HERON ENGINEERS: 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.
HERON ENGINEERS
Largest movements
- Tangible fixed assets +€150,190
up €150,190 (+57.9%), from €259,564 to €409,754
of which Furniture and vehicles: +€159,295
- Receivables within one year -€10,857
down €10,857 (-37.9%), from €28,673 to €17,816
of which Trade receivables: -€16,525
- Current investments -€7,500
down €7,500 (-16.7%), from €45,000 to €37,500
- Debts after one year +€71,305
up €71,305 (+49.1%), from €145,181 to €216,486
- Reserves +€44,243
up €44,243 (+26.8%), from €165,136 to €209,380
- Current portion of long-term debt +€21,583
up €21,583 (+258.5%), from €8,349 to €29,932
- Trade debts -€5,747
down €5,747 (-42.4%), from €13,541 to €7,794
- Gross operating margin +€48,660
up €48,660 (+83.3%), from €58,422 to €107,082
- Depreciation +€19,929
up €19,929 (+142.0%), from €14,036 to €33,965
- Taxes +€8,789
up €8,789 (+66.5%), from €13,227 to €22,016
- Financial charges +€2,251
up €2,251 (+101.3%), from €2,222 to €4,474
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 | €346,923 | €479,219 | +€132,296 | +38.1% |
| Fixed assets | 21/28 | €259,574 | €409,764 | +€150,190 | +57.9% |
| Tangible fixed assets | 22/27 | €259,564 | €409,754 | +€150,190 | +57.9% |
| Land and buildings | 22 | €249,024 | €239,708 | -€9,316 | -3.7% |
| Plant, machinery and equipment | 23 | €4,523 | €4,735 | +€212 | +4.7% |
| Furniture and vehicles | 24 | €6,016 | €165,311 | +€159,295 | +2647.8% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €87,349 | €69,455 | -€17,894 | -20.5% |
| Amounts receivable within one year | 40/41 | €28,673 | €17,816 | -€10,857 | -37.9% |
| Trade receivables | 40 | €24,438 | €7,913 | -€16,525 | -67.6% |
| Other amounts receivable | 41 | €4,235 | €9,903 | +€5,668 | +133.9% |
| Current investments | 50/53 | €45,000 | €37,500 | -€7,500 | -16.7% |
| Cash at bank and in hand | 54/58 | €4,544 | €2,963 | -€1,581 | -34.8% |
| Deferred charges and accrued income | 490/1 | €9,133 | €11,176 | +€2,044 | +22.4% |
| Total equity and liabilities | 10/49 | €346,923 | €479,219 | +€132,296 | +38.1% |
| Equity | 10/15 | €171,336 | €215,580 | +€44,243 | +25.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,136 | €209,380 | +€44,243 | +26.8% |
| Distributable reserves | 133 | €165,136 | €209,380 | +€44,243 | +26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €175,587 | €263,640 | +€88,053 | +50.1% |
| Amounts payable after more than one year | 17 | €145,181 | €216,486 | +€71,305 | +49.1% |
| Financial debts | 170/4 | €145,181 | €216,486 | +€71,305 | +49.1% |
| Amounts payable within one year | 42/48 | €30,135 | €47,142 | +€17,006 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €8,349 | €29,932 | +€21,583 | +258.5% |
| Trade debts | 44 | €13,541 | €7,794 | -€5,747 | -42.4% |
| Suppliers | 440/4 | €13,541 | €7,794 | -€5,747 | -42.4% |
| Taxes, remuneration and social security | 45 | €6,580 | €7,750 | +€1,170 | +17.8% |
| Taxes | 450/3 | €6,580 | €7,750 | +€1,170 | +17.8% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €270 | €12 | -€258 | -95.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,036 | €33,965 | +€19,929 | +142.0% |
| Other operating charges | 640/8 | €2,013 | €1,244 | -€769 | -38.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €58,422 | €107,082 | +€48,660 | +83.3% |
| Operating profit (loss) | 9901 | €42,373 | €71,874 | +€29,500 | +69.6% |
| Financial income | 75/76B | €93 | €525 | +€432 | +462.6% |
| Recurring financial income | 75 | €93 | €525 | +€432 | +462.6% |
| Financial charges | 65/66B | €2,222 | €4,474 | +€2,251 | +101.3% |
| Recurring financial charges | 65 | €2,222 | €4,474 | +€2,251 | +101.3% |
| Profit (loss) for the period before taxes | 9903 | €40,244 | €67,925 | +€27,681 | +68.8% |
| Income taxes | 67/77 | €13,227 | €22,016 | +€8,789 | +66.5% |
| Profit (loss) for the period | 9904 | €27,018 | €45,909 | +€18,891 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,018 | €45,909 | +€18,891 | +69.9% |
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 4 October 2026 via checked.be.