Heroic: 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.
Heroic
Largest movements
- Tangible fixed assets -€19,802
down €19,802 (-6.1%), from €323,048 to €303,246
of which Furniture and vehicles: -€11,811
- Receivables within one year +€7,989
up €7,989 (+6.7%), from €118,632 to €126,621
of which Other amounts receivable: +€16,741
- Deferred charges and accrued income -€6,348
no longer reported in 2025 (was €6,348)
- Cash +€5,910
up €5,910 (+1136.5%), from €520 to €6,430
mainly Depreciation (+€27,028) and Tax, wage and social debts (+€12,963)
- Debts after one year -€30,970
down €30,970 (-12.0%), from €257,281 to €226,311
- Tax, wage and social debts +€12,963
up €12,963 (+156.3%), from €8,295 to €21,258
- Short-term financial debts -€7,037
down €7,037 (-60.4%), from €11,653 to €4,615
- Reserves +€6,000
up €6,000 (+5.3%), from €114,000 to €120,000
- Gross operating margin -€9,417
down €9,417 (-16.3%), from €57,619 to €48,202
- Taxes -€3,638
down €3,638 (-49.1%), from €7,409 to €3,771
- Depreciation +€1,082
up €1,082 (+4.2%), from €25,946 to €27,028
- Other operating charges +€822
up €822 (+67.6%), from €1,217 to €2,039
- Financial charges +€728
up €728 (+6.0%), from €12,120 to €12,847
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 | €448,548 | €436,296 | -€12,251 | -2.7% |
| Fixed assets | 21/28 | €323,048 | €303,246 | -€19,802 | -6.1% |
| Tangible fixed assets | 22/27 | €323,048 | €303,246 | -€19,802 | -6.1% |
| Land and buildings | 22 | €262,334 | €254,114 | -€8,220 | -3.1% |
| Plant, machinery and equipment | 23 | €799 | €1,027 | +€229 | +28.6% |
| Furniture and vehicles | 24 | €59,915 | €48,105 | -€11,811 | -19.7% |
| Current assets | 29/58 | €125,500 | €133,051 | +€7,551 | +6.0% |
| Amounts receivable within one year | 40/41 | €118,632 | €126,621 | +€7,989 | +6.7% |
| Trade receivables | 40 | €45,487 | €36,735 | -€8,751 | -19.2% |
| Other amounts receivable | 41 | €73,145 | €89,886 | +€16,741 | +22.9% |
| Cash at bank and in hand | 54/58 | €520 | €6,430 | +€5,910 | +1136.5% |
| Deferred charges and accrued income | 490/1 | €6,348 | - | -€6,348 | |
| Total equity and liabilities | 10/49 | €448,548 | €436,296 | -€12,251 | -2.7% |
| Equity | 10/15 | €138,067 | €144,293 | +€6,226 | +4.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €114,000 | €120,000 | +€6,000 | +5.3% |
| Distributable reserves | 133 | €114,000 | €120,000 | +€6,000 | +5.3% |
| Profit (loss) carried forward | 14 | €4,067 | €4,293 | +€226 | +5.6% |
| Amounts payable | 17/49 | €310,480 | €292,003 | -€18,477 | -6.0% |
| Amounts payable after more than one year | 17 | €257,281 | €226,311 | -€30,970 | -12.0% |
| Financial debts | 170/4 | €257,281 | €226,311 | -€30,970 | -12.0% |
| Amounts payable within one year | 42/48 | €53,199 | €63,705 | +€10,506 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €28,255 | €30,970 | +€2,715 | +9.6% |
| Financial debts | 43 | €11,653 | €4,615 | -€7,037 | -60.4% |
| Credit institutions | 430/8 | €11,653 | €4,615 | -€7,037 | -60.4% |
| Trade debts | 44 | €4,996 | €4,612 | -€384 | -7.7% |
| Suppliers | 440/4 | €4,996 | €4,612 | -€384 | -7.7% |
| Taxes, remuneration and social security | 45 | €8,295 | €21,258 | +€12,963 | +156.3% |
| Taxes | 450/3 | €8,295 | €21,258 | +€12,963 | +156.3% |
| Other amounts payable | 47/48 | - | €2,250 | +€2,250 | |
| Accrued charges and deferred income | 492/3 | - | €1,987 | +€1,987 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,946 | €27,028 | +€1,082 | +4.2% |
| Other operating charges | 640/8 | €1,217 | €2,039 | +€822 | +67.6% |
| Gross operating margin | 9900 | €57,619 | €48,202 | -€9,417 | -16.3% |
| Operating profit (loss) | 9901 | €30,457 | €19,135 | -€11,322 | -37.2% |
| Financial income | 75/76B | €3,876 | €3,709 | -€167 | -4.3% |
| Recurring financial income | 75 | €3,876 | €3,709 | -€167 | -4.3% |
| Financial charges | 65/66B | €12,120 | €12,847 | +€728 | +6.0% |
| Recurring financial charges | 65 | €12,120 | €12,847 | +€728 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €22,213 | €9,997 | -€12,217 | -55.0% |
| Income taxes | 67/77 | €7,409 | €3,771 | -€3,638 | -49.1% |
| Profit (loss) for the period | 9904 | €14,805 | €6,226 | -€8,579 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,805 | €6,226 | -€8,579 | -57.9% |
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 11 October 2026 via checked.be.