HERITAGE FUND: 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.
HERITAGE FUND
Largest movements
- Financial fixed assets +€27.5m
up €27.5m (+61.6%), from €44.7m to €72.2m
- Current investments +€869,027
up €869,027 (+13.0%), from €6.7m to €7.6m
- Profit (loss) carried forward +€28.1m
up €28.1m (+48.9%), from -€57.5m to -€29.3m
- Financial income +€27.8m
up €27.8m (+3,689%), from €753,206 to €28.5m
of which Non-recurring financial income: +€27.5m
- Financial charges +€650,168
up €650,168, from -€335,642 to €314,526
- Taxes -€84,190
down €84,190 (-96.8%), from €86,977 to €2,787
- Gross operating margin +€11,355
up €11,355 (+10.9%), from -€104,178 to -€92,823
- Other operating charges -€1,171
down €1,171 (-30.9%), from €3,785 to €2,614
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 | €51,689,416 | €79,812,909 | +€28.1m | +54.4% |
| Fixed assets | 21/28 | €44,668,798 | €72,176,634 | +€27.5m | +61.6% |
| Financial fixed assets | 28 | €44,668,798 | €72,176,634 | +€27.5m | +61.6% |
| Current assets | 29/58 | €7,020,618 | €7,636,275 | +€615,657 | +8.8% |
| Current investments | 50/53 | €6,694,783 | €7,563,809 | +€869,027 | +13.0% |
| Cash at bank and in hand | 54/58 | €325,836 | €72,466 | -€253,370 | -77.8% |
| Total equity and liabilities | 10/49 | €51,689,416 | €79,812,909 | +€28.1m | +54.4% |
| Equity | 10/15 | €51,689,416 | €79,812,909 | +€28.1m | +54.4% |
| Contributions | 10/11 | €108,254,196 | €108,254,196 | -€0 | 0.0% |
| Reserves | 13 | €899,603 | €899,603 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €899,603 | €899,603 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €899,603 | €899,603 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€57,464,383 | -€29,340,890 | +€28.1m | +48.9% |
| Other operating charges | 640/8 | €3,785 | €2,614 | -€1,171 | -30.9% |
| Gross operating margin | 9900 | -€104,178 | -€92,823 | +€11,355 | +10.9% |
| Operating profit (loss) | 9901 | -€107,963 | -€95,437 | +€12,526 | +11.6% |
| Financial income | 75/76B | €753,206 | €28,536,243 | +€27.8m | +3,689% |
| Recurring financial income | 75 | €753,206 | €1,028,406 | +€275,200 | +36.5% |
| Non-recurring financial income | 76B | - | €27,507,837 | +€27.5m | |
| Financial charges | 65/66B | -€335,642 | €314,526 | +€650,168 | |
| Recurring financial charges | 65 | -€335,642 | €314,526 | +€650,168 | |
| Profit (loss) for the period before taxes | 9903 | €980,885 | €28,126,280 | +€27.1m | +2,767% |
| Income taxes | 67/77 | €86,977 | €2,787 | -€84,190 | -96.8% |
| Profit (loss) for the period | 9904 | €893,908 | €28,123,493 | +€27.2m | +3,046% |
| Profit (loss) for the period to be appropriated | 9905 | €893,908 | €28,123,493 | +€27.2m | +3,046% |
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 18 October 2026 via checked.be.