BART HERTOGS: what changed
Two fiscal 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.
BART HERTOGS
Largest movements
- Receivables within one year -€17,910
down €17,910 (-75.5%), from €23,731 to €5,821
of which Trade receivables: -€13,819
- Cash +€11,698
up €11,698 (+32.6%), from €35,876 to €47,574
mainly Receivables within one year (+€17,910) and Depreciation (+€12,752)
- Tangible fixed assets +€2,448
up €2,448 (+4.9%), from €50,083 to €52,531
of which Plant, machinery and equipment: +€13,012
- Stocks and contracts +€1,596
new in 2025: €1,596
- Other debts -€11,335
down €11,335 (-13.5%), from €84,184 to €72,849
- Debts after one year +€8,560
new in 2025: €8,560
- Profit (loss) carried forward -€4,552
down €4,552 (-86.9%), from -€5,239 to -€9,792
- Current portion of long-term debt +€3,089
new in 2025: €3,089
- Trade debts +€1,238
up €1,238 (+619.8%), from €200 to €1,438
- Depreciation +€6,054
up €6,054 (+90.4%), from €6,698 to €12,752
- Other operating charges -€5,003
down €5,003 (-85.0%), from €5,888 to €885
- Gross operating margin +€2,405
up €2,405 (+31.6%), from €7,622 to €10,027
- Financial charges +€475
up €475 (+1098.4%), from €43 to €518
- Taxes +€185
up €185 (+76.7%), from €242 to €427
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.
Cash bridge derived
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 | €110,461 | €108,315 | -€2,145 | -1.9% |
| Fixed assets | 21/28 | €50,083 | €52,531 | +€2,448 | +4.9% |
| Tangible fixed assets | 22/27 | €50,083 | €52,531 | +€2,448 | +4.9% |
| Plant, machinery and equipment | 23 | €3,411 | €16,423 | +€13,012 | +381.5% |
| Furniture and vehicles | 24 | €45,769 | €35,335 | -€10,435 | -22.8% |
| Other tangible fixed assets | 26 | €903 | €774 | -€129 | -14.3% |
| Current assets | 29/58 | €60,378 | €55,784 | -€4,594 | -7.6% |
| Stocks and contracts in progress | 3 | - | €1,596 | +€1,596 | |
| Stocks | 30/36 | - | €1,596 | +€1,596 | |
| Amounts receivable within one year | 40/41 | €23,731 | €5,821 | -€17,910 | -75.5% |
| Trade receivables | 40 | €19,362 | €5,543 | -€13,819 | -71.4% |
| Other amounts receivable | 41 | €4,369 | €278 | -€4,091 | -93.6% |
| Cash at bank and in hand | 54/58 | €35,876 | €47,574 | +€11,698 | +32.6% |
| Deferred charges and accrued income | 490/1 | €770 | €793 | +€22 | +2.9% |
| Total equity and liabilities | 10/49 | €110,461 | €108,315 | -€2,145 | -1.9% |
| Equity | 10/15 | €24,186 | €19,633 | -€4,552 | -18.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €27,425 | €27,425 | = | 0.0% |
| Distributable reserves | 133 | €27,425 | €27,425 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,239 | -€9,792 | -€4,552 | -86.9% |
| Amounts payable | 17/49 | €86,275 | €88,682 | +€2,407 | +2.8% |
| Amounts payable after more than one year | 17 | - | €8,560 | +€8,560 | |
| Financial debts | 170/4 | - | €8,560 | +€8,560 | |
| Amounts payable within one year | 42/48 | €86,125 | €79,972 | -€6,153 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | - | €3,089 | +€3,089 | |
| Trade debts | 44 | €200 | €1,438 | +€1,238 | +619.8% |
| Suppliers | 440/4 | €200 | €1,438 | +€1,238 | +619.8% |
| Taxes, remuneration and social security | 45 | €1,742 | €2,597 | +€855 | +49.1% |
| Taxes | 450/3 | €242 | €1,097 | +€855 | +353.5% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €84,184 | €72,849 | -€11,335 | -13.5% |
| Accrued charges and deferred income | 492/3 | €150 | €150 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,698 | €12,752 | +€6,054 | +90.4% |
| Other operating charges | 640/8 | €5,888 | €885 | -€5,003 | -85.0% |
| Gross operating margin | 9900 | €7,622 | €10,027 | +€2,405 | +31.6% |
| Operating profit (loss) | 9901 | -€4,964 | -€3,610 | +€1,355 | +27.3% |
| Financial income | 75/76B | €10 | €2 | -€8 | -77.8% |
| Recurring financial income | 75 | €10 | €2 | -€8 | -77.8% |
| Financial charges | 65/66B | €43 | €518 | +€475 | +1098.4% |
| Recurring financial charges | 65 | €43 | €518 | +€475 | +1098.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,998 | -€4,125 | +€872 | +17.5% |
| Income taxes | 67/77 | €242 | €427 | +€185 | +76.7% |
| Profit (loss) for the period | 9904 | -€5,239 | -€4,552 | +€687 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,239 | -€4,552 | +€687 | +13.1% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.