Herssens Advisory: 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.
Herssens Advisory
Largest movements
- Receivables after one year +€50,000
new in 2025: €50,000
- Receivables within one year +€37,425
up €37,425 (+892%), from €4,195 to €41,620
of which Trade receivables: +€35,356
- Cash -€23,778
down €23,778 (-82.1%), from €28,948 to €5,170
mainly Receivables after one year (-€50,000) and Receivables within one year (-€37,425)
- Tangible fixed assets -€7,177
down €7,177 (-6.3%), from €113,992 to €106,816
of which Other tangible fixed assets: -€4,977
- Other debts +€69,633
up €69,633 (+113%), from €61,762 to €131,396
- Reserves -€20,310
down €20,310 (-33.8%), from €60,110 to €39,800
- Tax, wage and social debts +€7,153
up €7,153 (+177%), from €4,050 to €11,203
- Accrued charges and deferred income +€2,428
up €2,428 (+180%), from €1,346 to €3,774
- Gross operating margin -€33,874
down €33,874 (-45.6%), from €74,208 to €40,334
- Taxes -€7,182
down €7,182 (-60.6%), from €11,861 to €4,679
- Financial charges +€2,397
up €2,397 (+203%), from €1,179 to €3,576
- Other operating charges -€1,189
down €1,189 (-46.1%), from €2,578 to €1,389
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 | €147,135 | €204,802 | +€57,667 | +39.2% |
| Fixed assets | 21/28 | €113,992 | €106,816 | -€7,177 | -6.3% |
| Tangible fixed assets | 22/27 | €113,992 | €106,816 | -€7,177 | -6.3% |
| Plant, machinery and equipment | 23 | €2,566 | €2,267 | -€299 | -11.6% |
| Furniture and vehicles | 24 | €5,411 | €3,511 | -€1,901 | -35.1% |
| Other tangible fixed assets | 26 | €106,015 | €101,038 | -€4,977 | -4.7% |
| Current assets | 29/58 | €33,143 | €97,987 | +€64,844 | +196% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €4,195 | €41,620 | +€37,425 | +892% |
| Trade receivables | 40 | €944 | €36,300 | +€35,356 | +3,745% |
| Other amounts receivable | 41 | €3,250 | €5,320 | +€2,070 | +63.7% |
| Cash at bank and in hand | 54/58 | €28,948 | €5,170 | -€23,778 | -82.1% |
| Deferred charges and accrued income | 490/1 | - | €1,197 | +€1,197 | |
| Total equity and liabilities | 10/49 | €147,135 | €204,802 | +€57,667 | +39.2% |
| Equity | 10/15 | €78,749 | €58,428 | -€20,321 | -25.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,110 | €39,800 | -€20,310 | -33.8% |
| Distributable reserves | 133 | €60,110 | €39,800 | -€20,310 | -33.8% |
| Profit (loss) carried forward | 14 | €39 | €28 | -€11 | -28.3% |
| Amounts payable | 17/49 | €68,386 | €146,374 | +€77,988 | +114% |
| Amounts payable within one year | 42/48 | €67,039 | €142,600 | +€75,561 | +113% |
| Trade debts | 44 | €1,227 | €1 | -€1,226 | -99.9% |
| Suppliers | 440/4 | €1,227 | €1 | -€1,226 | -99.9% |
| Taxes, remuneration and social security | 45 | €4,050 | €11,203 | +€7,153 | +177% |
| Taxes | 450/3 | €4,050 | €11,203 | +€7,153 | +177% |
| Other amounts payable | 47/48 | €61,762 | €131,396 | +€69,633 | +113% |
| Accrued charges and deferred income | 492/3 | €1,346 | €3,774 | +€2,428 | +180% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,689 | €15,417 | +€727 | +5.0% |
| Other operating charges | 640/8 | €2,578 | €1,389 | -€1,189 | -46.1% |
| Gross operating margin | 9900 | €74,208 | €40,334 | -€33,874 | -45.6% |
| Operating profit (loss) | 9901 | €56,940 | €23,528 | -€33,412 | -58.7% |
| Financial income | 75/76B | - | €565 | +€565 | |
| Recurring financial income | 75 | - | €565 | +€565 | |
| Financial charges | 65/66B | €1,179 | €3,576 | +€2,397 | +203% |
| Recurring financial charges | 65 | €1,179 | €3,576 | +€2,397 | +203% |
| Profit (loss) for the period before taxes | 9903 | €55,761 | €20,518 | -€35,244 | -63.2% |
| Income taxes | 67/77 | €11,861 | €4,679 | -€7,182 | -60.6% |
| Profit (loss) for the period | 9904 | €43,901 | €15,839 | -€28,062 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,901 | €15,839 | -€28,062 | -63.9% |
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 25 October 2026 via checked.be.