HERLINCO: 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.
HERLINCO
Largest movements
- Current investments +€50,544
new in 2025: €50,544
- Cash -€36,000
down €36,000 (-57.3%), from €62,787 to €26,787
mainly Current investments (-€50,544) and Trade debts (-€1,366)
- Stocks and contracts -€7,743
down €7,743 (-26.8%), from €28,902 to €21,159
- Profit (loss) carried forward +€6,350
up €6,350 (+7.0%), from €90,285 to €96,635
- Tax, wage and social debts +€2,787
up €2,787 (+157%), from €1,777 to €4,564
of which Taxes: +€3,377
- Trade debts -€1,366
no longer reported in 2025 (was €1,366)
- Write-downs +€8,228
new in 2025: €8,228
- Gross operating margin -€5,239
down €5,239 (-18.6%), from €28,169 to €22,931
- Taxes -€4,163
down €4,163 (-62.3%), from €6,679 to €2,516
- Staff costs +€3,262
up €3,262 (+106%), from €3,080 to €6,342
- Financial income +€415
up €415 (+79.6%), from €522 to €937
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 | €101,692 | €109,375 | +€7,684 | +7.6% |
| Current assets | 29/58 | €101,692 | €109,375 | +€7,684 | +7.6% |
| Stocks and contracts in progress | 3 | €28,902 | €21,159 | -€7,743 | -26.8% |
| Stocks | 30/36 | €28,902 | €21,159 | -€7,743 | -26.8% |
| Amounts receivable within one year | 40/41 | €9,933 | €10,886 | +€953 | +9.6% |
| Trade receivables | 40 | €8,801 | €10,619 | +€1,818 | +20.7% |
| Other amounts receivable | 41 | €1,132 | €267 | -€865 | -76.4% |
| Current investments | 50/53 | - | €50,544 | +€50,544 | |
| Cash at bank and in hand | 54/58 | €62,787 | €26,787 | -€36,000 | -57.3% |
| Deferred charges and accrued income | 490/1 | €69 | - | -€69 | |
| Total equity and liabilities | 10/49 | €101,692 | €109,375 | +€7,684 | +7.6% |
| Equity | 10/15 | €98,345 | €104,695 | +€6,350 | +6.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,285 | €96,635 | +€6,350 | +7.0% |
| Amounts payable | 17/49 | €3,347 | €4,681 | +€1,334 | +39.9% |
| Amounts payable within one year | 42/48 | €3,251 | €4,585 | +€1,334 | +41.0% |
| Trade debts | 44 | €1,366 | - | -€1,366 | |
| Suppliers | 440/4 | €1,366 | - | -€1,366 | |
| Taxes, remuneration and social security | 45 | €1,777 | €4,564 | +€2,787 | +157% |
| Taxes | 450/3 | €907 | €4,285 | +€3,377 | +372% |
| Remuneration and social security | 454/9 | €870 | €279 | -€591 | -67.9% |
| Other amounts payable | 47/48 | €107 | €21 | -€86 | -80.1% |
| Accrued charges and deferred income | 492/3 | €95 | €95 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €3,080 | €6,342 | +€3,262 | +106% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,228 | +€8,228 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €28,169 | €22,931 | -€5,239 | -18.6% |
| Operating profit (loss) | 9901 | €24,702 | €7,961 | -€16,741 | -67.8% |
| Financial income | 75/76B | €522 | €937 | +€415 | +79.6% |
| Recurring financial income | 75 | €522 | €937 | +€415 | +79.6% |
| Financial charges | 65/66B | €147 | €32 | -€115 | -78.0% |
| Recurring financial charges | 65 | €147 | €32 | -€115 | -78.0% |
| Profit (loss) for the period before taxes | 9903 | €25,077 | €8,865 | -€16,211 | -64.6% |
| Income taxes | 67/77 | €6,679 | €2,516 | -€4,163 | -62.3% |
| Profit (loss) for the period | 9904 | €18,398 | €6,350 | -€12,049 | -65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,398 | €6,350 | -€12,049 | -65.5% |
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 24 October 2026 via checked.be.