Herodot: 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.
Herodot
Largest movements
- Current investments +€3.3m
up €3.3m (+225.3%), from €1.5m to €4.8m
- Financial fixed assets -€1.7m
down €1.7m (-78.7%), from €2.2m to €459,000
- Cash -€852,977
down €852,977 (-95.2%), from €896,207 to €43,230
mainly Other debts (-€3.7m) and Current investments (-€3.3m)
- Receivables within one year +€311,445
up €311,445 (+68.4%), from €455,086 to €766,530
of which Other amounts receivable: +€233,945
- Tangible fixed assets -€81,670
no longer reported in 2025 (was €81,670)
- Reserves +€5.6m
up €5.6m (+2516.7%), from €220,528 to €5.8m
- Other debts -€3.7m
no longer reported in 2025 (was €3.7m)
- Debts after one year -€1.2m
no longer reported in 2025 (was €1.2m)
of which Other amounts payable: -€850,000
- Tax, wage and social debts +€550,607
up €550,607 (+3028.0%), from €18,184 to €568,791
- Current portion of long-term debt -€179,609
no longer reported in 2025 (was €179,609)
- Financial income +€6.2m
up €6.2m (+10501.8%), from €59,178 to €6.3m
of which Financial income: +€3.9m
- Financial charges -€588,408
down €588,408 (-80.9%), from €727,685 to €139,277
of which Non-recurring financial charges: -€546,132
- Taxes +€551,171
up €551,171 (+3658.5%), from €15,065 to €566,237
- Gross operating margin -€153,971
down €153,971 (-99.8%), from €154,303 to €332
- Depreciation -€20,825
no longer reported in 2025 (was €20,825)
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 | €5,339,160 | €6,351,495 | +€1.0m | +19.0% |
| Fixed assets | 21/28 | €2,232,596 | €459,000 | -€1.8m | -79.4% |
| Tangible fixed assets | 22/27 | €81,670 | - | -€81,670 | |
| Furniture and vehicles | 24 | €81,670 | - | -€81,670 | |
| Financial fixed assets | 28 | €2,150,926 | €459,000 | -€1.7m | -78.7% |
| Current assets | 29/58 | €3,106,564 | €5,892,495 | +€2.8m | +89.7% |
| Amounts receivable after more than one year | 29 | €279,683 | €286,425 | +€6,742 | +2.4% |
| Other amounts receivable | 291 | €279,683 | €286,425 | +€6,742 | +2.4% |
| Amounts receivable within one year | 40/41 | €455,086 | €766,530 | +€311,445 | +68.4% |
| Trade receivables | 40 | - | €77,500 | +€77,500 | |
| Other amounts receivable | 41 | €455,086 | €689,030 | +€233,945 | +51.4% |
| Current investments | 50/53 | €1,473,516 | €4,793,863 | +€3.3m | +225.3% |
| Cash at bank and in hand | 54/58 | €896,207 | €43,230 | -€852,977 | -95.2% |
| Deferred charges and accrued income | 490/1 | €2,073 | €2,447 | +€374 | +18.0% |
| Total equity and liabilities | 10/49 | €5,339,160 | €6,351,495 | +€1.0m | +19.0% |
| Equity | 10/15 | €225,528 | €5,775,573 | +€5.6m | +2460.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €220,528 | €5,770,573 | +€5.6m | +2516.7% |
| Distributable reserves | 133 | €220,528 | €5,770,573 | +€5.6m | +2516.7% |
| Amounts payable | 17/49 | €5,113,632 | €575,921 | -€4.5m | -88.7% |
| Amounts payable after more than one year | 17 | €1,214,645 | - | -€1.2m | |
| Financial debts | 170/4 | €364,645 | - | -€364,645 | |
| Other amounts payable | 178/9 | €850,000 | - | -€850,000 | |
| Amounts payable within one year | 42/48 | €3,898,987 | €575,921 | -€3.3m | -85.2% |
| Current portion of amounts payable after more than one year | 42 | €179,609 | - | -€179,609 | |
| Trade debts | 44 | €121 | €7,131 | +€7,010 | +5816.5% |
| Suppliers | 440/4 | €121 | €7,131 | +€7,010 | +5816.5% |
| Taxes, remuneration and social security | 45 | €18,184 | €568,791 | +€550,607 | +3028.0% |
| Taxes | 450/3 | €18,184 | €568,791 | +€550,607 | +3028.0% |
| Other amounts payable | 47/48 | €3,701,073 | - | -€3.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,825 | - | -€20,825 | |
| Other operating charges | 640/8 | €968 | €18,739 | +€17,771 | +1836.8% |
| Gross operating margin | 9900 | €154,303 | €332 | -€153,971 | -99.8% |
| Operating profit (loss) | 9901 | €132,510 | -€18,406 | -€150,917 | |
| Financial income | 75/76B | €59,178 | €6,273,965 | +€6.2m | +10501.8% |
| Recurring financial income | 75 | €59,178 | €3,964,537 | +€3.9m | +6599.3% |
| Non-recurring financial income | 76B | - | €2,309,428 | +€2.3m | |
| Financial charges | 65/66B | €727,685 | €139,277 | -€588,408 | -80.9% |
| Recurring financial charges | 65 | €117,050 | €74,774 | -€42,276 | -36.1% |
| Non-recurring financial charges | 66B | €610,636 | €64,503 | -€546,132 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | -€535,997 | €6,116,282 | +€6.7m | |
| Income taxes | 67/77 | €15,065 | €566,237 | +€551,171 | +3658.5% |
| Profit (loss) for the period | 9904 | -€551,063 | €5,550,045 | +€6.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€551,063 | €5,550,045 | +€6.1m |
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 29 September 2026 via checked.be.