HERSCHAL: 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.
HERSCHAL
Largest movements
- Financial fixed assets +€15.8m
up €15.8m (+28.4%), from €55.5m to €71.3m
- Reserves +€16.5m
up €16.5m (+55.8%), from €29.6m to €46.1m
of which Distributable reserves: +€16.5m
- Financial charges -€14.5m
down €14.5m (-97.0%), from €14.9m to €444,958
of which Non-recurring financial charges: -€15.0m
- Financial income -€4.0m
down €4.0m (-17.5%), from €22.8m to €18.8m
of which Non-recurring financial income: -€5.3m
- Taxes +€912,895
up €912,895 (+106.1%), from €860,682 to €1.8m
- Gross operating margin -€33,684
down €33,684 (-44.2%), from -€76,281 to -€109,966
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 | €102,900,652 | €119,434,293 | +€16.5m | +16.1% |
| Fixed assets | 21/28 | €55,522,841 | €71,303,989 | +€15.8m | +28.4% |
| Financial fixed assets | 28 | €55,522,841 | €71,303,989 | +€15.8m | +28.4% |
| Current assets | 29/58 | €47,377,811 | €48,130,305 | +€752,493 | +1.6% |
| Current investments | 50/53 | €43,639,575 | €43,228,118 | -€411,458 | -0.9% |
| Cash at bank and in hand | 54/58 | €3,660,611 | €4,853,094 | +€1.2m | +32.6% |
| Deferred charges and accrued income | 490/1 | €77,625 | €49,093 | -€28,533 | -36.8% |
| Total equity and liabilities | 10/49 | €102,900,652 | €119,434,293 | +€16.5m | +16.1% |
| Equity | 10/15 | €101,422,587 | €117,929,463 | +€16.5m | +16.3% |
| Contributions | 10/11 | €71,820,000 | €71,820,000 | = | 0.0% |
| Capital | 10 | €71,820,000 | €71,820,000 | = | 0.0% |
| Issued capital | 100 | €71,820,000 | €71,820,000 | = | 0.0% |
| Reserves | 13 | €29,602,315 | €46,109,191 | +€16.5m | +55.8% |
| Non-distributable reserves | 130/1 | €7,182,000 | €7,182,000 | = | 0.0% |
| Legal reserve | 130 | €7,182,000 | €7,182,000 | = | 0.0% |
| Distributable reserves | 133 | €22,420,315 | €38,927,191 | +€16.5m | +73.6% |
| Profit (loss) carried forward | 14 | €272 | €272 | = | 0.0% |
| Amounts payable | 17/49 | €1,478,065 | €1,504,830 | +€26,765 | +1.8% |
| Amounts payable within one year | 42/48 | €1,478,065 | €1,504,830 | +€26,765 | +1.8% |
| Trade debts | 44 | €5,788 | €303 | -€5,485 | -94.8% |
| Suppliers | 440/4 | €5,788 | €303 | -€5,485 | -94.8% |
| Taxes, remuneration and social security | 45 | €1,472,278 | €1,504,528 | +€32,250 | +2.2% |
| Taxes | 450/3 | €1,472,278 | €1,504,528 | +€32,250 | +2.2% |
| Other operating charges | 640/8 | €1,116 | €1,148 | +€33 | +3.0% |
| Gross operating margin | 9900 | -€76,281 | -€109,966 | -€33,684 | -44.2% |
| Operating profit (loss) | 9901 | -€77,397 | -€111,114 | -€33,717 | -43.6% |
| Financial income | 75/76B | €22,825,413 | €18,836,526 | -€4.0m | -17.5% |
| Recurring financial income | 75 | €1,790,968 | €3,055,378 | +€1.3m | +70.6% |
| Non-recurring financial income | 76B | €21,034,444 | €15,781,147 | -€5.3m | -25.0% |
| Financial charges | 65/66B | €14,919,879 | €444,958 | -€14.5m | -97.0% |
| Recurring financial charges | 65 | -€115,176 | €444,958 | +€560,134 | |
| Non-recurring financial charges | 66B | €15,035,055 | €0 | -€15.0m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €7,828,136 | €18,280,453 | +€10.5m | +133.5% |
| Income taxes | 67/77 | €860,682 | €1,773,577 | +€912,895 | +106.1% |
| Profit (loss) for the period | 9904 | €6,967,455 | €16,506,876 | +€9.5m | +136.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,967,455 | €16,506,876 | +€9.5m | +136.9% |
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.