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HertBelgium: value indication

Line	Code	2024	2025	Change	%
Total assets	20/58	€15,605,277	€17,647,886	+€2.0m	+13.1%
Fixed assets	21/28	€6,784,379	€6,421,721	-€362,658	-5.3%
Intangible fixed assets	21	€2,603,788	€2,158,958	-€444,830	-17.1%
Tangible fixed assets	22/27	€512,111	€594,282	+€82,171	+16.0%
Land and buildings	22	€446,597	€446,597	-€0	0.0%
Plant, machinery and equipment	23	€43,758	€101,214	+€57,456	+131%
Furniture and vehicles	24	€21,757	€15,400	-€6,357	-29.2%
Other tangible fixed assets	26	-	€31,072	+€31,072
Financial fixed assets	28	€3,668,480	€3,668,480	+€0	0.0%
Affiliated companies	280/1	€3,614,272	€3,614,272	+€0	0.0%
Participating interests	280	€3,614,272	€3,614,272	+€0	0.0%
Companies linked by participating interests	282/3	€54,208	€54,208	=	0.0%
Participating interests	282	€54,208	€54,208	=	0.0%
Current assets	29/58	€8,820,898	€11,226,166	+€2.4m	+27.3%
Stocks and contracts in progress	3	-	€0	=
Amounts receivable within one year	40/41	€8,421,690	€10,650,231	+€2.2m	+26.5%
Trade receivables	40	€8,347,060	€2,070,485	-€6.3m	-75.2%
Other amounts receivable	41	€74,631	€8,579,746	+€8.5m	+11,396%
Cash at bank and in hand	54/58	€109,582	€110,779	+€1,197	+1.1%
Deferred charges and accrued income	490/1	€289,626	€465,156	+€175,530	+60.6%
Total equity and liabilities	10/49	€15,605,277	€17,647,886	+€2.0m	+13.1%
Equity	10/15	€4,200,671	€8,112,538	+€3.9m	+93.1%
Contributions	10/11	€7,200	€7,200	=	0.0%
Reserves	13	€1,860	€1,860	=	0.0%
Non-distributable reserves	130/1	€1,860	€1,860	=	0.0%
Reserves not available under the articles	1311	€1,860	€1,860	=	0.0%
Profit (loss) carried forward	14	€4,191,611	€8,103,478	+€3.9m	+93.3%
Amounts payable	17/49	€11,404,606	€9,535,348	-€1.9m	-16.4%
Amounts payable within one year	42/48	€10,944,253	€9,279,970	-€1.7m	-15.2%
Current portion of amounts payable after more than one year	42	€0	-	=
Financial debts	43	€217,020	€197,792	-€19,228	-8.9%
Credit institutions	430/8	€217,020	€197,792	-€19,228	-8.9%
Other loans	439	€0	-	=
Trade debts	44	€250,528	€1,260,286	+€1.0m	+403%
Suppliers	440/4	€250,528	€1,260,286	+€1.0m	+403%
Taxes, remuneration and social security	45	€1,999,162	€599,221	-€1.4m	-70.0%
Taxes	450/3	€1,483,992	€244,451	-€1.2m	-83.5%
Remuneration and social security	454/9	€515,170	€354,770	-€160,400	-31.1%
Other amounts payable	47/48	€8,477,544	€7,222,670	-€1.3m	-14.8%
Accrued charges and deferred income	492/3	€460,353	€255,377	-€204,976	-44.5%
Operating income	70/76A	€15,779,722	€13,231,808	-€2.5m	-16.1%
Turnover	70	€14,524,721	€12,410,498	-€2.1m	-14.6%
Own construction capitalised	72	€705,829	€455,354	-€250,475	-35.5%
Other operating income	74	€549,173	€365,956	-€183,217	-33.4%
Operating charges	60/66A	€10,977,924	€9,311,593	-€1.7m	-15.2%
Goods for resale, raw materials and consumables	60	€109,027	€204,155	+€95,128	+87.3%
Purchases	600/8	€109,027	€204,155	+€95,128	+87.3%
Services and other goods	61	€5,947,344	€5,355,997	-€591,347	-9.9%
Remuneration, social security and pensions	62	€4,013,325	€2,895,251	-€1.1m	-27.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€344,491	€478,619	+€134,128	+38.9%
Other operating charges	640/8	€50,022	€134,493	+€84,471	+169%
Non-recurring operating charges	66A	€513,715	€243,079	-€270,636	-52.7%
Operating profit (loss)	9901	€4,801,798	€3,920,215	-€881,583	-18.4%
Financial income	75/76B	€33,489	€314,708	+€281,219	+840%
Recurring financial income	75	€28,719	€314,708	+€285,989	+996%
Income from financial fixed assets	750	€27,103	€97,836	+€70,733	+261%
Income from current assets	751	€0	€215,596	+€215,596
Other financial income	752/9	€1,616	€1,276	-€340	-21.1%
Non-recurring financial income	76B	€4,770	€0	-€4,770	-100%
Financial charges	65/66B	€260,636	€244,411	-€16,225	-6.2%
Recurring financial charges	65	€260,636	€244,411	-€16,225	-6.2%
Debt charges	650	€244,039	€238,961	-€5,078	-2.1%
Other financial charges	652/9	€16,597	€5,450	-€11,147	-67.2%
Non-recurring financial charges	66B	€0	-	=
Profit (loss) for the period before taxes	9903	€4,574,651	€3,990,511	-€584,140	-12.8%
Income taxes	67/77	€78,992	€78,644	-€348	-0.4%
Taxes	670/3	€78,992	€78,644	-€348	-0.4%
Tax adjustments and reversals of tax provisions	77	€0	-	=
Profit (loss) for the period	9904	€4,495,659	€3,911,868	-€583,791	-13.0%
Profit (loss) for the period to be appropriated	9905	€4,495,659	€3,911,868	-€583,791	-13.0%

HertBelgium: value indication

HertBelgium: value indication

Position among the sector peers

What moved between 2024 and 2025

Largest movements

Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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