HERDANI: 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.
HERDANI
Largest movements
- Cash -€42,677
down €42,677 (-51.1%), from €83,547 to €40,870
mainly Contributions, distributions and other (-€50,000) and Debts after one year (-€21,602)
- Tangible fixed assets -€20,032
down €20,032 (-3.5%), from €573,675 to €553,643
of which Leasing and similar rights: -€25,708
- Reserves -€40,000
down €40,000 (-15.9%), from €251,669 to €211,669
- Debts after one year -€21,602
down €21,602 (-7.0%), from €310,234 to €288,632
- Gross operating margin -€54,972
down €54,972 (-49.9%), from €110,196 to €55,223
- Taxes -€13,462
down €13,462 (-72.5%), from €18,559 to €5,096
- Depreciation +€4,480
up €4,480 (+14.4%), from €31,212 to €35,692
- Financial charges -€2,648
down €2,648 (-19.3%), from €13,692 to €11,045
- Financial income +€2,288
up €2,288 (+43.9%), from €5,206 to €7,494
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 | €679,332 | €617,226 | -€62,106 | -9.1% |
| Fixed assets | 21/28 | €573,675 | €553,643 | -€20,032 | -3.5% |
| Tangible fixed assets | 22/27 | €573,675 | €553,643 | -€20,032 | -3.5% |
| Plant, machinery and equipment | 23 | €2,506 | €1,506 | -€1,000 | -39.9% |
| Furniture and vehicles | 24 | €1,733 | €8,409 | +€6,676 | +385.2% |
| Leasing and similar rights | 25 | €569,435 | €543,727 | -€25,708 | -4.5% |
| Current assets | 29/58 | €105,658 | €63,583 | -€42,074 | -39.8% |
| Amounts receivable within one year | 40/41 | €19,267 | €18,630 | -€637 | -3.3% |
| Trade receivables | 40 | €19,147 | €17,645 | -€1,501 | -7.8% |
| Other amounts receivable | 41 | €120 | €985 | +€864 | +718.2% |
| Cash at bank and in hand | 54/58 | €83,547 | €40,870 | -€42,677 | -51.1% |
| Deferred charges and accrued income | 490/1 | €2,844 | €4,083 | +€1,239 | +43.6% |
| Total equity and liabilities | 10/49 | €679,332 | €617,226 | -€62,106 | -9.1% |
| Equity | 10/15 | €261,131 | €220,501 | -€40,631 | -15.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €251,669 | €211,669 | -€40,000 | -15.9% |
| Distributable reserves | 133 | €251,669 | €211,669 | -€40,000 | -15.9% |
| Profit (loss) carried forward | 14 | €1,402 | €771 | -€631 | -45.0% |
| Amounts payable | 17/49 | €418,201 | €396,725 | -€21,476 | -5.1% |
| Amounts payable after more than one year | 17 | €310,234 | €288,632 | -€21,602 | -7.0% |
| Financial debts | 170/4 | €310,234 | €288,632 | -€21,602 | -7.0% |
| Amounts payable within one year | 42/48 | €105,641 | €105,769 | +€128 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €23,234 | €21,602 | -€1,632 | -7.0% |
| Financial debts | 43 | €269 | €227 | -€41 | -15.4% |
| Credit institutions | 430/8 | €269 | €227 | -€41 | -15.4% |
| Trade debts | 44 | €4,136 | €5,233 | +€1,097 | +26.5% |
| Suppliers | 440/4 | €4,136 | €5,233 | +€1,097 | +26.5% |
| Taxes, remuneration and social security | 45 | €12,172 | €17,881 | +€5,709 | +46.9% |
| Taxes | 450/3 | €10,442 | €17,881 | +€7,439 | +71.2% |
| Remuneration and social security | 454/9 | €1,730 | - | -€1,730 | |
| Other amounts payable | 47/48 | €65,831 | €60,825 | -€5,005 | -7.6% |
| Accrued charges and deferred income | 492/3 | €2,326 | €2,325 | -€2 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,212 | €35,692 | +€4,480 | +14.4% |
| Other operating charges | 640/8 | €1,655 | €1,515 | -€140 | -8.4% |
| Gross operating margin | 9900 | €110,196 | €55,223 | -€54,972 | -49.9% |
| Operating profit (loss) | 9901 | €77,329 | €18,017 | -€59,312 | -76.7% |
| Financial income | 75/76B | €5,206 | €7,494 | +€2,288 | +43.9% |
| Recurring financial income | 75 | €5,206 | €7,494 | +€2,288 | +43.9% |
| Financial charges | 65/66B | €13,692 | €11,045 | -€2,648 | -19.3% |
| Recurring financial charges | 65 | €13,692 | €11,045 | -€2,648 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €68,843 | €14,466 | -€54,377 | -79.0% |
| Income taxes | 67/77 | €18,559 | €5,096 | -€13,462 | -72.5% |
| Profit (loss) for the period | 9904 | €50,284 | €9,369 | -€40,915 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,284 | €9,369 | -€40,915 | -81.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.