HERVAIN: 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.
HERVAIN
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+76.1%), from €2.9m to €5.1m
of which Land and buildings: +€2.2m
- Receivables within one year -€280,134
down €280,134 (-35.3%), from €792,553 to €512,420
of which Trade receivables: -€280,179
- Cash +€77,258
up €77,258 (+1,123%), from €6,881 to €84,139
mainly Debts after one year (+€1.7m) and Other debts (+€445,776)
- Debts after one year +€1.7m
up €1.7m (+146%), from €1.2m to €2.9m
- Other debts +€445,776
up €445,776 (+209%), from €213,438 to €659,213
- Trade debts -€270,774
down €270,774 (-62.3%), from €434,767 to €163,993
- Current portion of long-term debt +€145,067
up €145,067 (+69.0%), from €210,153 to €355,220
- Tax, wage and social debts -€61,240
down €61,240 (-100.0%), from €61,270 to €30
- Depreciation +€228,729
up €228,729 (+167%), from €136,919 to €365,648
- Gross operating margin +€60,982
up €60,982 (+11.6%), from €526,709 to €587,691
- Taxes -€60,790
down €60,790 (-70.8%), from €85,820 to €25,030
- Financial charges +€39,970
up €39,970 (+66.7%), from €59,964 to €99,934
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 | €3,714,375 | €5,726,186 | +€2.0m | +54.2% |
| Fixed assets | 21/28 | €2,906,645 | €5,119,644 | +€2.2m | +76.1% |
| Tangible fixed assets | 22/27 | €2,906,245 | €5,119,244 | +€2.2m | +76.1% |
| Land and buildings | 22 | €717,823 | €2,961,942 | +€2.2m | +313% |
| Plant, machinery and equipment | 23 | €395,427 | €408,891 | +€13,464 | +3.4% |
| Furniture and vehicles | 24 | €222,079 | €177,495 | -€44,584 | -20.1% |
| Assets under construction and advance payments | 27 | €1,570,917 | €1,570,917 | = | 0.0% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €807,730 | €606,542 | -€201,188 | -24.9% |
| Amounts receivable within one year | 40/41 | €792,553 | €512,420 | -€280,134 | -35.3% |
| Trade receivables | 40 | €792,444 | €512,265 | -€280,179 | -35.4% |
| Other amounts receivable | 41 | €109 | €154 | +€45 | +41.3% |
| Cash at bank and in hand | 54/58 | €6,881 | €84,139 | +€77,258 | +1,123% |
| Deferred charges and accrued income | 490/1 | €8,295 | €9,983 | +€1,688 | +20.3% |
| Total equity and liabilities | 10/49 | €3,714,375 | €5,726,186 | +€2.0m | +54.2% |
| Equity | 10/15 | €1,440,560 | €1,489,815 | +€49,255 | +3.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,378,560 | €1,427,815 | +€49,255 | +3.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €529,894 | €504,769 | -€25,125 | -4.7% |
| Distributable reserves | 133 | €842,466 | €916,846 | +€74,380 | +8.8% |
| Provisions and deferred taxes | 16 | €176,631 | €168,256 | -€8,375 | -4.7% |
| Deferred taxes | 168 | €176,631 | €168,256 | -€8,375 | -4.7% |
| Amounts payable | 17/49 | €2,097,184 | €4,068,114 | +€2.0m | +94.0% |
| Amounts payable after more than one year | 17 | €1,174,043 | €2,889,658 | +€1.7m | +146% |
| Financial debts | 170/4 | €1,174,043 | €2,889,658 | +€1.7m | +146% |
| Amounts payable within one year | 42/48 | €923,141 | €1,178,456 | +€255,316 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €210,153 | €355,220 | +€145,067 | +69.0% |
| Financial debts | 43 | €3,514 | €0 | -€3,514 | -100% |
| Credit institutions | 430/8 | €3,514 | €0 | -€3,514 | -100% |
| Trade debts | 44 | €434,767 | €163,993 | -€270,774 | -62.3% |
| Suppliers | 440/4 | €434,767 | €163,993 | -€270,774 | -62.3% |
| Taxes, remuneration and social security | 45 | €61,270 | €30 | -€61,240 | -100.0% |
| Taxes | 450/3 | €61,270 | €30 | -€61,240 | -100.0% |
| Other amounts payable | 47/48 | €213,438 | €659,213 | +€445,776 | +209% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,919 | €365,648 | +€228,729 | +167% |
| Other operating charges | 640/8 | €3,945 | €3,771 | -€173 | -4.4% |
| Non-recurring operating charges | 66A | €0 | €53,370 | +€53,370 | |
| Gross operating margin | 9900 | €526,709 | €587,691 | +€60,982 | +11.6% |
| Operating profit (loss) | 9901 | €385,845 | €164,901 | -€220,944 | -57.3% |
| Financial income | 75/76B | €46 | €944 | +€897 | +1,941% |
| Recurring financial income | 75 | €46 | €944 | +€897 | +1,941% |
| Financial charges | 65/66B | €59,964 | €99,934 | +€39,970 | +66.7% |
| Recurring financial charges | 65 | €59,964 | €99,934 | +€39,970 | +66.7% |
| Profit (loss) for the period before taxes | 9903 | €325,927 | €65,910 | -€260,017 | -79.8% |
| Transfer from deferred taxes | 780 | - | €8,375 | +€8,375 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €85,820 | €25,030 | -€60,790 | -70.8% |
| Profit (loss) for the period | 9904 | €240,107 | €49,255 | -€190,852 | -79.5% |
| Transfer from tax-exempt reserves | 789 | - | €25,125 | +€25,125 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €240,107 | €74,380 | -€165,727 | -69.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.