HERDUC: 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.
HERDUC
Largest movements
- Receivables within one year +€29,790
up €29,790 (+22.4%), from €132,945 to €162,735
of which Trade receivables: +€33,112
- Cash +€3,670
up €3,670 (+426%), from €862 to €4,531
mainly Short-term financial debts (+€20,500) and Net result for the year (+€13,665)
- Short-term financial debts +€20,500
up €20,500 (+6,021%), from €340 to €20,840
- Profit (loss) carried forward +€13,665
up €13,665 (+46.2%), from -€29,593 to -€15,928
- Gross operating margin +€40,605
up €40,605, from -€34,528 to €6,077
- Financial income +€596
up €596 (+7.6%), from €7,802 to €8,398
- Financial charges -€592
down €592 (-67.9%), from €872 to €280
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 | €142,432 | €177,155 | +€34,723 | +24.4% |
| Current assets | 29/58 | €142,432 | €177,155 | +€34,723 | +24.4% |
| Amounts receivable within one year | 40/41 | €132,945 | €162,735 | +€29,790 | +22.4% |
| Trade receivables | 40 | €62 | €33,174 | +€33,112 | +53,251% |
| Other amounts receivable | 41 | €132,883 | €129,561 | -€3,321 | -2.5% |
| Cash at bank and in hand | 54/58 | €862 | €4,531 | +€3,670 | +426% |
| Deferred charges and accrued income | 490/1 | €8,625 | €9,888 | +€1,263 | +14.6% |
| Total equity and liabilities | 10/49 | €142,432 | €177,155 | +€34,723 | +24.4% |
| Equity | 10/15 | €140,367 | €154,032 | +€13,665 | +9.7% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €161,900 | €161,900 | = | 0.0% |
| Distributable reserves | 133 | €161,900 | €161,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,593 | -€15,928 | +€13,665 | +46.2% |
| Amounts payable | 17/49 | €2,066 | €23,123 | +€21,057 | +1,019% |
| Amounts payable within one year | 42/48 | €2,066 | €23,123 | +€21,057 | +1,019% |
| Financial debts | 43 | €340 | €20,840 | +€20,500 | +6,021% |
| Credit institutions | 430/8 | €340 | €20,840 | +€20,500 | +6,021% |
| Trade debts | 44 | €1,590 | €2,140 | +€550 | +34.6% |
| Suppliers | 440/4 | €1,590 | €2,140 | +€550 | +34.6% |
| Taxes, remuneration and social security | 45 | €135 | €143 | +€7 | +5.3% |
| Taxes | 450/3 | €135 | €143 | +€7 | +5.3% |
| Other operating charges | 640/8 | €582 | €387 | -€195 | -33.4% |
| Gross operating margin | 9900 | -€34,528 | €6,077 | +€40,605 | |
| Operating profit (loss) | 9901 | -€35,110 | €5,689 | +€40,800 | |
| Financial income | 75/76B | €7,802 | €8,398 | +€596 | +7.6% |
| Recurring financial income | 75 | €7,802 | €8,398 | +€596 | +7.6% |
| Financial charges | 65/66B | €872 | €280 | -€592 | -67.9% |
| Recurring financial charges | 65 | €872 | €280 | -€592 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | -€28,180 | €13,808 | +€41,988 | |
| Income taxes | 67/77 | €135 | €143 | +€7 | +5.3% |
| Profit (loss) for the period | 9904 | -€28,315 | €13,665 | +€41,981 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,315 | €13,665 | +€41,981 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.