DEN HERTOG: what changed
DEN HERTOG
Largest movements
- Deferred charges and accrued income +€26,188
up €26,188 (+350%), from €7,480 to €33,668
- Tangible fixed assets -€21,422
down €21,422 (-5.7%), from €373,502 to €352,080
of which Land and buildings: -€24,133
- Cash +€20,286
up €20,286 (+122%), from €16,620 to €36,906
mainly Net result for the year (+€43,401) and Depreciation (+€35,669)
- Receivables within one year -€9,917
down €9,917 (-32.8%), from €30,192 to €20,275
of which Other amounts receivable: -€9,964
- Reserves +€33,401
up €33,401 (+17.6%), from €189,399 to €222,799
of which Distributable reserves: +€33,401
- Debts after one year -€30,531
down €30,531 (-34.4%), from €88,681 to €58,150
- Tax, wage and social debts +€12,705
up €12,705 (+152%), from €8,342 to €21,046
of which Remuneration and social security: +€10,011
- Gross operating margin +€33,495
up €33,495 (+18.3%), from €183,198 to €216,693
- Staff costs +€10,214
up €10,214 (+10.7%), from €95,845 to €106,059
- Taxes +€6,851
up €6,851 (+81.6%), from €8,395 to €15,245
- Depreciation +€3,054
up €3,054 (+9.4%), from €32,615 to €35,669
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €462,320 | €475,562 | +€13,242 | +2.9% |
| Fixed assets | 21/28 | €373,502 | €352,080 | -€21,422 | -5.7% |
| Tangible fixed assets | 22/27 | €373,502 | €352,080 | -€21,422 | -5.7% |
| Land and buildings | 22 | €354,692 | €330,558 | -€24,133 | -6.8% |
| Plant, machinery and equipment | 23 | €4,737 | €11,153 | +€6,416 | +135% |
| Furniture and vehicles | 24 | €14,073 | €10,369 | -€3,704 | -26.3% |
| Current assets | 29/58 | €88,818 | €123,482 | +€34,664 | +39.0% |
| Stocks and contracts in progress | 3 | €34,526 | €32,633 | -€1,894 | -5.5% |
| Stocks | 30/36 | €34,526 | €32,633 | -€1,894 | -5.5% |
| Amounts receivable within one year | 40/41 | €30,192 | €20,275 | -€9,917 | -32.8% |
| Trade receivables | 40 | - | €47 | +€47 | |
| Other amounts receivable | 41 | €30,192 | €20,228 | -€9,964 | -33.0% |
| Cash at bank and in hand | 54/58 | €16,620 | €36,906 | +€20,286 | +122% |
| Deferred charges and accrued income | 490/1 | €7,480 | €33,668 | +€26,188 | +350% |
| Total equity and liabilities | 10/49 | €462,320 | €475,562 | +€13,242 | +2.9% |
| Equity | 10/15 | €313,299 | €346,699 | +€33,401 | +10.7% |
| Contributions | 10/11 | €123,900 | €123,900 | = | 0.0% |
| Reserves | 13 | €189,399 | €222,799 | +€33,401 | +17.6% |
| Tax-exempt reserves | 132 | €3,402 | €3,402 | = | 0.0% |
| Distributable reserves | 133 | €185,997 | €219,397 | +€33,401 | +18.0% |
| Amounts payable | 17/49 | €149,022 | €128,862 | -€20,159 | -13.5% |
| Amounts payable after more than one year | 17 | €88,681 | €58,150 | -€30,531 | -34.4% |
| Financial debts | 170/4 | €88,681 | €58,150 | -€30,531 | -34.4% |
| Amounts payable within one year | 42/48 | €59,403 | €70,713 | +€11,310 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €33,382 | €31,224 | -€2,157 | -6.5% |
| Financial debts | 43 | - | €4,658 | +€4,658 | |
| Credit institutions | 430/8 | - | €4,658 | +€4,658 | |
| Trade debts | 44 | €7,680 | €3,785 | -€3,895 | -50.7% |
| Suppliers | 440/4 | €7,680 | €3,785 | -€3,895 | -50.7% |
| Taxes, remuneration and social security | 45 | €8,342 | €21,046 | +€12,705 | +152% |
| Taxes | 450/3 | €5,659 | €8,352 | +€2,694 | +47.6% |
| Remuneration and social security | 454/9 | €2,683 | €12,694 | +€10,011 | +373% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €938 | - | -€938 | |
| Remuneration, social security and pensions | 62 | €95,845 | €106,059 | +€10,214 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,615 | €35,669 | +€3,054 | +9.4% |
| Other operating charges | 640/8 | €5,108 | €6,850 | +€1,742 | +34.1% |
| Gross operating margin | 9900 | €183,198 | €216,693 | +€33,495 | +18.3% |
| Operating profit (loss) | 9901 | €49,630 | €68,114 | +€18,485 | +37.2% |
| Financial income | 75/76B | €785 | €1,510 | +€725 | +92.4% |
| Recurring financial income | 75 | €785 | €1,510 | +€725 | +92.4% |
| Financial charges | 65/66B | €10,612 | €10,978 | +€367 | +3.5% |
| Recurring financial charges | 65 | €10,612 | €10,978 | +€367 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €39,803 | €58,646 | +€18,843 | +47.3% |
| Income taxes | 67/77 | €8,395 | €15,245 | +€6,851 | +81.6% |
| Profit (loss) for the period | 9904 | €31,408 | €43,401 | +€11,993 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,408 | €43,401 | +€11,993 | +38.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.