HERPAIN: 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.
What changed
HERPAIN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€905,226
2024 · €994,399-€89,173
Equity
€37.0m
2024 · €36.1m+€905,226
Cash
€1.4m
2024 · €1.7m-€293,579
Balance sheet total
€48.2m
2024 · €48.0m+€138,209
Largest movements
Assets
- Financial fixed assets +€844,987
up €844,987 (+2.5%), from €33.9m to €34.8m
of which Affiliated companies: +€844,987
Equity and liabilities
- Profit (loss) carried forward +€1.0m
up €1.0m (+3.8%), from €26.3m to €27.3m
- Debts after one year -€714,771
down €714,771 (-7.3%), from €9.8m to €9.1m
of which Financial debts: -€841,395
Income statement
- Financial income +€47,177
up €47,177 (+22.1%), from €213,127 to €260,305
- Other operating income +€39,117
up €39,117 (+8.0%), from €487,102 to €526,218
- Other operating charges +€34,549
up €34,549 (+7.4%), from €464,104 to €498,653
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.
Result 2024
€994,399
Turnover
-€3,118
Other operating income
+€39,117
Services and other goods
-€11,631
Depreciation
-€2,654
Other operating charges
-€34,549
Other operating items
-€164,912
Financial income
+€47,177
Financial charges
+€11,075
Taxes
+€3,119
Deferred taxes and other
+€27,203
Result 2025
€905,226
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.4m
Investment
-€917,402
Financing
-€756,240
Cash 2024
€1.7m
From operations (derived)
+€1.4m
Net result for the year
+€905,226
Depreciation
+€501,273
Receivables after one year
+€33,079
Receivables within one year
-€43,849
Deferred charges and accrued income
-€4,889
Provisions
-€35,633
Trade debts
+€13,137
Tax, wage and social debts
-€5,504
Other debts
+€7,245
Accrued charges and deferred income
+€9,977
Investment (derived)
-€917,402
Investment in fixed assets (net)
-€916,098
Current investments
-€1,304
Financing
-€756,240
Debts after one year
-€714,771
Current portion of long-term debt
-€41,469
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,020,593 | €48,158,802 | +€138,209 | +0.3% |
| Fixed assets | 21/28 | €45,394,574 | €45,809,399 | +€414,825 | +0.9% |
| Tangible fixed assets | 22/27 | €11,465,683 | €11,035,521 | -€430,162 | -3.8% |
| Land and buildings | 22 | €10,919,710 | €10,470,822 | -€448,888 | -4.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €545,973 | €545,973 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €18,726 | +€18,726 | |
| Financial fixed assets | 28 | €33,928,891 | €34,773,878 | +€844,987 | +2.5% |
| Affiliated companies | 280/1 | €33,017,831 | €33,862,818 | +€844,987 | +2.6% |
| Participating interests | 280 | €30,593,372 | €30,593,372 | = | 0.0% |
| Amounts receivable | 281 | €2,424,459 | €3,269,446 | +€844,987 | +34.9% |
| Companies linked by participating interests | 282/3 | €0 | €0 | = | |
| Participating interests | 282 | €0 | €0 | = | |
| Amounts receivable | 283 | €0 | €0 | = | |
| Other financial fixed assets | 284/8 | €911,060 | €911,060 | = | 0.0% |
| Shares | 284 | €911,060 | €911,060 | = | 0.0% |
| Current assets | 29/58 | €2,626,019 | €2,349,403 | -€276,617 | -10.5% |
| Amounts receivable after more than one year | 29 | €33,079 | €0 | -€33,079 | -100% |
| Other amounts receivable | 291 | €33,079 | €0 | -€33,079 | -100% |
| Amounts receivable within one year | 40/41 | €232,852 | €276,702 | +€43,849 | +18.8% |
| Trade receivables | 40 | €74,677 | €122,545 | +€47,867 | +64.1% |
| Other amounts receivable | 41 | €158,175 | €154,157 | -€4,018 | -2.5% |
| Current investments | 50/53 | €700,024 | €701,327 | +€1,304 | +0.2% |
| Other investments | 51/53 | €700,024 | €701,327 | +€1,304 | +0.2% |
| Cash at bank and in hand | 54/58 | €1,658,660 | €1,365,081 | -€293,579 | -17.7% |
| Deferred charges and accrued income | 490/1 | €1,404 | €6,293 | +€4,889 | +348% |
| Total equity and liabilities | 10/49 | €48,020,593 | €48,158,802 | +€138,209 | +0.3% |
| Equity | 10/15 | €36,083,609 | €36,988,835 | +€905,226 | +2.5% |
