HERSTAL GROUP SERVICES: 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.
What changed
HERSTAL GROUP SERVICES
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €6.7m-€4.3m
Equity
€99.8m
2024 · €97.4m+€2.4m
Cash
€224.7m
2024 · €227.0m-€2.3m
Balance sheet total
€313.2m
2024 · €406.9m-€93.7m
Largest movements
Assets
- Current investments -€72.5m
down €72.5m (-94.0%), from €77.2m to €4.7m
- Receivables within one year -€12.8m
down €12.8m (-76.5%), from €16.7m to €3.9m
of which Other amounts receivable: -€12.8m
- Deferred charges and accrued income -€4.1m
down €4.1m (-68.2%), from €6.1m to €1.9m
Equity and liabilities
- Short-term financial debts -€93.0m
down €93.0m (-30.6%), from €303.3m to €210.4m
Income statement
- Financial income -€3.1m
down €3.1m (-17.4%), from €17.8m to €14.7m
- Financial charges +€1.8m
up €1.8m (+17.1%), from €10.5m to €12.3m
- Taxes -€582,416
down €582,416 (-81.0%), from €719,024 to €136,608
of which Taxes: -€567,966
- Turnover +€37,949
up €37,949 (+2.8%), from €1.4m to €1.4m
- Staff costs +€34,866
up €34,866 (+3.4%), from €1.0m to €1.0m
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.
Result 2024
€6.7m
Turnover
+€37,949
Services and other goods
-€26,249
Staff costs
-€34,866
Other operating charges
+€10,776
Financial income
-€3.1m
Financial charges
-€1.8m
Taxes
+€582,416
Result 2025
€2.4m
raises the resultlowers the result
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.
From operations
+€18.1m
Investment
+€72.5m
Financing
-€93.0m
Cash 2024
€227.0m
From operations (derived)
+€18.1m
Net result for the year
+€2.4m
Receivables after one year
+€2.0m
Receivables within one year
+€12.8m
Deferred charges and accrued income
+€4.1m
Smaller working-capital items
-€112,433
Other debts
-€1.8m
Accrued charges and deferred income
-€1.2m
Investment (derived)
+€72.5m
Current investments
+€72.5m
Financing
-€93.0m
Short-term financial debts
-€93.0m
Cash 2025
€224.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €406,876,729 | €313,158,965 | -€93.7m | -23.0% |
| Current assets | 29/58 | €406,876,729 | €313,158,965 | -€93.7m | -23.0% |
| Amounts receivable after more than one year | 29 | €80,000,000 | €78,000,000 | -€2.0m | -2.5% |
| Other amounts receivable | 291 | €80,000,000 | €78,000,000 | -€2.0m | -2.5% |
| Amounts receivable within one year | 40/41 | €16,675,536 | €3,917,949 | -€12.8m | -76.5% |
| Trade receivables | 40 | €176,375 | €227,554 | +€51,179 | +29.0% |
| Other amounts receivable | 41 | €16,499,161 | €3,690,394 | -€12.8m | -77.6% |
| Current investments | 50/53 | €77,157,268 | €4,652,744 | -€72.5m | -94.0% |
| Other investments | 51/53 | €77,157,268 | €4,652,744 | -€72.5m | -94.0% |
| Cash at bank and in hand | 54/58 | €226,977,432 | €224,661,509 | -€2.3m | -1.0% |
| Deferred charges and accrued income | 490/1 | €6,066,491 | €1,926,764 | -€4.1m | -68.2% |
| Total equity and liabilities | 10/49 | €406,876,729 | €313,158,965 | -€93.7m | -23.0% |
| Equity | 10/15 | €97,398,593 | €99,763,788 | +€2.4m | +2.4% |
| Contributions | 10/11 | €97,694,839 | €97,694,839 | = | 0.0% |
