HERES: 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.
HERES
Largest movements
- Cash -€570,048
down €570,048 (-90.1%), from €632,585 to €62,537
mainly Debts after one year (-€392,040) and Accrued charges and deferred income (-€371,339)
- Tangible fixed assets -€171,261
down €171,261 (-1.2%), from €13.9m to €13.7m
of which Land and buildings: -€160,334
- Debts after one year -€392,040
down €392,040 (-24.0%), from €1.6m to €1.2m
- Accrued charges and deferred income -€371,339
down €371,339 (-99.0%), from €375,000 to €3,661
- Financial income -€1.0m
down €1.0m (-100%), from €1.0m to €0
of which Non-recurring financial income: -€793,026
- Taxes -€379,416
down €379,416 (-82.7%), from €458,750 to €79,334
- Financial charges -€246,502
down €246,502 (-44.8%), from €550,028 to €303,526
- Depreciation -€45,764
down €45,764 (-21.1%), from €217,026 to €171,261
- Gross operating margin +€44,149
up €44,149 (+5.5%), from €797,089 to €841,238
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 | €14,538,287 | €13,797,040 | -€741,247 | -5.1% |
| Fixed assets | 21/28 | €13,888,127 | €13,716,865 | -€171,261 | -1.2% |
| Tangible fixed assets | 22/27 | €13,888,127 | €13,716,865 | -€171,261 | -1.2% |
| Land and buildings | 22 | €13,855,533 | €13,695,199 | -€160,334 | -1.2% |
| Plant, machinery and equipment | 23 | €6,956 | €2,737 | -€4,219 | -60.7% |
| Furniture and vehicles | 24 | €25,637 | €18,929 | -€6,708 | -26.2% |
| Current assets | 29/58 | €650,160 | €80,175 | -€569,986 | -87.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €632,585 | €62,537 | -€570,048 | -90.1% |
| Deferred charges and accrued income | 490/1 | €17,575 | €17,638 | +€63 | +0.4% |
| Total equity and liabilities | 10/49 | €14,538,287 | €13,797,040 | -€741,247 | -5.1% |
| Equity | 10/15 | €11,044,903 | €11,127,813 | +€82,911 | +0.8% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €11,456,366 | €11,456,366 | = | 0.0% |
| Reserves | 13 | €64 | €64 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64 | €64 | = | 0.0% |
| Legal reserve | 130 | €64 | €64 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,411,527 | -€1,328,617 | +€82,911 | +5.9% |
| Amounts payable | 17/49 | €3,493,385 | €2,669,227 | -€824,157 | -23.6% |
| Amounts payable after more than one year | 17 | €1,630,936 | €1,238,896 | -€392,040 | -24.0% |
| Financial debts | 170/4 | €1,630,936 | €1,238,896 | -€392,040 | -24.0% |
| Amounts payable within one year | 42/48 | €1,487,449 | €1,426,671 | -€60,778 | -4.1% |
| Financial debts | 43 | €1,300,000 | €1,300,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,300,000 | €1,300,000 | = | 0.0% |
| Trade debts | 44 | €27,249 | €41,091 | +€13,842 | +50.8% |
| Suppliers | 440/4 | €27,249 | €41,091 | +€13,842 | +50.8% |
| Advances received on contracts in progress | 46 | €100,000 | €0 | -€100,000 | -100% |
| Taxes, remuneration and social security | 45 | €23,986 | €60,870 | +€36,884 | +154% |
| Taxes | 450/3 | €13,587 | €54,953 | +€41,366 | +304% |
| Remuneration and social security | 454/9 | €10,398 | €5,916 | -€4,482 | -43.1% |
| Other amounts payable | 47/48 | €36,215 | €24,710 | -€11,505 | -31.8% |
| Accrued charges and deferred income | 492/3 | €375,000 | €3,661 | -€371,339 | -99.0% |
| Remuneration, social security and pensions | 62 | €131,880 | €121,881 | -€10,000 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,026 | €171,261 | -€45,764 | -21.1% |
| Other operating charges | 640/8 | €104,870 | €82,325 | -€22,545 | -21.5% |
| Gross operating margin | 9900 | €797,089 | €841,238 | +€44,149 | +5.5% |
| Operating profit (loss) | 9901 | €343,313 | €465,770 | +€122,457 | +35.7% |
| Financial income | 75/76B | €1,037,109 | €0 | -€1.0m | -100% |
| Recurring financial income | 75 | €244,083 | €0 | -€244,083 | -100% |
| Non-recurring financial income | 76B | €793,026 | €0 | -€793,026 | -100% |
| Financial charges | 65/66B | €550,028 | €303,526 | -€246,502 | -44.8% |
| Recurring financial charges | 65 | €550,028 | €303,526 | -€246,502 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €830,394 | €162,244 | -€668,149 | -80.5% |
| Income taxes | 67/77 | €458,750 | €79,334 | -€379,416 | -82.7% |
| Profit (loss) for the period | 9904 | €371,644 | €82,911 | -€288,734 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €371,644 | €82,911 | -€288,734 | -77.7% |
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 30 October 2026 via checked.be.