HERNO: what changed
What changed
HERNO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€3,153
2024 · €495,497-€498,649
Equity
€741,964
2024 · €745,117-€3,153
Cash
€2,558
2024 · €8,149-€5,591
Balance sheet total
€3.9m
2024 · €5.1m-€1.3m
Largest movements
Assets
- Tangible fixed assets -€713,961
down €713,961 (-25.2%), from €2.8m to €2.1m
of which Assets under construction and advance payments: -€1.2m
- Receivables within one year -€533,576
down €533,576 (-94.7%), from €563,489 to €29,913
of which Other amounts receivable: -€530,021
Equity and liabilities
- Other debts -€1.6m
down €1.6m (-67.0%), from €2.4m to €788,244
- Debts after one year +€273,998
up €273,998 (+15.6%), from €1.8m to €2.0m
- Tax, wage and social debts +€192,917
up €192,917 (+88,038%), from €219 to €193,136
of which Taxes: +€192,917
- Trade debts -€113,979
down €113,979 (-56.0%), from €203,463 to €89,485
Income statement
- Financial charges +€495,254
up €495,254 (+294%), from €168,273 to €663,528
of which Financial charges: +€503,253
- Taxes +€170,260
up €170,260, from €0 to €170,260
- Depreciation -€105,025
down €105,025 (-59.4%), from €176,787 to €71,762
- Gross operating margin +€63,051
up €63,051 (+7.4%), from €848,660 to €911,711
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€495,497
Gross operating margin
+€63,051
Staff costs
-€9,007
Depreciation
+€105,025
Other operating charges
+€7,815
Financial income
-€18
Financial charges
-€495,254
Taxes
-€170,260
Result 2025
-€3,153
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€922,958
Investment
+€642,199
Financing
+€275,168
Cash 2024
€8,149
From operations (derived)
-€922,958
Net result for the year
-€3,153
Depreciation
+€71,762
Receivables within one year
+€533,576
Smaller working-capital items
-€1,728
Trade debts
-€113,979
Tax, wage and social debts
+€192,917
Other debts
-€1.6m
Investment (derived)
+€642,199
Investment in fixed assets (net)
+€642,199
Financing
+€275,168
Debts after one year
+€273,998
Current portion of long-term debt
+€1,170
Cash 2025
€2,558
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,125,446 | €3,874,031 | -€1.3m | -24.4% |
| Fixed assets | 21/28 | €4,553,726 | €3,839,765 | -€713,961 | -15.7% |
| Tangible fixed assets | 22/27 | €2,832,604 | €2,118,643 | -€713,961 | -25.2% |
| Land and buildings | 22 | €1,404,349 | €2,118,643 | +€714,294 | +50.9% |
| Furniture and vehicles | 24 | €1,762 | €0 | -€1,762 | -100% |
| Other tangible fixed assets | 26 | €203,872 | €0 | -€203,872 | -100% |
| Assets under construction and advance payments | 27 | €1,222,621 | €0 | -€1.2m | -100% |
| Financial fixed assets | 28 | €1,721,122 | €1,721,122 | = | 0.0% |
| Current assets | 29/58 | €571,721 | €34,266 | -€537,455 | -94.0% |
| Amounts receivable within one year | 40/41 | €563,489 | €29,913 | -€533,576 | -94.7% |
| Trade receivables | 40 | €33,436 | €29,881 | -€3,555 | -10.6% |
| Other amounts receivable | 41 | €530,053 | €32 | -€530,021 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,149 | €2,558 | -€5,591 | -68.6% |
| Deferred charges and accrued income | 490/1 | €82 | €1,795 | +€1,713 | +2,085% |
| Total equity and liabilities | 10/49 | €5,125,446 | €3,874,031 | -€1.3m | -24.4% |
| Equity | 10/15 | €745,117 | €741,964 | -€3,153 | -0.4% |
| Contributions | 10/11 | €762,000 | €762,000 | = | 0.0% |
| Capital | 10 | €762,000 | €762,000 | = | 0.0% |
| Issued capital | 100 | €762,000 | €762,000 | = | 0.0% |
| Reserves | 13 | €5,559 | €5,559 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,948 | €3,948 | = | 0.0% |
| Legal reserve | 130 | €3,948 | €3,948 | = | 0.0% |
| Distributable reserves | 133 | €1,611 | €1,611 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,442 | -€25,594 | -€3,153 | -14.0% |
| Amounts payable | 17/49 | €4,380,329 | €3,132,066 | -€1.2m | -28.5% |
| Amounts payable after more than one year | 17 | €1,761,202 | €2,035,200 | +€273,998 | +15.6% |
| Financial debts | 170/4 | €1,761,202 | €2,035,200 | +€273,998 | +15.6% |
| Amounts payable within one year | 42/48 | €2,619,113 | €1,096,866 | -€1.5m | -58.1% |
| Current portion of amounts payable after more than one year | 42 | €24,832 | €26,002 | +€1,170 | +4.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €203,463 | €89,485 | -€113,979 | -56.0% |
| Suppliers | 440/4 | €203,463 | €89,485 | -€113,979 | -56.0% |
| Taxes, remuneration and social security | 45 | €219 | €193,136 | +€192,917 | +88,038% |
| Taxes | 450/3 | €219 | €193,136 | +€192,917 | +88,038% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,390,598 | €788,244 | -€1.6m | -67.0% |
| Accrued charges and deferred income | 492/3 | €15 | €0 | -€15 | -100% |
| Non-recurring operating income | 76A | €744,940 | €761,720 | +€16,780 | +2.3% |
| Remuneration, social security and pensions | 62 | -€9,007 | €0 | +€9,007 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,787 | €71,762 | -€105,025 | -59.4% |
| Other operating charges | 640/8 | €17,129 | €9,314 | -€7,815 | -45.6% |
| Gross operating margin | 9900 | €848,660 | €911,711 | +€63,051 | +7.4% |
| Operating profit (loss) | 9901 | €663,751 | €830,634 | +€166,883 | +25.1% |
| Financial income | 75/76B | €19 | €1 | -€18 | -97.0% |
| Recurring financial income | 75 | €19 | €1 | -€18 | -97.0% |
| Financial charges | 65/66B | €168,273 | €663,528 | +€495,254 | +294% |
| Recurring financial charges | 65 | €160,274 | €663,528 | +€503,253 | +314% |
| Non-recurring financial charges | 66B | €7,999 | €0 | -€7,999 | -100% |
| Profit (loss) for the period before taxes | 9903 | €495,497 | €167,107 | -€328,389 | -66.3% |
| Income taxes | 67/77 | €0 | €170,260 | +€170,260 | |
| Profit (loss) for the period | 9904 | €495,497 | -€3,153 | -€498,649 | |
| Profit (loss) for the period to be appropriated | 9905 | €495,497 | -€3,153 | -€498,649 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.