HERON MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€81,015
up €81,015 (+966%), from €8,386 to €89,401
mainly Net result for the year (+€96,467) and Tax, wage and social debts (+€38,315)
- Receivables within one year +€36,114
up €36,114 (+192,813%), from €19 to €36,133
of which Trade receivables: +€20,988
- Current investments +€16,397
new in 2025: €16,397
- Reserves +€96,467
up €96,467 (+11,780%), from €819 to €97,286
- Tax, wage and social debts +€38,315
up €38,315 (+4,783%), from €801 to €39,116
- Gross operating margin +€122,976
up €122,976 (+8,014%), from €1,535 to €124,511
- Taxes +€26,893
up €26,893 (+11,173%), from €241 to €27,133
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 | €9,553 | €144,692 | +€135,139 | +1,415% |
| Fixed assets | 21/28 | €1,148 | €1,989 | +€842 | +73.3% |
| Tangible fixed assets | 22/27 | €1,148 | €1,989 | +€842 | +73.3% |
| Furniture and vehicles | 24 | €1,148 | €754 | -€394 | -34.3% |
| Other tangible fixed assets | 26 | - | €1,236 | +€1,236 | |
| Current assets | 29/58 | €8,405 | €142,703 | +€134,298 | +1,598% |
| Amounts receivable within one year | 40/41 | €19 | €36,133 | +€36,114 | +192,813% |
| Trade receivables | 40 | - | €20,988 | +€20,988 | |
| Other amounts receivable | 41 | €19 | €15,144 | +€15,126 | +80,756% |
| Current investments | 50/53 | - | €16,397 | +€16,397 | |
| Cash at bank and in hand | 54/58 | €8,386 | €89,401 | +€81,015 | +966% |
| Deferred charges and accrued income | 490/1 | - | €772 | +€772 | |
| Total equity and liabilities | 10/49 | €9,553 | €144,692 | +€135,139 | +1,415% |
| Equity | 10/15 | €1,819 | €98,286 | +€96,467 | +5,303% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €819 | €97,286 | +€96,467 | +11,780% |
| Distributable reserves | 133 | €819 | €97,286 | +€96,467 | +11,780% |
| Amounts payable | 17/49 | €7,734 | €46,406 | +€38,673 | +500% |
| Amounts payable within one year | 42/48 | €7,734 | €46,406 | +€38,673 | +500% |
| Trade debts | 44 | - | €1,305 | +€1,305 | |
| Suppliers | 440/4 | - | €1,305 | +€1,305 | |
| Taxes, remuneration and social security | 45 | €801 | €39,116 | +€38,315 | +4,783% |
| Taxes | 450/3 | €801 | €39,116 | +€38,315 | +4,783% |
| Other amounts payable | 47/48 | €6,933 | €5,985 | -€948 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35 | €426 | +€392 | +1,134% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €1,535 | €124,511 | +€122,976 | +8,014% |
| Operating profit (loss) | 9901 | €1,113 | €123,685 | +€122,572 | +11,016% |
| Financial charges | 65/66B | €53 | €85 | +€32 | +60.4% |
| Recurring financial charges | 65 | €53 | €85 | +€32 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €1,060 | €123,600 | +€122,540 | +11,564% |
| Income taxes | 67/77 | €241 | €27,133 | +€26,893 | +11,173% |
| Profit (loss) for the period | 9904 | €819 | €96,467 | +€95,648 | +11,680% |
| Profit (loss) for the period to be appropriated | 9905 | €819 | €96,467 | +€95,648 | +11,680% |
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 17 October 2026 via checked.be.