HERTAAN: 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.
HERTAAN
Largest movements
- Receivables after one year -€806,667
down €806,667 (-100.0%), from €806,667 to €0
- Financial fixed assets +€739,996
new in 2025: €739,996
- Cash -€94,471
down €94,471 (-27.2%), from €347,179 to €252,708
mainly Investment in fixed assets (net) (-€746,498) and Other debts (-€435,811)
- Tangible fixed assets -€53,216
down €53,216 (-2.3%), from €2.3m to €2.3m
of which Land and buildings: -€55,268
- Other debts -€435,811
down €435,811 (-39.3%), from €1.1m to €674,307
- Reserves +€328,495
up €328,495 (+43.9%), from €748,390 to €1.1m
of which Distributable reserves: +€223,245
- Debts after one year -€138,636
down €138,636 (-9.3%), from €1.5m to €1.4m
of which Financial debts: -€138,636
- Financial income +€167,204
up €167,204 (+5276.9%), from €3,169 to €170,373
- Gross operating margin -€12,287
down €12,287 (-2.9%), from €420,732 to €408,446
- Taxes +€9,369
up €9,369 (+12.1%), from €77,630 to €86,999
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 | €3,552,068 | €3,308,923 | -€243,144 | -6.8% |
| Fixed assets | 21/28 | €2,324,515 | €3,011,296 | +€686,780 | +29.5% |
| Tangible fixed assets | 22/27 | €2,324,515 | €2,271,300 | -€53,216 | -2.3% |
| Land and buildings | 22 | €2,309,848 | €2,254,580 | -€55,268 | -2.4% |
| Plant, machinery and equipment | 23 | €5,414 | €3,843 | -€1,571 | -29.0% |
| Furniture and vehicles | 24 | €9,253 | €12,876 | +€3,623 | +39.2% |
| Financial fixed assets | 28 | - | €739,996 | +€739,996 | |
| Current assets | 29/58 | €1,227,552 | €297,628 | -€929,924 | -75.8% |
| Amounts receivable after more than one year | 29 | €806,667 | €0 | -€806,667 | -100.0% |
| Trade receivables | 290 | €806,667 | €0 | -€806,667 | -100.0% |
| Amounts receivable within one year | 40/41 | €68,110 | €41,686 | -€26,423 | -38.8% |
| Trade receivables | 40 | €59,790 | €41,686 | -€18,104 | -30.3% |
| Other amounts receivable | 41 | €8,319 | €0 | -€8,319 | -100.0% |
| Cash at bank and in hand | 54/58 | €347,179 | €252,708 | -€94,471 | -27.2% |
| Deferred charges and accrued income | 490/1 | €5,596 | €3,234 | -€2,363 | -42.2% |
| Total equity and liabilities | 10/49 | €3,552,068 | €3,308,923 | -€243,144 | -6.8% |
| Equity | 10/15 | €766,990 | €1,095,484 | +€328,495 | +42.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €748,390 | €1,076,884 | +€328,495 | +43.9% |
| Tax-exempt reserves | 132 | €105,250 | €210,500 | +€105,250 | +100.0% |
| Distributable reserves | 133 | €643,140 | €866,384 | +€223,245 | +34.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,785,078 | €2,213,439 | -€571,639 | -20.5% |
| Amounts payable after more than one year | 17 | €1,498,689 | €1,360,053 | -€138,636 | -9.3% |
| Financial debts | 170/4 | €1,484,459 | €1,345,823 | -€138,636 | -9.3% |
| Other amounts payable | 178/9 | €14,230 | €14,230 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,286,389 | €853,387 | -€433,002 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €136,582 | €138,677 | +€2,095 | +1.5% |
| Trade debts | 44 | €7,907 | €7,840 | -€67 | -0.9% |
| Suppliers | 440/4 | €7,907 | €7,840 | -€67 | -0.9% |
| Taxes, remuneration and social security | 45 | €31,783 | €32,563 | +€780 | +2.5% |
| Taxes | 450/3 | €19,933 | €19,033 | -€900 | -4.5% |
| Remuneration and social security | 454/9 | €11,850 | €13,530 | +€1,680 | +14.2% |
| Other amounts payable | 47/48 | €1,110,118 | €674,307 | -€435,811 | -39.3% |
| Non-recurring operating income | 76A | - | €18,000 | +€18,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,725 | €59,718 | -€7 | 0.0% |
| Other operating charges | 640/8 | €21,537 | €22,716 | +€1,179 | +5.5% |
| Non-recurring operating charges | 66A | - | €8,563 | +€8,563 | |
| Gross operating margin | 9900 | €420,732 | €408,446 | -€12,287 | -2.9% |
| Operating profit (loss) | 9901 | €339,470 | €317,449 | -€22,021 | -6.5% |
| Financial income | 75/76B | €3,169 | €170,373 | +€167,204 | +5276.9% |
| Recurring financial income | 75 | €3,169 | €170,373 | +€167,204 | +5276.9% |
| Financial charges | 65/66B | €70,940 | €72,328 | +€1,388 | +2.0% |
| Recurring financial charges | 65 | €70,940 | €72,328 | +€1,388 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €271,699 | €415,493 | +€143,795 | +52.9% |
| Income taxes | 67/77 | €77,630 | €86,999 | +€9,369 | +12.1% |
| Profit (loss) for the period | 9904 | €194,069 | €328,495 | +€134,426 | +69.3% |
| Transfer to tax-exempt reserves | 689 | €105,250 | €105,250 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,819 | €223,245 | +€134,426 | +151.3% |
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.