HERVECO: 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.
HERVECO
Largest movements
- Tangible fixed assets -€367,062
down €367,062 (-59.7%), from €615,048 to €247,987
of which Land and buildings: -€288,460
- Current investments +€150,000
up €150,000 (+50.0%), from €300,000 to €450,000
- Cash +€133,640
up €133,640 (+136%), from €98,375 to €232,015
- Stocks and contracts +€73,210
up €73,210 (+25.1%), from €292,117 to €365,327
- Receivables within one year -€69,403
down €69,403 (-45.4%), from €152,979 to €83,576
of which Other amounts receivable: -€43,537
- Trade debts -€130,579
down €130,579 (-27.5%), from €474,572 to €343,993
- Contributions -€126,000
down €126,000 (-67.0%), from €188,000 to €62,000
- Tax, wage and social debts +€114,575
up €114,575 (+366%), from €31,298 to €145,873
of which Taxes: +€85,860
- Reserves +€54,400
up €54,400 (+9.3%), from €587,800 to €642,200
of which Distributable reserves: +€67,000
- Advances received -€20,886
down €20,886 (-46.7%), from €44,755 to €23,869
- Gross operating margin +€673,785
up €673,785 (+153%), from €441,507 to €1.1m
- Staff costs +€256,606
up €256,606 (+289%), from €88,917 to €345,523
- Taxes +€119,067
up €119,067 (+252%), from €47,212 to €166,279
- Depreciation +€33,453
up €33,453 (+34.3%), from €97,498 to €130,951
- Financial income +€13,803
up €13,803 (+9,032%), from €153 to €13,956
From the 2023 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
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 | €1,459,354 | €1,380,505 | -€78,849 | -5.4% |
| Fixed assets | 21/28 | €615,048 | €247,987 | -€367,062 | -59.7% |
| Tangible fixed assets | 22/27 | €615,048 | €247,987 | -€367,062 | -59.7% |
| Land and buildings | 22 | €288,460 | €0 | -€288,460 | -100% |
| Plant, machinery and equipment | 23 | €190,232 | €140,766 | -€49,466 | -26.0% |
| Furniture and vehicles | 24 | €21,031 | €11,239 | -€9,792 | -46.6% |
| Other tangible fixed assets | 26 | €115,325 | €95,982 | -€19,343 | -16.8% |
| Current assets | 29/58 | €844,306 | €1,132,518 | +€288,212 | +34.1% |
| Stocks and contracts in progress | 3 | €292,117 | €365,327 | +€73,210 | +25.1% |
| Stocks | 30/36 | €292,117 | €365,327 | +€73,210 | +25.1% |
| Amounts receivable within one year | 40/41 | €152,979 | €83,576 | -€69,403 | -45.4% |
| Trade receivables | 40 | €82,448 | €56,583 | -€25,866 | -31.4% |
| Other amounts receivable | 41 | €70,531 | €26,993 | -€43,537 | -61.7% |
| Current investments | 50/53 | €300,000 | €450,000 | +€150,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €98,375 | €232,015 | +€133,640 | +136% |
| Deferred charges and accrued income | 490/1 | €835 | €1,600 | +€765 | +91.6% |
| Total equity and liabilities | 10/49 | €1,459,354 | €1,380,505 | -€78,849 | -5.4% |
| Equity | 10/15 | €779,402 | €705,461 | -€73,940 | -9.5% |
| Contributions | 10/11 | €188,000 | €62,000 | -€126,000 | -67.0% |
| Capital | 10 | €188,000 | €62,000 | -€126,000 | -67.0% |
| Issued capital | 100 | €188,000 | €62,000 | -€126,000 | -67.0% |
| Reserves | 13 | €587,800 | €642,200 | +€54,400 | +9.3% |
| Non-distributable reserves | 130/1 | €18,800 | €6,200 | -€12,600 | -67.0% |
| Legal reserve | 130 | €18,800 | €6,200 | -€12,600 | -67.0% |
| Distributable reserves | 133 | €569,000 | €636,000 | +€67,000 | +11.8% |
| Profit (loss) carried forward | 14 | €3,602 | €1,261 | -€2,340 | -65.0% |
| Amounts payable | 17/49 | €679,953 | €675,044 | -€4,909 | -0.7% |
| Amounts payable after more than one year | 17 | €1,024 | €0 | -€1,024 | -100% |
| Financial debts | 170/4 | €1,024 | €0 | -€1,024 | -100% |
| Amounts payable within one year | 42/48 | €677,878 | €664,758 | -€13,120 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €6,109 | €21,879 | +€15,770 | +258% |
| Trade debts | 44 | €474,572 | €343,993 | -€130,579 | -27.5% |
| Suppliers | 440/4 | €474,572 | €343,993 | -€130,579 | -27.5% |
| Advances received on contracts in progress | 46 | €44,755 | €23,869 | -€20,886 | -46.7% |
| Taxes, remuneration and social security | 45 | €31,298 | €145,873 | +€114,575 | +366% |
| Taxes | 450/3 | €19,688 | €105,548 | +€85,860 | +436% |
| Remuneration and social security | 454/9 | €11,610 | €40,325 | +€28,715 | +247% |
| Other amounts payable | 47/48 | €121,144 | €129,144 | +€8,000 | +6.6% |
| Accrued charges and deferred income | 492/3 | €1,050 | €10,285 | +€9,235 | +880% |
| Remuneration, social security and pensions | 62 | €88,917 | €345,523 | +€256,606 | +289% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,498 | €130,951 | +€33,453 | +34.3% |
| Other operating charges | 640/8 | €20,524 | €8,479 | -€12,045 | -58.7% |
| Non-recurring operating charges | 66A | €0 | €88,460 | +€88,460 | |
| Gross operating margin | 9900 | €441,507 | €1,115,292 | +€673,785 | +153% |
| Operating profit (loss) | 9901 | €234,568 | €541,879 | +€307,311 | +131% |
| Financial income | 75/76B | €153 | €13,956 | +€13,803 | +9,032% |
| Recurring financial income | 75 | €153 | €13,956 | +€13,803 | +9,032% |
| Financial charges | 65/66B | €3,279 | €4,896 | +€1,617 | +49.3% |
| Recurring financial charges | 65 | €3,279 | €4,896 | +€1,617 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €231,442 | €550,939 | +€319,496 | +138% |
| Income taxes | 67/77 | €47,212 | €166,279 | +€119,067 | +252% |
| Profit (loss) for the period | 9904 | €184,230 | €384,660 | +€200,429 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €184,230 | €384,660 | +€200,429 | +109% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.