HERVAGO: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
HERVAGO
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-30.3%), from €5.2m to €3.6m
of which Other amounts receivable: -€1.3m
- Cash -€478,940
down €478,940 (-77.6%), from €616,994 to €138,054
- Financial fixed assets +€449,746
up €449,746 (+234%), from €192,553 to €642,299
- Receivables after one year +€120,000
up €120,000 (+61.2%), from €196,000 to €316,000
- Other debts -€1.0m
down €1.0m (-68.0%), from €1.5m to €478,403
- Contributions -€500,000
down €500,000 (-84.2%), from €594,000 to €94,000
- Reserves +€169,286
up €169,286 (+4.2%), from €4.0m to €4.2m
of which Distributable reserves: +€169,286
- Tax, wage and social debts -€101,956
down €101,956 (-95.8%), from €106,449 to €4,492
of which Taxes: -€104,683
- Debts after one year -€64,810
down €64,810 (-32.9%), from €196,822 to €132,013
- Gross operating margin -€2.1m
down €2.1m (-62.2%), from €3.3m to €1.3m
- Provisions +€1.2m
new in 2025: €1.2m
- Financial income +€134,077
up €134,077, from €0 to €134,077
of which Non-recurring financial income: +€129,945
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,477,627 | €4,959,234 | -€1.5m | -23.4% |
| Fixed assets | 21/28 | €422,776 | €841,144 | +€418,369 | +99.0% |
| Tangible fixed assets | 22/27 | €230,222 | €198,845 | -€31,377 | -13.6% |
| Land and buildings | 22 | €228,478 | €196,610 | -€31,868 | -13.9% |
| Furniture and vehicles | 24 | €1,744 | €2,235 | +€491 | +28.1% |
| Financial fixed assets | 28 | €192,553 | €642,299 | +€449,746 | +234% |
| Current assets | 29/58 | €6,054,851 | €4,118,089 | -€1.9m | -32.0% |
| Amounts receivable after more than one year | 29 | €196,000 | €316,000 | +€120,000 | +61.2% |
| Other amounts receivable | 291 | €196,000 | €316,000 | +€120,000 | +61.2% |
| Amounts receivable within one year | 40/41 | €5,221,239 | €3,638,492 | -€1.6m | -30.3% |
| Trade receivables | 40 | €259,680 | €6,050 | -€253,630 | -97.7% |
| Other amounts receivable | 41 | €4,961,559 | €3,632,442 | -€1.3m | -26.8% |
| Cash at bank and in hand | 54/58 | €616,994 | €138,054 | -€478,940 | -77.6% |
| Deferred charges and accrued income | 490/1 | €20,618 | €25,543 | +€4,924 | +23.9% |
| Total equity and liabilities | 10/49 | €6,477,627 | €4,959,234 | -€1.5m | -23.4% |
| Equity | 10/15 | €4,638,304 | €4,307,590 | -€330,714 | -7.1% |
| Contributions | 10/11 | €594,000 | €94,000 | -€500,000 | -84.2% |
| Reserves | 13 | €4,044,304 | €4,213,590 | +€169,286 | +4.2% |
| Non-distributable reserves | 130/1 | €72,340 | €72,340 | = | 0.0% |
| Reserves not available under the articles | 1311 | €72,340 | €72,340 | = | 0.0% |
| Distributable reserves | 133 | €3,971,964 | €4,141,250 | +€169,286 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,839,323 | €651,643 | -€1.2m | -64.6% |
| Amounts payable after more than one year | 17 | €196,822 | €132,013 | -€64,810 | -32.9% |
| Financial debts | 170/4 | €196,822 | €132,013 | -€64,810 | -32.9% |
| Amounts payable within one year | 42/48 | €1,641,950 | €519,048 | -€1.1m | -68.4% |
| Current portion of amounts payable after more than one year | 42 | €37,991 | €35,667 | -€2,324 | -6.1% |
| Trade debts | 44 | €242 | €486 | +€245 | +101% |
| Suppliers | 440/4 | €242 | €486 | +€245 | +101% |
| Taxes, remuneration and social security | 45 | €106,449 | €4,492 | -€101,956 | -95.8% |
| Taxes | 450/3 | €106,449 | €1,765 | -€104,683 | -98.3% |
| Remuneration and social security | 454/9 | - | €2,727 | +€2,727 | |
| Other amounts payable | 47/48 | €1,497,269 | €478,403 | -€1.0m | -68.0% |
| Accrued charges and deferred income | 492/3 | €550 | €583 | +€33 | +6.0% |
| Non-recurring operating income | 76A | €3,193,799 | €0 | -€3.2m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,900 | €32,379 | -€9,521 | -22.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €1,151,354 | +€1.2m | |
| Other operating charges | 640/8 | €6,049 | €7,243 | +€1,193 | +19.7% |
| Gross operating margin | 9900 | €3,316,192 | €1,253,133 | -€2.1m | -62.2% |
| Operating profit (loss) | 9901 | €3,268,242 | €62,157 | -€3.2m | -98.1% |
| Financial income | 75/76B | €0 | €134,077 | +€134,077 | |
| Recurring financial income | 75 | €0 | €4,132 | +€4,132 | |
| Non-recurring financial income | 76B | - | €129,945 | +€129,945 | |
| Financial charges | 65/66B | €11,703 | €16,346 | +€4,643 | +39.7% |
| Recurring financial charges | 65 | €11,703 | €16,346 | +€4,643 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €3,256,539 | €179,888 | -€3.1m | -94.5% |
| Income taxes | 67/77 | €20,169 | €10,602 | -€9,568 | -47.4% |
| Profit (loss) for the period | 9904 | €3,236,370 | €169,286 | -€3.1m | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,236,370 | €169,286 | -€3.1m | -94.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.