Samuel Herreman: 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.
Samuel Herreman
Largest movements
- Cash -€219,361
down €219,361 (-79.2%), from €276,990 to €57,629
mainly Contributions, distributions and other (-€624,534) and Investment in fixed assets (net) (-€71,340)
- Tangible fixed assets +€50,058
up €50,058 (+21.2%), from €236,382 to €286,440
of which Furniture and vehicles: +€52,919
- Receivables after one year +€34,000
up €34,000 (+10.0%), from €340,000 to €374,000
- Current investments +€33,979
up €33,979 (+224%), from €15,150 to €49,129
- Reserves -€416,183
down €416,183 (-84.6%), from €491,768 to €75,585
of which Distributable reserves: -€416,183
- Other debts +€325,737
up €325,737 (+1,163%), from €28,012 to €353,749
- Debts after one year -€34,952
down €34,952 (-17.6%), from €198,962 to €164,010
- Short-term financial debts +€26,625
up €26,625 (+12.3%), from €216,058 to €242,683
of which Other loans: +€26,450
- Gross operating margin +€49,039
up €49,039 (+19.4%), from €253,060 to €302,099
- Depreciation +€15,038
up €15,038 (+241%), from €6,244 to €21,282
- Taxes +€6,723
up €6,723 (+11.7%), from €57,351 to €64,074
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €964,412 | €864,838 | -€99,574 | -10.3% |
| Fixed assets | 21/28 | €236,382 | €286,440 | +€50,058 | +21.2% |
| Tangible fixed assets | 22/27 | €236,382 | €286,440 | +€50,058 | +21.2% |
| Land and buildings | 22 | €236,382 | €230,138 | -€6,244 | -2.6% |
| Plant, machinery and equipment | 23 | - | €3,383 | +€3,383 | |
| Furniture and vehicles | 24 | - | €52,919 | +€52,919 | |
| Current assets | 29/58 | €728,030 | €578,398 | -€149,632 | -20.6% |
| Amounts receivable after more than one year | 29 | €340,000 | €374,000 | +€34,000 | +10.0% |
| Other amounts receivable | 291 | €340,000 | €374,000 | +€34,000 | +10.0% |
| Amounts receivable within one year | 40/41 | €89,258 | €90,829 | +€1,571 | +1.8% |
| Other amounts receivable | 41 | €89,258 | €90,829 | +€1,571 | +1.8% |
| Current investments | 50/53 | €15,150 | €49,129 | +€33,979 | +224% |
| Cash at bank and in hand | 54/58 | €276,990 | €57,629 | -€219,361 | -79.2% |
| Deferred charges and accrued income | 490/1 | €6,632 | €6,811 | +€179 | +2.7% |
| Total equity and liabilities | 10/49 | €964,412 | €864,838 | -€99,574 | -10.3% |
| Equity | 10/15 | €510,318 | €94,135 | -€416,183 | -81.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €491,768 | €75,585 | -€416,183 | -84.6% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €489,913 | €73,730 | -€416,183 | -85.0% |
| Amounts payable | 17/49 | €454,094 | €770,703 | +€316,609 | +69.7% |
| Amounts payable after more than one year | 17 | €198,962 | €164,010 | -€34,952 | -17.6% |
| Financial debts | 170/4 | €198,962 | €164,010 | -€34,952 | -17.6% |
| Amounts payable within one year | 42/48 | €245,951 | €597,052 | +€351,101 | +143% |
| Financial debts | 43 | €216,058 | €242,683 | +€26,625 | +12.3% |
| Credit institutions | 430/8 | €34,775 | €34,950 | +€175 | +0.5% |
| Other loans | 439 | €181,283 | €207,733 | +€26,450 | +14.6% |
| Trade debts | 44 | €442 | €31 | -€411 | -93.0% |
| Suppliers | 440/4 | €442 | €31 | -€411 | -93.0% |
| Taxes, remuneration and social security | 45 | €1,439 | €589 | -€850 | -59.1% |
| Taxes | 450/3 | €1,439 | €589 | -€850 | -59.1% |
| Other amounts payable | 47/48 | €28,012 | €353,749 | +€325,737 | +1,163% |
| Accrued charges and deferred income | 492/3 | €9,181 | €9,641 | +€460 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,244 | €21,282 | +€15,038 | +241% |
| Other operating charges | 640/8 | €1,776 | €1,726 | -€50 | -2.8% |
| Gross operating margin | 9900 | €253,060 | €302,099 | +€49,039 | +19.4% |
| Operating profit (loss) | 9901 | €245,040 | €279,091 | +€34,051 | +13.9% |
| Financial income | 75/76B | €12,477 | €10,239 | -€2,238 | -17.9% |
| Recurring financial income | 75 | €12,477 | €10,239 | -€2,238 | -17.9% |
| Financial charges | 65/66B | €16,764 | €16,905 | +€141 | +0.8% |
| Recurring financial charges | 65 | €16,764 | €16,905 | +€141 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €240,753 | €272,425 | +€31,672 | +13.2% |
| Income taxes | 67/77 | €57,351 | €64,074 | +€6,723 | +11.7% |
| Profit (loss) for the period | 9904 | €183,402 | €208,351 | +€24,949 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €183,402 | €208,351 | +€24,949 | +13.6% |
Source: filed annual accounts (NBB), financial years ended 30 March 2025 and 30 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.