HERKERWINNING: 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.
HERKERWINNING
Largest movements
- Receivables after one year +€1.9m
up €1.9m (+40.0%), from €4.6m to €6.5m
- Financial fixed assets +€1.5m
up €1.5m (+16.0%), from €9.4m to €10.9m
- Cash +€802,784
up €802,784 (+1,405%), from €57,143 to €859,927
mainly Net result for the year (+€5.2m) and Short-term financial debts (+€1.2m)
- Receivables within one year +€313,477
up €313,477 (+206%), from €152,418 to €465,895
of which Other amounts receivable: +€211,747
- Tangible fixed assets +€239,201
up €239,201 (+16.0%), from €1.5m to €1.7m
of which Land and buildings: +€229,598
- Reserves +€5.2m
up €5.2m (+383%), from €1.4m to €6.6m
of which Distributable reserves: +€5.2m
- Short-term financial debts +€1.2m
up €1.2m, from €0 to €1.2m
- Debts after one year -€1.2m
down €1.2m (-63.2%), from €2.0m to €723,329
- Current portion of long-term debt -€1.2m
down €1.2m (-21.7%), from €5.5m to €4.3m
- Tax, wage and social debts +€410,705
up €410,705 (+324%), from €126,590 to €537,295
- Financial income +€5.9m
up €5.9m (+7,063%), from €83,682 to €6.0m
of which Financial income: +€5.9m
- Taxes +€517,748
up €517,748 (+25,878%), from €2,001 to €519,749
- Financial charges +€94,436
up €94,436 (+28.7%), from €328,948 to €423,384
- Gross operating margin +€39,372
up €39,372 (+14.1%), from €278,825 to €318,198
- Depreciation +€37,415
up €37,415 (+29.3%), from €127,579 to €164,994
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 | €15,806,264 | €20,538,813 | +€4.7m | +29.9% |
| Fixed assets | 21/28 | €10,882,644 | €12,621,845 | +€1.7m | +16.0% |
| Tangible fixed assets | 22/27 | €1,491,150 | €1,730,351 | +€239,201 | +16.0% |
| Land and buildings | 22 | €1,475,899 | €1,705,497 | +€229,598 | +15.6% |
| Plant, machinery and equipment | 23 | €12,906 | €8,978 | -€3,927 | -30.4% |
| Furniture and vehicles | 24 | €2,346 | €15,876 | +€13,530 | +577% |
| Financial fixed assets | 28 | €9,391,494 | €10,891,494 | +€1.5m | +16.0% |
| Current assets | 29/58 | €4,923,619 | €7,916,967 | +€3.0m | +60.8% |
| Amounts receivable after more than one year | 29 | €4,622,589 | €6,472,701 | +€1.9m | +40.0% |
| Other amounts receivable | 291 | €4,622,589 | €6,472,701 | +€1.9m | +40.0% |
| Amounts receivable within one year | 40/41 | €152,418 | €465,895 | +€313,477 | +206% |
| Trade receivables | 40 | €31,383 | €133,112 | +€101,730 | +324% |
| Other amounts receivable | 41 | €121,035 | €332,782 | +€211,747 | +175% |
| Cash at bank and in hand | 54/58 | €57,143 | €859,927 | +€802,784 | +1,405% |
| Deferred charges and accrued income | 490/1 | €91,470 | €118,445 | +€26,975 | +29.5% |
| Total equity and liabilities | 10/49 | €15,806,264 | €20,538,813 | +€4.7m | +29.9% |
| Equity | 10/15 | €7,750,178 | €12,948,530 | +€5.2m | +67.1% |
| Contributions | 10/11 | €2,762,000 | €2,762,000 | = | 0.0% |
| Capital | 10 | €2,762,000 | €2,762,000 | = | 0.0% |
| Issued capital | 100 | €2,762,000 | €2,762,000 | = | 0.0% |
| Reserves | 13 | €1,355,890 | €6,554,243 | +€5.2m | +383% |
| Non-distributable reserves | 130/1 | €276,200 | €276,200 | = | 0.0% |
| Legal reserve | 130 | €276,200 | €276,200 | = | 0.0% |
| Distributable reserves | 133 | €1,079,690 | €6,278,043 | +€5.2m | +481% |
| Profit (loss) carried forward | 14 | €3,632,287 | €3,632,287 | = | 0.0% |
| Provisions and deferred taxes | 16 | €258,463 | €258,463 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €258,463 | €258,463 | = | 0.0% |
| Pensions and similar obligations | 160 | €258,463 | €258,463 | = | 0.0% |
| Amounts payable | 17/49 | €7,797,623 | €7,331,819 | -€465,804 | -6.0% |
| Amounts payable after more than one year | 17 | €1,963,331 | €723,329 | -€1.2m | -63.2% |
| Financial debts | 170/4 | €1,963,331 | €723,329 | -€1.2m | -63.2% |
| Amounts payable within one year | 42/48 | €5,657,764 | €6,100,412 | +€442,648 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €5,490,002 | €4,300,000 | -€1.2m | -21.7% |
| Financial debts | 43 | €0 | €1,240,005 | +€1.2m | |
| Credit institutions | 430/8 | €0 | €1,240,005 | +€1.2m | |
| Trade debts | 44 | €41,172 | €23,112 | -€18,059 | -43.9% |
| Suppliers | 440/4 | €41,172 | €23,112 | -€18,059 | -43.9% |
| Taxes, remuneration and social security | 45 | €126,590 | €537,295 | +€410,705 | +324% |
| Taxes | 450/3 | €126,590 | €537,295 | +€410,705 | +324% |
| Accrued charges and deferred income | 492/3 | €176,528 | €508,079 | +€331,551 | +188% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,579 | €164,994 | +€37,415 | +29.3% |
| Other operating charges | 640/8 | €15,545 | €6,098 | -€9,447 | -60.8% |
| Gross operating margin | 9900 | €278,825 | €318,198 | +€39,372 | +14.1% |
| Operating profit (loss) | 9901 | €135,701 | €147,105 | +€11,404 | +8.4% |
| Financial income | 75/76B | €83,682 | €5,994,380 | +€5.9m | +7,063% |
| Recurring financial income | 75 | €83,682 | €5,994,380 | +€5.9m | +7,063% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €328,948 | €423,384 | +€94,436 | +28.7% |
| Recurring financial charges | 65 | €328,948 | €423,384 | +€94,436 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | -€109,565 | €5,718,101 | +€5.8m | |
| Income taxes | 67/77 | €2,001 | €519,749 | +€517,748 | +25,878% |
| Profit (loss) for the period | 9904 | -€111,566 | €5,198,353 | +€5.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€111,566 | €5,198,353 | +€5.3m |
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 15 October 2026 via checked.be.