Herdi: 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.
Herdi
Largest movements
- Current investments +€91,848
up €91,848 (+19.4%), from €472,949 to €564,798
- Cash -€59,308
down €59,308 (-49.0%), from €121,074 to €61,766
mainly Current investments (-€91,848) and Contributions, distributions and other (-€67,779)
- Tangible fixed assets -€21,426
down €21,426 (-7.5%), from €284,248 to €262,822
of which Furniture and vehicles: -€34,044
- Receivables within one year +€14,680
up €14,680 (+36.7%), from €40,004 to €54,684
of which Trade receivables: +€13,710
- Reserves +€75,000
up €75,000 (+13.9%), from €540,000 to €615,000
- Debts after one year -€45,410
down €45,410 (-44.4%), from €102,345 to €56,935
- Gross operating margin +€23,967
up €23,967 (+11.2%), from €214,555 to €238,522
- Taxes +€7,997
up €7,997 (+15.6%), from €51,213 to €59,211
- Financial income -€3,443
down €3,443 (-18.7%), from €18,435 to €14,992
- Staff costs -€2,592
down €2,592 (-98.1%), from €2,641 to €49
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 | €948,351 | €980,306 | +€31,955 | +3.4% |
| Fixed assets | 21/28 | €308,500 | €284,109 | -€24,391 | -7.9% |
| Intangible fixed assets | 21 | €23,427 | €20,727 | -€2,700 | -11.5% |
| Tangible fixed assets | 22/27 | €284,248 | €262,822 | -€21,426 | -7.5% |
| Land and buildings | 22 | €170,282 | €182,900 | +€12,618 | +7.4% |
| Furniture and vehicles | 24 | €111,167 | €77,122 | -€34,044 | -30.6% |
| Other tangible fixed assets | 26 | €2,800 | €2,800 | = | 0.0% |
| Financial fixed assets | 28 | €825 | €560 | -€265 | -32.1% |
| Current assets | 29/58 | €639,850 | €696,197 | +€56,346 | +8.8% |
| Amounts receivable within one year | 40/41 | €40,004 | €54,684 | +€14,680 | +36.7% |
| Trade receivables | 40 | €35,687 | €49,397 | +€13,710 | +38.4% |
| Other amounts receivable | 41 | €4,317 | €5,287 | +€970 | +22.5% |
| Current investments | 50/53 | €472,949 | €564,798 | +€91,848 | +19.4% |
| Cash at bank and in hand | 54/58 | €121,074 | €61,766 | -€59,308 | -49.0% |
| Deferred charges and accrued income | 490/1 | €5,823 | €14,950 | +€9,127 | +157% |
| Total equity and liabilities | 10/49 | €948,351 | €980,306 | +€31,955 | +3.4% |
| Equity | 10/15 | €558,600 | €633,600 | +€75,000 | +13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €540,000 | €615,000 | +€75,000 | +13.9% |
| Distributable reserves | 133 | €540,000 | €615,000 | +€75,000 | +13.9% |
| Amounts payable | 17/49 | €389,751 | €346,706 | -€43,045 | -11.0% |
| Amounts payable after more than one year | 17 | €102,345 | €56,935 | -€45,410 | -44.4% |
| Financial debts | 170/4 | €102,345 | €56,935 | -€45,410 | -44.4% |
| Amounts payable within one year | 42/48 | €70,395 | €63,303 | -€7,092 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €45,616 | €45,410 | -€207 | -0.5% |
| Trade debts | 44 | €3,123 | €2,723 | -€399 | -12.8% |
| Suppliers | 440/4 | €3,123 | €2,723 | -€399 | -12.8% |
| Taxes, remuneration and social security | 45 | €13,540 | €9,725 | -€3,815 | -28.2% |
| Taxes | 450/3 | €13,540 | €9,725 | -€3,815 | -28.2% |
| Other amounts payable | 47/48 | €8,116 | €5,446 | -€2,671 | -32.9% |
| Accrued charges and deferred income | 492/3 | €217,011 | €226,467 | +€9,457 | +4.4% |
| Non-recurring operating income | 76A | - | €41 | +€41 | |
| Remuneration, social security and pensions | 62 | €2,641 | €49 | -€2,592 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,907 | €45,157 | +€250 | +0.6% |
| Other operating charges | 640/8 | €1,196 | €1,224 | +€29 | +2.4% |
| Gross operating margin | 9900 | €214,555 | €238,522 | +€23,967 | +11.2% |
| Operating profit (loss) | 9901 | €165,812 | €192,091 | +€26,280 | +15.8% |
| Financial income | 75/76B | €18,435 | €14,992 | -€3,443 | -18.7% |
| Recurring financial income | 75 | €18,435 | €14,992 | -€3,443 | -18.7% |
| Financial charges | 65/66B | €6,439 | €5,093 | -€1,345 | -20.9% |
| Recurring financial charges | 65 | €6,439 | €5,093 | -€1,345 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €177,808 | €201,990 | +€24,182 | +13.6% |
| Income taxes | 67/77 | €51,213 | €59,211 | +€7,997 | +15.6% |
| Profit (loss) for the period | 9904 | €126,595 | €142,779 | +€16,185 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €126,595 | €142,779 | +€16,185 | +12.8% |
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 15 October 2026 via checked.be.