HERCO: 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.
HERCO
Largest movements
- Receivables within one year -€68,769
down €68,769 (-67.3%), from €102,215 to €33,446
of which Trade receivables: -€52,511
- Cash +€34,463
up €34,463 (+218.7%), from €15,761 to €50,225
mainly Receivables within one year (+€68,769) and Depreciation (+€53,397)
- Tangible fixed assets -€28,102
down €28,102 (-7.9%), from €354,594 to €326,492
of which Land and buildings: -€24,529
- Debts after one year -€49,429
down €49,429 (-12.8%), from €386,120 to €336,691
- Short-term financial debts -€31,085
down €31,085 (-89.0%), from €34,932 to €3,848
- Current portion of long-term debt +€11,660
up €11,660 (+20.5%), from €56,820 to €68,481
- Profit (loss) carried forward +€7,152
up €7,152 (+6.3%), from -€113,607 to -€106,455
- Revaluation surpluses -€6,394
down €6,394 (-7.6%), from €84,666 to €78,272
- Gross operating margin -€76,885
down €76,885 (-25.1%), from €306,788 to €229,903
- Staff costs -€61,462
down €61,462 (-31.3%), from €196,477 to €135,015
- Financial charges -€12,411
down €12,411 (-41.6%), from €29,870 to €17,459
of which Financial charges: -€11,438
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 | €611,444 | €549,586 | -€61,859 | -10.1% |
| Fixed assets | 21/28 | €354,594 | €326,492 | -€28,102 | -7.9% |
| Tangible fixed assets | 22/27 | €354,594 | €326,492 | -€28,102 | -7.9% |
| Land and buildings | 22 | €284,959 | €260,430 | -€24,529 | -8.6% |
| Plant, machinery and equipment | 23 | €14,720 | €12,662 | -€2,058 | -14.0% |
| Furniture and vehicles | 24 | €5,865 | €22,589 | +€16,724 | +285.1% |
| Leasing and similar rights | 25 | €49,049 | €30,810 | -€18,239 | -37.2% |
| Current assets | 29/58 | €256,850 | €223,094 | -€33,756 | -13.1% |
| Stocks and contracts in progress | 3 | €135,468 | €132,529 | -€2,940 | -2.2% |
| Stocks | 30/36 | €73,522 | €72,259 | -€1,264 | -1.7% |
| Contracts in progress | 37 | €61,946 | €60,270 | -€1,676 | -2.7% |
| Amounts receivable within one year | 40/41 | €102,215 | €33,446 | -€68,769 | -67.3% |
| Trade receivables | 40 | €69,385 | €16,873 | -€52,511 | -75.7% |
| Other amounts receivable | 41 | €32,831 | €16,573 | -€16,258 | -49.5% |
| Cash at bank and in hand | 54/58 | €15,761 | €50,225 | +€34,463 | +218.7% |
| Deferred charges and accrued income | 490/1 | €3,405 | €6,894 | +€3,490 | +102.5% |
| Total equity and liabilities | 10/49 | €611,444 | €549,586 | -€61,859 | -10.1% |
| Equity | 10/15 | €61,481 | €68,633 | +€7,152 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €84,666 | €78,272 | -€6,394 | -7.6% |
| Reserves | 13 | €71,822 | €78,216 | +€6,394 | +8.9% |
| Distributable reserves | 133 | €71,822 | €78,216 | +€6,394 | +8.9% |
| Profit (loss) carried forward | 14 | -€113,607 | -€106,455 | +€7,152 | +6.3% |
| Amounts payable | 17/49 | €549,963 | €480,953 | -€69,010 | -12.5% |
| Amounts payable after more than one year | 17 | €386,120 | €336,691 | -€49,429 | -12.8% |
| Financial debts | 170/4 | €386,120 | €336,691 | -€49,429 | -12.8% |
| Amounts payable within one year | 42/48 | €163,843 | €144,262 | -€19,581 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €56,820 | €68,481 | +€11,660 | +20.5% |
| Financial debts | 43 | €34,932 | €3,848 | -€31,085 | -89.0% |
| Credit institutions | 430/8 | €34,932 | €3,848 | -€31,085 | -89.0% |
| Trade debts | 44 | €42,023 | €45,337 | +€3,315 | +7.9% |
| Suppliers | 440/4 | €42,023 | €45,337 | +€3,315 | +7.9% |
| Taxes, remuneration and social security | 45 | €30,068 | €26,596 | -€3,472 | -11.5% |
| Taxes | 450/3 | €14,104 | €16,594 | +€2,490 | +17.7% |
| Remuneration and social security | 454/9 | €15,964 | €10,002 | -€5,962 | -37.3% |
| Remuneration, social security and pensions | 62 | €196,477 | €135,015 | -€61,462 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,942 | €53,397 | -€1,545 | -2.8% |
| Other operating charges | 640/8 | €10,884 | €10,707 | -€177 | -1.6% |
| Gross operating margin | 9900 | €306,788 | €229,903 | -€76,885 | -25.1% |
| Operating profit (loss) | 9901 | €44,486 | €30,784 | -€13,702 | -30.8% |
| Financial income | 75/76B | €350 | €1,898 | +€1,548 | +441.8% |
| Recurring financial income | 75 | €350 | €1,898 | +€1,548 | +441.8% |
| Financial charges | 65/66B | €29,870 | €17,459 | -€12,411 | -41.6% |
| Recurring financial charges | 65 | €28,897 | €17,459 | -€11,438 | -39.6% |
| Non-recurring financial charges | 66B | €974 | - | -€974 | |
| Profit (loss) for the period before taxes | 9903 | €14,966 | €15,223 | +€257 | +1.7% |
| Income taxes | 67/77 | €8,522 | €8,072 | -€451 | -5.3% |
| Profit (loss) for the period | 9904 | €6,444 | €7,152 | +€707 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,444 | €7,152 | +€707 | +11.0% |
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.