HERLITZ: what changed
Two fiscal 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.
HERLITZ
Largest movements
- Receivables within one year -€13,954
down €13,954 (-99.4%), from €14,036 to €82
of which Trade receivables: -€13,857
- Cash -€9,668
down €9,668 (-1.7%), from €559,799 to €550,131
mainly Contributions, distributions and other (-€300,000) and Provisions (-€23,600)
- Profit (loss) carried forward -€300,000
down €300,000 (-43.8%), from €685,266 to €385,266
- Other debts +€210,404
up €210,404 (+812.4%), from €25,901 to €236,305
- Tax, wage and social debts +€85,311
up €85,311 (+615.3%), from €13,865 to €99,176
- Provisions -€23,600
down €23,600 (-35.8%), from €66,000 to €42,400
- Reserves +€15,064
up €15,064 (+70.2%), from €21,458 to €36,522
of which Distributable reserves: +€15,064
- Gross operating margin +€8,343
up €8,343 (+247.2%), from €3,375 to €11,718
- Financial income +€8,033
up €8,033 (+86.4%), from €9,296 to €17,329
of which Non-recurring financial income: +€13,621
- Taxes +€1,473
up €1,473 (+27.3%), from €5,391 to €6,863
- Other operating charges +€210
up €210 (+16.1%), from €1,305 to €1,515
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €846,867 | €818,338 | -€28,529 | -3.4% |
| Fixed assets | 21/28 | €19,771 | €15,264 | -€4,507 | -22.8% |
| Tangible fixed assets | 22/27 | €17,671 | €13,164 | -€4,507 | -25.5% |
| Plant, machinery and equipment | 23 | - | €669 | +€669 | |
| Furniture and vehicles | 24 | €17,671 | €12,495 | -€5,176 | -29.3% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €827,096 | €803,075 | -€24,022 | -2.9% |
| Amounts receivable within one year | 40/41 | €14,036 | €82 | -€13,954 | -99.4% |
| Trade receivables | 40 | €13,939 | €82 | -€13,857 | -99.4% |
| Other amounts receivable | 41 | €97 | €0 | -€97 | -100.0% |
| Current investments | 50/53 | €250,280 | €250,280 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €559,799 | €550,131 | -€9,668 | -1.7% |
| Deferred charges and accrued income | 490/1 | €2,982 | €2,582 | -€400 | -13.4% |
| Total equity and liabilities | 10/49 | €846,867 | €818,338 | -€28,529 | -3.4% |
| Equity | 10/15 | €725,316 | €440,380 | -€284,936 | -39.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €21,458 | €36,522 | +€15,064 | +70.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €7,096 | €7,096 | = | 0.0% |
| Distributable reserves | 133 | €14,362 | €29,426 | +€15,064 | +104.9% |
| Profit (loss) carried forward | 14 | €685,266 | €385,266 | -€300,000 | -43.8% |
| Provisions and deferred taxes | 16 | €66,000 | €42,400 | -€23,600 | -35.8% |
| Provisions for liabilities and charges | 160/5 | €66,000 | €42,400 | -€23,600 | -35.8% |
| Pensions and similar obligations | 160 | €66,000 | €42,400 | -€23,600 | -35.8% |
| Amounts payable | 17/49 | €55,552 | €335,558 | +€280,006 | +504.0% |
| Amounts payable within one year | 42/48 | €41,562 | €335,558 | +€293,996 | +707.4% |
| Trade debts | 44 | €1,797 | €77 | -€1,719 | -95.7% |
| Suppliers | 440/4 | €1,797 | €77 | -€1,719 | -95.7% |
| Taxes, remuneration and social security | 45 | €13,865 | €99,176 | +€85,311 | +615.3% |
| Taxes | 450/3 | €13,865 | €99,176 | +€85,311 | +615.3% |
| Other amounts payable | 47/48 | €25,901 | €236,305 | +€210,404 | +812.4% |
| Accrued charges and deferred income | 492/3 | €13,989 | €0 | -€13,989 | -100.0% |
| Non-recurring operating income | 76A | - | €23,600 | +€23,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,239 | €5,266 | +€27 | +0.5% |
| Other operating charges | 640/8 | €1,305 | €1,515 | +€210 | +16.1% |
| Gross operating margin | 9900 | €3,375 | €11,718 | +€8,343 | +247.2% |
| Operating profit (loss) | 9901 | -€3,169 | €4,937 | +€8,106 | |
| Financial income | 75/76B | €9,296 | €17,329 | +€8,033 | +86.4% |
| Recurring financial income | 75 | €9,296 | €3,708 | -€5,587 | -60.1% |
| Non-recurring financial income | 76B | - | €13,621 | +€13,621 | |
| Financial charges | 65/66B | €252 | €338 | +€86 | +34.1% |
| Recurring financial charges | 65 | €252 | €338 | +€86 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €5,874 | €21,928 | +€16,054 | +273.3% |
| Income taxes | 67/77 | €5,391 | €6,863 | +€1,473 | +27.3% |
| Profit (loss) for the period | 9904 | €483 | €15,064 | +€14,581 | +3016.2% |
| Profit (loss) for the period to be appropriated | 9905 | €483 | €15,064 | +€14,581 | +3016.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.