HERDI: 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.
HERDI
Largest movements
- Tangible fixed assets +€4.3m
up €4.3m (+65.7%), from €6.5m to €10.8m
of which Assets under construction and advance payments: +€4.1m
- Receivables within one year -€1.5m
down €1.5m (-68.8%), from €2.2m to €696,360
of which Trade receivables: -€1.8m
- Cash -€932,866
down €932,866 (-51.2%), from €1.8m to €888,931
mainly Investment in fixed assets (net) (-€6.1m) and Stocks and contracts (-€149,678)
- Stocks and contracts +€149,678
up €149,678 (+19.3%), from €777,536 to €927,214
- Debts after one year +€1.1m
up €1.1m (+27.3%), from €3.9m to €5.0m
- Current portion of long-term debt +€400,000
up €400,000 (+26.5%), from €1.5m to €1.9m
- Reserves +€233,011
up €233,011 (+4.8%), from €4.8m to €5.1m
- Trade debts +€145,075
up €145,075 (+25.8%), from €563,040 to €708,116
- Gross operating margin -€1.1m
down €1.1m (-21.6%), from €4.9m to €3.8m
- Depreciation -€593,989
down €593,989 (-24.4%), from €2.4m to €1.8m
- Staff costs +€275,771
up €275,771 (+20.4%), from €1.4m to €1.6m
- Taxes -€169,269
down €169,269 (-85.1%), from €198,801 to €29,531
- Financial income +€54,572
up €54,572 (+89.4%), from €61,076 to €115,649
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 | €11,518,646 | €13,467,841 | +€1.9m | +16.9% |
| Fixed assets | 21/28 | €6,535,136 | €10,829,201 | +€4.3m | +65.7% |
| Tangible fixed assets | 22/27 | €6,531,805 | €10,825,870 | +€4.3m | +65.7% |
| Land and buildings | 22 | €3,164,181 | €3,058,391 | -€105,789 | -3.3% |
| Plant, machinery and equipment | 23 | €2,879,571 | €3,257,887 | +€378,316 | +13.1% |
| Furniture and vehicles | 24 | €488,053 | €378,917 | -€109,136 | -22.4% |
| Assets under construction and advance payments | 27 | - | €4,130,674 | +€4.1m | |
| Financial fixed assets | 28 | €3,331 | €3,331 | = | 0.0% |
| Current assets | 29/58 | €4,983,511 | €2,638,640 | -€2.3m | -47.1% |
| Stocks and contracts in progress | 3 | €777,536 | €927,214 | +€149,678 | +19.3% |
| Stocks | 30/36 | €777,536 | €927,214 | +€149,678 | +19.3% |
| Amounts receivable within one year | 40/41 | €2,234,666 | €696,360 | -€1.5m | -68.8% |
| Trade receivables | 40 | €2,151,392 | €360,930 | -€1.8m | -83.2% |
| Other amounts receivable | 41 | €83,274 | €335,431 | +€252,157 | +302.8% |
| Cash at bank and in hand | 54/58 | €1,821,797 | €888,931 | -€932,866 | -51.2% |
| Deferred charges and accrued income | 490/1 | €149,512 | €126,135 | -€23,376 | -15.6% |
| Total equity and liabilities | 10/49 | €11,518,646 | €13,467,841 | +€1.9m | +16.9% |
| Equity | 10/15 | €5,157,606 | €5,518,542 | +€360,935 | +7.0% |
| Contributions | 10/11 | €256,197 | €256,197 | = | 0.0% |
| Reserves | 13 | €4,836,395 | €5,069,406 | +€233,011 | +4.8% |
| Distributable reserves | 133 | €4,836,395 | €5,069,406 | +€233,011 | +4.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €65,014 | €192,938 | +€127,924 | +196.8% |
| Amounts payable | 17/49 | €6,361,040 | €7,949,299 | +€1.6m | +25.0% |
| Amounts payable after more than one year | 17 | €3,944,667 | €5,022,988 | +€1.1m | +27.3% |
| Financial debts | 170/4 | €3,944,667 | €5,022,988 | +€1.1m | +27.3% |
| Amounts payable within one year | 42/48 | €2,416,373 | €2,918,106 | +€501,733 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €1,507,333 | €1,907,333 | +€400,000 | +26.5% |
| Trade debts | 44 | €563,040 | €708,116 | +€145,075 | +25.8% |
| Suppliers | 440/4 | €563,040 | €708,116 | +€145,075 | +25.8% |
| Taxes, remuneration and social security | 45 | €327,121 | €212,664 | -€114,457 | -35.0% |
| Taxes | 450/3 | €232,072 | €113,333 | -€118,738 | -51.2% |
| Remuneration and social security | 454/9 | €95,049 | €99,331 | +€4,281 | +4.5% |
| Other amounts payable | 47/48 | €18,879 | €89,994 | +€71,115 | +376.7% |
| Accrued charges and deferred income | 492/3 | - | €8,205 | +€8,205 | |
| Non-recurring operating income | 76A | - | €18,059 | +€18,059 | |
| Remuneration, social security and pensions | 62 | €1,352,813 | €1,628,584 | +€275,771 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,439,062 | €1,845,072 | -€593,989 | -24.4% |
| Other operating charges | 640/8 | €60,137 | €55,632 | -€4,504 | -7.5% |
| Non-recurring operating charges | 66A | €5,122 | €0 | -€5,122 | -100.0% |
| Gross operating margin | 9900 | €4,893,498 | €3,838,293 | -€1.1m | -21.6% |
| Operating profit (loss) | 9901 | €1,036,365 | €309,005 | -€727,360 | -70.2% |
| Financial income | 75/76B | €61,076 | €115,649 | +€54,572 | +89.4% |
| Recurring financial income | 75 | €61,076 | €115,649 | +€54,572 | +89.4% |
| Financial charges | 65/66B | €114,176 | €162,111 | +€47,935 | +42.0% |
| Recurring financial charges | 65 | €114,176 | €162,111 | +€47,935 | +42.0% |
| Profit (loss) for the period before taxes | 9903 | €983,265 | €262,542 | -€720,723 | -73.3% |
| Income taxes | 67/77 | €198,801 | €29,531 | -€169,269 | -85.1% |
| Profit (loss) for the period | 9904 | €784,464 | €233,011 | -€551,453 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €784,464 | €233,011 | -€551,453 | -70.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.