 10/15 | €17,776,189 | €19,342,680 | +€1.6m | +8.8% |
| Contributions | 10/11 | €7,265,170 | €7,265,170 | = | 0.0% |
| Capital | 10 | €7,265,170 | €7,265,170 | = | 0.0% |
| Issued capital | 100 | €7,265,170 | €7,265,170 | = | 0.0% |
| Reserves | 13 | €9,065,347 | €10,491,886 | +€1.4m | +15.7% |
| Non-distributable reserves | 130/1 | €726,517 | €726,517 | = | 0.0% |
| Legal reserve | 130 | €726,517 | €726,517 | = | 0.0% |
| Tax-exempt reserves | 132 | €507,844 | €488,711 | -€19,133 | -3.8% |
| Distributable reserves | 133 | €7,830,986 | €9,276,659 | +€1.4m | +18.5% |
| Profit (loss) carried forward | 14 | €1,445,672 | €1,585,624 | +€139,951 | +9.7% |
| Provisions and deferred taxes | 16 | €169,281 | €162,904 | -€6,378 | -3.8% |
| Deferred taxes | 168 | €169,281 | €162,904 | -€6,378 | -3.8% |
| Amounts payable | 17/49 | €3,605,137 | €2,753,470 | -€851,667 | -23.6% |
| Amounts payable after more than one year | 17 | €1,293,750 | €418,750 | -€875,000 | -67.6% |
| Financial debts | 170/4 | €1,293,750 | €418,750 | -€875,000 | -67.6% |
| Amounts payable within one year | 42/48 | €2,311,388 | €2,334,721 | +€23,333 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €875,000 | €875,000 | = | 0.0% |
| Trade debts | 44 | €9,438 | €12,853 | +€3,415 | +36.2% |
| Suppliers | 440/4 | €9,438 | €12,853 | +€3,415 | +36.2% |
| Taxes, remuneration and social security | 45 | €24,449 | €44,367 | +€19,918 | +81.5% |
| Taxes | 450/3 | €24,449 | €28,209 | +€3,760 | +15.4% |
| Remuneration and social security | 454/9 | - | €16,158 | +€16,158 | |
| Other amounts payable | 47/48 | €1,402,500 | €1,402,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €106,237 | +€106,237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,781 | €124,782 | +€1 | 0.0% |
| Other operating charges | 640/8 | €17,863 | €18,124 | +€261 | +1.5% |
| Gross operating margin | 9900 | €255,075 | €416,230 | +€161,155 | +63.2% |
| Operating profit (loss) | 9901 | €112,431 | €167,086 | +€54,656 | +48.6% |
| Financial income | 75/76B | €1,526,392 | €1,622,694 | +€96,301 | +6.3% |
| Recurring financial income | 75 | €1,526,392 | €1,622,694 | +€96,301 | +6.3% |
| Financial charges | 65/66B | €89,603 | €84,933 | -€4,670 | -5.2% |
| Recurring financial charges | 65 | €89,603 | €84,933 | -€4,670 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €1,549,220 | €1,704,847 | +€155,627 | +10.0% |
| Transfer from deferred taxes | 780 | €6,378 | €6,378 | = | 0.0% |
| Income taxes | 67/77 | €29,058 | €44,733 | +€15,676 | +53.9% |
| Profit (loss) for the period | 9904 | €1,526,540 | €1,666,491 | +€139,951 | +9.2% |
| Transfer from tax-exempt reserves | 789 | €19,133 | €19,133 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,545,672 | €1,685,624 | +€139,951 | +9.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.