HERPELS MATTHIEU: 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.
HERPELS MATTHIEU
Largest movements
- Receivables after one year -€112,180
down €112,180 (-8.1%), from €1.4m to €1.3m
of which Other amounts receivable: -€112,180
- Cash +€22,336
up €22,336 (+24.4%), from €91,352 to €113,688
mainly Net result for the year (+€117,687) and Receivables after one year (+€112,180)
- Other debts -€193,610
down €193,610 (-99.0%), from €195,651 to €2,042
- Reserves +€117,687
up €117,687 (+6.5%), from €1.8m to €1.9m
- Gross operating margin -€22,024
down €22,024 (-17.2%), from €128,315 to €106,292
- Financial income +€8,559
up €8,559 (+11.3%), from €75,865 to €84,425
- Taxes -€7,551
down €7,551 (-14.4%), from €52,506 to €44,955
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,035,343 | €1,942,400 | -€92,943 | -4.6% |
| Fixed assets | 21/28 | €186,911 | €173,798 | -€13,113 | -7.0% |
| Tangible fixed assets | 22/27 | €186,911 | €173,798 | -€13,113 | -7.0% |
| Land and buildings | 22 | €165,816 | €161,849 | -€3,967 | -2.4% |
| Plant, machinery and equipment | 23 | €977 | €740 | -€237 | -24.3% |
| Furniture and vehicles | 24 | €20,118 | €11,209 | -€8,909 | -44.3% |
| Current assets | 29/58 | €1,848,432 | €1,768,601 | -€79,830 | -4.3% |
| Amounts receivable after more than one year | 29 | €1,383,079 | €1,270,899 | -€112,180 | -8.1% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €1,383,079 | €1,270,899 | -€112,180 | -8.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €10,363 | €11,069 | +€705 | +6.8% |
| Other amounts receivable | 41 | €10,363 | €11,069 | +€705 | +6.8% |
| Current investments | 50/53 | €312,515 | €326,009 | +€13,495 | +4.3% |
| Cash at bank and in hand | 54/58 | €91,352 | €113,688 | +€22,336 | +24.4% |
| Deferred charges and accrued income | 490/1 | €51,122 | €46,937 | -€4,186 | -8.2% |
| Total equity and liabilities | 10/49 | €2,035,343 | €1,942,400 | -€92,943 | -4.6% |
| Equity | 10/15 | €1,817,786 | €1,935,474 | +€117,687 | +6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,805,386 | €1,923,074 | +€117,687 | +6.5% |
| Distributable reserves | 133 | €1,805,386 | €1,923,074 | +€117,687 | +6.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €217,556 | €6,926 | -€210,630 | -96.8% |
| Amounts payable within one year | 42/48 | €217,556 | €6,926 | -€210,630 | -96.8% |
| Financial debts | 43 | €3 | €3 | = | 0.0% |
| Credit institutions | 430/8 | €3 | €3 | = | 0.0% |
| Trade debts | 44 | €930 | €3,345 | +€2,416 | +260% |
| Suppliers | 440/4 | €930 | €3,345 | +€2,416 | +260% |
| Taxes, remuneration and social security | 45 | €20,973 | €1,536 | -€19,436 | -92.7% |
| Taxes | 450/3 | €20,973 | €1,536 | -€19,436 | -92.7% |
| Other amounts payable | 47/48 | €195,651 | €2,042 | -€193,610 | -99.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,423 | €25,213 | -€210 | -0.8% |
| Other operating charges | 640/8 | €1,666 | €1,846 | +€180 | +10.8% |
| Gross operating margin | 9900 | €128,315 | €106,292 | -€22,024 | -17.2% |
| Operating profit (loss) | 9901 | €101,227 | €79,232 | -€21,995 | -21.7% |
| Financial income | 75/76B | €75,865 | €84,425 | +€8,559 | +11.3% |
| Recurring financial income | 75 | €75,865 | €84,425 | +€8,559 | +11.3% |
| Financial charges | 65/66B | €456 | €1,014 | +€558 | +122% |
| Recurring financial charges | 65 | €456 | €1,014 | +€558 | +122% |
| Profit (loss) for the period before taxes | 9903 | €176,636 | €162,642 | -€13,993 | -7.9% |
| Income taxes | 67/77 | €52,506 | €44,955 | -€7,551 | -14.4% |
| Profit (loss) for the period | 9904 | €124,130 | €117,687 | -€6,442 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €124,130 | €117,687 | -€6,442 | -5.2% |
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 20 October 2026 via checked.be.