HERVAC: 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.
HERVAC
Largest movements
- Receivables within one year -€853,507
down €853,507 (-27.6%), from €3.1m to €2.2m
of which Trade receivables: -€780,564
- Stocks and contracts -€526,210
down €526,210 (-34.9%), from €1.5m to €982,440
of which Contracts in progress: -€617,612
- Cash +€378,750
up €378,750 (+175%), from €216,653 to €595,403
mainly Receivables within one year (+€853,507) and Stocks and contracts (+€526,210)
- Tangible fixed assets -€109,249
down €109,249 (-21.0%), from €520,868 to €411,620
of which Leasing and similar rights: -€123,010
- Trade debts -€1.2m
down €1.2m (-37.0%), from €3.2m to €2.0m
- Short-term financial debts +€100,397
up €100,397 (+29.2%), from €344,345 to €444,742
of which Credit institutions: +€108,632
- Advances received -€91,483
down €91,483 (-23.7%), from €386,442 to €294,959
- Staff costs +€263,268
up €263,268 (+16.8%), from €1.6m to €1.8m
- Gross operating margin +€158,114
up €158,114 (+8.1%), from €2.0m to €2.1m
- Provisions +€90,421
up €90,421, from -€79,434 to €10,987
- Taxes -€56,420
down €56,420 (-90.6%), from €62,272 to €5,852
- Other operating charges -€43,659
down €43,659 (-74.0%), from €58,982 to €15,323
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 | €5,416,059 | €4,283,849 | -€1.1m | -20.9% |
| Fixed assets | 21/28 | €594,809 | €463,566 | -€131,243 | -22.1% |
| Intangible fixed assets | 21 | €56,516 | €28,696 | -€27,820 | -49.2% |
| Tangible fixed assets | 22/27 | €520,868 | €411,620 | -€109,249 | -21.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €35,754 | €23,482 | -€12,271 | -34.3% |
| Furniture and vehicles | 24 | €104,062 | €99,692 | -€4,370 | -4.2% |
| Leasing and similar rights | 25 | €263,078 | €140,068 | -€123,010 | -46.8% |
| Other tangible fixed assets | 26 | €117,975 | €148,377 | +€30,403 | +25.8% |
| Financial fixed assets | 28 | €17,425 | €23,251 | +€5,827 | +33.4% |
| Current assets | 29/58 | €4,821,250 | €3,820,283 | -€1.0m | -20.8% |
| Stocks and contracts in progress | 3 | €1,508,650 | €982,440 | -€526,210 | -34.9% |
| Stocks | 30/36 | €627,623 | €719,025 | +€91,402 | +14.6% |
| Contracts in progress | 37 | €881,027 | €263,415 | -€617,612 | -70.1% |
| Amounts receivable within one year | 40/41 | €3,095,947 | €2,242,440 | -€853,507 | -27.6% |
| Trade receivables | 40 | €2,897,466 | €2,116,902 | -€780,564 | -26.9% |
| Other amounts receivable | 41 | €198,481 | €125,538 | -€72,942 | -36.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €216,653 | €595,403 | +€378,750 | +175% |
| Total equity and liabilities | 10/49 | €5,416,059 | €4,283,849 | -€1.1m | -20.9% |
| Equity | 10/15 | €975,279 | €962,417 | -€12,862 | -1.3% |
| Contributions | 10/11 | €57,579 | €57,579 | = | 0.0% |
| Reserves | 13 | €5,138 | €5,138 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,138 | €5,138 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,138 | €5,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | €912,562 | €899,700 | -€12,862 | -1.4% |
| Provisions and deferred taxes | 16 | €18,110 | €10,987 | -€7,123 | -39.3% |
| Provisions for liabilities and charges | 160/5 | €18,110 | €10,987 | -€7,123 | -39.3% |
| Other liabilities and charges | 164/5 | €18,110 | €10,987 | -€7,123 | -39.3% |
| Amounts payable | 17/49 | €4,422,669 | €3,310,444 | -€1.1m | -25.1% |
| Amounts payable after more than one year | 17 | €219,865 | €211,704 | -€8,162 | -3.7% |
| Financial debts | 170/4 | €219,865 | €211,704 | -€8,162 | -3.7% |
| Amounts payable within one year | 42/48 | €4,202,804 | €3,098,741 | -€1.1m | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €110,395 | €133,112 | +€22,717 | +20.6% |
| Financial debts | 43 | €344,345 | €444,742 | +€100,397 | +29.2% |
| Credit institutions | 430/8 | €336,111 | €444,742 | +€108,632 | +32.3% |
| Other loans | 439 | €8,235 | €0 | -€8,235 | -100% |
| Trade debts | 44 | €3,164,570 | €1,994,168 | -€1.2m | -37.0% |
| Suppliers | 440/4 | €3,164,570 | €1,994,168 | -€1.2m | -37.0% |
| Advances received on contracts in progress | 46 | €386,442 | €294,959 | -€91,483 | -23.7% |
| Taxes, remuneration and social security | 45 | €197,052 | €231,760 | +€34,708 | +17.6% |
| Taxes | 450/3 | €20,814 | €23,733 | +€2,920 | +14.0% |
| Remuneration and social security | 454/9 | €176,239 | €208,026 | +€31,788 | +18.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €7,500 | €24,297 | +€16,797 | +224% |
| Remuneration, social security and pensions | 62 | €1,564,173 | €1,827,441 | +€263,268 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €223,565 | €205,243 | -€18,322 | -8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€79,434 | €10,987 | +€90,421 | |
| Other operating charges | 640/8 | €58,982 | €15,323 | -€43,659 | -74.0% |
| Non-recurring operating charges | 66A | €11,113 | €10,068 | -€1,045 | -9.4% |
| Gross operating margin | 9900 | €1,955,289 | €2,113,403 | +€158,114 | +8.1% |
| Operating profit (loss) | 9901 | €176,890 | €44,340 | -€132,549 | -74.9% |
| Financial income | 75/76B | €4,758 | €1,368 | -€3,391 | -71.3% |
| Recurring financial income | 75 | €4,758 | €1,368 | -€3,391 | -71.3% |
| Financial charges | 65/66B | €33,100 | €52,718 | +€19,618 | +59.3% |
| Recurring financial charges | 65 | €33,100 | €52,718 | +€19,618 | +59.3% |
| Profit (loss) for the period before taxes | 9903 | €148,548 | -€7,010 | -€155,558 | |
| Income taxes | 67/77 | €62,272 | €5,852 | -€56,420 | -90.6% |
| Profit (loss) for the period | 9904 | €86,276 | -€12,862 | -€99,138 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,276 | -€12,862 | -€99,138 |
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 15 October 2026 via checked.be.