Herman Heughebaert: 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 Heughebaert
Largest movements
- Tangible fixed assets -€523,617
down €523,617 (-50.0%), from €1.0m to €523,617
- Stocks and contracts -€93,283
down €93,283 (-2.5%), from €3.7m to €3.6m
- Cash +€60,275
up €60,275 (+381%), from €15,814 to €76,089
mainly Investment in fixed assets (net) (+€523,617) and Net result for the year (+€344,774)
- Other debts -€919,255
down €919,255 (-27.7%), from €3.3m to €2.4m
- Profit (loss) carried forward +€344,774
up €344,774 (+18.4%), from -€1.9m to -€1.5m
- Gross operating margin +€1.0m
up €1.0m (+239%), from €424,107 to €1.4m
- Other operating charges +€402,103
up €402,103 (+183%), from €219,273 to €621,376
- Depreciation -€87,500
down €87,500 (-100%), from €87,500 to €0
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 | €4,813,141 | €4,266,516 | -€546,625 | -11.4% |
| Fixed assets | 21/28 | €1,047,234 | €523,617 | -€523,617 | -50.0% |
| Tangible fixed assets | 22/27 | €1,047,234 | €523,617 | -€523,617 | -50.0% |
| Land and buildings | 22 | €1,047,234 | €523,617 | -€523,617 | -50.0% |
| Current assets | 29/58 | €3,765,907 | €3,742,899 | -€23,008 | -0.6% |
| Stocks and contracts in progress | 3 | €3,715,041 | €3,621,758 | -€93,283 | -2.5% |
| Stocks | 30/36 | €3,715,041 | €3,621,758 | -€93,283 | -2.5% |
| Amounts receivable within one year | 40/41 | €35,052 | €45,052 | +€10,000 | +28.5% |
| Trade receivables | 40 | €35,052 | €45,052 | +€10,000 | +28.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15,814 | €76,089 | +€60,275 | +381% |
| Total equity and liabilities | 10/49 | €4,813,141 | €4,266,516 | -€546,625 | -11.4% |
| Equity | 10/15 | -€1,540,852 | -€1,196,078 | +€344,774 | +22.4% |
| Contributions | 10/11 | €29,747 | €29,747 | = | 0.0% |
| Reserves | 13 | €308,036 | €308,036 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,223 | €3,223 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,223 | €3,223 | = | 0.0% |
| Distributable reserves | 133 | €304,813 | €304,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,878,635 | -€1,533,861 | +€344,774 | +18.4% |
| Provisions and deferred taxes | 16 | €159,600 | €159,600 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €159,600 | €159,600 | = | 0.0% |
| Major repairs and maintenance | 162 | €159,600 | €159,600 | = | 0.0% |
| Amounts payable | 17/49 | €6,194,393 | €5,302,993 | -€891,399 | -14.4% |
| Amounts payable within one year | 42/48 | €6,194,393 | €5,302,993 | -€891,399 | -14.4% |
| Trade debts | 44 | €37,606 | €38,167 | +€561 | +1.5% |
| Suppliers | 440/4 | €37,606 | €38,167 | +€561 | +1.5% |
| Advances received on contracts in progress | 46 | €2,833,508 | €2,833,508 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €27,295 | +€27,295 | |
| Taxes | 450/3 | - | €27,295 | +€27,295 | |
| Other amounts payable | 47/48 | €3,323,278 | €2,404,023 | -€919,255 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,500 | €0 | -€87,500 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €432,000 | €432,000 | = | 0.0% |
| Other operating charges | 640/8 | €219,273 | €621,376 | +€402,103 | +183% |
| Gross operating margin | 9900 | €424,107 | €1,439,549 | +€1.0m | +239% |
| Operating profit (loss) | 9901 | -€314,666 | €386,173 | +€700,838 | |
| Financial income | 75/76B | €332 | €350 | +€17 | +5.2% |
| Recurring financial income | 75 | €332 | €350 | +€17 | +5.2% |
| Financial charges | 65/66B | €47,581 | €41,748 | -€5,833 | -12.3% |
| Recurring financial charges | 65 | €47,581 | €41,748 | -€5,833 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | -€361,915 | €344,774 | +€706,689 | |
| Profit (loss) for the period | 9904 | -€361,915 | €344,774 | +€706,689 | |
| Profit (loss) for the period to be appropriated | 9905 | -€361,915 | €344,774 | +€706,689 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.