Herzie: 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.
Herzie
Largest movements
- Cash -€63,807
down €63,807 (-24.6%), from €259,576 to €195,768
mainly Contributions, distributions and other (-€98,644) and Other debts (-€22,000)
- Receivables within one year +€13,224
up €13,224 (+108%), from €12,250 to €25,474
of which Trade receivables: +€8,721
- Tangible fixed assets -€13,002
down €13,002 (-25.8%), from €50,409 to €37,408
- Reserves -€33,644
down €33,644 (-21.3%), from €157,602 to €123,958
- Other debts -€22,000
down €22,000 (-25.3%), from €87,000 to €65,000
- Debts after one year -€11,313
down €11,313 (-33.6%), from €33,630 to €22,317
- Gross operating margin -€26,569
down €26,569 (-20.9%), from €127,061 to €100,491
- Taxes -€6,824
down €6,824 (-28.7%), from €23,788 to €16,964
- Financial charges +€3,745
up €3,745 (+292%), from €1,284 to €5,029
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 | €324,827 | €260,710 | -€64,118 | -19.7% |
| Fixed assets | 21/28 | €50,409 | €37,408 | -€13,002 | -25.8% |
| Tangible fixed assets | 22/27 | €50,409 | €37,408 | -€13,002 | -25.8% |
| Furniture and vehicles | 24 | €50,409 | €37,408 | -€13,002 | -25.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €274,418 | €223,302 | -€51,116 | -18.6% |
| Amounts receivable within one year | 40/41 | €12,250 | €25,474 | +€13,224 | +108% |
| Trade receivables | 40 | €11,744 | €20,465 | +€8,721 | +74.3% |
| Other amounts receivable | 41 | €507 | €5,009 | +€4,502 | +888% |
| Cash at bank and in hand | 54/58 | €259,576 | €195,768 | -€63,807 | -24.6% |
| Deferred charges and accrued income | 490/1 | €2,592 | €2,060 | -€533 | -20.5% |
| Total equity and liabilities | 10/49 | €324,827 | €260,710 | -€64,118 | -19.7% |
| Equity | 10/15 | €177,016 | €142,740 | -€34,276 | -19.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,602 | €123,958 | -€33,644 | -21.3% |
| Distributable reserves | 133 | €157,602 | €123,958 | -€33,644 | -21.3% |
| Profit (loss) carried forward | 14 | €814 | €182 | -€632 | -77.6% |
| Amounts payable | 17/49 | €147,812 | €117,970 | -€29,842 | -20.2% |
| Amounts payable after more than one year | 17 | €33,630 | €22,317 | -€11,313 | -33.6% |
| Financial debts | 170/4 | €33,630 | €22,317 | -€11,313 | -33.6% |
| Amounts payable within one year | 42/48 | €114,182 | €95,654 | -€18,528 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €11,092 | €11,313 | +€221 | +2.0% |
| Trade debts | 44 | €316 | €1,604 | +€1,288 | +408% |
| Suppliers | 440/4 | €316 | €1,604 | +€1,288 | +408% |
| Taxes, remuneration and social security | 45 | €15,774 | €17,737 | +€1,963 | +12.4% |
| Taxes | 450/3 | €15,774 | €17,737 | +€1,963 | +12.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €87,000 | €65,000 | -€22,000 | -25.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,002 | €13,002 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,257 | €1,135 | -€122 | -9.7% |
| Gross operating margin | 9900 | €127,061 | €100,491 | -€26,569 | -20.9% |
| Operating profit (loss) | 9901 | €112,802 | €86,355 | -€26,447 | -23.4% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €1,284 | €5,029 | +€3,745 | +292% |
| Recurring financial charges | 65 | €1,284 | €5,029 | +€3,745 | +292% |
| Profit (loss) for the period before taxes | 9903 | €111,519 | €81,333 | -€30,186 | -27.1% |
| Income taxes | 67/77 | €23,788 | €16,964 | -€6,824 | -28.7% |
| Profit (loss) for the period | 9904 | €87,730 | €64,368 | -€23,362 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,730 | €64,368 | -€23,362 | -26.6% |
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 16 October 2026 via checked.be.