HERLOD: 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.
HERLOD
Largest movements
- Receivables within one year +€13,385
up €13,385 (+82.6%), from €16,203 to €29,588
of which Trade receivables: +€11,090
- Cash +€7,377
up €7,377 (+6.4%), from €114,493 to €121,870
mainly Net result for the year (+€28,321) and Other debts (+€4,590)
- Reserves +€19,321
up €19,321 (+19.3%), from €99,997 to €119,318
of which Distributable reserves: +€19,321
- Other debts +€4,590
new in 2025: €4,590
- Trade debts -€3,332
down €3,332 (-54.8%), from €6,075 to €2,743
- Gross operating margin -€1,297
down €1,297 (-3.0%), from €42,931 to €41,634
- Taxes +€665
up €665 (+5.6%), from €11,849 to €12,514
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 | €132,640 | €153,830 | +€21,190 | +16.0% |
| Fixed assets | 21/28 | €1,384 | €2,106 | +€722 | +52.2% |
| Tangible fixed assets | 22/27 | €1,384 | €2,106 | +€722 | +52.2% |
| Plant, machinery and equipment | 23 | €1,384 | €2,106 | +€722 | +52.2% |
| Current assets | 29/58 | €131,256 | €151,724 | +€20,468 | +15.6% |
| Amounts receivable within one year | 40/41 | €16,203 | €29,588 | +€13,385 | +82.6% |
| Trade receivables | 40 | €13,119 | €24,209 | +€11,090 | +84.5% |
| Other amounts receivable | 41 | €3,084 | €5,379 | +€2,295 | +74.4% |
| Cash at bank and in hand | 54/58 | €114,493 | €121,870 | +€7,377 | +6.4% |
| Deferred charges and accrued income | 490/1 | €560 | €266 | -€294 | -52.5% |
| Total equity and liabilities | 10/49 | €132,640 | €153,830 | +€21,190 | +16.0% |
| Equity | 10/15 | €106,197 | €125,518 | +€19,321 | +18.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €99,997 | €119,318 | +€19,321 | +19.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,137 | €117,458 | +€19,321 | +19.7% |
| Amounts payable | 17/49 | €26,443 | €28,312 | +€1,869 | +7.1% |
| Amounts payable within one year | 42/48 | €26,443 | €28,312 | +€1,869 | +7.1% |
| Trade debts | 44 | €6,075 | €2,743 | -€3,332 | -54.8% |
| Suppliers | 440/4 | €6,075 | €2,743 | -€3,332 | -54.8% |
| Taxes, remuneration and social security | 45 | €20,368 | €20,979 | +€611 | +3.0% |
| Taxes | 450/3 | €9,368 | €11,979 | +€2,611 | +27.9% |
| Remuneration and social security | 454/9 | €11,000 | €9,000 | -€2,000 | -18.2% |
| Other amounts payable | 47/48 | - | €4,590 | +€4,590 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €425 | €623 | +€198 | +46.6% |
| Other operating charges | 640/8 | €831 | €743 | -€88 | -10.6% |
| Gross operating margin | 9900 | €42,931 | €41,634 | -€1,297 | -3.0% |
| Operating profit (loss) | 9901 | €41,675 | €40,268 | -€1,407 | -3.4% |
| Financial income | 75/76B | €479 | €607 | +€128 | +26.7% |
| Recurring financial income | 75 | €479 | €607 | +€128 | +26.7% |
| Financial charges | 65/66B | €69 | €40 | -€29 | -42.0% |
| Recurring financial charges | 65 | €69 | €40 | -€29 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €42,085 | €40,835 | -€1,250 | -3.0% |
| Income taxes | 67/77 | €11,849 | €12,514 | +€665 | +5.6% |
| Profit (loss) for the period | 9904 | €30,236 | €28,321 | -€1,915 | -6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,236 | €28,321 | -€1,915 | -6.3% |
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.