HERVADO: 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.
HERVADO
Largest movements
- Receivables within one year -€154,549
down €154,549 (-23.2%), from €666,721 to €512,172
of which Trade receivables: -€165,117
- Cash +€50,999
up €50,999 (+32.6%), from €156,678 to €207,677
mainly Receivables within one year (+€154,549) and Net result for the year (+€76,651)
- Tangible fixed assets -€39,282
down €39,282 (-26.0%), from €151,373 to €112,090
of which Furniture and vehicles: -€20,980
- Stocks and contracts +€18,298
up €18,298 (+34.8%), from €52,548 to €70,846
- Trade debts -€80,727
down €80,727 (-29.7%), from €271,588 to €190,861
- Other debts -€63,704
down €63,704 (-95.6%), from €66,666 to €2,963
- Reserves +€26,651
up €26,651 (+5.2%), from €515,383 to €542,034
of which Distributable reserves: +€26,651
- Tax, wage and social debts +€17,311
up €17,311 (+644%), from €2,689 to €20,000
- Debts after one year -€16,335
down €16,335 (-52.4%), from €31,184 to €14,848
- Taxes +€49,269
up €49,269 (+382%), from €12,904 to €62,173
- Gross operating margin -€34,353
down €34,353 (-15.3%), from €224,899 to €190,547
- Write-downs -€5,688
no longer reported in 2025 (was €5,688)
- Depreciation +€2,481
up €2,481 (+6.1%), from €40,617 to €43,098
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 | €1,045,317 | €923,270 | -€122,047 | -11.7% |
| Fixed assets | 21/28 | €165,989 | €128,361 | -€37,628 | -22.7% |
| Intangible fixed assets | 21 | €14,617 | €16,271 | +€1,654 | +11.3% |
| Tangible fixed assets | 22/27 | €151,373 | €112,090 | -€39,282 | -26.0% |
| Land and buildings | 22 | €1,013 | €895 | -€118 | -11.7% |
| Plant, machinery and equipment | 23 | €15,166 | €9,234 | -€5,932 | -39.1% |
| Furniture and vehicles | 24 | €74,278 | €53,297 | -€20,980 | -28.2% |
| Leasing and similar rights | 25 | €8,698 | €3,821 | -€4,877 | -56.1% |
| Other tangible fixed assets | 26 | €52,217 | €44,842 | -€7,375 | -14.1% |
| Current assets | 29/58 | €879,327 | €794,909 | -€84,419 | -9.6% |
| Stocks and contracts in progress | 3 | €52,548 | €70,846 | +€18,298 | +34.8% |
| Stocks | 30/36 | €52,548 | €70,846 | +€18,298 | +34.8% |
| Amounts receivable within one year | 40/41 | €666,721 | €512,172 | -€154,549 | -23.2% |
| Trade receivables | 40 | €662,624 | €497,507 | -€165,117 | -24.9% |
| Other amounts receivable | 41 | €4,097 | €14,665 | +€10,568 | +258% |
| Cash at bank and in hand | 54/58 | €156,678 | €207,677 | +€50,999 | +32.6% |
| Deferred charges and accrued income | 490/1 | €3,381 | €4,214 | +€833 | +24.6% |
| Total equity and liabilities | 10/49 | €1,045,317 | €923,270 | -€122,047 | -11.7% |
| Equity | 10/15 | €651,612 | €678,262 | +€26,651 | +4.1% |
| Contributions | 10/11 | €136,228 | €136,228 | = | 0.0% |
| Reserves | 13 | €515,383 | €542,034 | +€26,651 | +5.2% |
| Tax-exempt reserves | 132 | €21,050 | €21,050 | = | 0.0% |
| Distributable reserves | 133 | €494,333 | €520,984 | +€26,651 | +5.4% |
| Amounts payable | 17/49 | €393,705 | €245,008 | -€148,697 | -37.8% |
| Amounts payable after more than one year | 17 | €31,184 | €14,848 | -€16,335 | -52.4% |
| Financial debts | 170/4 | €31,184 | €14,848 | -€16,335 | -52.4% |
| Amounts payable within one year | 42/48 | €362,522 | €230,160 | -€132,362 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €21,578 | €16,335 | -€5,243 | -24.3% |
| Trade debts | 44 | €271,588 | €190,861 | -€80,727 | -29.7% |
| Suppliers | 440/4 | €271,588 | €190,861 | -€80,727 | -29.7% |
| Taxes, remuneration and social security | 45 | €2,689 | €20,000 | +€17,311 | +644% |
| Taxes | 450/3 | €2,689 | €20,000 | +€17,311 | +644% |
| Other amounts payable | 47/48 | €66,666 | €2,963 | -€63,704 | -95.6% |
| Remuneration, social security and pensions | 62 | €188 | €979 | +€791 | +421% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,617 | €43,098 | +€2,481 | +6.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,688 | - | -€5,688 | |
| Other operating charges | 640/8 | €4,187 | €4,236 | +€50 | +1.2% |
| Gross operating margin | 9900 | €224,899 | €190,547 | -€34,353 | -15.3% |
| Operating profit (loss) | 9901 | €174,219 | €142,233 | -€31,986 | -18.4% |
| Financial income | 75/76B | €183 | €452 | +€269 | +147% |
| Recurring financial income | 75 | €183 | €452 | +€269 | +147% |
| Financial charges | 65/66B | €5,601 | €3,861 | -€1,739 | -31.1% |
| Recurring financial charges | 65 | €5,601 | €3,861 | -€1,739 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €168,802 | €138,824 | -€29,977 | -17.8% |
| Income taxes | 67/77 | €12,904 | €62,173 | +€49,269 | +382% |
| Profit (loss) for the period | 9904 | €155,898 | €76,651 | -€79,247 | -50.8% |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €134,848 | €76,651 | -€58,197 | -43.2% |
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 28 October 2026 via checked.be.