Heresco: what changed
Heresco
Largest movements
- Cash +€18,359
up €18,359 (+61.3%), from €29,970 to €48,329
mainly Net result for the year (+€35,755) and Current portion of long-term debt (+€8,514)
- Receivables within one year -€5,536
down €5,536 (-21.0%), from €26,312 to €20,776
of which Trade receivables: -€13,371
- Tangible fixed assets -€3,670
down €3,670 (-10.1%), from €36,509 to €32,840
of which Other tangible fixed assets: -€4,119
- Deferred charges and accrued income +€1,932
up €1,932 (+31.9%), from €6,049 to €7,982
- Reserves +€35,755
up €35,755 (+118%), from €30,340 to €66,095
- Debts after one year -€16,714
down €16,714 (-82.1%), from €20,358 to €3,643
- Other debts -€12,985
down €12,985 (-98.8%), from €13,145 to €160
- Current portion of long-term debt +€8,514
new in 2025: €8,514
- Tax, wage and social debts -€4,116
down €4,116 (-25.9%), from €15,907 to €11,791
of which Remuneration and social security: -€2,887
- Gross operating margin +€17,119
up €17,119 (+42.1%), from €40,620 to €57,739
- Taxes +€1,940
up €1,940 (+16.0%), from €12,095 to €14,035
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €98,841 | €109,926 | +€11,085 | +11.2% |
| Fixed assets | 21/28 | €36,509 | €32,840 | -€3,670 | -10.1% |
| Tangible fixed assets | 22/27 | €36,509 | €32,840 | -€3,670 | -10.1% |
| Furniture and vehicles | 24 | €11,957 | €12,407 | +€450 | +3.8% |
| Other tangible fixed assets | 26 | €24,552 | €20,433 | -€4,119 | -16.8% |
| Current assets | 29/58 | €62,332 | €77,087 | +€14,755 | +23.7% |
| Amounts receivable within one year | 40/41 | €26,312 | €20,776 | -€5,536 | -21.0% |
| Trade receivables | 40 | €25,856 | €12,485 | -€13,371 | -51.7% |
| Other amounts receivable | 41 | €457 | €8,292 | +€7,835 | +1,716% |
| Cash at bank and in hand | 54/58 | €29,970 | €48,329 | +€18,359 | +61.3% |
| Deferred charges and accrued income | 490/1 | €6,049 | €7,982 | +€1,932 | +31.9% |
| Total equity and liabilities | 10/49 | €98,841 | €109,926 | +€11,085 | +11.2% |
| Equity | 10/15 | €48,940 | €84,695 | +€35,755 | +73.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,340 | €66,095 | +€35,755 | +118% |
| Distributable reserves | 133 | €30,340 | €66,095 | +€35,755 | +118% |
| Amounts payable | 17/49 | €49,901 | €25,231 | -€24,670 | -49.4% |
| Amounts payable after more than one year | 17 | €20,358 | €3,643 | -€16,714 | -82.1% |
| Financial debts | 170/4 | €20,358 | €3,643 | -€16,714 | -82.1% |
| Amounts payable within one year | 42/48 | €29,544 | €21,588 | -€7,956 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | - | €8,514 | +€8,514 | |
| Trade debts | 44 | €492 | €1,122 | +€630 | +128% |
| Suppliers | 440/4 | €492 | €1,122 | +€630 | +128% |
| Taxes, remuneration and social security | 45 | €15,907 | €11,791 | -€4,116 | -25.9% |
| Taxes | 450/3 | €13,020 | €11,791 | -€1,229 | -9.4% |
| Remuneration and social security | 454/9 | €2,887 | €0 | -€2,887 | -100% |
| Other amounts payable | 47/48 | €13,145 | €160 | -€12,985 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,848 | €6,184 | +€336 | +5.7% |
| Other operating charges | 640/8 | €997 | €795 | -€202 | -20.3% |
| Gross operating margin | 9900 | €40,620 | €57,739 | +€17,119 | +42.1% |
| Operating profit (loss) | 9901 | €33,775 | €50,760 | +€16,985 | +50.3% |
| Financial income | 75/76B | €145 | €153 | +€7 | +5.1% |
| Recurring financial income | 75 | €145 | €153 | +€7 | +5.1% |
| Financial charges | 65/66B | €1,106 | €1,122 | +€16 | +1.5% |
| Recurring financial charges | 65 | €1,106 | €1,122 | +€16 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €32,814 | €49,790 | +€16,976 | +51.7% |
| Income taxes | 67/77 | €12,095 | €14,035 | +€1,940 | +16.0% |
| Profit (loss) for the period | 9904 | €20,719 | €35,755 | +€15,036 | +72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,719 | €35,755 | +€15,036 | +72.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.