HERGO: 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.
HERGO
Largest movements
- Cash -€256,919
down €256,919 (-51.5%), from €499,140 to €242,222
mainly Contributions, distributions and other (-€428,500) and Current investments (-€125,000)
- Current investments +€125,000
up €125,000 (+31.6%), from €395,486 to €520,486
- Receivables within one year +€28,811
up €28,811 (+410.2%), from €7,025 to €35,836
of which Trade receivables: +€28,811
- Tangible fixed assets -€28,319
down €28,319 (-5.4%), from €520,254 to €491,935
- Reserves -€141,500
down €141,500 (-10.1%), from €1.4m to €1.3m
of which Distributable reserves: -€141,500
- Tax, wage and social debts +€20,129
up €20,129 (+29.6%), from €68,091 to €88,220
of which Taxes: +€19,557
- Gross operating margin +€57,011
up €57,011 (+14.9%), from €382,805 to €439,816
- Taxes +€14,016
up €14,016 (+12.2%), from €114,432 to €128,448
- Financial income -€8,802
down €8,802 (-48.8%), from €18,028 to €9,227
- Depreciation +€5,544
up €5,544 (+24.3%), from €22,776 to €28,319
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 | €1,555,545 | €1,418,312 | -€137,233 | -8.8% |
| Fixed assets | 21/28 | €648,087 | €619,767 | -€28,319 | -4.4% |
| Tangible fixed assets | 22/27 | €520,254 | €491,935 | -€28,319 | -5.4% |
| Land and buildings | 22 | €456,942 | €444,886 | -€12,055 | -2.6% |
| Plant, machinery and equipment | 23 | €7,443 | €5,148 | -€2,294 | -30.8% |
| Furniture and vehicles | 24 | €55,870 | €41,901 | -€13,970 | -25.0% |
| Financial fixed assets | 28 | €127,832 | €127,832 | = | 0.0% |
| Current assets | 29/58 | €907,458 | €798,544 | -€108,914 | -12.0% |
| Amounts receivable within one year | 40/41 | €7,025 | €35,836 | +€28,811 | +410.2% |
| Trade receivables | 40 | €7,025 | €35,836 | +€28,811 | +410.2% |
| Other amounts receivable | 41 | - | €0 | +€0 | |
| Current investments | 50/53 | €395,486 | €520,486 | +€125,000 | +31.6% |
| Cash at bank and in hand | 54/58 | €499,140 | €242,222 | -€256,919 | -51.5% |
| Deferred charges and accrued income | 490/1 | €5,807 | - | -€5,807 | |
| Total equity and liabilities | 10/49 | €1,555,545 | €1,418,312 | -€137,233 | -8.8% |
| Equity | 10/15 | €1,413,899 | €1,272,621 | -€141,278 | -10.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,394,910 | €1,253,410 | -€141,500 | -10.1% |
| Non-distributable reserves | 130/1 | €14,660 | €14,660 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,660 | €14,660 | = | 0.0% |
| Tax-exempt reserves | 132 | €315,750 | €315,750 | = | 0.0% |
| Distributable reserves | 133 | €1,064,500 | €923,000 | -€141,500 | -13.3% |
| Profit (loss) carried forward | 14 | €12,789 | €13,011 | +€222 | +1.7% |
| Amounts payable | 17/49 | €141,646 | €145,691 | +€4,045 | +2.9% |
| Amounts payable after more than one year | 17 | €53,781 | €39,742 | -€14,039 | -26.1% |
| Financial debts | 170/4 | €53,781 | €39,742 | -€14,039 | -26.1% |
| Amounts payable within one year | 42/48 | €87,865 | €105,948 | +€18,083 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €13,343 | €14,039 | +€695 | +5.2% |
| Trade debts | 44 | €2,536 | €2,483 | -€53 | -2.1% |
| Suppliers | 440/4 | €2,536 | €2,483 | -€53 | -2.1% |
| Taxes, remuneration and social security | 45 | €68,091 | €88,220 | +€20,129 | +29.6% |
| Taxes | 450/3 | €68,091 | €87,648 | +€19,557 | +28.7% |
| Remuneration and social security | 454/9 | - | €572 | +€572 | |
| Other amounts payable | 47/48 | €3,894 | €1,206 | -€2,688 | -69.0% |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,776 | €28,319 | +€5,544 | +24.3% |
| Other operating charges | 640/8 | €1,188 | €1,260 | +€72 | +6.1% |
| Gross operating margin | 9900 | €382,805 | €439,816 | +€57,011 | +14.9% |
| Operating profit (loss) | 9901 | €358,842 | €410,237 | +€51,396 | +14.3% |
| Financial income | 75/76B | €18,028 | €9,227 | -€8,802 | -48.8% |
| Recurring financial income | 75 | €18,028 | €9,227 | -€8,802 | -48.8% |
| Financial charges | 65/66B | €4,505 | €3,794 | -€711 | -15.8% |
| Recurring financial charges | 65 | €4,505 | €3,794 | -€711 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €372,365 | €415,670 | +€43,305 | +11.6% |
| Income taxes | 67/77 | €114,432 | €128,448 | +€14,016 | +12.2% |
| Profit (loss) for the period | 9904 | €257,933 | €287,222 | +€29,289 | +11.4% |
| Transfer from tax-exempt reserves | 789 | €105,250 | €105,250 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €105,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €257,933 | €287,222 | +€29,289 | +11.4% |
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 2 October 2026 via checked.be.