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 +€68,737
up €68,737 (+37.4%), from €183,744 to €252,482
of which Trade receivables: +€86,690
- Tangible fixed assets -€35,807
down €35,807 (-5.7%), from €629,308 to €593,501
of which Leasing and similar rights: -€27,000
- Cash +€26,868
up €26,868 (+11.5%), from €233,439 to €260,307
mainly Net result for the year (+€124,397) and Depreciation (+€35,807)
- Reserves +€124,397
up €124,397 (+19.4%), from €641,339 to €765,736
- Debts after one year -€60,960
down €60,960 (-21.4%), from €284,859 to €223,899
- Other debts -€28,571
down €28,571 (-100.0%), from €28,571 to €0
- Tax, wage and social debts +€25,302
up €25,302 (+177.9%), from €14,223 to €39,526
of which Taxes: +€25,302
- Gross operating margin +€92,670
up €92,670 (+69.8%), from €132,772 to €225,442
- Taxes +€28,721
up €28,721 (+118.0%), from €24,337 to €53,058
- Financial charges +€2,787
up €2,787 (+40.6%), from €6,860 to €9,647
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 | €1,048,273 | €1,108,071 | +€59,798 | +5.7% |
| Fixed assets | 21/28 | €629,308 | €593,501 | -€35,807 | -5.7% |
| Tangible fixed assets | 22/27 | €629,308 | €593,501 | -€35,807 | -5.7% |
| Land and buildings | 22 | €577,971 | €569,164 | -€8,807 | -1.5% |
| Leasing and similar rights | 25 | €51,337 | €24,337 | -€27,000 | -52.6% |
| Current assets | 29/58 | €418,965 | €514,571 | +€95,605 | +22.8% |
| Amounts receivable within one year | 40/41 | €183,744 | €252,482 | +€68,737 | +37.4% |
| Trade receivables | 40 | €165,262 | €251,952 | +€86,690 | +52.5% |
| Other amounts receivable | 41 | €18,483 | €530 | -€17,953 | -97.1% |
| Cash at bank and in hand | 54/58 | €233,439 | €260,307 | +€26,868 | +11.5% |
| Deferred charges and accrued income | 490/1 | €1,782 | €1,782 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,048,273 | €1,108,071 | +€59,798 | +5.7% |
| Equity | 10/15 | €647,539 | €771,936 | +€124,397 | +19.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €641,339 | €765,736 | +€124,397 | +19.4% |
| Distributable reserves | 133 | €641,339 | €765,736 | +€124,397 | +19.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €400,734 | €336,135 | -€64,599 | -16.1% |
| Amounts payable after more than one year | 17 | €284,859 | €223,899 | -€60,960 | -21.4% |
| Financial debts | 170/4 | €284,859 | €223,899 | -€60,960 | -21.4% |
| Amounts payable within one year | 42/48 | €115,875 | €112,236 | -€3,639 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €58,507 | €61,596 | +€3,089 | +5.3% |
| Trade debts | 44 | €14,573 | €11,114 | -€3,459 | -23.7% |
| Suppliers | 440/4 | €14,573 | €11,114 | -€3,459 | -23.7% |
| Taxes, remuneration and social security | 45 | €14,223 | €39,526 | +€25,302 | +177.9% |
| Taxes | 450/3 | €12,773 | €38,076 | +€25,302 | +198.1% |
| Remuneration and social security | 454/9 | €1,450 | €1,450 | = | 0.0% |
| Other amounts payable | 47/48 | €28,571 | €0 | -€28,571 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,807 | €35,807 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,588 | €2,534 | -€55 | -2.1% |
| Gross operating margin | 9900 | €132,772 | €225,442 | +€92,670 | +69.8% |
| Operating profit (loss) | 9901 | €94,376 | €187,101 | +€92,725 | +98.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €6,860 | €9,647 | +€2,787 | +40.6% |
| Recurring financial charges | 65 | €6,860 | €9,647 | +€2,787 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €87,517 | €177,455 | +€89,938 | +102.8% |
| Income taxes | 67/77 | €24,337 | €53,058 | +€28,721 | +118.0% |
| Profit (loss) for the period | 9904 | €63,180 | €124,397 | +€61,218 | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,180 | €124,397 | +€61,218 | +96.9% |
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 9 October 2026 via checked.be.