HERWEST: what changed
Two fiscal 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.
HERWEST
Largest movements
- Receivables within one year +€182,929
up €182,929 (+72.9%), from €250,782 to €433,711
of which Trade receivables: +€96,524
- Cash -€133,069
down €133,069 (-42.7%), from €311,841 to €178,771
mainly Receivables within one year (-€182,929) and Contributions, distributions and other (-€145,455)
- Tangible fixed assets -€27,570
down €27,570 (-38.7%), from €71,241 to €43,671
of which Other tangible fixed assets: -€24,704
- Other debts +€77,712
up €77,712 (+26.9%), from €288,547 to €366,259
- Trade debts -€45,569
down €45,569 (-55.8%), from €81,713 to €36,144
- Tax, wage and social debts -€7,720
down €7,720 (-11.0%), from €69,937 to €62,217
- Gross operating margin -€52,502
down €52,502 (-7.9%), from €662,488 to €609,986
- Staff costs -€51,631
down €51,631 (-11.5%), from €448,863 to €397,232
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.
Cash bridge derived
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 | €664,846 | €690,055 | +€25,209 | +3.8% |
| Fixed assets | 21/28 | €71,241 | €43,671 | -€27,570 | -38.7% |
| Tangible fixed assets | 22/27 | €71,241 | €43,671 | -€27,570 | -38.7% |
| Furniture and vehicles | 24 | €6,807 | €3,941 | -€2,866 | -42.1% |
| Other tangible fixed assets | 26 | €64,434 | €39,730 | -€24,704 | -38.3% |
| Current assets | 29/58 | €593,605 | €646,384 | +€52,779 | +8.9% |
| Stocks and contracts in progress | 3 | €27,239 | €30,147 | +€2,908 | +10.7% |
| Stocks | 30/36 | €27,239 | €30,147 | +€2,908 | +10.7% |
| Amounts receivable within one year | 40/41 | €250,782 | €433,711 | +€182,929 | +72.9% |
| Trade receivables | 40 | €35,642 | €132,166 | +€96,524 | +270.8% |
| Other amounts receivable | 41 | €215,140 | €301,545 | +€86,405 | +40.2% |
| Cash at bank and in hand | 54/58 | €311,841 | €178,771 | -€133,069 | -42.7% |
| Deferred charges and accrued income | 490/1 | €3,743 | €3,755 | +€12 | +0.3% |
| Total equity and liabilities | 10/49 | €664,846 | €690,055 | +€25,209 | +3.8% |
| Equity | 10/15 | €224,649 | €225,435 | +€786 | +0.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €162,649 | €163,435 | +€786 | +0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €118,949 | €119,735 | +€786 | +0.7% |
| Amounts payable | 17/49 | €440,197 | €464,620 | +€24,423 | +5.5% |
| Amounts payable within one year | 42/48 | €440,197 | €464,620 | +€24,423 | +5.5% |
| Trade debts | 44 | €81,713 | €36,144 | -€45,569 | -55.8% |
| Suppliers | 440/4 | €81,713 | €36,144 | -€45,569 | -55.8% |
| Taxes, remuneration and social security | 45 | €69,937 | €62,217 | -€7,720 | -11.0% |
| Remuneration and social security | 454/9 | €69,937 | €62,217 | -€7,720 | -11.0% |
| Other amounts payable | 47/48 | €288,547 | €366,259 | +€77,712 | +26.9% |
| Remuneration, social security and pensions | 62 | €448,863 | €397,232 | -€51,631 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,994 | €27,570 | +€576 | +2.1% |
| Other operating charges | 640/8 | €1,189 | €1,256 | +€66 | +5.6% |
| Non-recurring operating charges | 66A | €15,627 | - | -€15,627 | |
| Gross operating margin | 9900 | €662,488 | €609,986 | -€52,502 | -7.9% |
| Operating profit (loss) | 9901 | €169,815 | €183,928 | +€14,113 | +8.3% |
| Financial income | 75/76B | €15,635 | €12,572 | -€3,063 | -19.6% |
| Recurring financial income | 75 | €15,635 | €12,572 | -€3,063 | -19.6% |
| Financial charges | 65/66B | €28 | €29 | +€1 | +5.2% |
| Recurring financial charges | 65 | €28 | €29 | +€1 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €185,422 | €196,471 | +€11,049 | +6.0% |
| Income taxes | 67/77 | €50,386 | €50,230 | -€156 | -0.3% |
| Profit (loss) for the period | 9904 | €135,036 | €146,241 | +€11,205 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €135,036 | €146,241 | +€11,205 | +8.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.