HERKUUL: 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.
HERKUUL
Largest movements
- Tangible fixed assets +€457,823
up €457,823 (+46.9%), from €976,344 to €1.4m
of which Land and buildings: +€402,022
- Current investments +€53,328
up €53,328 (+10.5%), from €506,003 to €559,331
- Cash +€42,011
up €42,011 (+49.7%), from €84,513 to €126,524
mainly Debts after one year (+€342,963) and Other debts (+€135,600)
- Deferred charges and accrued income -€31,233
down €31,233 (-97.7%), from €31,966 to €733
- Debts after one year +€342,963
up €342,963 (+33.6%), from €1.0m to €1.4m
- Other debts +€135,600
up €135,600 (+3,543%), from €3,827 to €139,428
- Current portion of long-term debt +€106,700
up €106,700 (+150%), from €71,327 to €178,027
- Reserves -€89,574
down €89,574 (-20.0%), from €447,997 to €358,423
- Tax, wage and social debts +€21,585
up €21,585 (+49.8%), from €43,325 to €64,910
- Financial charges +€18,096
up €18,096 (+47.1%), from €38,403 to €56,498
- Gross operating margin -€16,204
down €16,204 (-6.1%), from €267,022 to €250,818
- Taxes -€15,847
down €15,847 (-37.0%), from €42,875 to €27,028
- Financial income +€15,541
up €15,541 (+1,823%), from €852 to €16,393
of which Non-recurring financial income: +€11,432
- Depreciation +€8,806
up €8,806 (+20.6%), from €42,757 to €51,563
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 | €1,601,930 | €2,120,754 | +€518,824 | +32.4% |
| Fixed assets | 21/28 | €976,344 | €1,434,166 | +€457,823 | +46.9% |
| Tangible fixed assets | 22/27 | €976,344 | €1,434,166 | +€457,823 | +46.9% |
| Land and buildings | 22 | €935,441 | €1,337,463 | +€402,022 | +43.0% |
| Plant, machinery and equipment | 23 | €9,587 | €9,587 | = | 0.0% |
| Furniture and vehicles | 24 | €31,316 | €87,117 | +€55,800 | +178% |
| Current assets | 29/58 | €625,587 | €686,588 | +€61,001 | +9.8% |
| Amounts receivable within one year | 40/41 | €3,104 | €0 | -€3,104 | -100% |
| Other amounts receivable | 41 | €3,104 | €0 | -€3,104 | -100% |
| Current investments | 50/53 | €506,003 | €559,331 | +€53,328 | +10.5% |
| Cash at bank and in hand | 54/58 | €84,513 | €126,524 | +€42,011 | +49.7% |
| Deferred charges and accrued income | 490/1 | €31,966 | €733 | -€31,233 | -97.7% |
| Total equity and liabilities | 10/49 | €1,601,930 | €2,120,754 | +€518,824 | +32.4% |
| Equity | 10/15 | €457,997 | €368,423 | -€89,574 | -19.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €447,997 | €358,423 | -€89,574 | -20.0% |
| Distributable reserves | 133 | €447,997 | €358,423 | -€89,574 | -20.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,143,933 | €1,752,331 | +€608,398 | +53.2% |
| Amounts payable after more than one year | 17 | €1,021,677 | €1,364,640 | +€342,963 | +33.6% |
| Financial debts | 170/4 | €1,021,677 | €1,364,640 | +€342,963 | +33.6% |
| Amounts payable within one year | 42/48 | €122,256 | €387,691 | +€265,435 | +217% |
| Current portion of amounts payable after more than one year | 42 | €71,327 | €178,027 | +€106,700 | +150% |
| Trade debts | 44 | €3,777 | €5,326 | +€1,549 | +41.0% |
| Suppliers | 440/4 | €3,777 | €5,326 | +€1,549 | +41.0% |
| Taxes, remuneration and social security | 45 | €43,325 | €64,910 | +€21,585 | +49.8% |
| Taxes | 450/3 | €43,325 | €64,910 | +€21,585 | +49.8% |
| Other amounts payable | 47/48 | €3,827 | €139,428 | +€135,600 | +3,543% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,757 | €51,563 | +€8,806 | +20.6% |
| Other operating charges | 640/8 | €2,247 | €1,697 | -€550 | -24.5% |
| Gross operating margin | 9900 | €267,022 | €250,818 | -€16,204 | -6.1% |
| Operating profit (loss) | 9901 | €222,018 | €197,559 | -€24,459 | -11.0% |
| Financial income | 75/76B | €852 | €16,393 | +€15,541 | +1,823% |
| Recurring financial income | 75 | €852 | €4,961 | +€4,109 | +482% |
| Non-recurring financial income | 76B | - | €11,432 | +€11,432 | |
| Financial charges | 65/66B | €38,403 | €56,498 | +€18,096 | +47.1% |
| Recurring financial charges | 65 | €38,403 | €56,498 | +€18,096 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €184,468 | €157,454 | -€27,015 | -14.6% |
| Income taxes | 67/77 | €42,875 | €27,028 | -€15,847 | -37.0% |
| Profit (loss) for the period | 9904 | €141,593 | €130,426 | -€11,167 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €141,593 | €130,426 | -€11,167 | -7.9% |
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 30 October 2026 via checked.be.