HERDEFCO: 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.
HERDEFCO
Largest movements
- Tangible fixed assets -€131,822
down €131,822 (-10.9%), from €1.2m to €1.1m
of which Other tangible fixed assets: -€131,196
- Deferred charges and accrued income +€78,994
up €78,994 (+52.5%), from €150,539 to €229,533
- Stocks and contracts -€71,938
down €71,938 (-10.6%), from €676,491 to €604,553
- Cash +€51,037
up €51,037 (+105.5%), from €48,365 to €99,402
mainly Depreciation (+€172,463) and Stocks and contracts (+€71,938)
- Debts after one year -€112,677
down €112,677 (-18.5%), from €608,305 to €495,629
- Trade debts +€40,832
up €40,832 (+4.4%), from €927,889 to €968,721
- Gross operating margin +€101,257
up €101,257 (+12.9%), from €786,523 to €887,780
- Staff costs +€37,991
up €37,991 (+6.3%), from €607,401 to €645,392
- Depreciation -€24,777
down €24,777 (-12.6%), from €197,241 to €172,463
- Other operating charges +€9,134
up €9,134 (+23.7%), from €38,583 to €47,717
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 | €2,125,214 | €2,056,036 | -€69,179 | -3.3% |
| Fixed assets | 21/28 | €1,210,030 | €1,078,209 | -€131,822 | -10.9% |
| Tangible fixed assets | 22/27 | €1,209,896 | €1,078,074 | -€131,822 | -10.9% |
| Plant, machinery and equipment | 23 | €2,415 | €4,989 | +€2,574 | +106.6% |
| Furniture and vehicles | 24 | €9,046 | €5,847 | -€3,200 | -35.4% |
| Other tangible fixed assets | 26 | €1,198,435 | €1,067,238 | -€131,196 | -10.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €915,184 | €977,827 | +€62,643 | +6.8% |
| Stocks and contracts in progress | 3 | €676,491 | €604,553 | -€71,938 | -10.6% |
| Stocks | 30/36 | €676,491 | €604,553 | -€71,938 | -10.6% |
| Amounts receivable within one year | 40/41 | €39,790 | €44,340 | +€4,550 | +11.4% |
| Trade receivables | 40 | €16,246 | €6,010 | -€10,236 | -63.0% |
| Other amounts receivable | 41 | €23,544 | €38,329 | +€14,786 | +62.8% |
| Cash at bank and in hand | 54/58 | €48,365 | €99,402 | +€51,037 | +105.5% |
| Deferred charges and accrued income | 490/1 | €150,539 | €229,533 | +€78,994 | +52.5% |
| Total equity and liabilities | 10/49 | €2,125,214 | €2,056,036 | -€69,179 | -3.3% |
| Equity | 10/15 | -€11,467 | -€14,504 | -€3,037 | -26.5% |
| 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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,667 | -€82,704 | -€3,037 | -3.8% |
| Amounts payable | 17/49 | €2,136,682 | €2,070,540 | -€66,142 | -3.1% |
| Amounts payable after more than one year | 17 | €608,305 | €495,629 | -€112,677 | -18.5% |
| Financial debts | 170/4 | €608,305 | €495,629 | -€112,677 | -18.5% |
| Amounts payable within one year | 42/48 | €1,528,376 | €1,574,911 | +€46,535 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €139,202 | €141,105 | +€1,902 | +1.4% |
| Trade debts | 44 | €927,889 | €968,721 | +€40,832 | +4.4% |
| Suppliers | 440/4 | €927,889 | €968,721 | +€40,832 | +4.4% |
| Taxes, remuneration and social security | 45 | €77,285 | €81,085 | +€3,800 | +4.9% |
| Taxes | 450/3 | €3,510 | €1,608 | -€1,902 | -54.2% |
| Remuneration and social security | 454/9 | €73,775 | €79,477 | +€5,702 | +7.7% |
| Other amounts payable | 47/48 | €384,000 | €384,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €607,401 | €645,392 | +€37,991 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,241 | €172,463 | -€24,777 | -12.6% |
| Other operating charges | 640/8 | €38,583 | €47,717 | +€9,134 | +23.7% |
| Gross operating margin | 9900 | €786,523 | €887,780 | +€101,257 | +12.9% |
| Operating profit (loss) | 9901 | -€56,702 | €22,207 | +€78,909 | |
| Financial income | 75/76B | €2,152 | €437 | -€1,715 | -79.7% |
| Recurring financial income | 75 | €2,152 | €437 | -€1,715 | -79.7% |
| Financial charges | 65/66B | €21,722 | €25,680 | +€3,958 | +18.2% |
| Recurring financial charges | 65 | €21,722 | €25,680 | +€3,958 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | -€76,273 | -€3,037 | +€73,236 | +96.0% |
| Profit (loss) for the period | 9904 | -€76,273 | -€3,037 | +€73,236 | +96.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,273 | -€3,037 | +€73,236 | +96.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.