HERZEEL: 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.
HERZEEL
Largest movements
- Receivables within one year -€120,868
down €120,868 (-38.9%), from €311,081 to €190,213
of which Other amounts receivable: -€206,522
- Other debts -€152,723
down €152,723 (-44.8%), from €340,746 to €188,024
- Profit (loss) carried forward +€98,622
up €98,622 (+19.3%), from €511,460 to €610,082
- Debts after one year -€71,732
down €71,732 (-47.5%), from €151,029 to €79,297
- Trade debts +€31,512
up €31,512 (+40.6%), from €77,568 to €109,080
- Gross operating margin -€150,082
down €150,082 (-30.0%), from €500,207 to €350,125
- Staff costs -€79,147
down €79,147 (-31.1%), from €254,634 to €175,487
- Taxes -€33,029
down €33,029 (-55.8%), from €59,156 to €26,127
- Financial income +€6,406
up €6,406 (+733.9%), from €873 to €7,278
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 | €2,000,071 | €1,864,831 | -€135,239 | -6.8% |
| Fixed assets | 21/28 | €975,887 | €975,887 | = | 0.0% |
| Financial fixed assets | 28 | €975,887 | €975,887 | = | 0.0% |
| Current assets | 29/58 | €1,024,183 | €888,944 | -€135,239 | -13.2% |
| Stocks and contracts in progress | 3 | €131,568 | €122,179 | -€9,389 | -7.1% |
| Stocks | 30/36 | €131,568 | €122,179 | -€9,389 | -7.1% |
| Amounts receivable within one year | 40/41 | €311,081 | €190,213 | -€120,868 | -38.9% |
| Trade receivables | 40 | €74,770 | €160,424 | +€85,654 | +114.6% |
| Other amounts receivable | 41 | €236,311 | €29,789 | -€206,522 | -87.4% |
| Current investments | 50/53 | €323,663 | €327,246 | +€3,584 | +1.1% |
| Cash at bank and in hand | 54/58 | €250,461 | €247,241 | -€3,220 | -1.3% |
| Deferred charges and accrued income | 490/1 | €7,411 | €2,065 | -€5,346 | -72.1% |
| Total equity and liabilities | 10/49 | €2,000,071 | €1,864,831 | -€135,239 | -6.8% |
| Equity | 10/15 | €1,288,159 | €1,386,781 | +€98,622 | +7.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €758,107 | €758,107 | = | 0.0% |
| Distributable reserves | 133 | €758,107 | €758,107 | = | 0.0% |
| Profit (loss) carried forward | 14 | €511,460 | €610,082 | +€98,622 | +19.3% |
| Amounts payable | 17/49 | €711,912 | €478,051 | -€233,861 | -32.8% |
| Amounts payable after more than one year | 17 | €151,029 | €79,297 | -€71,732 | -47.5% |
| Financial debts | 170/4 | €151,029 | €79,297 | -€71,732 | -47.5% |
| Amounts payable within one year | 42/48 | €543,949 | €398,753 | -€145,196 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €84,865 | €78,310 | -€6,554 | -7.7% |
| Trade debts | 44 | €77,568 | €109,080 | +€31,512 | +40.6% |
| Suppliers | 440/4 | €77,568 | €109,080 | +€31,512 | +40.6% |
| Advances received on contracts in progress | 46 | €4,010 | €935 | -€3,075 | -76.7% |
| Taxes, remuneration and social security | 45 | €36,760 | €22,404 | -€14,356 | -39.1% |
| Taxes | 450/3 | €15,201 | €12,527 | -€2,674 | -17.6% |
| Remuneration and social security | 454/9 | €21,558 | €9,876 | -€11,682 | -54.2% |
| Other amounts payable | 47/48 | €340,746 | €188,024 | -€152,723 | -44.8% |
| Accrued charges and deferred income | 492/3 | €16,934 | €0 | -€16,934 | -100.0% |
| Remuneration, social security and pensions | 62 | €254,634 | €175,487 | -€79,147 | -31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,823 | €0 | -€2,823 | -100.0% |
| Other operating charges | 640/8 | €5,276 | €2,482 | -€2,793 | -52.9% |
| Non-recurring operating charges | 66A | - | €2,438 | +€2,438 | |
| Gross operating margin | 9900 | €500,207 | €350,125 | -€150,082 | -30.0% |
| Operating profit (loss) | 9901 | €237,475 | €169,718 | -€67,757 | -28.5% |
| Financial income | 75/76B | €873 | €7,278 | +€6,406 | +733.9% |
| Recurring financial income | 75 | €873 | €7,278 | +€6,406 | +733.9% |
| Financial charges | 65/66B | €6,827 | €7,248 | +€420 | +6.2% |
| Recurring financial charges | 65 | €6,827 | €7,248 | +€420 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €231,520 | €169,749 | -€61,771 | -26.7% |
| Income taxes | 67/77 | €59,156 | €26,127 | -€33,029 | -55.8% |
| Profit (loss) for the period | 9904 | €172,364 | €143,622 | -€28,742 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €172,364 | €143,622 | -€28,742 | -16.7% |
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 11 October 2026 via checked.be.