HERK&RED: 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.
What changed
HERK&RED
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€499,912
2024 · €786,602-€286,689
Equity
€22.4m
2024 · €22.7m-€300,088
Cash
€676,392
2024 · €1.9m-€1.2m
Balance sheet total
€28.4m
2024 · €29.1m-€723,469
Largest movements
Assets
- Cash -€1.2m
down €1.2m (-64.8%), from €1.9m to €676,392
mainly Investment in fixed assets (net) (-€1.7m) and Contributions, distributions and other (-€800,000)
- Tangible fixed assets +€744,346
up €744,346 (+3.1%), from €23.8m to €24.6m
of which Land and buildings: +€395,725
Equity and liabilities
- Revaluation surpluses -€520,300
down €520,300 (-3.5%), from €14.7m to €14.2m
- Reserves +€437,481
up €437,481 (+12.0%), from €3.7m to €4.1m
of which Distributable reserves: +€520,300
- Debts after one year -€432,639
down €432,639 (-10.5%), from €4.1m to €3.7m
of which Financial debts: -€432,639
Income statement
- Services and other goods +€371,375
up €371,375 (+170.1%), from €218,303 to €589,677
- Taxes -€133,979
down €133,979 (-74.0%), from €180,975 to €46,996
of which Taxes: -€128,504
- Turnover +€101,782
up €101,782 (+6.3%), from €1.6m to €1.7m
- Financial income -€84,247
down €84,247 (-14.6%), from €576,471 to €492,224
- Depreciation +€60,453
up €60,453 (+6.7%), from €904,569 to €965,021
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.
Result 2024
€786,602
Turnover
+€101,782
Other operating income
-€14,614
Goods and materials
-€50,264
Services and other goods
-€371,375
Depreciation
-€60,453
Other operating charges
+€53,594
Financial income
-€84,247
Financial charges
-€6,601
Taxes
+€133,979
Deferred taxes and other
+€11,509
Result 2025
€499,912
Cash bridge derived
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.
From operations
+€1.5m
Investment
-€1.4m
Financing
-€1.3m
Cash 2024
€1.9m
From operations (derived)
+€1.5m
Net result for the year
+€499,912
Depreciation
+€965,021
Receivables after one year
+€62,245
Receivables within one year
-€118,104
Deferred charges and accrued income
-€26
Provisions
-€27,606
Trade debts
+€183,907
Tax, wage and social debts
-€47,237
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.7m
Current investments
+€275,952
Financing
-€1.3m
Debts after one year
-€432,639
Current portion of long-term debt
-€99,806
Contributions, distributions and other
-€800,000
Cash 2025
€676,392
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,105,082 | €28,381,612 | -€723,469 | -2.5% |
| Fixed assets | 21/28 | €25,151,050 | €25,895,396 | +€744,346 | +3.0% |
| Tangible fixed assets | 22/27 | €23,826,857 | €24,571,204 | +€744,346 | +3.1% |
| Land and buildings | 22 | €23,241,772 | €23,637,497 | +€395,725 | +1.7% |
| Assets under construction and advance payments | 27 | €585,085 | €933,707 | +€348,621 | +59.6% |
| Financial fixed assets | 28 | €1,324,193 | €1,324,193 | = | 0.0% |
| Affiliated companies | 280/1 | €1,324,193 | €1,324,193 | = | 0.0% |
| Participating interests | 280 | €1,324,193 | €1,324,193 | = | 0.0% |
| Other financial fixed assets | 284/8 | €0 | €0 | = | |
| Amounts receivable and cash guarantees | 285/8 | €0 | €0 | = | |
| Current assets | 29/58 | €3,954,031 | €2,486,216 | -€1.5m | -37.1% |
| Amounts receivable after more than one year | 29 | €72,743 | €10,498 | -€62,245 | -85.6% |
| Other amounts receivable | 291 | €72,743 | €10,498 | -€62,245 | -85.6% |
| Amounts receivable within one year | 40/41 | €177,120 | €295,224 | +€118,104 | +66.7% |
| Trade receivables | 40 | €104,113 | €67,880 | -€36,233 | -34.8% |
| Other amounts receivable | 41 | €73,006 | €227,344 | +€154,337 | +211.4% |
| Current investments | 50/53 | €1,775,952 | €1,500,000 | -€275,952 | -15.5% |
| Other investments | 51/53 | €1,775,952 | €1,500,000 | -€275,952 | -15.5% |
| Cash at bank and in hand | 54/58 | €1,924,141 | €676,392 | -€1.2m | -64.8% |
| Deferred charges and accrued income | 490/1 | €4,076 | €4,102 | +€26 | +0.6% |
| Total equity and liabilities | 10/49 | €29,105,082 | €28,381,612 | -€723,469 | -2.5% |
