HERCOM: 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.
HERCOM
Largest movements
- Cash +€32,877
up €32,877 (+8.4%), from €391,870 to €424,747
mainly Other debts (+€75,439) and Net result for the year (+€27,621)
- Receivables within one year +€13,292
up €13,292 (+42.1%), from €31,544 to €44,837
of which Trade receivables: +€13,859
- Tangible fixed assets -€12,467
down €12,467 (-25.5%), from €48,832 to €36,365
of which Furniture and vehicles: -€11,967
- Other debts +€75,439
up €75,439 (+301.1%), from €25,053 to €100,492
- Reserves -€52,198
down €52,198 (-13.8%), from €378,918 to €326,721
of which Distributable reserves: -€52,198
- Tax, wage and social debts +€7,841
up €7,841 (+214.5%), from €3,656 to €11,498
- Gross operating margin +€14,847
up €14,847 (+37.4%), from €39,736 to €54,583
- Taxes +€5,965
up €5,965 (+81.5%), from €7,319 to €13,284
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 | €472,809 | €506,074 | +€33,265 | +7.0% |
| Fixed assets | 21/28 | €48,832 | €36,365 | -€12,467 | -25.5% |
| Tangible fixed assets | 22/27 | €48,832 | €36,365 | -€12,467 | -25.5% |
| Land and buildings | 22 | €17,292 | €16,792 | -€500 | -2.9% |
| Furniture and vehicles | 24 | €31,540 | €19,573 | -€11,967 | -37.9% |
| Current assets | 29/58 | €423,978 | €469,709 | +€45,732 | +10.8% |
| Amounts receivable within one year | 40/41 | €31,544 | €44,837 | +€13,292 | +42.1% |
| Trade receivables | 40 | €30,297 | €44,156 | +€13,859 | +45.7% |
| Other amounts receivable | 41 | €1,247 | €681 | -€567 | -45.4% |
| Current investments | 50/53 | €564 | €126 | -€438 | -77.6% |
| Cash at bank and in hand | 54/58 | €391,870 | €424,747 | +€32,877 | +8.4% |
| Total equity and liabilities | 10/49 | €472,809 | €506,074 | +€33,265 | +7.0% |
| Equity | 10/15 | €440,918 | €388,721 | -€52,198 | -11.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €378,918 | €326,721 | -€52,198 | -13.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €372,718 | €320,521 | -€52,198 | -14.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,891 | €117,353 | +€85,463 | +268.0% |
| Amounts payable within one year | 42/48 | €31,891 | €117,353 | +€85,463 | +268.0% |
| Trade debts | 44 | €3,182 | €5,364 | +€2,182 | +68.6% |
| Suppliers | 440/4 | €3,182 | €5,364 | +€2,182 | +68.6% |
| Taxes, remuneration and social security | 45 | €3,656 | €11,498 | +€7,841 | +214.5% |
| Taxes | 450/3 | €3,656 | €11,498 | +€7,841 | +214.5% |
| Other amounts payable | 47/48 | €25,053 | €100,492 | +€75,439 | +301.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,467 | €12,467 | = | 0.0% |
| Other operating charges | 640/8 | €746 | €733 | -€13 | -1.7% |
| Non-recurring operating charges | 66A | €13,501 | €0 | -€13,501 | -100.0% |
| Gross operating margin | 9900 | €39,736 | €54,583 | +€14,847 | +37.4% |
| Operating profit (loss) | 9901 | €13,022 | €41,383 | +€28,361 | +217.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €38 | €478 | +€441 | +1174.7% |
| Recurring financial charges | 65 | €38 | €478 | +€441 | +1174.7% |
| Profit (loss) for the period before taxes | 9903 | €12,984 | €40,905 | +€27,921 | +215.0% |
| Income taxes | 67/77 | €7,319 | €13,284 | +€5,965 | +81.5% |
| Profit (loss) for the period | 9904 | €5,665 | €27,621 | +€21,956 | +387.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,665 | €27,621 | +€21,956 | +387.5% |
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 5 October 2026 via checked.be.