Herders: 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.
Herders
Largest movements
- Tangible fixed assets -€247,006
down €247,006 (-9.9%), from €2.5m to €2.3m
of which Leasing and similar rights: -€125,889
- Cash -€235,561
down €235,561 (-91.2%), from €258,203 to €22,642
mainly Current portion of long-term debt (-€733,878) and Debts after one year (-€94,949)
- Deferred charges and accrued income -€60,965
down €60,965 (-92.9%), from €65,643 to €4,678
- Current portion of long-term debt -€733,878
down €733,878 (-94.9%), from €773,054 to €39,176
- Other debts +€249,773
up €249,773 (+16.7%), from €1.5m to €1.7m
- Profit (loss) carried forward +€120,814
up €120,814 (+49.5%), from -€244,189 to -€123,374
- Debts after one year -€94,949
down €94,949 (-23.6%), from €402,570 to €307,621
of which Financial debts: -€94,949
- Trade debts -€49,117
down €49,117 (-81.9%), from €60,008 to €10,891
- Write-downs -€31,199
new in 2025: -€31,199
- Other operating charges +€26,170
up €26,170 (+79.2%), from €33,061 to €59,232
- Gross operating margin +€18,727
up €18,727 (+3.6%), from €515,681 to €534,408
- Financial charges -€8,045
down €8,045 (-8.3%), from €96,992 to €88,947
of which Non-recurring financial charges: -€17,986
- Depreciation +€7,022
up €7,022 (+2.4%), from €290,614 to €297,636
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 | €3,559,879 | €3,038,670 | -€521,208 | -14.6% |
| Fixed assets | 21/28 | €3,142,954 | €2,895,948 | -€247,006 | -7.9% |
| Tangible fixed assets | 22/27 | €2,503,973 | €2,256,967 | -€247,006 | -9.9% |
| Land and buildings | 22 | €1,246,337 | €1,136,939 | -€109,398 | -8.8% |
| Leasing and similar rights | 25 | €1,125,095 | €999,206 | -€125,889 | -11.2% |
| Other tangible fixed assets | 26 | €132,541 | €120,822 | -€11,719 | -8.8% |
| Financial fixed assets | 28 | €638,981 | €638,981 | = | 0.0% |
| Current assets | 29/58 | €416,924 | €142,722 | -€274,202 | -65.8% |
| Amounts receivable within one year | 40/41 | €93,079 | €115,403 | +€22,324 | +24.0% |
| Trade receivables | 40 | €46,635 | €63,336 | +€16,701 | +35.8% |
| Other amounts receivable | 41 | €46,444 | €52,067 | +€5,623 | +12.1% |
| Cash at bank and in hand | 54/58 | €258,203 | €22,642 | -€235,561 | -91.2% |
| Deferred charges and accrued income | 490/1 | €65,643 | €4,678 | -€60,965 | -92.9% |
| Total equity and liabilities | 10/49 | €3,559,879 | €3,038,670 | -€521,208 | -14.6% |
| Equity | 10/15 | €755,811 | €876,626 | +€120,814 | +16.0% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€244,189 | -€123,374 | +€120,814 | +49.5% |
| Amounts payable | 17/49 | €2,804,067 | €2,162,044 | -€642,023 | -22.9% |
| Amounts payable after more than one year | 17 | €402,570 | €307,621 | -€94,949 | -23.6% |
| Financial debts | 170/4 | €352,041 | €257,092 | -€94,949 | -27.0% |
| Other amounts payable | 178/9 | €50,529 | €50,529 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,368,696 | €1,824,248 | -€544,449 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €773,054 | €39,176 | -€733,878 | -94.9% |
| Trade debts | 44 | €60,008 | €10,891 | -€49,117 | -81.9% |
| Suppliers | 440/4 | €60,008 | €10,891 | -€49,117 | -81.9% |
| Taxes, remuneration and social security | 45 | €42,087 | €30,860 | -€11,226 | -26.7% |
| Taxes | 450/3 | €42,087 | €30,860 | -€11,226 | -26.7% |
| Other amounts payable | 47/48 | €1,493,548 | €1,743,320 | +€249,773 | +16.7% |
| Accrued charges and deferred income | 492/3 | €32,801 | €30,176 | -€2,625 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €290,614 | €297,636 | +€7,022 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€31,199 | -€31,199 | |
| Other operating charges | 640/8 | €33,061 | €59,232 | +€26,170 | +79.2% |
| Gross operating margin | 9900 | €515,681 | €534,408 | +€18,727 | +3.6% |
| Operating profit (loss) | 9901 | €192,005 | €208,739 | +€16,734 | +8.7% |
| Financial income | 75/76B | €1,676 | €1,022 | -€654 | -39.0% |
| Recurring financial income | 75 | €1,676 | €1,022 | -€654 | -39.0% |
| Financial charges | 65/66B | €96,992 | €88,947 | -€8,045 | -8.3% |
| Recurring financial charges | 65 | €79,006 | €88,947 | +€9,941 | +12.6% |
| Non-recurring financial charges | 66B | €17,986 | - | -€17,986 | |
| Profit (loss) for the period before taxes | 9903 | €96,689 | €120,814 | +€24,126 | +25.0% |
| Profit (loss) for the period | 9904 | €96,689 | €120,814 | +€24,126 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,689 | €120,814 | +€24,126 | +25.0% |
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.