HERVAB: 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.
What changed
HERVAB
NACE 52.100, Warehousing and storage
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€126,162
2024 · -€33,497+€159,660
Equity
€3.2m
2024 · €3.0m+€126,162
Cash
€122,895
2024 · €47,945+€74,951
Balance sheet total
€3.6m
2024 · €3.5m+€147,407
Largest movements
Assets
- Cash +€74,951
up €74,951 (+156.3%), from €47,945 to €122,895
mainly Net result for the year (+€126,162) and Other debts (+€39,790)
- Tangible fixed assets +€47,754
up €47,754 (+1.9%), from €2.5m to €2.5m
of which Land and buildings: +€36,957
Equity and liabilities
- Profit (loss) carried forward +€126,162
up €126,162 (+13.4%), from €940,088 to €1.1m
- Other debts +€39,790
up €39,790 (+10.0%), from €399,013 to €438,803
Income statement
- Gross operating margin +€174,669
up €174,669 (+140.3%), from €124,456 to €299,125
- Depreciation +€21,123
up €21,123 (+128.8%), from €16,397 to €37,520
- Staff costs -€5,679
down €5,679 (-7.9%), from €71,464 to €65,785
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
-€33,497
Gross operating margin
+€174,669
Staff costs
+€5,679
Depreciation
-€21,123
Other operating charges
-€874
Financial income
+€1,888
Financial charges
-€578
Taxes
-€1
Result 2025
€126,162
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.
From operations
+€161,634
Investment
-€85,274
Financing
-€1,410
Cash 2024
€47,945
From operations (derived)
+€161,634
Net result for the year
+€126,162
Depreciation
+€37,520
Receivables within one year
-€29,711
Deferred charges and accrued income
+€5,008
Trade debts
-€9,087
Tax, wage and social debts
-€8,047
Other debts
+€39,790
Investment (derived)
-€85,274
Investment in fixed assets (net)
-€85,274
Financing
-€1,410
Debts after one year
-€1,410
Cash 2025
€122,895
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,474,632 | €3,622,039 | +€147,407 | +4.2% |
| Fixed assets | 21/28 | €2,506,917 | €2,554,671 | +€47,754 | +1.9% |
| Tangible fixed assets | 22/27 | €2,500,100 | €2,547,854 | +€47,754 | +1.9% |
| Land and buildings | 22 | €2,446,729 | €2,483,686 | +€36,957 | +1.5% |
| Plant, machinery and equipment | 23 | €52,529 | €41,281 | -€11,248 | -21.4% |
| Furniture and vehicles | 24 | €841 | €22,886 | +€22,045 | +2619.7% |
| Financial fixed assets | 28 | €6,817 | €6,817 | = | 0.0% |
| Current assets | 29/58 | €967,715 | €1,067,369 | +€99,654 | +10.3% |
| Stocks and contracts in progress | 3 | €890,140 | €890,140 | = | 0.0% |
| Stocks | 30/36 | €890,140 | €890,140 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,772 | €52,483 | +€29,711 | +130.5% |
| Trade receivables | 40 | €5,079 | €34,790 | +€29,711 | +585.0% |
| Other amounts receivable | 41 | €17,693 | €17,693 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,945 | €122,895 | +€74,951 | +156.3% |
| Deferred charges and accrued income | 490/1 | €6,858 | €1,850 | -€5,008 | -73.0% |
| Total equity and liabilities | 10/49 | €3,474,632 | €3,622,039 | +€147,407 | +4.2% |
| Equity | 10/15 | €3,030,373 | €3,156,536 | +€126,162 | +4.2% |
| Contributions | 10/11 | €1,860,000 | €1,860,000 | = | 0.0% |
| Capital | 10 | €1,860,000 | €1,860,000 | = | 0.0% |
| Issued capital | 100 | €1,860,000 | €1,860,000 | = | 0.0% |
| Reserves | 13 | €230,286 | €230,286 | = | 0.0% |
| Non-distributable reserves | 130/1 | €188,816 | €188,816 | = | 0.0% |
| Legal reserve | 130 | €186,000 | €186,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,816 | €2,816 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,469 | €41,469 | = | 0.0% |
| Profit (loss) carried forward | 14 | €940,088 | €1,066,250 | +€126,162 | +13.4% |
| Amounts payable | 17/49 | €444,259 | €465,504 | +€21,245 | +4.8% |
| Amounts payable after more than one year | 17 | €9,587 | €8,178 | -€1,410 | -14.7% |
| Financial debts | 170/4 | €9,587 | €8,178 | -€1,410 | -14.7% |
| Amounts payable within one year | 42/48 | €434,671 | €457,326 | +€22,655 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €1,410 | €1,410 | = | 0.0% |
| Trade debts | 44 | €13,526 | €4,439 | -€9,087 | -67.2% |
| Suppliers | 440/4 | €13,526 | €4,439 | -€9,087 | -67.2% |
| Taxes, remuneration and social security | 45 | €20,722 | €12,675 | -€8,047 | -38.8% |
| Taxes | 450/3 | €10,716 | €6,158 | -€4,558 | -42.5% |
| Remuneration and social security | 454/9 | €10,006 | €6,517 | -€3,489 | -34.9% |
| Other amounts payable | 47/48 | €399,013 | €438,803 | +€39,790 | +10.0% |
| Remuneration, social security and pensions | 62 | €71,464 | €65,785 | -€5,679 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,397 | €37,520 | +€21,123 | +128.8% |
| Other operating charges | 640/8 | €69,578 | €70,451 | +€874 | +1.3% |
| Gross operating margin | 9900 | €124,456 | €299,125 | +€174,669 | +140.3% |
| Operating profit (loss) | 9901 | -€32,982 | €125,368 | +€158,351 | |
| Financial income | 75/76B | €238 | €2,127 | +€1,888 | +791.9% |
| Recurring financial income | 75 | €238 | €2,127 | +€1,888 | +791.9% |
| Financial charges | 65/66B | €753 | €1,332 | +€578 | +76.7% |
| Recurring financial charges | 65 | €753 | €1,332 | +€578 | +76.7% |
| Profit (loss) for the period before taxes | 9903 | -€33,497 | €126,163 | +€159,661 | |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€33,497 | €126,162 | +€159,660 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,497 | €126,162 | +€159,660 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.