HERVEN: 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.
HERVEN
Largest movements
- Tangible fixed assets -€41,427
down €41,427 (-27.9%), from €148,301 to €106,874
of which Leasing and similar rights: -€25,314
- Cash +€31,149
up €31,149 (+9.9%), from €315,994 to €347,143
mainly Net result for the year (+€143,062) and Depreciation (+€31,179)
- Current investments +€23,729
up €23,729 (+3.2%), from €745,459 to €769,187
- Reserves +€40,497
up €40,497 (+3.9%), from €1.0m to €1.1m
of which Distributable reserves: +€55,947
- Debts after one year -€31,556
down €31,556 (-62.0%), from €50,899 to €19,344
- Gross operating margin -€173,190
down €173,190 (-42.3%), from €409,193 to €236,003
- Taxes -€47,454
down €47,454 (-41.2%), from €115,303 to €67,849
- Other operating charges -€24,018
down €24,018 (-75.7%), from €31,734 to €7,716
- Financial income -€7,064
down €7,064 (-32.0%), from €22,105 to €15,041
- Depreciation +€4,922
up €4,922 (+18.7%), from €26,257 to €31,179
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 | €1,226,568 | €1,230,996 | +€4,429 | +0.4% |
| Fixed assets | 21/28 | €148,301 | €106,874 | -€41,427 | -27.9% |
| Tangible fixed assets | 22/27 | €148,301 | €106,874 | -€41,427 | -27.9% |
| Land and buildings | 22 | €28,998 | €23,624 | -€5,374 | -18.5% |
| Plant, machinery and equipment | 23 | €492 | €0 | -€492 | -100% |
| Furniture and vehicles | 24 | €10,248 | €0 | -€10,248 | -100% |
| Leasing and similar rights | 25 | €108,564 | €83,250 | -€25,314 | -23.3% |
| Current assets | 29/58 | €1,078,266 | €1,124,122 | +€45,856 | +4.3% |
| Amounts receivable within one year | 40/41 | €13,006 | €4,318 | -€8,688 | -66.8% |
| Trade receivables | 40 | €12,762 | €4,318 | -€8,444 | -66.2% |
| Other amounts receivable | 41 | €244 | €0 | -€244 | -100% |
| Current investments | 50/53 | €745,459 | €769,187 | +€23,729 | +3.2% |
| Cash at bank and in hand | 54/58 | €315,994 | €347,143 | +€31,149 | +9.9% |
| Deferred charges and accrued income | 490/1 | €3,807 | €3,473 | -€334 | -8.8% |
| Total equity and liabilities | 10/49 | €1,226,568 | €1,230,996 | +€4,429 | +0.4% |
| Equity | 10/15 | €1,109,116 | €1,149,613 | +€40,497 | +3.7% |
| 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 | €1,047,116 | €1,087,613 | +€40,497 | +3.9% |
| Non-distributable reserves | 130/1 | €59,030 | €59,030 | = | 0.0% |
| Legal reserve | 130 | €59,030 | €59,030 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,450 | €0 | -€15,450 | -100% |
| Distributable reserves | 133 | €972,636 | €1,028,583 | +€55,947 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €117,452 | €81,384 | -€36,068 | -30.7% |
| Amounts payable after more than one year | 17 | €50,899 | €19,344 | -€31,556 | -62.0% |
| Financial debts | 170/4 | €50,899 | €19,344 | -€31,556 | -62.0% |
| Amounts payable within one year | 42/48 | €66,552 | €62,040 | -€4,512 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €29,424 | €31,556 | +€2,132 | +7.2% |
| Trade debts | 44 | €9,834 | €9,379 | -€456 | -4.6% |
| Suppliers | 440/4 | €9,834 | €9,379 | -€456 | -4.6% |
| Taxes, remuneration and social security | 45 | €26,911 | €20,059 | -€6,853 | -25.5% |
| Taxes | 450/3 | €26,911 | €20,059 | -€6,853 | -25.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €383 | €1,047 | +€664 | +173% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €7,852 | +€7,852 | |
| Remuneration, social security and pensions | 62 | -€415 | €0 | +€415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,257 | €31,179 | +€4,922 | +18.7% |
| Other operating charges | 640/8 | €31,734 | €7,716 | -€24,018 | -75.7% |
| Gross operating margin | 9900 | €409,193 | €236,003 | -€173,190 | -42.3% |
| Operating profit (loss) | 9901 | €351,617 | €197,108 | -€154,509 | -43.9% |
| Financial income | 75/76B | €22,105 | €15,041 | -€7,064 | -32.0% |
| Recurring financial income | 75 | €22,105 | €15,041 | -€7,064 | -32.0% |
| Financial charges | 65/66B | €1,109 | €1,237 | +€128 | +11.5% |
| Recurring financial charges | 65 | €1,109 | €1,237 | +€128 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €372,613 | €210,912 | -€161,701 | -43.4% |
| Income taxes | 67/77 | €115,303 | €67,849 | -€47,454 | -41.2% |
| Profit (loss) for the period | 9904 | €257,310 | €143,062 | -€114,248 | -44.4% |
| Transfer from tax-exempt reserves | 789 | - | €15,450 | +€15,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €257,310 | €158,513 | -€98,797 | -38.4% |
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.