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HERVAIN: 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

HERVAIN

BE 0456.494.074
NACE 46.900, Non-specialised wholesale trade
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€49,255
2025 · €240,107-€190,852
Equity
€1.5m
2025 · €1.4m+€49,255
Cash
€84,139
2025 · €6,881+€77,258
Balance sheet total
€5.7m
2025 · €3.7m+€2.0m

Largest movements

2025 to 2026
Assets
  • Tangible fixed assets +€2.2m

    up €2.2m (+76.1%), from €2.9m to €5.1m

    of which Land and buildings: +€2.2m

  • Receivables within one year -€280,134

    down €280,134 (-35.3%), from €792,553 to €512,420

    of which Trade receivables: -€280,179

  • Cash +€77,258

    up €77,258 (+1,123%), from €6,881 to €84,139

    mainly Debts after one year (+€1.7m) and Other debts (+€445,776)

Equity and liabilities
  • Debts after one year +€1.7m

    up €1.7m (+146%), from €1.2m to €2.9m

  • Other debts +€445,776

    up €445,776 (+209%), from €213,438 to €659,213

  • Trade debts -€270,774

    down €270,774 (-62.3%), from €434,767 to €163,993

  • Current portion of long-term debt +€145,067

    up €145,067 (+69.0%), from €210,153 to €355,220

  • Tax, wage and social debts -€61,240

    down €61,240 (-100.0%), from €61,270 to €30

Income statement
  • Depreciation +€228,729

    up €228,729 (+167%), from €136,919 to €365,648

  • Gross operating margin +€60,982

    up €60,982 (+11.6%), from €526,709 to €587,691

  • Taxes -€60,790

    down €60,790 (-70.8%), from €85,820 to €25,030

  • Financial charges +€39,970

    up €39,970 (+66.7%), from €59,964 to €99,934

From the 2025 result to the 2026 result

effect on the 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 2025 €240,107
Gross operating margin +€60,982
Depreciation -€228,729
Other operating charges +€173
Other operating items -€53,370
Financial income +€897
Financial charges -€39,970
Taxes +€60,790
Deferred taxes and other +€8,375
Result 2026 €49,255
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2025 to 2026

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.

From operations +€798,736
Investment -€2.6m
Financing +€1.9m
Cash 2025 €6,881
Net result for the year +€49,255
Depreciation +€365,648
Receivables within one year +€280,134
Deferred charges and accrued income -€1,688
Provisions -€8,375
Trade debts -€270,774
Tax, wage and social debts -€61,240
Other debts +€445,776
Investment in fixed assets (net) -€2.6m
Debts after one year +€1.7m
Current portion of long-term debt +€145,067
Short-term financial debts -€3,514
Cash 2026 €84,139
brings cash intakes cash out
Every line side by side 56 lines
Line Code 2025 2026 Change %
Total assets 20/58 €3,714,375 €5,726,186 +€2.0m +54.2%
Fixed assets 21/28 €2,906,645 €5,119,644 +€2.2m +76.1%
Tangible fixed assets 22/27 €2,906,245 €5,119,244 +€2.2m +76.1%
Land and buildings 22 €717,823 €2,961,942 +€2.2m +313%
Plant, machinery and equipment 23 €395,427 €408,891 +€13,464 +3.4%
Furniture and vehicles 24 €222,079 €177,495 -€44,584 -20.1%
Assets under construction and advance payments 27 €1,570,917 €1,570,917 = 0.0%
Financial fixed assets 28 €400 €400 = 0.0%
Current assets 29/58 €807,730 €606,542 -€201,188 -24.9%
Amounts receivable within one year 40/41 €792,553 €512,420 -€280,134 -35.3%
Trade receivables 40 €792,444 €512,265 -€280,179 -35.4%
Other amounts receivable 41 €109 €154 +€45 +41.3%
Cash at bank and in hand 54/58 €6,881 €84,139 +€77,258 +1,123%
Deferred charges and accrued income 490/1 €8,295 €9,983 +€1,688 +20.3%
Total equity and liabilities 10/49 €3,714,375 €5,726,186 +€2.0m +54.2%
Equity 10/15 €1,440,560 €1,489,815 +€49,255 +3.4%
Contributions 10/11 €62,000 €62,000 = 0.0%
Capital 10 €62,000 €62,000 = 0.0%
Issued capital 100 €62,000 €62,000 = 0.0%
Reserves 13 €1,378,560 €1,427,815 +€49,255 +3.6%
Non-distributable reserves 130/1 €6,200 €6,200 = 0.0%
Legal reserve 130 €6,200 €6,200 = 0.0%
Tax-exempt reserves 132 €529,894 €504,769 -€25,125 -4.7%
Distributable reserves 133 €842,466 €916,846 +€74,380 +8.8%
Provisions and deferred taxes 16 €176,631 €168,256 -€8,375 -4.7%
Deferred taxes 168 €176,631 €168,256 -€8,375 -4.7%
Amounts payable 17/49 €2,097,184 €4,068,114 +€2.0m +94.0%
Amounts payable after more than one year 17 €1,174,043 €2,889,658 +€1.7m +146%
Financial debts 170/4 €1,174,043 €2,889,658 +€1.7m +146%
Amounts payable within one year 42/48 €923,141 €1,178,456 +€255,316 +27.7%
Current portion of amounts payable after more than one year 42 €210,153 €355,220 +€145,067 +69.0%
Financial debts 43 €3,514 €0 -€3,514 -100%
Credit institutions 430/8 €3,514 €0 -€3,514 -100%
Trade debts 44 €434,767 €163,993 -€270,774 -62.3%
Suppliers 440/4 €434,767 €163,993 -€270,774 -62.3%
Taxes, remuneration and social security 45 €61,270 €30 -€61,240 -100.0%
Taxes 450/3 €61,270 €30 -€61,240 -100.0%
Other amounts payable 47/48 €213,438 €659,213 +€445,776 +209%
Non-recurring operating income 76A €0 - =
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €136,919 €365,648 +€228,729 +167%
Other operating charges 640/8 €3,945 €3,771 -€173 -4.4%
Non-recurring operating charges 66A €0 €53,370 +€53,370
Gross operating margin 9900 €526,709 €587,691 +€60,982 +11.6%
Operating profit (loss) 9901 €385,845 €164,901 -€220,944 -57.3%
Financial income 75/76B €46 €944 +€897 +1,941%
Recurring financial income 75 €46 €944 +€897 +1,941%
Financial charges 65/66B €59,964 €99,934 +€39,970 +66.7%
Recurring financial charges 65 €59,964 €99,934 +€39,970 +66.7%
Profit (loss) for the period before taxes 9903 €325,927 €65,910 -€260,017 -79.8%
Transfer from deferred taxes 780 - €8,375 +€8,375
Transfer to deferred taxes 680 €0 - =
Income taxes 67/77 €85,820 €25,030 -€60,790 -70.8%
Profit (loss) for the period 9904 €240,107 €49,255 -€190,852 -79.5%
Transfer from tax-exempt reserves 789 - €25,125 +€25,125
Transfer to tax-exempt reserves 689 €0 - =
Profit (loss) for the period to be appropriated 9905 €240,107 €74,380 -€165,727 -69.0%

Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.