HERON: 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.
HERON
Largest movements
- Receivables within one year +€7.3m
up €7.3m (+311%), from €2.3m to €9.6m
of which Trade receivables: +€5.5m
- Cash -€2.5m
down €2.5m (-76.7%), from €3.3m to €770,467
mainly Receivables within one year (-€7.3m) and Other debts (-€1.7m)
- Stocks and contracts -€2.5m
down €2.5m (-35.2%), from €7.1m to €4.6m
- Trade debts +€4.8m
up €4.8m (+890%), from €540,695 to €5.4m
- Other debts -€1.7m
down €1.7m (-80.7%), from €2.1m to €401,100
- Advances received -€1.5m
down €1.5m (-98.7%), from €1.5m to €20,000
- Reserves +€626,662
up €626,662 (+6.8%), from €9.2m to €9.8m
of which Distributable reserves: +€626,662
- Write-downs +€199,641
new in 2025: €199,641
- Gross operating margin +€128,270
up €128,270 (+12.9%), from €992,485 to €1.1m
- Taxes +€26,758
up €26,758 (+14.7%), from €182,129 to €208,887
- Financial charges -€15,837
down €15,837 (-18.1%), from €87,333 to €71,495
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 | €13,467,736 | €15,669,196 | +€2.2m | +16.3% |
| Fixed assets | 21/28 | €726,467 | €703,637 | -€22,830 | -3.1% |
| Tangible fixed assets | 22/27 | €660,995 | €638,165 | -€22,830 | -3.5% |
| Land and buildings | 22 | €660,995 | €638,165 | -€22,830 | -3.5% |
| Financial fixed assets | 28 | €65,473 | €65,473 | = | 0.0% |
| Current assets | 29/58 | €12,741,269 | €14,965,558 | +€2.2m | +17.5% |
| Stocks and contracts in progress | 3 | €7,095,560 | €4,601,404 | -€2.5m | -35.2% |
| Stocks | 30/36 | €7,095,560 | €4,601,404 | -€2.5m | -35.2% |
| Amounts receivable within one year | 40/41 | €2,336,015 | €9,593,688 | +€7.3m | +311% |
| Trade receivables | 40 | €1,434,736 | €6,954,346 | +€5.5m | +385% |
| Other amounts receivable | 41 | €901,280 | €2,639,342 | +€1.7m | +193% |
| Cash at bank and in hand | 54/58 | €3,309,694 | €770,467 | -€2.5m | -76.7% |
| Total equity and liabilities | 10/49 | €13,467,736 | €15,669,196 | +€2.2m | +16.3% |
| Equity | 10/15 | €9,263,808 | €9,890,470 | +€626,662 | +6.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €9,201,808 | €9,828,470 | +€626,662 | +6.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €9,195,608 | €9,822,270 | +€626,662 | +6.8% |
| Amounts payable | 17/49 | €4,203,928 | €5,778,725 | +€1.6m | +37.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,202,463 | €5,776,660 | +€1.6m | +37.5% |
| Financial debts | 43 | €84,487 | €0 | -€84,487 | -100% |
| Other loans | 439 | €84,487 | €0 | -€84,487 | -100% |
| Trade debts | 44 | €540,695 | €5,353,915 | +€4.8m | +890% |
| Suppliers | 440/4 | €540,695 | €5,353,915 | +€4.8m | +890% |
| Advances received on contracts in progress | 46 | €1,496,200 | €20,000 | -€1.5m | -98.7% |
| Taxes, remuneration and social security | 45 | €1,702 | €1,645 | -€56 | -3.3% |
| Taxes | 450/3 | €1,702 | €1,645 | -€56 | -3.3% |
| Other amounts payable | 47/48 | €2,079,380 | €401,100 | -€1.7m | -80.7% |
| Accrued charges and deferred income | 492/3 | €1,465 | €2,065 | +€600 | +41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,781 | €26,713 | -€5,068 | -15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €199,641 | +€199,641 | |
| Other operating charges | 640/8 | €15,315 | €15,912 | +€597 | +3.9% |
| Gross operating margin | 9900 | €992,485 | €1,120,754 | +€128,270 | +12.9% |
| Operating profit (loss) | 9901 | €945,389 | €878,488 | -€66,901 | -7.1% |
| Financial income | 75/76B | €17,833 | €28,557 | +€10,724 | +60.1% |
| Recurring financial income | 75 | €17,833 | €28,557 | +€10,724 | +60.1% |
| Financial charges | 65/66B | €87,333 | €71,495 | -€15,837 | -18.1% |
| Recurring financial charges | 65 | €87,333 | €71,495 | -€15,837 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €875,890 | €835,550 | -€40,340 | -4.6% |
| Income taxes | 67/77 | €182,129 | €208,887 | +€26,758 | +14.7% |
| Profit (loss) for the period | 9904 | €693,760 | €626,662 | -€67,098 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €693,760 | €626,662 | -€67,098 | -9.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.