HERLO: 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.
HERLO
Largest movements
- Tangible fixed assets -€23,758
down €23,758 (-25.1%), from €94,668 to €70,911
of which Furniture and vehicles: -€14,785
- Receivables within one year -€9,075
down €9,075 (-51.8%), from €17,506 to €8,431
of which Trade receivables: -€11,436
- Cash +€7,886
up €7,886 (+5.1%), from €155,058 to €162,944
mainly Net result for the year (+€41,700) and Depreciation (+€26,333)
- Reserves -€27,333
down €27,333 (-13.6%), from €201,510 to €174,178
- Tax, wage and social debts +€13,971
up €13,971 (+55.5%), from €25,165 to €39,136
of which Taxes: +€10,478
- Debts after one year -€13,710
down €13,710 (-31.8%), from €43,161 to €29,450
- Staff costs +€10,058
up €10,058 (+13.0%), from €77,142 to €87,200
- Depreciation +€6,542
up €6,542 (+33.1%), from €19,791 to €26,333
- Gross operating margin -€2,995
down €2,995 (-1.6%), from €182,951 to €179,956
- Taxes -€2,308
down €2,308 (-9.5%), from €24,424 to €22,116
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 | €302,880 | €276,974 | -€25,905 | -8.6% |
| Fixed assets | 21/28 | €94,668 | €71,156 | -€23,513 | -24.8% |
| Tangible fixed assets | 22/27 | €94,668 | €70,911 | -€23,758 | -25.1% |
| Land and buildings | 22 | €26,728 | €19,932 | -€6,796 | -25.4% |
| Plant, machinery and equipment | 23 | €6,474 | €4,298 | -€2,176 | -33.6% |
| Furniture and vehicles | 24 | €61,466 | €46,680 | -€14,785 | -24.1% |
| Financial fixed assets | 28 | - | €245 | +€245 | |
| Current assets | 29/58 | €208,212 | €205,819 | -€2,393 | -1.1% |
| Stocks and contracts in progress | 3 | €30,647 | €29,977 | -€670 | -2.2% |
| Stocks | 30/36 | €30,647 | €29,977 | -€670 | -2.2% |
| Amounts receivable within one year | 40/41 | €17,506 | €8,431 | -€9,075 | -51.8% |
| Trade receivables | 40 | €11,436 | - | -€11,436 | |
| Other amounts receivable | 41 | €6,070 | €8,431 | +€2,361 | +38.9% |
| Cash at bank and in hand | 54/58 | €155,058 | €162,944 | +€7,886 | +5.1% |
| Deferred charges and accrued income | 490/1 | €5,001 | €4,466 | -€535 | -10.7% |
| Total equity and liabilities | 10/49 | €302,880 | €276,974 | -€25,905 | -8.6% |
| Equity | 10/15 | €213,905 | €186,572 | -€27,333 | -12.8% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €201,510 | €174,178 | -€27,333 | -13.6% |
| Distributable reserves | 133 | €201,510 | €174,178 | -€27,333 | -13.6% |
| Amounts payable | 17/49 | €88,975 | €90,402 | +€1,427 | +1.6% |
| Amounts payable after more than one year | 17 | €43,161 | €29,450 | -€13,710 | -31.8% |
| Financial debts | 170/4 | €43,161 | €29,450 | -€13,710 | -31.8% |
| Amounts payable within one year | 42/48 | €45,803 | €60,951 | +€15,148 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €13,331 | €13,710 | +€380 | +2.8% |
| Trade debts | 44 | €6,209 | €6,289 | +€80 | +1.3% |
| Suppliers | 440/4 | €6,209 | €6,289 | +€80 | +1.3% |
| Taxes, remuneration and social security | 45 | €25,165 | €39,136 | +€13,971 | +55.5% |
| Taxes | 450/3 | €11,513 | €21,991 | +€10,478 | +91.0% |
| Remuneration and social security | 454/9 | €13,652 | €17,145 | +€3,493 | +25.6% |
| Other amounts payable | 47/48 | €1,098 | €1,816 | +€718 | +65.3% |
| Accrued charges and deferred income | 492/3 | €11 | - | -€11 | |
| Non-recurring operating income | 76A | €23,967 | - | -€23,967 | |
| Remuneration, social security and pensions | 62 | €77,142 | €87,200 | +€10,058 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,791 | €26,333 | +€6,542 | +33.1% |
| Other operating charges | 640/8 | €1,001 | €870 | -€131 | -13.1% |
| Gross operating margin | 9900 | €182,951 | €179,956 | -€2,995 | -1.6% |
| Operating profit (loss) | 9901 | €85,016 | €65,552 | -€19,464 | -22.9% |
| Financial income | 75/76B | - | €1,207 | +€1,207 | |
| Recurring financial income | 75 | - | €1,207 | +€1,207 | |
| Financial charges | 65/66B | €2,762 | €2,944 | +€182 | +6.6% |
| Recurring financial charges | 65 | €2,762 | €2,944 | +€182 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €82,255 | €63,816 | -€18,439 | -22.4% |
| Income taxes | 67/77 | €24,424 | €22,116 | -€2,308 | -9.5% |
| Profit (loss) for the period | 9904 | €57,830 | €41,700 | -€16,131 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,830 | €41,700 | -€16,131 | -27.9% |
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 6 October 2026 via checked.be.