| Capital | 10 | €97,694,839 | €97,694,839 | = | 0.0% |
| Issued capital | 100 | €105,131,645 | €105,131,645 | = | 0.0% |
| Uncalled capital | 101 | €7,436,806 | €7,436,806 | = | 0.0% |
| Reserves | 13 | €3,652,433 | €3,652,433 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,652,433 | €2,652,433 | = | 0.0% |
| Legal reserve | 130 | €2,652,433 | €2,652,433 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,948,679 | -€1,583,485 | +€2.4m | +59.9% |
| Amounts payable | 17/49 | €309,478,136 | €213,395,178 | -€96.1m | -31.0% |
| Amounts payable within one year | 42/48 | €306,087,294 | €211,245,168 | -€94.8m | -31.0% |
| Financial debts | 43 | €303,339,731 | €210,381,691 | -€93.0m | -30.6% |
| Other loans | 439 | €303,339,731 | €210,381,691 | -€93.0m | -30.6% |
| Trade debts | 44 | €69,032 | €26,629 | -€42,403 | -61.4% |
| Suppliers | 440/4 | €69,032 | €26,629 | -€42,403 | -61.4% |
| Taxes, remuneration and social security | 45 | €435,278 | €365,249 | -€70,029 | -16.1% |
| Taxes | 450/3 | €197,659 | €70,894 | -€126,765 | -64.1% |
| Remuneration and social security | 454/9 | €237,619 | €294,354 | +€56,736 | +23.9% |
| Other amounts payable | 47/48 | €2,243,253 | €471,600 | -€1.8m | -79.0% |
| Accrued charges and deferred income | 492/3 | €3,390,841 | €2,150,010 | -€1.2m | -36.6% |
| Operating income | 70/76A | €1,376,923 | €1,414,872 | +€37,949 | +2.8% |
| Turnover | 70 | €1,376,923 | €1,414,872 | +€37,949 | +2.8% |
| Operating charges | 60/66A | €1,275,220 | €1,325,559 | +€50,339 | +3.9% |
| Services and other goods | 61 | €249,922 | €276,172 | +€26,249 | +10.5% |
| Remuneration, social security and pensions | 62 | €1,013,605 | €1,048,471 | +€34,866 | +3.4% |
| Other operating charges | 640/8 | €11,692 | €917 | -€10,776 | -92.2% |
| Operating profit (loss) | 9901 | €101,703 | €89,313 | -€12,390 | -12.2% |
| Financial income | 75/76B | €17,782,079 | €14,680,901 | -€3.1m | -17.4% |
| Recurring financial income | 75 | €17,782,079 | €14,680,901 | -€3.1m | -17.4% |
| Income from current assets | 751 | €15,753,012 | €13,034,022 | -€2.7m | -17.3% |
| Other financial income | 752/9 | €2,029,067 | €1,646,880 | -€382,187 | -18.8% |
| Financial charges | 65/66B | €10,478,839 | €12,268,412 | +€1.8m | +17.1% |
| Recurring financial charges | 65 | €10,478,839 | €12,268,412 | +€1.8m | +17.1% |
| Debt charges | 650 | €10,352,300 | €7,172,281 | -€3.2m | -30.7% |
| Other financial charges | 652/9 | €126,540 | €5,096,131 | +€5.0m | +3,927% |
| Profit (loss) for the period before taxes | 9903 | €7,404,943 | €2,501,803 | -€4.9m | -66.2% |
| Income taxes | 67/77 | €719,024 | €136,608 | -€582,416 | -81.0% |
| Taxes | 670/3 | €719,024 | €151,058 | -€567,966 | -79.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €14,450 | +€14,450 | |
| Profit (loss) for the period | 9904 | €6,685,919 | €2,365,195 | -€4.3m | -64.6% |
| Transfer to tax-exempt reserves | 689 | €1,000,000 | - | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €5,685,919 | €2,365,195 | -€3.3m | -58.4% |
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 24 October 2026 via checked.be.