HERON PROJECTS: 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 PROJECTS
Largest movements
- Stocks and contracts -€355,658
down €355,658 (-30.7%), from €1.2m to €804,034
- Receivables within one year -€20,716
down €20,716 (-58.7%), from €35,266 to €14,550
of which Other amounts receivable: -€16,255
- Other debts -€300,000
down €300,000 (-47.3%), from €634,779 to €334,779
- Profit (loss) carried forward -€77,312
down €77,312 (-7.8%), from €986,315 to €909,003
- Gross operating margin -€160,163
down €160,163, from €92,878 to -€67,285
- Taxes -€19,139
down €19,139, from €18,446 to -€694
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 | €1,774,317 | €1,399,505 | -€374,811 | -21.1% |
| Fixed assets | 21/28 | €3,500 | €3,500 | = | 0.0% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €1,770,817 | €1,396,005 | -€374,811 | -21.2% |
| Stocks and contracts in progress | 3 | €1,159,692 | €804,034 | -€355,658 | -30.7% |
| Contracts in progress | 37 | €1,159,692 | €804,034 | -€355,658 | -30.7% |
| Amounts receivable within one year | 40/41 | €35,266 | €14,550 | -€20,716 | -58.7% |
| Trade receivables | 40 | €6,487 | €2,026 | -€4,460 | -68.8% |
| Other amounts receivable | 41 | €28,779 | €12,524 | -€16,255 | -56.5% |
| Cash at bank and in hand | 54/58 | €575,380 | €574,562 | -€817 | -0.1% |
| Deferred charges and accrued income | 490/1 | €478 | €2,858 | +€2,380 | +497.7% |
| Total equity and liabilities | 10/49 | €1,774,317 | €1,399,505 | -€374,811 | -21.1% |
| Equity | 10/15 | €1,004,915 | €927,603 | -€77,312 | -7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €986,315 | €909,003 | -€77,312 | -7.8% |
| Amounts payable | 17/49 | €769,401 | €471,902 | -€297,499 | -38.7% |
| Amounts payable within one year | 42/48 | €769,401 | €471,902 | -€297,499 | -38.7% |
| Trade debts | 44 | €126,263 | €137,123 | +€10,860 | +8.6% |
| Suppliers | 440/4 | €126,263 | €137,123 | +€10,860 | +8.6% |
| Taxes, remuneration and social security | 45 | €8,359 | €0 | -€8,359 | -100.0% |
| Taxes | 450/3 | €8,359 | €0 | -€8,359 | -100.0% |
| Other amounts payable | 47/48 | €634,779 | €334,779 | -€300,000 | -47.3% |
| Other operating charges | 640/8 | €1,544 | €1,777 | +€233 | +15.1% |
| Gross operating margin | 9900 | €92,878 | -€67,285 | -€160,163 | |
| Operating profit (loss) | 9901 | €91,335 | -€69,062 | -€160,397 | |
| Financial income | 75/76B | €0 | €321 | +€321 | |
| Recurring financial income | 75 | €0 | €321 | +€321 | |
| Financial charges | 65/66B | €9,228 | €9,265 | +€37 | +0.4% |
| Recurring financial charges | 65 | €9,228 | €9,265 | +€37 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €82,107 | -€78,006 | -€160,113 | |
| Income taxes | 67/77 | €18,446 | -€694 | -€19,139 | |
| Profit (loss) for the period | 9904 | €63,662 | -€77,312 | -€140,974 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,662 | -€77,312 | -€140,974 |
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 6 October 2026 via checked.be.