HERSAD: 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.
HERSAD
Largest movements
- Current investments +€35,005
up €35,005 (+12.3%), from €283,598 to €318,603
- Cash -€14,082
down €14,082 (-46.1%), from €30,526 to €16,444
mainly Contributions, distributions and other (-€163,190) and Current investments (-€35,005)
- Other debts +€18,596
up €18,596 (+16.1%), from €115,602 to €134,199
- Reserves -€5,134
down €5,134 (-2.6%), from €196,874 to €191,740
- Tax, wage and social debts +€4,718
up €4,718 (+5,962%), from €79 to €4,797
- Gross operating margin +€21,045
up €21,045 (+12.0%), from €174,982 to €196,027
- Financial income +€6,918
up €6,918 (+122%), from €5,649 to €12,567
- Taxes +€4,940
up €4,940 (+11.3%), from €43,544 to €48,484
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 | €331,680 | €350,053 | +€18,373 | +5.5% |
| Fixed assets | 21/28 | €1,082 | €1,486 | +€404 | +37.3% |
| Tangible fixed assets | 22/27 | €1,082 | €1,486 | +€404 | +37.3% |
| Plant, machinery and equipment | 23 | €315 | €1,018 | +€703 | +223% |
| Furniture and vehicles | 24 | €767 | €468 | -€299 | -38.9% |
| Current assets | 29/58 | €330,598 | €348,566 | +€17,969 | +5.4% |
| Amounts receivable within one year | 40/41 | €15,634 | €12,645 | -€2,989 | -19.1% |
| Trade receivables | 40 | €10,369 | €12,165 | +€1,795 | +17.3% |
| Other amounts receivable | 41 | €5,265 | €481 | -€4,784 | -90.9% |
| Current investments | 50/53 | €283,598 | €318,603 | +€35,005 | +12.3% |
| Cash at bank and in hand | 54/58 | €30,526 | €16,444 | -€14,082 | -46.1% |
| Deferred charges and accrued income | 490/1 | €840 | €874 | +€35 | +4.1% |
| Total equity and liabilities | 10/49 | €331,680 | €350,053 | +€18,373 | +5.5% |
| Equity | 10/15 | €215,474 | €210,340 | -€5,134 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,874 | €191,740 | -€5,134 | -2.6% |
| Distributable reserves | 133 | €196,874 | €191,740 | -€5,134 | -2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €116,206 | €139,712 | +€23,506 | +20.2% |
| Amounts payable within one year | 42/48 | €116,206 | €139,712 | +€23,506 | +20.2% |
| Trade debts | 44 | €525 | €717 | +€192 | +36.6% |
| Suppliers | 440/4 | €525 | €717 | +€192 | +36.6% |
| Taxes, remuneration and social security | 45 | €79 | €4,797 | +€4,718 | +5,962% |
| Taxes | 450/3 | €79 | €4,797 | +€4,718 | +5,962% |
| Other amounts payable | 47/48 | €115,602 | €134,199 | +€18,596 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €563 | €819 | +€256 | +45.5% |
| Other operating charges | 640/8 | €1,000 | €1,084 | +€84 | +8.4% |
| Gross operating margin | 9900 | €174,982 | €196,027 | +€21,045 | +12.0% |
| Operating profit (loss) | 9901 | €173,419 | €194,124 | +€20,704 | +11.9% |
| Financial income | 75/76B | €5,649 | €12,567 | +€6,918 | +122% |
| Recurring financial income | 75 | €5,649 | €12,567 | +€6,918 | +122% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €178,933 | €206,541 | +€27,608 | +15.4% |
| Income taxes | 67/77 | €43,544 | €48,484 | +€4,940 | +11.3% |
| Profit (loss) for the period | 9904 | €135,389 | €158,056 | +€22,668 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €135,389 | €158,056 | +€22,668 | +16.7% |
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 13 October 2026 via checked.be.