HERONTRACK: 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.
HERONTRACK
Largest movements
- Receivables within one year +€186,723
up €186,723 (+301.0%), from €62,037 to €248,760
of which Other amounts receivable: +€191,728
- Intangible fixed assets +€64,718
up €64,718 (+5.5%), from €1.2m to €1.2m
- Contributions +€474,400
up €474,400 (+128.4%), from €369,400 to €843,800
- Debts after one year -€160,151
down €160,151 (-23.9%), from €670,216 to €510,064
- Current portion of long-term debt -€105,362
down €105,362 (-55.4%), from €190,312 to €84,950
- Trade debts +€76,450
up €76,450 (+77.7%), from €98,373 to €174,823
- Investment grants -€69,703
down €69,703 (-16.7%), from €417,246 to €347,543
- Gross operating margin +€81,230
up €81,230 (+35.2%), from €230,672 to €311,902
- Staff costs -€46,845
down €46,845 (-39.9%), from €117,307 to €70,462
- Financial charges +€26,940
up €26,940 (+49.9%), from €53,991 to €80,931
- Depreciation +€26,443
up €26,443 (+15.0%), from €176,032 to €202,475
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 | €1,344,282 | €1,586,616 | +€242,334 | +18.0% |
| Fixed assets | 21/28 | €1,186,360 | €1,251,892 | +€65,532 | +5.5% |
| Intangible fixed assets | 21 | €1,184,788 | €1,249,506 | +€64,718 | +5.5% |
| Tangible fixed assets | 22/27 | €1,572 | €587 | -€986 | -62.7% |
| Furniture and vehicles | 24 | €1,572 | €587 | -€986 | -62.7% |
| Financial fixed assets | 28 | - | €1,800 | +€1,800 | |
| Current assets | 29/58 | €157,921 | €334,723 | +€176,802 | +112.0% |
| Stocks and contracts in progress | 3 | €82,000 | €70,617 | -€11,383 | -13.9% |
| Stocks | 30/36 | €82,000 | €70,617 | -€11,383 | -13.9% |
| Amounts receivable within one year | 40/41 | €62,037 | €248,760 | +€186,723 | +301.0% |
| Trade receivables | 40 | €26,931 | €21,926 | -€5,005 | -18.6% |
| Other amounts receivable | 41 | €35,106 | €226,834 | +€191,728 | +546.1% |
| Cash at bank and in hand | 54/58 | €11,281 | €8,925 | -€2,357 | -20.9% |
| Deferred charges and accrued income | 490/1 | €2,603 | €6,422 | +€3,819 | +146.7% |
| Total equity and liabilities | 10/49 | €1,344,282 | €1,586,616 | +€242,334 | +18.0% |
| Equity | 10/15 | €370,035 | €801,034 | +€430,999 | +116.5% |
| Contributions | 10/11 | €369,400 | €843,800 | +€474,400 | +128.4% |
| Profit (loss) carried forward | 14 | -€416,610 | -€390,308 | +€26,302 | +6.3% |
| Investment grants | 15 | €417,246 | €347,543 | -€69,703 | -16.7% |
| Amounts payable | 17/49 | €974,247 | €785,581 | -€188,665 | -19.4% |
| Amounts payable after more than one year | 17 | €670,216 | €510,064 | -€160,151 | -23.9% |
| Financial debts | 170/4 | €670,216 | €510,064 | -€160,151 | -23.9% |
| Amounts payable within one year | 42/48 | €304,031 | €269,257 | -€34,774 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €190,312 | €84,950 | -€105,362 | -55.4% |
| Trade debts | 44 | €98,373 | €174,823 | +€76,450 | +77.7% |
| Suppliers | 440/4 | €98,373 | €174,823 | +€76,450 | +77.7% |
| Taxes, remuneration and social security | 45 | €13,211 | €6,878 | -€6,333 | -47.9% |
| Taxes | 450/3 | €1,164 | €287 | -€877 | -75.4% |
| Remuneration and social security | 454/9 | €12,047 | €6,591 | -€5,456 | -45.3% |
| Other amounts payable | 47/48 | €2,136 | €2,606 | +€471 | +22.0% |
| Accrued charges and deferred income | 492/3 | - | €6,260 | +€6,260 | |
| Remuneration, social security and pensions | 62 | €117,307 | €70,462 | -€46,845 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,032 | €202,475 | +€26,443 | +15.0% |
| Other operating charges | 640/8 | €1,451 | €1,195 | -€255 | -17.6% |
| Gross operating margin | 9900 | €230,672 | €311,902 | +€81,230 | +35.2% |
| Operating profit (loss) | 9901 | -€64,117 | €37,771 | +€101,888 | |
| Financial income | 75/76B | €69,932 | €69,749 | -€183 | -0.3% |
| Recurring financial income | 75 | €69,932 | €69,749 | -€183 | -0.3% |
| Financial charges | 65/66B | €53,991 | €80,931 | +€26,940 | +49.9% |
| Recurring financial charges | 65 | €53,991 | €80,931 | +€26,940 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | -€48,176 | €26,589 | +€74,765 | |
| Income taxes | 67/77 | €433 | €287 | -€146 | -33.8% |
| Profit (loss) for the period | 9904 | -€48,609 | €26,302 | +€74,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,609 | €26,302 | +€74,911 |
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 28 September 2026 via checked.be.