| Equity | 10/15 | €22,663,255 | €22,363,168 | -€300,088 | -1.3% |
| Contributions | 10/11 | €2,096,732 | €2,096,732 | = | 0.0% |
| Capital | 10 | €2,096,732 | €2,096,732 | = | 0.0% |
| Issued capital | 100 | €2,096,732 | €2,096,732 | = | 0.0% |
| Revaluation surpluses | 12 | €14,719,959 | €14,199,659 | -€520,300 | -3.5% |
| Reserves | 13 | €3,652,739 | €4,090,221 | +€437,481 | +12.0% |
| Non-distributable reserves | 130/1 | €894,048 | €894,048 | = | 0.0% |
| Legal reserve | 130 | €209,673 | €209,673 | = | 0.0% |
| Reserves not available under the articles | 1311 | €684,375 | €684,375 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,145,319 | €2,062,501 | -€82,818 | -3.9% |
| Distributable reserves | 133 | €613,373 | €1,133,672 | +€520,300 | +84.8% |
| Profit (loss) carried forward | 14 | €2,193,824 | €1,976,555 | -€217,269 | -9.9% |
| Provisions and deferred taxes | 16 | €715,144 | €687,538 | -€27,606 | -3.9% |
| Deferred taxes | 168 | €715,144 | €687,538 | -€27,606 | -3.9% |
| Amounts payable | 17/49 | €5,726,683 | €5,330,907 | -€395,775 | -6.9% |
| Amounts payable after more than one year | 17 | €4,129,822 | €3,697,182 | -€432,639 | -10.5% |
| Financial debts | 170/4 | €4,108,372 | €3,675,732 | -€432,639 | -10.5% |
| Credit institutions | 173 | €4,108,372 | €3,675,732 | -€432,639 | -10.5% |
| Other amounts payable | 178/9 | €21,450 | €21,450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,596,861 | €1,633,725 | +€36,864 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €532,446 | €432,639 | -€99,806 | -18.7% |
| Trade debts | 44 | €217,179 | €401,086 | +€183,907 | +84.7% |
| Suppliers | 440/4 | €217,179 | €401,086 | +€183,907 | +84.7% |
| Taxes, remuneration and social security | 45 | €47,237 | - | -€47,237 | |
| Taxes | 450/3 | €47,237 | - | -€47,237 | |
| Other amounts payable | 47/48 | €800,000 | €800,000 | = | 0.0% |
| Operating income | 70/76A | €1,883,476 | €1,970,645 | +€87,168 | +4.6% |
| Turnover | 70 | €1,613,516 | €1,715,298 | +€101,782 | +6.3% |
| Other operating income | 74 | €269,960 | €255,346 | -€14,614 | -5.4% |
| Operating charges | 60/66A | €1,410,382 | €1,838,879 | +€428,497 | +30.4% |
| Goods for resale, raw materials and consumables | 60 | €14,853 | €65,117 | +€50,264 | +338.4% |
| Purchases | 600/8 | €14,853 | €65,117 | +€50,264 | +338.4% |
| Services and other goods | 61 | €218,303 | €589,677 | +€371,375 | +170.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €904,569 | €965,021 | +€60,453 | +6.7% |
| Other operating charges | 640/8 | €272,658 | €219,064 | -€53,594 | -19.7% |
| Operating profit (loss) | 9901 | €473,094 | €131,766 | -€341,329 | -72.1% |
| Financial income | 75/76B | €576,471 | €492,224 | -€84,247 | -14.6% |
| Recurring financial income | 75 | €576,471 | €492,224 | -€84,247 | -14.6% |
| Income from financial fixed assets | 750 | €562,662 | €489,845 | -€72,817 | -12.9% |
| Income from current assets | 751 | €12,129 | €2,379 | -€9,750 | -80.4% |
| Other financial income | 752/9 | €1,680 | €0 | -€1,680 | -100.0% |
| Financial charges | 65/66B | €98,086 | €104,687 | +€6,601 | +6.7% |
| Recurring financial charges | 65 | €98,086 | €104,687 | +€6,601 | +6.7% |
| Debt charges | 650 | €94,711 | €102,618 | +€7,907 | +8.3% |
| Other financial charges | 652/9 | €3,375 | €2,069 | -€1,306 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €951,480 | €519,302 | -€432,177 | -45.4% |
| Transfer from deferred taxes | 780 | €16,097 | €27,606 | +€11,509 | +71.5% |
| Income taxes | 67/77 | €180,975 | €46,996 | -€133,979 | -74.0% |
| Taxes | 670/3 | €180,975 | €52,471 | -€128,504 | -71.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €5,475 | +€5,475 | |
| Profit (loss) for the period | 9904 | €786,602 | €499,912 | -€286,689 | -36.4% |
| Transfer from tax-exempt reserves | 789 | €44,448 | €82,818 | +€38,371 | +86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €831,049 | €582,731 | -€248,319 | -29.9% |
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 10 October 2026 via checked.be.