HERGOFIN: 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.
HERGOFIN
Largest movements
- Receivables within one year -€48,912
down €48,912 (-12.8%), from €380,802 to €331,890
of which Other amounts receivable: -€46,492
- Tangible fixed assets +€43,291
up €43,291 (+15.6%), from €277,469 to €320,760
of which Furniture and vehicles: +€45,368
- Reserves -€75,181
down €75,181 (-25.7%), from €292,393 to €217,212
- Other debts +€53,558
up €53,558 (+24.8%), from €216,022 to €269,580
- Tax, wage and social debts +€13,557
up €13,557 (+360%), from €3,761 to €17,318
- Gross operating margin +€20,748
up €20,748 (+57.0%), from €36,407 to €57,155
- Financial charges +€12,724
up €12,724 (+6,058%), from €210 to €12,934
- Depreciation -€7,740
down €7,740 (-44.7%), from €17,298 to €9,559
- Taxes +€3,985
new in 2025: €3,985
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.
Derived cash bridge
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 | €663,094 | €657,073 | -€6,021 | -0.9% |
| Fixed assets | 21/28 | €277,469 | €320,760 | +€43,291 | +15.6% |
| Tangible fixed assets | 22/27 | €277,469 | €320,760 | +€43,291 | +15.6% |
| Land and buildings | 22 | €252,963 | €252,963 | = | 0.0% |
| Plant, machinery and equipment | 23 | €7,358 | €5,282 | -€2,077 | -28.2% |
| Furniture and vehicles | 24 | €17,147 | €62,515 | +€45,368 | +265% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €385,626 | €336,313 | -€49,312 | -12.8% |
| Amounts receivable within one year | 40/41 | €380,802 | €331,890 | -€48,912 | -12.8% |
| Trade receivables | 40 | €4,840 | €2,420 | -€2,420 | -50.0% |
| Other amounts receivable | 41 | €375,962 | €329,470 | -€46,492 | -12.4% |
| Cash at bank and in hand | 54/58 | €3,652 | €1,567 | -€2,085 | -57.1% |
| Deferred charges and accrued income | 490/1 | €1,172 | €2,857 | +€1,684 | +144% |
| Total equity and liabilities | 10/49 | €663,094 | €657,073 | -€6,021 | -0.9% |
| Equity | 10/15 | €442,393 | €367,212 | -€75,181 | -17.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €292,393 | €217,212 | -€75,181 | -25.7% |
| Distributable reserves | 133 | €292,393 | €217,212 | -€75,181 | -25.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €220,701 | €289,861 | +€69,160 | +31.3% |
| Amounts payable within one year | 42/48 | €220,379 | €289,861 | +€69,483 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €596 | €2,963 | +€2,367 | +397% |
| Suppliers | 440/4 | €596 | €2,963 | +€2,367 | +397% |
| Taxes, remuneration and social security | 45 | €3,761 | €17,318 | +€13,557 | +360% |
| Taxes | 450/3 | €3,761 | €17,318 | +€13,557 | +360% |
| Other amounts payable | 47/48 | €216,022 | €269,580 | +€53,558 | +24.8% |
| Accrued charges and deferred income | 492/3 | €323 | €0 | -€323 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,298 | €9,559 | -€7,740 | -44.7% |
| Other operating charges | 640/8 | €5,227 | €5,087 | -€140 | -2.7% |
| Gross operating margin | 9900 | €36,407 | €57,155 | +€20,748 | +57.0% |
| Operating profit (loss) | 9901 | €13,882 | €42,510 | +€28,628 | +206% |
| Financial income | 75/76B | €3,711 | €3,403 | -€308 | -8.3% |
| Recurring financial income | 75 | €3,711 | €3,403 | -€308 | -8.3% |
| Financial charges | 65/66B | €210 | €12,934 | +€12,724 | +6,058% |
| Recurring financial charges | 65 | €210 | €12,934 | +€12,724 | +6,058% |
| Profit (loss) for the period before taxes | 9903 | €17,383 | €32,979 | +€15,596 | +89.7% |
| Income taxes | 67/77 | - | €3,985 | +€3,985 | |
| Profit (loss) for the period | 9904 | €17,383 | €28,994 | +€11,611 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €17,383 | €28,994 | +€11,611 | +66.8% |
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 23 October 2026 via checked.be.