HERFRA: 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.
HERFRA
Largest movements
- Tangible fixed assets -€561,569
down €561,569 (-55.9%), from €1.0m to €442,591
of which Land and buildings: -€529,115
- Stocks and contracts +€137,886
up €137,886 (+56.4%), from €244,674 to €382,560
- Cash -€74,220
down €74,220 (-31.8%), from €233,357 to €159,137
mainly Net result for the year (-€365,557) and Stocks and contracts (-€137,886)
- Receivables within one year +€70,112
up €70,112 (+596%), from €11,765 to €81,877
of which Trade receivables: +€69,923
- Deferred charges and accrued income +€41,115
up €41,115 (+504%), from €8,165 to €49,281
- Profit (loss) carried forward -€365,557
down €365,557, from €0 to -€365,557
- Trade debts +€39,972
up €39,972 (+151%), from €26,463 to €66,435
- Tax, wage and social debts -€25,508
down €25,508 (-99.7%), from €25,579 to €71
of which Taxes: -€25,508
- Debts after one year -€22,571
down €22,571 (-7.6%), from €297,589 to €275,018
of which Financial debts: -€22,571
- Gross operating margin -€313,427
down €313,427 (-52.6%), from €596,227 to €282,800
- Depreciation -€46,771
down €46,771 (-36.3%), from €128,781 to €82,010
- Financial charges -€33,669
down €33,669 (-86.3%), from €39,001 to €5,332
- Taxes -€25,577
down €25,577 (-98.8%), from €25,895 to €318
- Financial income -€19,722
down €19,722 (-95.8%), from €20,594 to €873
of which Non-recurring financial income: -€20,000
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 | €1,504,491 | €1,122,524 | -€381,967 | -25.4% |
| Fixed assets | 21/28 | €1,006,529 | €449,669 | -€556,860 | -55.3% |
| Intangible fixed assets | 21 | €2,370 | €0 | -€2,370 | -100% |
| Tangible fixed assets | 22/27 | €1,004,159 | €442,591 | -€561,569 | -55.9% |
| Land and buildings | 22 | €828,783 | €299,669 | -€529,115 | -63.8% |
| Plant, machinery and equipment | 23 | €51,019 | €47,294 | -€3,725 | -7.3% |
| Furniture and vehicles | 24 | €124,356 | €95,628 | -€28,729 | -23.1% |
| Financial fixed assets | 28 | - | €7,078 | +€7,078 | |
| Current assets | 29/58 | €497,962 | €672,855 | +€174,894 | +35.1% |
| Stocks and contracts in progress | 3 | €244,674 | €382,560 | +€137,886 | +56.4% |
| Stocks | 30/36 | €244,674 | €382,560 | +€137,886 | +56.4% |
| Amounts receivable within one year | 40/41 | €11,765 | €81,877 | +€70,112 | +596% |
| Trade receivables | 40 | €10,131 | €80,054 | +€69,923 | +690% |
| Other amounts receivable | 41 | €1,635 | €1,823 | +€189 | +11.5% |
| Cash at bank and in hand | 54/58 | €233,357 | €159,137 | -€74,220 | -31.8% |
| Deferred charges and accrued income | 490/1 | €8,165 | €49,281 | +€41,115 | +504% |
| Total equity and liabilities | 10/49 | €1,504,491 | €1,122,524 | -€381,967 | -25.4% |
| Equity | 10/15 | €981,297 | €615,740 | -€365,557 | -37.3% |
| Contributions | 10/11 | €893,000 | €893,000 | = | 0.0% |
| Reserves | 13 | €88,297 | €88,297 | = | 0.0% |
| Distributable reserves | 133 | €88,297 | €88,297 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€365,557 | -€365,557 | |
| Amounts payable | 17/49 | €523,194 | €506,784 | -€16,410 | -3.1% |
| Amounts payable after more than one year | 17 | €297,589 | €275,018 | -€22,571 | -7.6% |
| Financial debts | 170/4 | €37,589 | €15,018 | -€22,571 | -60.0% |
| Other amounts payable | 178/9 | €260,000 | €260,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €224,605 | €230,766 | +€6,161 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €22,571 | €22,571 | = | 0.0% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €26,463 | €66,435 | +€39,972 | +151% |
| Suppliers | 440/4 | €26,463 | €66,435 | +€39,972 | +151% |
| Taxes, remuneration and social security | 45 | €25,579 | €71 | -€25,508 | -99.7% |
| Taxes | 450/3 | €25,579 | €71 | -€25,508 | -99.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €74,992 | €66,689 | -€8,303 | -11.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,781 | €82,010 | -€46,771 | -36.3% |
| Other operating charges | 640/8 | €9,134 | €11,147 | +€2,013 | +22.0% |
| Non-recurring operating charges | 66A | - | €550,423 | +€550,423 | |
| Gross operating margin | 9900 | €596,227 | €282,800 | -€313,427 | -52.6% |
| Operating profit (loss) | 9901 | €458,313 | -€360,780 | -€819,093 | |
| Financial income | 75/76B | €20,594 | €873 | -€19,722 | -95.8% |
| Recurring financial income | 75 | €594 | €873 | +€278 | +46.8% |
| Non-recurring financial income | 76B | €20,000 | €0 | -€20,000 | -100% |
| Financial charges | 65/66B | €39,001 | €5,332 | -€33,669 | -86.3% |
| Recurring financial charges | 65 | €39,001 | €5,332 | -€33,669 | -86.3% |
| Profit (loss) for the period before taxes | 9903 | €439,906 | -€365,239 | -€805,145 | |
| Income taxes | 67/77 | €25,895 | €318 | -€25,577 | -98.8% |
| Profit (loss) for the period | 9904 | €414,011 | -€365,557 | -€779,568 | |
| Profit (loss) for the period to be appropriated | 9905 | €414,011 | -€365,557 | -€779,568 |
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 14 October 2026 via checked.be.