HERDEWIJN: 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.
HERDEWIJN
Largest movements
- Stocks and contracts -€28,852
down €28,852 (-62.2%), from €46,371 to €17,520
of which Stocks: -€28,852
- Cash +€28,497
up €28,497 (+14.8%), from €193,115 to €221,613
mainly Stocks and contracts (+€28,852) and Depreciation (+€17,960)
- Tangible fixed assets +€17,734
up €17,734 (+24.8%), from €71,609 to €89,342
of which Furniture and vehicles: +€18,723
- Receivables within one year -€12,936
down €12,936 (-9.5%), from €135,707 to €122,771
of which Trade receivables: -€13,885
- Trade debts +€13,110
up €13,110 (+105.0%), from €12,481 to €25,591
- Other debts -€11,393
down €11,393 (-19.6%), from €58,115 to €46,722
- Gross operating margin -€32,752
down €32,752 (-18.7%), from €175,407 to €142,656
- Write-downs +€29,558
up €29,558, from -€29,558 to €0
- Taxes -€28,056
down €28,056 (-97.9%), from €28,673 to €616
- Staff costs +€14,816
up €14,816 (+13.1%), from €112,887 to €127,703
- Depreciation +€9,498
up €9,498 (+112.2%), from €8,462 to €17,960
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 | €466,565 | €467,607 | +€1,042 | +0.2% |
| Fixed assets | 21/28 | €71,759 | €89,342 | +€17,584 | +24.5% |
| Tangible fixed assets | 22/27 | €71,609 | €89,342 | +€17,734 | +24.8% |
| Land and buildings | 22 | €23,325 | €20,102 | -€3,224 | -13.8% |
| Plant, machinery and equipment | 23 | €4,291 | €5,916 | +€1,625 | +37.9% |
| Furniture and vehicles | 24 | €39,918 | €58,641 | +€18,723 | +46.9% |
| Other tangible fixed assets | 26 | €4,074 | €4,684 | +€609 | +14.9% |
| Financial fixed assets | 28 | €150 | €0 | -€150 | -100.0% |
| Current assets | 29/58 | €394,806 | €378,265 | -€16,541 | -4.2% |
| Stocks and contracts in progress | 3 | €46,371 | €17,520 | -€28,852 | -62.2% |
| Stocks | 30/36 | €46,371 | €17,520 | -€28,852 | -62.2% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €135,707 | €122,771 | -€12,936 | -9.5% |
| Trade receivables | 40 | €110,727 | €96,842 | -€13,885 | -12.5% |
| Other amounts receivable | 41 | €24,980 | €25,930 | +€949 | +3.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €193,115 | €221,613 | +€28,497 | +14.8% |
| Deferred charges and accrued income | 490/1 | €19,612 | €16,361 | -€3,252 | -16.6% |
| Total equity and liabilities | 10/49 | €466,565 | €467,607 | +€1,042 | +0.2% |
| Equity | 10/15 | €378,140 | €376,976 | -€1,164 | -0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €371,940 | €370,776 | -€1,164 | -0.3% |
| Distributable reserves | 133 | €371,940 | €370,776 | -€1,164 | -0.3% |
| Amounts payable | 17/49 | €88,425 | €90,631 | +€2,206 | +2.5% |
| Amounts payable within one year | 42/48 | €88,425 | €89,831 | +€1,406 | +1.6% |
| Trade debts | 44 | €12,481 | €25,591 | +€13,110 | +105.0% |
| Suppliers | 440/4 | €12,481 | €25,591 | +€13,110 | +105.0% |
| Taxes, remuneration and social security | 45 | €17,829 | €17,518 | -€311 | -1.7% |
| Taxes | 450/3 | €15,525 | €16,006 | +€480 | +3.1% |
| Remuneration and social security | 454/9 | €2,303 | €1,513 | -€791 | -34.3% |
| Other amounts payable | 47/48 | €58,115 | €46,722 | -€11,393 | -19.6% |
| Accrued charges and deferred income | 492/3 | - | €800 | +€800 | |
| Remuneration, social security and pensions | 62 | €112,887 | €127,703 | +€14,816 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,462 | €17,960 | +€9,498 | +112.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,558 | €0 | +€29,558 | |
| Other operating charges | 640/8 | €3,607 | €2,282 | -€1,325 | -36.7% |
| Non-recurring operating charges | 66A | €3,912 | €0 | -€3,912 | -100.0% |
| Gross operating margin | 9900 | €175,407 | €142,656 | -€32,752 | -18.7% |
| Operating profit (loss) | 9901 | €76,098 | -€5,290 | -€81,388 | |
| Financial income | 75/76B | €9,294 | €5,772 | -€3,522 | -37.9% |
| Recurring financial income | 75 | €9,294 | €5,772 | -€3,522 | -37.9% |
| Financial charges | 65/66B | €798 | €1,030 | +€232 | +29.1% |
| Recurring financial charges | 65 | €798 | €1,030 | +€232 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €84,594 | -€548 | -€85,142 | |
| Income taxes | 67/77 | €28,673 | €616 | -€28,056 | -97.9% |
| Profit (loss) for the period | 9904 | €55,921 | -€1,164 | -€57,086 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,921 | -€1,164 | -€57,086 |
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 11 October 2026 via checked.be.