HERPEE: 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.
HERPEE
Largest movements
- Tangible fixed assets +€2.8m
up €2.8m (+82.6%), from €3.4m to €6.2m
of which Land and buildings: +€2.9m
- Stocks and contracts +€651,659
up €651,659 (+90.2%), from €722,149 to €1.4m
- Debts after one year +€2.7m
up €2.7m (+178.0%), from €1.5m to €4.3m
of which Financial debts: +€2.4m
- Short-term financial debts +€820,594
up €820,594 (+1354.9%), from €60,563 to €881,157
- Trade debts -€208,859
down €208,859 (-28.9%), from €721,922 to €513,063
- Current portion of long-term debt +€120,847
up €120,847 (+73.3%), from €164,825 to €285,672
- Reserves +€78,401
up €78,401 (+12.3%), from €637,110 to €715,511
- Gross operating margin +€437,724
up €437,724 (+44.4%), from €984,771 to €1.4m
- Staff costs +€187,945
up €187,945 (+37.2%), from €505,271 to €693,217
- Depreciation +€135,977
up €135,977 (+45.6%), from €297,963 to €433,941
- Financial income -€105,970
down €105,970 (-100.0%), from €105,971 to €0
- Financial charges +€105,109
up €105,109 (+202.6%), from €51,878 to €156,987
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 | €4,212,757 | €7,716,649 | +€3.5m | +83.2% |
| Formation expenses | 20 | €3,681 | €2,890 | -€791 | -21.5% |
| Fixed assets | 21/28 | €3,396,874 | €6,203,479 | +€2.8m | +82.6% |
| Tangible fixed assets | 22/27 | €3,396,874 | €6,203,479 | +€2.8m | +82.6% |
| Land and buildings | 22 | €2,482,577 | €5,393,972 | +€2.9m | +117.3% |
| Plant, machinery and equipment | 23 | €736,958 | €655,284 | -€81,674 | -11.1% |
| Furniture and vehicles | 24 | €5,136 | €41,982 | +€36,846 | +717.4% |
| Leasing and similar rights | 25 | €172,203 | €112,242 | -€59,962 | -34.8% |
| Current assets | 29/58 | €812,203 | €1,510,280 | +€698,077 | +85.9% |
| Stocks and contracts in progress | 3 | €722,149 | €1,373,808 | +€651,659 | +90.2% |
| Stocks | 30/36 | €722,149 | €1,373,808 | +€651,659 | +90.2% |
| Amounts receivable within one year | 40/41 | €61,116 | €124,903 | +€63,787 | +104.4% |
| Trade receivables | 40 | €52,787 | €110,526 | +€57,739 | +109.4% |
| Other amounts receivable | 41 | €8,329 | €14,377 | +€6,048 | +72.6% |
| Cash at bank and in hand | 54/58 | €997 | €1,240 | +€244 | +24.4% |
| Deferred charges and accrued income | 490/1 | €27,941 | €10,328 | -€17,613 | -63.0% |
| Total equity and liabilities | 10/49 | €4,212,757 | €7,716,649 | +€3.5m | +83.2% |
| Equity | 10/15 | €1,633,249 | €1,711,650 | +€78,401 | +4.8% |
| Contributions | 10/11 | €457,014 | €457,014 | = | 0.0% |
| Revaluation surpluses | 12 | €539,126 | €539,126 | = | 0.0% |
| Reserves | 13 | €637,110 | €715,511 | +€78,401 | +12.3% |
| Distributable reserves | 133 | €637,110 | €715,511 | +€78,401 | +12.3% |
| Amounts payable | 17/49 | €2,579,508 | €6,004,999 | +€3.4m | +132.8% |
| Amounts payable after more than one year | 17 | €1,541,818 | €4,285,606 | +€2.7m | +178.0% |
| Financial debts | 170/4 | €1,501,258 | €3,876,031 | +€2.4m | +158.2% |
| Other amounts payable | 178/9 | €40,560 | €409,574 | +€369,014 | +909.8% |
| Amounts payable within one year | 42/48 | €1,037,690 | €1,716,590 | +€678,900 | +65.4% |
| Current portion of amounts payable after more than one year | 42 | €164,825 | €285,672 | +€120,847 | +73.3% |
| Financial debts | 43 | €60,563 | €881,157 | +€820,594 | +1354.9% |
| Credit institutions | 430/8 | €60,563 | €881,157 | +€820,594 | +1354.9% |
| Trade debts | 44 | €721,922 | €513,063 | -€208,859 | -28.9% |
| Suppliers | 440/4 | €721,922 | €513,063 | -€208,859 | -28.9% |
| Taxes, remuneration and social security | 45 | €90,380 | €36,698 | -€53,681 | -59.4% |
| Taxes | 450/3 | €46,108 | €3,023 | -€43,085 | -93.4% |
| Remuneration and social security | 454/9 | €44,272 | €33,676 | -€10,596 | -23.9% |
| Accrued charges and deferred income | 492/3 | €0 | €2,803 | +€2,803 | |
| Remuneration, social security and pensions | 62 | €505,271 | €693,217 | +€187,945 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,963 | €433,941 | +€135,977 | +45.6% |
| Other operating charges | 640/8 | €32,449 | €52,110 | +€19,660 | +60.6% |
| Gross operating margin | 9900 | €984,771 | €1,422,495 | +€437,724 | +44.4% |
| Operating profit (loss) | 9901 | €149,087 | €243,228 | +€94,141 | +63.1% |
| Financial income | 75/76B | €105,971 | €0 | -€105,970 | -100.0% |
| Recurring financial income | 75 | €105,971 | €0 | -€105,970 | -100.0% |
| Financial charges | 65/66B | €51,878 | €156,987 | +€105,109 | +202.6% |
| Recurring financial charges | 65 | €51,878 | €156,987 | +€105,109 | +202.6% |
| Profit (loss) for the period before taxes | 9903 | €203,180 | €86,241 | -€116,939 | -57.6% |
| Income taxes | 67/77 | €33,846 | €7,840 | -€26,006 | -76.8% |
| Profit (loss) for the period | 9904 | €169,334 | €78,401 | -€90,933 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | €169,334 | €78,401 | -€90,933 | -53.7% |
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 2 October 2026 via checked.be.