HERDER: 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.
What changed
HERDER
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€27,593
2024 · €738,175-€765,767
Equity
€1.2m
2024 · €1.3m-€27,593
Cash
€504
2024 · €660,100-€659,596
Balance sheet total
€1.8m
2024 · €1.9m-€94,158
Largest movements
Assets
- Cash -€659,596
down €659,596 (-99.9%), from €660,100 to €504
mainly Receivables within one year (-€603,987) and Other debts (-€71,917)
- Receivables within one year +€603,987
up €603,987 (+115%), from €523,783 to €1.1m
of which Other amounts receivable: +€585,032
- Tangible fixed assets -€38,951
down €38,951 (-5.4%), from €716,586 to €677,635
of which Land and buildings: -€24,176
Equity and liabilities
- Other debts -€71,917
down €71,917 (-34.5%), from €208,432 to €136,515
Income statement
- Gross operating margin -€1.1m
down €1.1m (-99.8%), from €1.1m to €2,089
- Financial income +€11,871
up €11,871 (+295%), from €4,028 to €15,899
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.
Result 2024
€738,175
Gross operating margin
-€1.1m
Depreciation
-€151
Other operating charges
+€1,592
Other operating items
+€17,698
Financial income
+€11,871
Financial charges
+€168
Taxes
+€72
Deferred taxes and other
+€268,933
Result 2025
-€27,593
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€659,596
Investment
€0
Financing
€0
Cash 2024
€660,100
From operations (derived)
-€659,596
Net result for the year
-€27,593
Depreciation
+€38,951
Receivables within one year
-€603,987
Smaller working-capital items
+€1,074
Provisions
-€5,332
Trade debts
+€9,208
Other debts
-€71,917
Cash 2025
€504
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,922,653 | €1,828,495 | -€94,158 | -4.9% |
| Fixed assets | 21/28 | €727,281 | €688,330 | -€38,951 | -5.4% |
| Tangible fixed assets | 22/27 | €716,586 | €677,635 | -€38,951 | -5.4% |
| Land and buildings | 22 | €670,724 | €646,548 | -€24,176 | -3.6% |
| Furniture and vehicles | 24 | €45,862 | €31,087 | -€14,775 | -32.2% |
| Financial fixed assets | 28 | €10,695 | €10,695 | = | 0.0% |
| Current assets | 29/58 | €1,195,372 | €1,140,165 | -€55,207 | -4.6% |
| Stocks and contracts in progress | 3 | €4,682 | €4,682 | = | 0.0% |
| Stocks | 30/36 | €4,682 | €4,682 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €523,783 | €1,127,769 | +€603,987 | +115% |
| Trade receivables | 40 | €82,470 | €101,424 | +€18,954 | +23.0% |
| Other amounts receivable | 41 | €441,313 | €1,026,345 | +€585,032 | +133% |
| Cash at bank and in hand | 54/58 | €660,100 | €504 | -€659,596 | -99.9% |
| Deferred charges and accrued income | 490/1 | €6,807 | €7,210 | +€402 | +5.9% |
| Total equity and liabilities | 10/49 | €1,922,653 | €1,828,495 | -€94,158 | -4.9% |
| Equity | 10/15 | €1,274,933 | €1,247,340 | -€27,593 | -2.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €1,322,371 | €1,306,375 | -€15,996 | -1.2% |
| Non-distributable reserves | 130/1 | €4,872 | €4,872 | = | 0.0% |
| Legal reserve | 130 | €4,872 | €4,872 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,251,962 | €1,235,966 | -€15,996 | -1.3% |
| Distributable reserves | 133 | €65,537 | €65,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,939 | -€120,535 | -€11,596 | -10.6% |
| Provisions and deferred taxes | 16 | €417,321 | €411,989 | -€5,332 | -1.3% |
| Deferred taxes | 168 | €417,321 | €411,989 | -€5,332 | -1.3% |
| Amounts payable | 17/49 | €230,399 | €169,167 | -€61,233 | -26.6% |
| Amounts payable after more than one year | 17 | €544 | €544 | = | 0.0% |
| Other amounts payable | 178/9 | €544 | €544 | = | 0.0% |
| Amounts payable within one year | 42/48 | €228,888 | €166,657 | -€62,231 | -27.2% |
| Trade debts | 44 | €9,619 | €18,826 | +€9,208 | +95.7% |
| Suppliers | 440/4 | €9,619 | €18,826 | +€9,208 | +95.7% |
| Taxes, remuneration and social security | 45 | €10,838 | €11,316 | +€478 | +4.4% |
| Taxes | 450/3 | €10,838 | €11,316 | +€478 | +4.4% |
| Other amounts payable | 47/48 | €208,432 | €136,515 | -€71,917 | -34.5% |
| Accrued charges and deferred income | 492/3 | €968 | €1,966 | +€998 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,800 | €38,951 | +€151 | +0.4% |
| Other operating charges | 640/8 | €13,238 | €11,645 | -€1,592 | -12.0% |
| Non-recurring operating charges | 66A | €17,698 | €0 | -€17,698 | -100% |
| Gross operating margin | 9900 | €1,068,040 | €2,089 | -€1.1m | -99.8% |
| Operating profit (loss) | 9901 | €998,305 | -€48,507 | -€1.0m | |
| Financial income | 75/76B | €4,028 | €15,899 | +€11,871 | +295% |
| Recurring financial income | 75 | €4,028 | €15,899 | +€11,871 | +295% |
| Financial charges | 65/66B | €342 | €174 | -€168 | -49.2% |
| Recurring financial charges | 65 | €342 | €174 | -€168 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | €1,001,991 | -€32,782 | -€1.0m | |
| Transfer from deferred taxes | 780 | €5,332 | €5,332 | = | 0.0% |
| Transfer to deferred taxes | 680 | €268,933 | €0 | -€268,933 | -100% |
| Income taxes | 67/77 | €215 | €143 | -€72 | -33.5% |
| Profit (loss) for the period | 9904 | €738,175 | -€27,593 | -€765,767 | |
| Transfer from tax-exempt reserves | 789 | €15,996 | €15,996 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €806,798 | €0 | -€806,798 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,627 | -€11,596 | +€41,031 | +78.0% |
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 23 October 2026 via checked.be.