Herinckx: 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.
Herinckx
Largest movements
- Financial fixed assets +€307,757
up €307,757 (+16.5%), from €1.9m to €2.2m
- Cash -€197,020
down €197,020 (-82.4%), from €239,085 to €42,065
mainly Investment in fixed assets (net) (-€307,757) and Other debts (-€20,136)
- Reserves +€87,249
up €87,249 (+5.7%), from €1.5m to €1.6m
of which Distributable reserves: +€87,249
- Short-term financial debts +€25,000
new in 2025: €25,000
- Gross operating margin -€37,593
down €37,593 (-22.1%), from €170,203 to €132,610
- Financial income -€22,564
down €22,564 (-89.2%), from €25,282 to €2,718
- Taxes -€3,109
down €3,109 (-9.4%), from €33,118 to €30,009
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 | €2,132,670 | €2,224,198 | +€91,528 | +4.3% |
| Fixed assets | 21/28 | €1,878,021 | €2,181,864 | +€303,843 | +16.2% |
| Tangible fixed assets | 22/27 | €15,001 | €11,088 | -€3,913 | -26.1% |
| Furniture and vehicles | 24 | €15,001 | €11,088 | -€3,913 | -26.1% |
| Financial fixed assets | 28 | €1,863,019 | €2,170,776 | +€307,757 | +16.5% |
| Current assets | 29/58 | €254,649 | €42,333 | -€212,316 | -83.4% |
| Stocks | 30/36 | €1 | €1 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,313 | €17 | -€15,296 | -99.9% |
| Other amounts receivable | 41 | €15,313 | €17 | -€15,296 | -99.9% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €239,085 | €42,065 | -€197,020 | -82.4% |
| Total equity and liabilities | 10/49 | €2,132,670 | €2,224,198 | +€91,528 | +4.3% |
| Equity | 10/15 | €2,084,857 | €2,172,106 | +€87,249 | +4.2% |
| Contributions | 10/11 | €550,350 | €550,350 | = | 0.0% |
| Reserves | 13 | €1,534,507 | €1,621,756 | +€87,249 | +5.7% |
| Non-distributable reserves | 130/1 | €6,826 | €6,826 | = | 0.0% |
| Other | 1319 | €6,826 | €6,826 | = | 0.0% |
| Distributable reserves | 133 | €1,527,680 | €1,614,929 | +€87,249 | +5.7% |
| Provisions and deferred taxes | 16 | €1,600 | €1,600 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,600 | €1,600 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,600 | €1,600 | = | 0.0% |
| Amounts payable | 17/49 | €46,213 | €50,492 | +€4,279 | +9.3% |
| Amounts payable within one year | 42/48 | €37,208 | €48,392 | +€11,184 | +30.1% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Other loans | 439 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €2,589 | €3,076 | +€487 | +18.8% |
| Suppliers | 440/4 | €2,589 | €3,076 | +€487 | +18.8% |
| Taxes, remuneration and social security | 45 | €3,742 | €9,575 | +€5,833 | +156% |
| Taxes | 450/3 | €3,742 | €9,575 | +€5,833 | +156% |
| Other amounts payable | 47/48 | €30,877 | €10,741 | -€20,136 | -65.2% |
| Accrued charges and deferred income | 492/3 | €9,005 | €2,100 | -€6,905 | -76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,156 | €3,913 | -€243 | -5.8% |
| Other operating charges | 640/8 | €1,120 | €1,244 | +€124 | +11.1% |
| Gross operating margin | 9900 | €170,203 | €132,610 | -€37,593 | -22.1% |
| Operating profit (loss) | 9901 | €164,927 | €127,453 | -€37,474 | -22.7% |
| Financial income | 75/76B | €25,282 | €2,718 | -€22,564 | -89.2% |
| Recurring financial income | 75 | €25,282 | €2,718 | -€22,564 | -89.2% |
| Financial charges | 65/66B | €12,819 | €12,913 | +€94 | +0.7% |
| Recurring financial charges | 65 | €12,819 | €12,913 | +€94 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €177,391 | €117,257 | -€60,134 | -33.9% |
| Income taxes | 67/77 | €33,118 | €30,009 | -€3,109 | -9.4% |
| Profit (loss) for the period | 9904 | €144,272 | €87,249 | -€57,023 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €144,272 | €87,249 | -€57,023 | -39.5% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.