HERGOS: 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.
What changed
HERGOS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€49,412
2024 · €34,574+€14,838
Equity
€2.4m
2024 · €2.3m+€45,623
Cash
€489,059
2024 · €1.7m-€1.2m
Balance sheet total
€2.6m
2024 · €2.6m+€16,383
Largest movements
Assets
- Cash -€1.2m
down €1.2m (-71.1%), from €1.7m to €489,059
mainly Current investments (-€1.2m) and Investment in fixed assets (net) (-€118,958)
- Current investments +€1.2m
new in 2025: €1.2m
- Tangible fixed assets +€51,213
up €51,213 (+6.9%), from €746,138 to €797,351
of which Furniture and vehicles: +€92,674
- Receivables within one year -€34,473
down €34,473 (-42.5%), from €81,076 to €46,603
of which Trade receivables: -€30,639
Equity and liabilities
- Reserves +€60,007
up €60,007 (+2.9%), from €2.1m to €2.1m
of which Distributable reserves: +€60,007
Income statement
- Staff costs -€25,515
down €25,515 (-72.9%), from €35,018 to €9,503
- Financial charges +€24,854
up €24,854 (+43.9%), from €56,606 to €81,459
- Gross operating margin +€22,797
up €22,797 (+10.6%), from €215,581 to €238,378
- Depreciation +€7,159
up €7,159 (+11.3%), from €63,576 to €70,734
- Taxes +€3,834
up €3,834 (+18.7%), from €20,549 to €24,383
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.
Result 2024
€34,574
Gross operating margin
+€22,797
Staff costs
+€25,515
Depreciation
-€7,159
Write-downs
+€1,896
Other operating charges
+€579
Financial income
-€103
Financial charges
-€24,854
Taxes
-€3,834
Result 2025
€49,412
raises the resultlowers the result
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.
From operations
+€121,992
Investment
-€1.3m
Financing
-€5,283
Cash 2024
€1.7m
From operations (derived)
+€121,992
Net result for the year
+€49,412
Depreciation
+€70,734
Smaller working-capital items
+€2,525
Receivables within one year
+€34,473
Deferred charges and accrued income
-€4,830
Tax, wage and social debts
-€22,363
Accrued charges and deferred income
-€7,959
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€118,958
Current investments
-€1.2m
Financing
-€5,283
Current portion of long-term debt
-€1,494
Contributions, distributions and other
-€3,789
Cash 2025
€489,059
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,566,455 | €2,582,838 | +€16,383 | +0.6% |
| Fixed assets | 21/28 | €749,367 | €797,591 | +€48,224 | +6.4% |
| Intangible fixed assets | 21 | €300 | €144 | -€157 | -52.2% |
| Tangible fixed assets | 22/27 | €746,138 | €797,351 | +€51,213 | +6.9% |
| Land and buildings | 22 | €703,852 | €662,391 | -€41,461 | -5.9% |
| Furniture and vehicles | 24 | €22,986 | €115,660 | +€92,674 | +403% |
| Other tangible fixed assets | 26 | €19,300 | €19,300 | = | 0.0% |
| Financial fixed assets | 28 | €2,929 | €96 | -€2,833 | -96.7% |
| Current assets | 29/58 | €1,817,088 | €1,785,247 | -€31,841 | -1.8% |
| Stocks and contracts in progress | 3 | €29,981 | €30,031 | +€51 | +0.2% |
| Stocks | 30/36 | €29,981 | €30,031 | +€51 | +0.2% |
| Amounts receivable within one year | 40/41 | €81,076 | €46,603 | -€34,473 | -42.5% |
| Trade receivables | 40 | €76,625 | €45,986 | -€30,639 | -40.0% |
| Other amounts receivable | 41 | €4,451 | €617 | -€3,834 | -86.1% |
| Current investments | 50/53 | - | €1,200,000 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €1,691,308 | €489,059 | -€1.2m | -71.1% |
| Deferred charges and accrued income | 490/1 | €14,724 | €19,554 | +€4,830 | +32.8% |
| Total equity and liabilities | 10/49 | €2,566,455 | €2,582,838 | +€16,383 | +0.6% |
| Equity | 10/15 | €2,308,864 | €2,354,487 | +€45,623 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €162,454 | €151,859 | -€10,595 | -6.5% |
| Reserves | 13 | €2,073,558 | €2,133,565 | +€60,007 | +2.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,071,698 | €2,131,705 | +€60,007 | +2.9% |
| Investment grants | 15 | €54,252 | €50,463 | -€3,789 | -7.0% |
| Provisions and deferred taxes | 16 | €127,935 | €125,984 | -€1,951 | -1.5% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €100,000 | €100,000 | = | 0.0% |
| Deferred taxes | 168 | €27,935 | €25,984 | -€1,951 | -7.0% |
| Amounts payable | 17/49 | €129,656 | €102,367 | -€27,289 | -21.0% |
| Amounts payable within one year | 42/48 | €118,180 | €98,850 | -€19,330 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €1,494 | - | -€1,494 | |
| Trade debts | 44 | €12,998 | €15,832 | +€2,833 | +21.8% |
| Suppliers | 440/4 | €12,998 | €15,832 | +€2,833 | +21.8% |
| Taxes, remuneration and social security | 45 | €56,882 | €34,518 | -€22,363 | -39.3% |
| Taxes | 450/3 | €50,653 | €21,906 | -€28,747 | -56.8% |
| Remuneration and social security | 454/9 | €6,229 | €12,612 | +€6,384 | +102% |
| Other amounts payable | 47/48 | €46,806 | €48,499 | +€1,694 | +3.6% |
| Accrued charges and deferred income | 492/3 | €11,476 | €3,517 | -€7,959 | -69.4% |
| Non-recurring operating income | 76A | €534 | - | -€534 | |
| Remuneration, social security and pensions | 62 | €35,018 | €9,503 | -€25,515 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,576 | €70,734 | +€7,159 | +11.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,841 | €945 | -€1,896 | -66.7% |
| Other operating charges | 640/8 | €8,272 | €7,693 | -€579 | -7.0% |
| Gross operating margin | 9900 | €215,581 | €238,378 | +€22,797 | +10.6% |
| Operating profit (loss) | 9901 | €105,875 | €149,503 | +€43,629 | +41.2% |
| Financial income | 75/76B | €3,903 | €3,800 | -€103 | -2.6% |
| Recurring financial income | 75 | €3,903 | €3,800 | -€103 | -2.6% |
| Financial charges | 65/66B | €56,606 | €81,459 | +€24,854 | +43.9% |
| Recurring financial charges | 65 | €56,606 | €81,459 | +€24,854 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €53,172 | €71,844 | +€18,672 | +35.1% |
| Transfer from deferred taxes | 780 | €1,951 | €1,951 | = | 0.0% |
| Income taxes | 67/77 | €20,549 | €24,383 | +€3,834 | +18.7% |
| Profit (loss) for the period | 9904 | €34,574 | €49,412 | +€14,838 | +42.9% |
| Transfer from tax-exempt reserves | 789 | €10,595 | €10,595 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,169 | €60,007 | +€14,838 | +32.9% |
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 14 October 2026 via checked.be.