HERZIMMO: 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.
What changed
HERZIMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€37,933
2024 · €25,348-€63,281
Equity
€4.6m
2024 · €4.8m-€196,789
Cash
€294,337
2024 · €53,626+€240,711
Balance sheet total
€13.3m
2024 · €12.3m+€964,917
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+19.6%), from €6.1m to €7.2m
- Current investments -€442,385
down €442,385 (-26.0%), from €1.7m to €1.3m
- Cash +€240,711
up €240,711 (+449%), from €53,626 to €294,337
mainly Debts after one year (+€996,124) and Depreciation (+€811,609)
Equity and liabilities
- Debts after one year +€996,124
up €996,124 (+32.0%), from €3.1m to €4.1m
- Reserves -€194,563
down €194,563 (-5.0%), from €3.9m to €3.7m
of which Distributable reserves: -€265,439
Income statement
- Depreciation +€342,180
up €342,180 (+72.9%), from €469,429 to €811,609
- Gross operating margin +€316,302
up €316,302 (+56.0%), from €564,614 to €880,916
- Financial income +€29,832
up €29,832 (+11.7%), from €255,933 to €285,765
- Taxes -€19,838
down €19,838 (-99.0%), from €20,038 to €201
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.
Result 2024
€25,348
Gross operating margin
+€316,302
Depreciation
-€342,180
Other operating charges
-€4,854
Financial income
+€29,832
Financial charges
+€721
Taxes
+€19,838
Deferred taxes and other
-€82,938
Result 2025
-€37,933
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€883,278
Investment
-€1.6m
Financing
+€914,745
Cash 2024
€53,626
From operations (derived)
+€883,278
Net result for the year
-€37,933
Depreciation
+€811,609
Receivables within one year
+€18,486
Smaller working-capital items
-€1,875
Provisions
+€22,883
Tax, wage and social debts
-€21,517
Other debts
+€91,624
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€2.0m
Current investments
+€442,385
Financing
+€914,745
Debts after one year
+€996,124
Current portion of long-term debt
+€77,477
Contributions, distributions and other
-€158,856
Cash 2025
€294,337
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,345,990 | €13,310,907 | +€964,917 | +7.8% |
| Fixed assets | 21/28 | €10,535,442 | €11,723,530 | +€1.2m | +11.3% |
| Tangible fixed assets | 22/27 | €6,060,509 | €7,248,597 | +€1.2m | +19.6% |
| Land and buildings | 22 | €6,060,509 | €7,248,597 | +€1.2m | +19.6% |
| Financial fixed assets | 28 | €4,474,933 | €4,474,933 | = | 0.0% |
| Current assets | 29/58 | €1,810,548 | €1,587,377 | -€223,170 | -12.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €52,373 | €33,887 | -€18,486 | -35.3% |
| Trade receivables | 40 | €16,719 | €10,329 | -€6,390 | -38.2% |
| Other amounts receivable | 41 | €35,654 | €23,558 | -€12,096 | -33.9% |
| Current investments | 50/53 | €1,700,000 | €1,257,615 | -€442,385 | -26.0% |
| Cash at bank and in hand | 54/58 | €53,626 | €294,337 | +€240,711 | +449% |
| Deferred charges and accrued income | 490/1 | €4,549 | €1,539 | -€3,010 | -66.2% |
| Total equity and liabilities | 10/49 | €12,345,990 | €13,310,907 | +€964,917 | +7.8% |
| Equity | 10/15 | €4,761,792 | €4,565,003 | -€196,789 | -4.1% |
| Contributions | 10/11 | €857,971 | €857,971 | = | 0.0% |
| Capital | 10 | €857,971 | €857,971 | = | 0.0% |
| Issued capital | 100 | €857,971 | €857,971 | = | 0.0% |
| Reserves | 13 | €3,882,003 | €3,687,440 | -€194,563 | -5.0% |
| Non-distributable reserves | 130/1 | €98,688 | €98,688 | = | 0.0% |
| Legal reserve | 130 | €85,797 | €85,797 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,891 | €12,891 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,377,681 | €1,448,557 | +€70,876 | +5.1% |
| Distributable reserves | 133 | €2,405,634 | €2,140,196 | -€265,439 | -11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €21,817 | €19,592 | -€2,226 | -10.2% |
| Provisions and deferred taxes | 16 | €466,500 | €489,383 | +€22,883 | +4.9% |
| Deferred taxes | 168 | €466,500 | €489,383 | +€22,883 | +4.9% |
| Amounts payable | 17/49 | €7,117,698 | €8,256,521 | +€1.1m | +16.0% |
| Amounts payable after more than one year | 17 | €3,110,986 | €4,107,110 | +€996,124 | +32.0% |
| Financial debts | 170/4 | €3,110,986 | €4,107,110 | +€996,124 | +32.0% |
| Amounts payable within one year | 42/48 | €3,774,438 | €3,919,226 | +€144,788 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €301,399 | €378,876 | +€77,477 | +25.7% |
| Trade debts | 44 | €14,261 | €11,464 | -€2,797 | -19.6% |
| Suppliers | 440/4 | €14,261 | €11,464 | -€2,797 | -19.6% |
| Taxes, remuneration and social security | 45 | €23,476 | €1,959 | -€21,517 | -91.7% |
| Taxes | 450/3 | €23,476 | €1,959 | -€21,517 | -91.7% |
| Other amounts payable | 47/48 | €3,435,303 | €3,526,927 | +€91,624 | +2.7% |
| Accrued charges and deferred income | 492/3 | €232,274 | €230,186 | -€2,088 | -0.9% |
| Non-recurring operating income | 76A | - | €332,422 | +€332,422 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €469,429 | €811,609 | +€342,180 | +72.9% |
| Other operating charges | 640/8 | €88,783 | €93,637 | +€4,854 | +5.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €564,614 | €880,916 | +€316,302 | +56.0% |
| Operating profit (loss) | 9901 | €6,403 | -€24,330 | -€30,733 | |
| Financial income | 75/76B | €255,933 | €285,765 | +€29,832 | +11.7% |
| Recurring financial income | 75 | €255,933 | €285,765 | +€29,832 | +11.7% |
| Financial charges | 65/66B | €277,005 | €276,284 | -€721 | -0.3% |
| Recurring financial charges | 65 | €277,005 | €276,284 | -€721 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,669 | -€14,849 | -€180 | -1.2% |
| Transfer from deferred taxes | 780 | €60,055 | €60,222 | +€167 | +0.3% |
| Transfer to deferred taxes | 680 | - | €83,106 | +€83,106 | |
| Income taxes | 67/77 | €20,038 | €201 | -€19,838 | -99.0% |
| Profit (loss) for the period | 9904 | €25,348 | -€37,933 | -€63,281 | |
| Transfer from tax-exempt reserves | 789 | €175,037 | €178,441 | +€3,404 | +1.9% |
| Transfer to tax-exempt reserves | 689 | - | €249,317 | +€249,317 | |
| Profit (loss) for the period to be appropriated | 9905 | €200,385 | -€108,808 | -€309,193 |
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 14 October 2026 via checked.be.