HERW!N: 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.
HERW!N
Largest movements
- Receivables within one year +€706,688
up €706,688 (+92.1%), from €767,627 to €1.5m
of which Trade receivables: +€662,216
- Current investments -€460,000
no longer reported in 2025 (was €460,000)
- Cash +€107,903
up €107,903 (+20.0%), from €538,196 to €646,099
mainly Current investments (+€460,000) and Net result for the year (+€172,143)
- Profit (loss) carried forward +€160,747
up €160,747 (+14.9%), from €1.1m to €1.2m
- Debts within one year +€155,725
up €155,725 (+36.2%), from €430,519 to €586,245
of which Tax, wage and social debts: +€117,938
- Purchases and services +€265,629
up €265,629 (+39.1%), from €678,894 to €944,523
- Staff costs -€73,411
down €73,411 (-5.6%), from €1.3m to €1.2m
- Gross operating margin +€23,465
up €23,465 (+1.7%), from €1.4m to €1.4m
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 | €1,836,560 | €2,163,809 | +€327,249 | +17.8% |
| Fixed assets | 21/28 | €20,629 | €13,688 | -€6,941 | -33.6% |
| Tangible fixed assets | 22/27 | €17,079 | €10,138 | -€6,941 | -40.6% |
| Plant, machinery and equipment | 23 | €5,737 | €1,969 | -€3,768 | -65.7% |
| Furniture and vehicles | 24 | €942 | €628 | -€314 | -33.3% |
| Other tangible fixed assets | 26 | €10,401 | €7,541 | -€2,860 | -27.5% |
| Financial fixed assets | 28 | €3,550 | €3,550 | = | 0.0% |
| Current assets | 29/58 | €1,815,931 | €2,150,121 | +€334,190 | +18.4% |
| Amounts receivable within one year | 40/41 | €767,627 | €1,474,315 | +€706,688 | +92.1% |
| Trade receivables | 40 | €731,455 | €1,393,671 | +€662,216 | +90.5% |
| Other amounts receivable | 41 | €36,172 | €80,644 | +€44,472 | +123% |
| Current investments | 50/53 | €460,000 | - | -€460,000 | |
| Cash at bank and in hand | 54/58 | €538,196 | €646,099 | +€107,903 | +20.0% |
| Deferred charges and accrued income | 490/1 | €50,107 | €29,707 | -€20,400 | -40.7% |
| Total equity and liabilities | 10/49 | €1,836,560 | €2,163,809 | +€327,249 | +17.8% |
| Equity | 10/15 | €1,375,556 | €1,547,699 | +€172,143 | +12.5% |
| Reserves | 13 | €298,555 | €309,952 | +€11,397 | +3.8% |
| Profit (loss) carried forward | 14 | €1,077,000 | €1,237,747 | +€160,747 | +14.9% |
| Amounts payable | 17/49 | €461,004 | €616,110 | +€155,106 | +33.6% |
| Amounts payable within one year | 42/48 | €430,519 | €586,245 | +€155,725 | +36.2% |
| Trade debts | 44 | €93,091 | €130,879 | +€37,788 | +40.6% |
| Suppliers | 440/4 | €93,091 | €130,879 | +€37,788 | +40.6% |
| Taxes, remuneration and social security | 45 | €317,473 | €435,411 | +€117,938 | +37.1% |
| Taxes | 450/3 | €176,522 | €300,359 | +€123,837 | +70.2% |
| Remuneration and social security | 454/9 | €140,951 | €135,052 | -€5,899 | -4.2% |
| Accrued charges and deferred income | 492/3 | €30,485 | €29,865 | -€620 | -2.0% |
| Membership fees, donations, legacies and grants | 73 | €2,026,521 | €2,343,825 | +€317,304 | +15.7% |
| Non-recurring operating income | 76A | €14,962 | - | -€14,962 | |
| Goods, raw materials, services and sundry goods | 60/61 | €678,894 | €944,523 | +€265,629 | +39.1% |
| Remuneration, social security and pensions | 62 | €1,313,219 | €1,239,808 | -€73,411 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,376 | €8,050 | -€12,326 | -60.5% |
| Other operating charges | 640/8 | €3,842 | €3,672 | -€170 | -4.4% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €1,392,118 | €1,415,583 | +€23,465 | +1.7% |
| Operating profit (loss) | 9901 | €54,681 | €164,053 | +€109,372 | +200% |
| Financial income | 75/76B | €10,529 | €11,691 | +€1,163 | +11.0% |
| Recurring financial income | 75 | €10,529 | €11,691 | +€1,163 | +11.0% |
| Financial charges | 65/66B | €348 | €755 | +€408 | +117% |
| Recurring financial charges | 65 | €348 | €755 | +€408 | +117% |
| Profit (loss) for the period before taxes | 9903 | €64,862 | €174,989 | +€110,127 | +170% |
| Income taxes | 67/77 | €2,116 | €2,846 | +€730 | +34.5% |
| Profit (loss) for the period | 9904 | €62,746 | €172,143 | +€109,397 | +174% |
| Profit (loss) for the period to be appropriated | 9905 | €62,746 | €172,143 | +€109,397 | +174% |
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 19 October 2026 via checked.be.