HERSTO: 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.
HERSTO
Largest movements
- Tangible fixed assets +€775,935
up €775,935 (+190%), from €407,355 to €1.2m
of which Assets under construction and advance payments: +€803,961
- Cash -€415,859
down €415,859 (-77.4%), from €537,257 to €121,398
mainly Investment in fixed assets (net) (-€803,961) and Net result for the year (-€22,191)
- Current investments -€225,000
no longer reported in 2026 (was €225,000)
- Receivables within one year +€13,442
up €13,442 (+1,409%), from €954 to €14,397
- Debts after one year +€189,310
new in 2026: €189,310
- Reserves -€22,191
down €22,191 (-2.3%), from €960,668 to €938,476
of which Distributable reserves: -€22,191
- Accrued charges and deferred income -€15,013
no longer reported in 2026 (was €15,013)
- Financial income +€47,332
up €47,332 (+6,137%), from €771 to €48,103
- Gross operating margin -€15,705
down €15,705 (-83.9%), from -€18,725 to -€34,430
- Financial charges -€13,764
down €13,764 (-87.1%), from €15,796 to €2,033
- Taxes -€2,161
no longer reported in 2026 (was €2,161)
- Other operating charges -€811
down €811 (-12.3%), from €6,616 to €5,806
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,171,593 | €1,320,402 | +€148,809 | +12.7% |
| Fixed assets | 21/28 | €407,355 | €1,183,290 | +€775,935 | +190% |
| Tangible fixed assets | 22/27 | €407,355 | €1,183,290 | +€775,935 | +190% |
| Land and buildings | 22 | €407,355 | €379,329 | -€28,026 | -6.9% |
| Assets under construction and advance payments | 27 | - | €803,961 | +€803,961 | |
| Current assets | 29/58 | €764,238 | €137,112 | -€627,126 | -82.1% |
| Amounts receivable within one year | 40/41 | €954 | €14,397 | +€13,442 | +1,409% |
| Other amounts receivable | 41 | €954 | €14,397 | +€13,442 | +1,409% |
| Current investments | 50/53 | €225,000 | - | -€225,000 | |
| Cash at bank and in hand | 54/58 | €537,257 | €121,398 | -€415,859 | -77.4% |
| Deferred charges and accrued income | 490/1 | €1,026 | €1,317 | +€290 | +28.3% |
| Total equity and liabilities | 10/49 | €1,171,593 | €1,320,402 | +€148,809 | +12.7% |
| Equity | 10/15 | €966,868 | €944,676 | -€22,191 | -2.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €960,668 | €938,476 | -€22,191 | -2.3% |
| Tax-exempt reserves | 132 | €68,086 | €68,086 | = | 0.0% |
| Distributable reserves | 133 | €892,582 | €870,390 | -€22,191 | -2.5% |
| Provisions and deferred taxes | 16 | €22,695 | €22,695 | = | 0.0% |
| Deferred taxes | 168 | €22,695 | €22,695 | = | 0.0% |
| Amounts payable | 17/49 | €182,030 | €353,030 | +€171,000 | +93.9% |
| Amounts payable after more than one year | 17 | - | €189,310 | +€189,310 | |
| Financial debts | 170/4 | - | €189,310 | +€189,310 | |
| Amounts payable within one year | 42/48 | €167,017 | €163,720 | -€3,297 | -2.0% |
| Trade debts | 44 | €423 | €4,392 | +€3,969 | +938% |
| Suppliers | 440/4 | €423 | €4,392 | +€3,969 | +938% |
| Taxes, remuneration and social security | 45 | €2,161 | - | -€2,161 | |
| Taxes | 450/3 | €2,161 | - | -€2,161 | |
| Other amounts payable | 47/48 | €164,433 | €159,328 | -€5,105 | -3.1% |
| Accrued charges and deferred income | 492/3 | €15,013 | - | -€15,013 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,026 | €28,026 | = | 0.0% |
| Other operating charges | 640/8 | €6,616 | €5,806 | -€811 | -12.3% |
| Gross operating margin | 9900 | -€18,725 | -€34,430 | -€15,705 | -83.9% |
| Operating profit (loss) | 9901 | -€53,368 | -€68,262 | -€14,894 | -27.9% |
| Financial income | 75/76B | €771 | €48,103 | +€47,332 | +6,137% |
| Recurring financial income | 75 | €771 | €48,103 | +€47,332 | +6,137% |
| Financial charges | 65/66B | €15,796 | €2,033 | -€13,764 | -87.1% |
| Recurring financial charges | 65 | €15,796 | €2,033 | -€13,764 | -87.1% |
| Profit (loss) for the period before taxes | 9903 | -€68,393 | -€22,191 | +€46,201 | +67.6% |
| Income taxes | 67/77 | €2,161 | - | -€2,161 | |
| Profit (loss) for the period | 9904 | -€70,554 | -€22,191 | +€48,362 | +68.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,554 | -€22,191 | +€48,362 | +68.5% |
Source: filed annual accounts (NBB), financial years ended 31 May 2025 and 31 May 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.