HERCAS: 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.
HERCAS
Largest movements
- Receivables within one year +€1.7m
up €1.7m (+26842334.0%), from €6 to €1.7m
- Financial fixed assets +€250,000
up €250,000 (+3.1%), from €8.2m to €8.4m
- Reserves +€3.2m
up €3.2m (+180.6%), from €1.8m to €5.0m
of which Distributable reserves: +€3.2m
- Other debts -€1.1m
down €1.1m (-86.3%), from €1.3m to €178,404
- Financial income +€3.0m
up €3.0m (+7212149.2%), from €42 to €3.0m
- Gross operating margin -€149,976
down €149,976 (-34.3%), from €437,406 to €287,430
- Taxes -€34,065
down €34,065 (-33.1%), from €102,818 to €68,753
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,168,121 | €10,109,190 | +€1.9m | +23.8% |
| Fixed assets | 21/28 | €8,168,114 | €8,418,114 | +€250,000 | +3.1% |
| Financial fixed assets | 28 | €8,168,114 | €8,418,114 | +€250,000 | +3.1% |
| Current assets | 29/58 | €6 | €1,691,076 | +€1.7m | +26056536.2% |
| Amounts receivable within one year | 40/41 | €6 | €1,691,073 | +€1.7m | +26842334.0% |
| Other amounts receivable | 41 | €6 | €1,691,073 | +€1.7m | +26842334.0% |
| Cash at bank and in hand | 54/58 | €0 | €2 | +€2 | +1136.8% |
| Total equity and liabilities | 10/49 | €8,168,121 | €10,109,190 | +€1.9m | +23.8% |
| Equity | 10/15 | €4,955,069 | €8,158,009 | +€3.2m | +64.6% |
| Contributions | 10/11 | €3,009,917 | €3,009,917 | = | 0.0% |
| Capital | 10 | €3,009,917 | €3,009,917 | = | 0.0% |
| Issued capital | 100 | €3,009,917 | €3,009,917 | = | 0.0% |
| Reserves | 13 | €1,773,860 | €4,976,800 | +€3.2m | +180.6% |
| Non-distributable reserves | 130/1 | €300,992 | €300,992 | = | 0.0% |
| Legal reserve | 130 | €300,992 | €300,992 | = | 0.0% |
| Distributable reserves | 133 | €1,472,868 | €4,675,808 | +€3.2m | +217.5% |
| Profit (loss) carried forward | 14 | €171,292 | €171,292 | = | 0.0% |
| Amounts payable | 17/49 | €3,213,052 | €1,951,181 | -€1.3m | -39.3% |
| Amounts payable after more than one year | 17 | €1,771,750 | €1,670,774 | -€100,976 | -5.7% |
| Financial debts | 170/4 | €1,771,750 | €1,670,774 | -€100,976 | -5.7% |
| Amounts payable within one year | 42/48 | €1,417,324 | €280,407 | -€1.1m | -80.2% |
| Current portion of amounts payable after more than one year | 42 | €108,837 | €93,250 | -€15,587 | -14.3% |
| Taxes, remuneration and social security | 45 | €10,318 | €8,753 | -€1,565 | -15.2% |
| Taxes | 450/3 | €10,318 | €8,753 | -€1,565 | -15.2% |
| Other amounts payable | 47/48 | €1,298,170 | €178,404 | -€1.1m | -86.3% |
| Accrued charges and deferred income | 492/3 | €23,978 | - | -€23,978 | |
| Other operating charges | 640/8 | €1,320 | €1,528 | +€208 | +15.8% |
| Gross operating margin | 9900 | €437,406 | €287,430 | -€149,976 | -34.3% |
| Operating profit (loss) | 9901 | €436,086 | €285,902 | -€150,184 | -34.4% |
| Financial income | 75/76B | €42 | €3,011,114 | +€3.0m | +7212149.2% |
| Recurring financial income | 75 | €42 | €3,011,114 | +€3.0m | +7212149.2% |
| Financial charges | 65/66B | €28,958 | €25,323 | -€3,635 | -12.6% |
| Recurring financial charges | 65 | €28,958 | €25,323 | -€3,635 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €407,170 | €3,271,693 | +€2.9m | +703.5% |
| Income taxes | 67/77 | €102,818 | €68,753 | -€34,065 | -33.1% |
| Profit (loss) for the period | 9904 | €304,352 | €3,202,940 | +€2.9m | +952.4% |
| Profit (loss) for the period to be appropriated | 9905 | €304,352 | €3,202,940 | +€2.9m | +952.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.