Hercull Holding: 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.
Hercull Holding
Largest movements
- Receivables within one year +€2.6m
up €2.6m (+48.7%), from €5.4m to €8.0m
of which Other amounts receivable: +€3.9m
- Stocks and contracts +€1.0m
up €1.0m (+34.2%), from €3.0m to €4.1m
- Cash +€392,868
up €392,868 (+5,764%), from €6,816 to €399,683
mainly Net result for the year (+€3.9m) and Advances received (+€1.5m)
- Profit (loss) carried forward +€3.9m
up €3.9m (+234%), from €1.7m to €5.6m
- Short-term financial debts -€2.0m
down €2.0m (-42.9%), from €4.6m to €2.6m
- Advances received +€1.5m
up €1.5m (+512%), from €302,819 to €1.9m
- Trade debts +€334,547
up €334,547 (+57.4%), from €583,154 to €917,701
- Other debts +€315,443
up €315,443 (+5.8%), from €5.4m to €5.8m
- Financial income +€2.2m
up €2.2m (+620%), from €348,415 to €2.5m
of which Financial income: +€2.2m
- Gross operating margin +€2.1m
up €2.1m (+405%), from €520,514 to €2.6m
- Taxes +€564,554
up €564,554 (+836%), from €67,523 to €632,077
- Financial charges +€79,979
up €79,979 (+19.4%), from €412,602 to €492,581
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,738,224 | €18,764,212 | +€4.0m | +27.3% |
| Fixed assets | 21/28 | €4,327,902 | €4,295,150 | -€32,752 | -0.8% |
| Intangible fixed assets | 21 | €8,124 | €13,988 | +€5,864 | +72.2% |
| Tangible fixed assets | 22/27 | €648,353 | €544,737 | -€103,616 | -16.0% |
| Land and buildings | 22 | €265,765 | €235,920 | -€29,844 | -11.2% |
| Furniture and vehicles | 24 | €35,230 | €2,632 | -€32,597 | -92.5% |
| Other tangible fixed assets | 26 | €347,358 | €306,185 | -€41,174 | -11.9% |
| Financial fixed assets | 28 | €3,671,425 | €3,736,425 | +€65,000 | +1.8% |
| Current assets | 29/58 | €10,410,322 | €14,469,062 | +€4.1m | +39.0% |
| Amounts receivable after more than one year | 29 | €1,967,861 | €1,967,861 | = | 0.0% |
| Other amounts receivable | 291 | €1,967,861 | €1,967,861 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,040,529 | €4,081,597 | +€1.0m | +34.2% |
| Stocks | 30/36 | €3,040,529 | €4,081,597 | +€1.0m | +34.2% |
| Amounts receivable within one year | 40/41 | €5,386,134 | €8,008,442 | +€2.6m | +48.7% |
| Trade receivables | 40 | €3,038,327 | €1,715,666 | -€1.3m | -43.5% |
| Other amounts receivable | 41 | €2,347,807 | €6,292,776 | +€3.9m | +168% |
| Cash at bank and in hand | 54/58 | €6,816 | €399,683 | +€392,868 | +5,764% |
| Deferred charges and accrued income | 490/1 | €8,983 | €11,479 | +€2,496 | +27.8% |
| Total equity and liabilities | 10/49 | €14,738,224 | €18,764,212 | +€4.0m | +27.3% |
| Equity | 10/15 | €3,108,932 | €7,039,826 | +€3.9m | +126% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,408,361 | €1,408,361 | = | 0.0% |
| Distributable reserves | 133 | €1,408,361 | €1,408,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,681,971 | €5,612,865 | +€3.9m | +234% |
| Amounts payable | 17/49 | €11,629,292 | €11,724,386 | +€95,094 | +0.8% |
| Amounts payable after more than one year | 17 | €259,337 | €207,481 | -€51,856 | -20.0% |
| Financial debts | 170/4 | €259,337 | €207,481 | -€51,856 | -20.0% |
| Amounts payable within one year | 42/48 | €11,344,807 | €11,516,906 | +€172,098 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €49,714 | €172,865 | +€123,152 | +248% |
| Financial debts | 43 | €4,554,112 | €2,601,000 | -€2.0m | -42.9% |
| Credit institutions | 430/8 | €4,554,112 | €2,601,000 | -€2.0m | -42.9% |
| Trade debts | 44 | €583,154 | €917,701 | +€334,547 | +57.4% |
| Suppliers | 440/4 | €583,154 | €917,701 | +€334,547 | +57.4% |
| Advances received on contracts in progress | 46 | €302,819 | €1,852,014 | +€1.5m | +512% |
| Taxes, remuneration and social security | 45 | €419,579 | €222,453 | -€197,126 | -47.0% |
| Taxes | 450/3 | €419,579 | €222,453 | -€197,126 | -47.0% |
| Other amounts payable | 47/48 | €5,435,430 | €5,750,873 | +€315,443 | +5.8% |
| Accrued charges and deferred income | 492/3 | €25,148 | €0 | -€25,148 | -100% |
| Non-recurring operating income | 76A | €611 | €13,113 | +€12,502 | +2,047% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,578 | €82,496 | -€8,082 | -8.9% |
| Other operating charges | 640/8 | €1,229 | €1,280 | +€51 | +4.2% |
| Non-recurring operating charges | 66A | €1,073 | €0 | -€1,073 | -100% |
| Gross operating margin | 9900 | €520,514 | €2,629,097 | +€2.1m | +405% |
| Operating profit (loss) | 9901 | €427,634 | €2,545,321 | +€2.1m | +495% |
| Financial income | 75/76B | €348,415 | €2,510,231 | +€2.2m | +620% |
| Recurring financial income | 75 | €348,415 | €2,510,231 | +€2.2m | +620% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €412,602 | €492,581 | +€79,979 | +19.4% |
| Recurring financial charges | 65 | €412,602 | €492,581 | +€79,979 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €363,447 | €4,562,972 | +€4.2m | +1,155% |
| Income taxes | 67/77 | €67,523 | €632,077 | +€564,554 | +836% |
| Profit (loss) for the period | 9904 | €295,925 | €3,930,895 | +€3.6m | +1,228% |
| Profit (loss) for the period to be appropriated | 9905 | €295,925 | €3,930,895 | +€3.6m | +1,228% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.