HERGO: 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.
HERGO
Largest movements
- Tangible fixed assets -€49,095
down €49,095 (-10.7%), from €459,848 to €410,753
of which Furniture and vehicles: -€33,593
- Debts after one year -€29,763
down €29,763 (-8.6%), from €345,642 to €315,880
- Other debts -€8,698
down €8,698 (-40.1%), from €21,664 to €12,966
- Tax, wage and social debts -€7,652
down €7,652 (-53.7%), from €14,253 to €6,601
of which Remuneration and social security: -€5,653
- Gross operating margin -€156,824
down €156,824 (-74.1%), from €211,753 to €54,929
- Staff costs -€68,425
down €68,425 (-97.8%), from €69,940 to €1,515
- Depreciation -€59,151
down €59,151 (-63.4%), from €93,227 to €34,076
- Taxes -€6,949
down €6,949 (-92.4%), from €7,523 to €574
- Financial charges -€6,665
down €6,665 (-31.3%), from €21,278 to €14,613
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 | €482,113 | €430,307 | -€51,806 | -10.7% |
| Fixed assets | 21/28 | €460,156 | €410,851 | -€49,305 | -10.7% |
| Intangible fixed assets | 21 | €309 | €98 | -€211 | -68.3% |
| Tangible fixed assets | 22/27 | €459,848 | €410,753 | -€49,095 | -10.7% |
| Land and buildings | 22 | €361,016 | €349,956 | -€11,060 | -3.1% |
| Plant, machinery and equipment | 23 | €13,770 | €9,328 | -€4,442 | -32.3% |
| Furniture and vehicles | 24 | €85,061 | €51,469 | -€33,593 | -39.5% |
| Current assets | 29/58 | €21,957 | €19,457 | -€2,501 | -11.4% |
| Stocks and contracts in progress | 3 | €7,868 | €5,356 | -€2,513 | -31.9% |
| Stocks | 30/36 | €7,868 | €5,356 | -€2,513 | -31.9% |
| Amounts receivable within one year | 40/41 | €8,843 | €9,333 | +€490 | +5.5% |
| Trade receivables | 40 | €4,459 | €9,323 | +€4,864 | +109.1% |
| Other amounts receivable | 41 | €4,384 | €10 | -€4,374 | -99.8% |
| Cash at bank and in hand | 54/58 | €4,148 | €3,589 | -€560 | -13.5% |
| Deferred charges and accrued income | 490/1 | €1,097 | €1,179 | +€82 | +7.4% |
| Total equity and liabilities | 10/49 | €482,113 | €430,307 | -€51,806 | -10.7% |
| Equity | 10/15 | €54,793 | €50,712 | -€4,082 | -7.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €14,793 | €14,793 | = | 0.0% |
| Distributable reserves | 133 | €14,793 | €14,793 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,082 | -€4,082 | |
| Amounts payable | 17/49 | €427,320 | €379,596 | -€47,724 | -11.2% |
| Amounts payable after more than one year | 17 | €345,642 | €315,880 | -€29,763 | -8.6% |
| Financial debts | 170/4 | €345,642 | €315,880 | -€29,763 | -8.6% |
| Amounts payable within one year | 42/48 | €81,208 | €63,463 | -€17,745 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €28,617 | €29,763 | +€1,146 | +4.0% |
| Trade debts | 44 | €16,674 | €14,133 | -€2,541 | -15.2% |
| Suppliers | 440/4 | €16,674 | €14,133 | -€2,541 | -15.2% |
| Taxes, remuneration and social security | 45 | €14,253 | €6,601 | -€7,652 | -53.7% |
| Taxes | 450/3 | €8,443 | €6,443 | -€1,999 | -23.7% |
| Remuneration and social security | 454/9 | €5,810 | €158 | -€5,653 | -97.3% |
| Other amounts payable | 47/48 | €21,664 | €12,966 | -€8,698 | -40.1% |
| Accrued charges and deferred income | 492/3 | €470 | €253 | -€217 | -46.2% |
| Remuneration, social security and pensions | 62 | €69,940 | €1,515 | -€68,425 | -97.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,227 | €34,076 | -€59,151 | -63.4% |
| Other operating charges | 640/8 | €5,079 | €8,242 | +€3,163 | +62.3% |
| Gross operating margin | 9900 | €211,753 | €54,929 | -€156,824 | -74.1% |
| Operating profit (loss) | 9901 | €43,508 | €11,097 | -€32,411 | -74.5% |
| Financial income | 75/76B | €87 | €8 | -€79 | -90.5% |
| Recurring financial income | 75 | €87 | €8 | -€79 | -90.5% |
| Financial charges | 65/66B | €21,278 | €14,613 | -€6,665 | -31.3% |
| Recurring financial charges | 65 | €21,278 | €14,613 | -€6,665 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €22,316 | -€3,508 | -€25,824 | |
| Income taxes | 67/77 | €7,523 | €574 | -€6,949 | -92.4% |
| Profit (loss) for the period | 9904 | €14,793 | -€4,082 | -€18,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,793 | -€4,082 | -€18,875 |
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 11 October 2026 via checked.be.