HEROFRE: 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.
HEROFRE
Largest movements
- Tangible fixed assets -€44,267
down €44,267 (-26.5%), from €166,919 to €122,651
of which Other tangible fixed assets: -€27,399
- Cash +€36,663
up €36,663 (+47.3%), from €77,564 to €114,227
mainly Tax, wage and social debts (+€105,760) and Depreciation (+€55,301)
- Receivables within one year -€17,962
down €17,962 (-24.4%), from €73,528 to €55,567
of which Trade receivables: -€24,130
- Intangible fixed assets -€4,569
down €4,569 (-44.4%), from €10,300 to €5,731
- Tax, wage and social debts +€105,760
up €105,760 (+1704.3%), from €6,205 to €111,965
of which Remuneration and social security: +€92,202
- Profit (loss) carried forward -€58,733
down €58,733 (-71.5%), from -€82,115 to -€140,848
- Debts after one year -€37,981
down €37,981 (-40.4%), from €94,073 to €56,091
- Trade debts -€21,306
down €21,306 (-15.5%), from €137,723 to €116,418
- Other debts -€15,422
down €15,422 (-47.8%), from €32,231 to €16,808
- Gross operating margin -€134,965
down €134,965 (-13.9%), from €972,797 to €837,832
- Staff costs -€74,566
down €74,566 (-8.4%), from €883,874 to €809,308
- Depreciation -€28,047
down €28,047 (-33.7%), from €83,348 to €55,301
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 | €391,439 | €364,418 | -€27,021 | -6.9% |
| Fixed assets | 21/28 | €177,219 | €128,382 | -€48,837 | -27.6% |
| Intangible fixed assets | 21 | €10,300 | €5,731 | -€4,569 | -44.4% |
| Tangible fixed assets | 22/27 | €166,919 | €122,651 | -€44,267 | -26.5% |
| Plant, machinery and equipment | 23 | €35,838 | €23,228 | -€12,610 | -35.2% |
| Furniture and vehicles | 24 | €18,327 | €14,068 | -€4,259 | -23.2% |
| Other tangible fixed assets | 26 | €112,754 | €85,354 | -€27,399 | -24.3% |
| Current assets | 29/58 | €214,220 | €236,036 | +€21,816 | +10.2% |
| Stocks and contracts in progress | 3 | €59,483 | €59,766 | +€283 | +0.5% |
| Stocks | 30/36 | €59,483 | €59,766 | +€283 | +0.5% |
| Amounts receivable within one year | 40/41 | €73,528 | €55,567 | -€17,962 | -24.4% |
| Trade receivables | 40 | €69,316 | €45,186 | -€24,130 | -34.8% |
| Other amounts receivable | 41 | €4,212 | €10,380 | +€6,168 | +146.4% |
| Cash at bank and in hand | 54/58 | €77,564 | €114,227 | +€36,663 | +47.3% |
| Deferred charges and accrued income | 490/1 | €3,645 | €6,476 | +€2,831 | +77.7% |
| Total equity and liabilities | 10/49 | €391,439 | €364,418 | -€27,021 | -6.9% |
| Equity | 10/15 | €83,735 | €25,002 | -€58,733 | -70.1% |
| Contributions | 10/11 | €106,000 | €106,000 | = | 0.0% |
| Capital | 10 | €106,000 | €106,000 | = | 0.0% |
| Issued capital | 100 | €106,000 | €106,000 | = | 0.0% |
| Reserves | 13 | €59,850 | €59,850 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,600 | €10,600 | = | 0.0% |
| Legal reserve | 130 | €10,600 | €10,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,250 | €49,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,115 | -€140,848 | -€58,733 | -71.5% |
| Amounts payable | 17/49 | €307,704 | €339,416 | +€31,712 | +10.3% |
| Amounts payable after more than one year | 17 | €94,073 | €56,091 | -€37,981 | -40.4% |
| Financial debts | 170/4 | €94,073 | €56,091 | -€37,981 | -40.4% |
| Amounts payable within one year | 42/48 | €213,631 | €283,325 | +€69,694 | +32.6% |
| Current portion of amounts payable after more than one year | 42 | €36,629 | €37,981 | +€1,353 | +3.7% |
| Financial debts | 43 | €843 | €152 | -€691 | -82.0% |
| Credit institutions | 430/8 | €843 | €152 | -€691 | -82.0% |
| Trade debts | 44 | €137,723 | €116,418 | -€21,306 | -15.5% |
| Suppliers | 440/4 | €137,723 | €116,418 | -€21,306 | -15.5% |
| Taxes, remuneration and social security | 45 | €6,205 | €111,965 | +€105,760 | +1704.3% |
| Taxes | 450/3 | €5,880 | €19,437 | +€13,558 | +230.6% |
| Remuneration and social security | 454/9 | €326 | €92,528 | +€92,202 | +28302.0% |
| Other amounts payable | 47/48 | €32,231 | €16,808 | -€15,422 | -47.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €883,874 | €809,308 | -€74,566 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,348 | €55,301 | -€28,047 | -33.7% |
| Other operating charges | 640/8 | €9,086 | €18,529 | +€9,443 | +103.9% |
| Gross operating margin | 9900 | €972,797 | €837,832 | -€134,965 | -13.9% |
| Operating profit (loss) | 9901 | -€3,511 | -€45,306 | -€41,796 | -1190.6% |
| Financial income | 75/76B | €13 | €4,502 | +€4,489 | +35406.0% |
| Recurring financial income | 75 | €13 | €4,502 | +€4,489 | +35406.0% |
| Financial charges | 65/66B | €21,177 | €18,002 | -€3,175 | -15.0% |
| Recurring financial charges | 65 | €21,177 | €18,002 | -€3,175 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,674 | -€58,806 | -€34,131 | -138.3% |
| Income taxes | 67/77 | - | €6 | +€6 | |
| Profit (loss) for the period | 9904 | -€24,674 | -€58,811 | -€34,137 | -138.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,674 | -€58,811 | -€34,137 | -138.3% |
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 6 October 2026 via checked.be.