Heren Loebas: 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.
Heren Loebas
Largest movements
- Receivables within one year -€27,174
down €27,174 (-61.4%), from €44,287 to €17,113
of which Trade receivables: -€24,086
- Tangible fixed assets -€16,532
down €16,532 (-4.2%), from €398,091 to €381,559
of which Land and buildings: -€9,931
- Cash +€8,157
up €8,157 (+2.3%), from €351,979 to €360,135
mainly Receivables within one year (+€27,174) and Depreciation (+€18,299)
- Profit (loss) carried forward -€18,284
down €18,284 (-40.6%), from €45,000 to €26,716
- Debts after one year -€14,783
down €14,783 (-9.9%), from €149,297 to €134,514
- Gross operating margin -€67,520
down €67,520 (-95.3%), from €70,862 to €3,342
- Taxes -€15,427
down €15,427 (-98.5%), from €15,668 to €242
- Depreciation +€3,877
up €3,877 (+26.9%), from €14,422 to €18,299
- Financial charges -€760
down €760 (-32.5%), from €2,340 to €1,580
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 | €798,234 | €760,172 | -€38,063 | -4.8% |
| Fixed assets | 21/28 | €398,091 | €381,559 | -€16,532 | -4.2% |
| Tangible fixed assets | 22/27 | €398,091 | €381,559 | -€16,532 | -4.2% |
| Land and buildings | 22 | €366,987 | €357,056 | -€9,931 | -2.7% |
| Furniture and vehicles | 24 | €31,104 | €24,503 | -€6,601 | -21.2% |
| Current assets | 29/58 | €400,143 | €378,613 | -€21,531 | -5.4% |
| Stocks and contracts in progress | 3 | €1,249 | €1,220 | -€29 | -2.3% |
| Stocks | 30/36 | €1,249 | €1,220 | -€29 | -2.3% |
| Amounts receivable within one year | 40/41 | €44,287 | €17,113 | -€27,174 | -61.4% |
| Trade receivables | 40 | €36,428 | €12,342 | -€24,086 | -66.1% |
| Other amounts receivable | 41 | €7,858 | €4,771 | -€3,088 | -39.3% |
| Cash at bank and in hand | 54/58 | €351,979 | €360,135 | +€8,157 | +2.3% |
| Deferred charges and accrued income | 490/1 | €2,630 | €145 | -€2,485 | -94.5% |
| Total equity and liabilities | 10/49 | €798,234 | €760,172 | -€38,063 | -4.8% |
| Equity | 10/15 | €341,511 | €323,227 | -€18,284 | -5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €277,911 | €277,911 | = | 0.0% |
| Distributable reserves | 133 | €277,911 | €277,911 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,000 | €26,716 | -€18,284 | -40.6% |
| Amounts payable | 17/49 | €456,724 | €436,945 | -€19,779 | -4.3% |
| Amounts payable after more than one year | 17 | €149,297 | €134,514 | -€14,783 | -9.9% |
| Financial debts | 170/4 | €149,297 | €134,514 | -€14,783 | -9.9% |
| Amounts payable within one year | 42/48 | €307,426 | €302,430 | -€4,996 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €14,665 | €14,783 | +€118 | +0.8% |
| Trade debts | 44 | €914 | €8,711 | +€7,797 | +853% |
| Suppliers | 440/4 | €914 | €8,711 | +€7,797 | +853% |
| Taxes, remuneration and social security | 45 | €9,364 | €2,998 | -€6,366 | -68.0% |
| Taxes | 450/3 | €9,364 | €2,998 | -€6,366 | -68.0% |
| Other amounts payable | 47/48 | €282,483 | €275,938 | -€6,545 | -2.3% |
| Non-recurring operating income | 76A | €5,067 | €181 | -€4,886 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,422 | €18,299 | +€3,877 | +26.9% |
| Other operating charges | 640/8 | €1,249 | €1,396 | +€148 | +11.8% |
| Non-recurring operating charges | 66A | €302 | €111 | -€191 | -63.2% |
| Gross operating margin | 9900 | €70,862 | €3,342 | -€67,520 | -95.3% |
| Operating profit (loss) | 9901 | €54,890 | -€16,464 | -€71,354 | |
| Financial income | 75/76B | €2 | €2 | +€0 | +9.8% |
| Recurring financial income | 75 | €2 | €2 | +€0 | +9.8% |
| Financial charges | 65/66B | €2,340 | €1,580 | -€760 | -32.5% |
| Recurring financial charges | 65 | €2,340 | €1,580 | -€760 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €52,551 | -€18,042 | -€70,593 | |
| Income taxes | 67/77 | €15,668 | €242 | -€15,427 | -98.5% |
| Profit (loss) for the period | 9904 | €36,883 | -€18,284 | -€55,167 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,883 | -€18,284 | -€55,167 |
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.