HERGOCO: 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.
HERGOCO
Largest movements
- Tangible fixed assets -€113,347
down €113,347 (-15.8%), from €717,993 to €604,647
of which Land and buildings: -€114,755
- Receivables within one year +€87,298
up €87,298 (+29.2%), from €298,865 to €386,163
of which Trade receivables: +€48,028
- Cash -€23,926
down €23,926 (-69.4%), from €34,460 to €10,533
mainly Receivables within one year (-€87,298) and Debts after one year (-€35,604)
- Debts after one year -€35,604
down €35,604 (-17.6%), from €201,913 to €166,309
- Reserves -€26,220
down €26,220 (-5.8%), from €452,764 to €426,543
of which Distributable reserves: -€26,220
- Trade debts +€11,690
up €11,690 (+190.7%), from €6,130 to €17,819
- Gross operating margin -€8,581
down €8,581 (-6.2%), from €138,807 to €130,226
- Financial charges -€7,093
down €7,093 (-22.8%), from €31,095 to €24,002
- Depreciation -€6,719
down €6,719 (-5.8%), from €116,062 to €109,344
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 | €1,055,172 | €1,005,428 | -€49,744 | -4.7% |
| Fixed assets | 21/28 | €717,993 | €604,647 | -€113,347 | -15.8% |
| Tangible fixed assets | 22/27 | €717,993 | €604,647 | -€113,347 | -15.8% |
| Land and buildings | 22 | €717,993 | €603,238 | -€114,755 | -16.0% |
| Plant, machinery and equipment | 23 | - | €1,409 | +€1,409 | |
| Current assets | 29/58 | €337,179 | €400,781 | +€63,603 | +18.9% |
| Amounts receivable within one year | 40/41 | €298,865 | €386,163 | +€87,298 | +29.2% |
| Trade receivables | 40 | €40,820 | €88,849 | +€48,028 | +117.7% |
| Other amounts receivable | 41 | €258,044 | €297,314 | +€39,270 | +15.2% |
| Cash at bank and in hand | 54/58 | €34,460 | €10,533 | -€23,926 | -69.4% |
| Deferred charges and accrued income | 490/1 | €3,854 | €4,085 | +€231 | +6.0% |
| Total equity and liabilities | 10/49 | €1,055,172 | €1,005,428 | -€49,744 | -4.7% |
| Equity | 10/15 | €514,264 | €488,043 | -€26,220 | -5.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €452,764 | €426,543 | -€26,220 | -5.8% |
| Non-distributable reserves | 130/1 | €10,594 | €10,594 | = | 0.0% |
| Legal reserve | 130 | €10,594 | €10,594 | = | 0.0% |
| Distributable reserves | 133 | €442,170 | €415,949 | -€26,220 | -5.9% |
| Amounts payable | 17/49 | €540,908 | €517,385 | -€23,523 | -4.3% |
| Amounts payable after more than one year | 17 | €201,913 | €166,309 | -€35,604 | -17.6% |
| Financial debts | 170/4 | €201,913 | €166,309 | -€35,604 | -17.6% |
| Amounts payable within one year | 42/48 | €338,995 | €351,075 | +€12,080 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €35,393 | €35,604 | +€211 | +0.6% |
| Financial debts | 43 | €297,472 | €297,472 | = | 0.0% |
| Credit institutions | 430/8 | €297,472 | €297,472 | = | 0.0% |
| Trade debts | 44 | €6,130 | €17,819 | +€11,690 | +190.7% |
| Suppliers | 440/4 | €6,130 | €17,819 | +€11,690 | +190.7% |
| Other amounts payable | 47/48 | - | €180 | +€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,062 | €109,344 | -€6,719 | -5.8% |
| Other operating charges | 640/8 | €22,800 | €23,102 | +€303 | +1.3% |
| Gross operating margin | 9900 | €138,807 | €130,226 | -€8,581 | -6.2% |
| Operating profit (loss) | 9901 | -€55 | -€2,219 | -€2,165 | -3968.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €31,095 | €24,002 | -€7,093 | -22.8% |
| Recurring financial charges | 65 | €31,095 | €24,002 | -€7,093 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | -€31,150 | -€26,220 | +€4,929 | +15.8% |
| Income taxes | 67/77 | €14 | - | -€14 | |
| Profit (loss) for the period | 9904 | -€31,164 | -€26,220 | +€4,944 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,164 | -€26,220 | +€4,944 | +15.9% |
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 3 October 2026 via checked.be.