| Contributions | 10/11 | €5,595,385 | €5,595,385 | = | 0.0% |
| Capital | 10 | €5,595,385 | €5,595,385 | = | 0.0% |
| Issued capital | 100 | €5,595,385 | €5,595,385 | = | 0.0% |
| Reserves | 13 | €4,181,696 | €4,074,796 | -€106,900 | -2.6% |
| Non-distributable reserves | 130/1 | €559,539 | €559,539 | = | 0.0% |
| Legal reserve | 130 | €559,539 | €559,539 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,397,158 | €3,290,257 | -€106,900 | -3.1% |
| Distributable reserves | 133 | €225,000 | €225,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,306,527 | €27,318,654 | +€1.0m | +3.8% |
| Provisions and deferred taxes | 16 | €433,727 | €398,093 | -€35,633 | -8.2% |
| Deferred taxes | 168 | €433,727 | €398,093 | -€35,633 | -8.2% |
| Amounts payable | 17/49 | €11,503,257 | €10,771,873 | -€731,384 | -6.4% |
| Amounts payable after more than one year | 17 | €9,784,263 | €9,069,492 | -€714,771 | -7.3% |
| Financial debts | 170/4 | €4,361,282 | €3,519,887 | -€841,395 | -19.3% |
| Credit institutions | 173 | €4,361,282 | €3,519,887 | -€841,395 | -19.3% |
| Other amounts payable | 178/9 | €5,422,980 | €5,549,605 | +€126,624 | +2.3% |
| Amounts payable within one year | 42/48 | €1,389,751 | €1,363,160 | -€26,591 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €882,864 | €841,395 | -€41,469 | -4.7% |
| Trade debts | 44 | €100,672 | €113,809 | +€13,137 | +13.0% |
| Suppliers | 440/4 | €100,672 | €113,809 | +€13,137 | +13.0% |
| Taxes, remuneration and social security | 45 | €395,924 | €390,420 | -€5,504 | -1.4% |
| Taxes | 450/3 | €395,924 | €390,420 | -€5,504 | -1.4% |
| Other amounts payable | 47/48 | €10,291 | €17,536 | +€7,245 | +70.4% |
| Accrued charges and deferred income | 492/3 | €329,244 | €339,221 | +€9,977 | +3.0% |
| Operating income | 70/76A | €2,830,264 | €2,701,351 | -€128,913 | -4.6% |
| Turnover | 70 | €2,178,250 | €2,175,132 | -€3,118 | -0.1% |
| Other operating income | 74 | €487,102 | €526,218 | +€39,117 | +8.0% |
| Non-recurring operating income | 76A | €164,912 | - | -€164,912 | |
| Operating charges | 60/66A | €1,233,315 | €1,282,149 | +€48,834 | +4.0% |
| Services and other goods | 61 | €270,593 | €282,223 | +€11,631 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €498,619 | €501,273 | +€2,654 | +0.5% |
| Other operating charges | 640/8 | €464,104 | €498,653 | +€34,549 | +7.4% |
| Operating profit (loss) | 9901 | €1,596,948 | €1,419,201 | -€177,747 | -11.1% |
| Financial income | 75/76B | €213,127 | €260,305 | +€47,177 | +22.1% |
| Recurring financial income | 75 | €213,127 | €260,305 | +€47,177 | +22.1% |
| Income from financial fixed assets | 750 | €210,594 | €249,719 | +€39,124 | +18.6% |
| Income from current assets | 751 | €660 | €9,525 | +€8,865 | +1,342% |
| Other financial income | 752/9 | €1,872 | €1,061 | -€812 | -43.3% |
| Financial charges | 65/66B | €427,985 | €416,910 | -€11,075 | -2.6% |
| Recurring financial charges | 65 | €427,985 | €416,910 | -€11,075 | -2.6% |
| Debt charges | 650 | €391,788 | €401,061 | +€9,273 | +2.4% |
| Other financial charges | 652/9 | €36,197 | €15,848 | -€20,348 | -56.2% |
| Profit (loss) for the period before taxes | 9903 | €1,382,090 | €1,262,596 | -€119,494 | -8.6% |
| Transfer from deferred taxes | 780 | €49,659 | €35,633 | -€14,025 | -28.2% |
| Transfer to deferred taxes | 680 | €41,228 | - | -€41,228 | |
| Income taxes | 67/77 | €396,122 | €393,003 | -€3,119 | -0.8% |
| Taxes | 670/3 | €396,122 | €393,003 | -€3,119 | -0.8% |
| Profit (loss) for the period | 9904 | €994,399 | €905,226 | -€89,173 | -9.0% |
| Transfer from tax-exempt reserves | 789 | €148,976 | €106,900 | -€42,076 | -28.2% |
| Transfer to tax-exempt reserves | 689 | €123,684 | - | -€123,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,019,691 | €1,012,127 | -€7,565 | -0.7% |
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 18 October 2026 via checked.be.