HEROS: 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.
HEROS
Largest movements
- Receivables within one year +€624,393
up €624,393 (+57.8%), from €1.1m to €1.7m
of which Trade receivables: +€623,931
- Cash +€345,676
up €345,676 (+23.6%), from €1.5m to €1.8m
mainly Net result for the year (+€621,170) and Tax, wage and social debts (+€261,861)
- Tangible fixed assets -€257,493
down €257,493 (-37.3%), from €690,526 to €433,034
of which Leasing and similar rights: -€222,644
- Stocks and contracts -€50,000
no longer reported in 2025 (was €50,000)
- Reserves +€621,170
up €621,170 (+33.3%), from €1.9m to €2.5m
of which Distributable reserves: +€627,494
- Tax, wage and social debts +€261,861
up €261,861 (+295.1%), from €88,746 to €350,607
of which Taxes: +€259,296
- Current portion of long-term debt -€144,622
down €144,622 (-57.7%), from €250,746 to €106,124
- Debts after one year -€103,696
down €103,696 (-65.8%), from €157,474 to €53,779
- Gross operating margin +€496,976
up €496,976 (+41.2%), from €1.2m to €1.7m
- Taxes +€200,600
up €200,600 (+605.5%), from €33,129 to €233,729
- Depreciation -€184,570
down €184,570 (-41.8%), from €442,063 to €257,493
- Financial income -€160,949
down €160,949 (-91.1%), from €176,607 to €15,658
of which Non-recurring financial income: -€159,509
- Write-downs -€38,918
down €38,918 (-89.9%), from €43,288 to €4,370
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 | €3,324,113 | €3,970,367 | +€646,254 | +19.4% |
| Fixed assets | 21/28 | €690,526 | €433,034 | -€257,493 | -37.3% |
| Tangible fixed assets | 22/27 | €690,526 | €433,034 | -€257,493 | -37.3% |
| Furniture and vehicles | 24 | €341,159 | €306,311 | -€34,849 | -10.2% |
| Leasing and similar rights | 25 | €349,367 | €126,723 | -€222,644 | -63.7% |
| Current assets | 29/58 | €2,633,586 | €3,537,333 | +€903,747 | +34.3% |
| Stocks and contracts in progress | 3 | €50,000 | - | -€50,000 | |
| Stocks | 30/36 | €50,000 | - | -€50,000 | |
| Amounts receivable within one year | 40/41 | €1,080,128 | €1,704,521 | +€624,393 | +57.8% |
| Trade receivables | 40 | €942,059 | €1,565,989 | +€623,931 | +66.2% |
| Other amounts receivable | 41 | €138,069 | €138,532 | +€462 | +0.3% |
| Cash at bank and in hand | 54/58 | €1,463,204 | €1,808,881 | +€345,676 | +23.6% |
| Deferred charges and accrued income | 490/1 | €40,254 | €23,931 | -€16,323 | -40.5% |
| Total equity and liabilities | 10/49 | €3,324,113 | €3,970,367 | +€646,254 | +19.4% |
| Equity | 10/15 | €1,895,227 | €2,516,397 | +€621,170 | +32.8% |
| Contributions | 10/11 | €29,004 | €29,004 | = | 0.0% |
| Reserves | 13 | €1,866,223 | €2,487,393 | +€621,170 | +33.3% |
| Non-distributable reserves | 130/1 | €2,900 | €2,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,900 | €2,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €295,369 | €289,046 | -€6,324 | -2.1% |
| Distributable reserves | 133 | €1,567,953 | €2,195,447 | +€627,494 | +40.0% |
| Provisions and deferred taxes | 16 | €98,456 | €96,349 | -€2,108 | -2.1% |
| Deferred taxes | 168 | €98,456 | €96,349 | -€2,108 | -2.1% |
| Amounts payable | 17/49 | €1,330,429 | €1,357,621 | +€27,192 | +2.0% |
| Amounts payable after more than one year | 17 | €157,474 | €53,779 | -€103,696 | -65.8% |
| Financial debts | 170/4 | €157,474 | €53,779 | -€103,696 | -65.8% |
| Amounts payable within one year | 42/48 | €1,172,955 | €1,301,378 | +€128,423 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €250,746 | €106,124 | -€144,622 | -57.7% |
| Trade debts | 44 | €832,425 | €843,609 | +€11,184 | +1.3% |
| Suppliers | 440/4 | €832,425 | €843,609 | +€11,184 | +1.3% |
| Taxes, remuneration and social security | 45 | €88,746 | €350,607 | +€261,861 | +295.1% |
| Taxes | 450/3 | €35,293 | €294,589 | +€259,296 | +734.7% |
| Remuneration and social security | 454/9 | €53,453 | €56,018 | +€2,565 | +4.8% |
| Other amounts payable | 47/48 | €1,039 | €1,039 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €2,464 | +€2,464 | |
| Non-recurring operating income | 76A | €766 | €595 | -€170 | -22.2% |
| Remuneration, social security and pensions | 62 | €552,871 | €550,132 | -€2,739 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €442,063 | €257,493 | -€184,570 | -41.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,288 | €4,370 | -€38,918 | -89.9% |
| Other operating charges | 640/8 | €50,856 | €47,094 | -€3,762 | -7.4% |
| Non-recurring operating charges | 66A | €9,681 | €2,232 | -€7,449 | -76.9% |
| Gross operating margin | 9900 | €1,206,859 | €1,703,835 | +€496,976 | +41.2% |
| Operating profit (loss) | 9901 | €108,101 | €842,515 | +€734,414 | +679.4% |
| Financial income | 75/76B | €176,607 | €15,658 | -€160,949 | -91.1% |
| Recurring financial income | 75 | €4,598 | €3,158 | -€1,440 | -31.3% |
| Non-recurring financial income | 76B | €172,009 | €12,500 | -€159,509 | -92.7% |
| Financial charges | 65/66B | €8,905 | €5,382 | -€3,523 | -39.6% |
| Recurring financial charges | 65 | €8,905 | €5,382 | -€3,523 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €275,803 | €852,791 | +€576,988 | +209.2% |
| Transfer from deferred taxes | 780 | €2,108 | €2,108 | = | 0.0% |
| Transfer to deferred taxes | 680 | €43,002 | - | -€43,002 | |
| Income taxes | 67/77 | €33,129 | €233,729 | +€200,600 | +605.5% |
| Profit (loss) for the period | 9904 | €201,780 | €621,170 | +€419,390 | +207.8% |
| Transfer from tax-exempt reserves | 789 | €6,324 | €6,324 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €129,007 | - | -€129,007 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,097 | €627,494 | +€548,397 | +693.3% |
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.