HERMAN CROUX: 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.
HERMAN CROUX
Largest movements
- Receivables after one year +€77,736
up €77,736 (+91.8%), from €84,653 to €162,389
- Cash +€74,430
up €74,430 (+66.0%), from €112,700 to €187,130
mainly Net result for the year (+€91,342) and Receivables within one year (+€55,174)
- Receivables within one year -€55,174
down €55,174 (-84.2%), from €65,531 to €10,356
- Reserves +€91,342
up €91,342 (+50.1%), from €182,211 to €273,553
of which Distributable reserves: +€91,342
- Trade debts +€5,584
new in 2025: €5,584
- Gross operating margin +€9,503
up €9,503 (+8.5%), from €111,804 to €121,307
- Taxes +€2,135
up €2,135 (+6.0%), from €35,743 to €37,878
- Financial income +€1,229
up €1,229 (+16.2%), from €7,598 to €8,827
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 | €262,883 | €359,875 | +€96,992 | +36.9% |
| Current assets | 29/58 | €262,883 | €359,875 | +€96,992 | +36.9% |
| Amounts receivable after more than one year | 29 | €84,653 | €162,389 | +€77,736 | +91.8% |
| Other amounts receivable | 291 | €84,653 | €162,389 | +€77,736 | +91.8% |
| Amounts receivable within one year | 40/41 | €65,531 | €10,356 | -€55,174 | -84.2% |
| Other amounts receivable | 41 | €65,531 | €10,356 | -€55,174 | -84.2% |
| Cash at bank and in hand | 54/58 | €112,700 | €187,130 | +€74,430 | +66.0% |
| Total equity and liabilities | 10/49 | €262,883 | €359,875 | +€96,992 | +36.9% |
| Equity | 10/15 | €194,907 | €286,249 | +€91,342 | +46.9% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €182,211 | €273,553 | +€91,342 | +50.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €180,211 | €271,553 | +€91,342 | +50.7% |
| Profit (loss) carried forward | 14 | -€23,304 | -€23,304 | = | 0.0% |
| Amounts payable | 17/49 | €67,976 | €73,626 | +€5,650 | +8.3% |
| Amounts payable within one year | 42/48 | €67,976 | €73,626 | +€5,650 | +8.3% |
| Trade debts | 44 | - | €5,584 | +€5,584 | |
| Suppliers | 440/4 | - | €5,584 | +€5,584 | |
| Taxes, remuneration and social security | 45 | €67,976 | €68,042 | +€66 | +0.1% |
| Taxes | 450/3 | €67,976 | €68,042 | +€66 | +0.1% |
| Other operating charges | 640/8 | €177 | €58 | -€119 | -67.2% |
| Gross operating margin | 9900 | €111,804 | €121,307 | +€9,503 | +8.5% |
| Operating profit (loss) | 9901 | €111,627 | €121,249 | +€9,622 | +8.6% |
| Financial income | 75/76B | €7,598 | €8,827 | +€1,229 | +16.2% |
| Recurring financial income | 75 | €7,598 | €8,827 | +€1,229 | +16.2% |
| Financial charges | 65/66B | €811 | €856 | +€45 | +5.5% |
| Recurring financial charges | 65 | €811 | €856 | +€45 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €118,413 | €129,220 | +€10,806 | +9.1% |
| Income taxes | 67/77 | €35,743 | €37,878 | +€2,135 | +6.0% |
| Profit (loss) for the period | 9904 | €82,671 | €91,342 | +€8,671 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,671 | €91,342 | +€8,671 | +10.5% |
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 28 October 2026 via checked.be.