HERTAS GROUP: 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.
HERTAS GROUP
Largest movements
- Stocks and contracts +€30,000
new in 2025: €30,000
- Receivables within one year +€14,889
up €14,889 (+10.7%), from €138,623 to €153,512
of which Trade receivables: +€32,145
- Tangible fixed assets -€14,568
down €14,568 (-57.5%), from €25,331 to €10,763
of which Furniture and vehicles: -€13,843
- Financial fixed assets -€6,462
down €6,462 (-20.5%), from €31,500 to €25,038
- Deferred charges and accrued income +€4,215
new in 2025: €4,215
- Reserves +€28,108
up €28,108 (+59.1%), from €47,548 to €75,656
- Tax, wage and social debts +€18,781
up €18,781 (+68.6%), from €27,368 to €46,150
of which Taxes: +€12,302
- Debts after one year -€10,652
no longer reported in 2025 (was €10,652)
- Profit (loss) carried forward -€10,000
down €10,000 (-38.5%), from €26,001 to €16,001
- Trade debts +€6,935
up €6,935 (+27.3%), from €25,419 to €32,354
- Gross operating margin +€43,073
up €43,073 (+58.3%), from €73,903 to €116,976
- Staff costs +€13,782
up €13,782 (+35.3%), from €39,052 to €52,834
- Financial charges +€5,954
up €5,954 (+34.9%), from €17,058 to €23,012
of which Financial charges: +€20,209
- Taxes +€4,890
up €4,890 (+76.4%), from €6,397 to €11,288
- Financial income -€3,760
down €3,760 (-49.3%), from €7,626 to €3,865
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 | €195,816 | €225,076 | +€29,260 | +14.9% |
| Fixed assets | 21/28 | €56,831 | €35,802 | -€21,029 | -37.0% |
| Tangible fixed assets | 22/27 | €25,331 | €10,763 | -€14,568 | -57.5% |
| Land and buildings | 22 | €2,362 | €2,112 | -€250 | -10.6% |
| Plant, machinery and equipment | 23 | €668 | €194 | -€475 | -71.0% |
| Furniture and vehicles | 24 | €22,300 | €8,457 | -€13,843 | -62.1% |
| Financial fixed assets | 28 | €31,500 | €25,038 | -€6,462 | -20.5% |
| Current assets | 29/58 | €138,985 | €189,275 | +€50,289 | +36.2% |
| Stocks and contracts in progress | 3 | - | €30,000 | +€30,000 | |
| Contracts in progress | 37 | - | €30,000 | +€30,000 | |
| Amounts receivable within one year | 40/41 | €138,623 | €153,512 | +€14,889 | +10.7% |
| Trade receivables | 40 | €65,227 | €97,372 | +€32,145 | +49.3% |
| Other amounts receivable | 41 | €73,395 | €56,140 | -€17,255 | -23.5% |
| Cash at bank and in hand | 54/58 | €363 | €1,548 | +€1,185 | +327% |
| Deferred charges and accrued income | 490/1 | - | €4,215 | +€4,215 | |
| Total equity and liabilities | 10/49 | €195,816 | €225,076 | +€29,260 | +14.9% |
| Equity | 10/15 | €93,549 | €111,657 | +€18,108 | +19.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €47,548 | €75,656 | +€28,108 | +59.1% |
| Distributable reserves | 133 | €47,548 | €75,656 | +€28,108 | +59.1% |
| Profit (loss) carried forward | 14 | €26,001 | €16,001 | -€10,000 | -38.5% |
| Amounts payable | 17/49 | €102,267 | €113,419 | +€11,152 | +10.9% |
| Amounts payable after more than one year | 17 | €10,652 | - | -€10,652 | |
| Financial debts | 170/4 | €10,652 | - | -€10,652 | |
| Amounts payable within one year | 42/48 | €90,575 | €112,379 | +€21,804 | +24.1% |
| Financial debts | 43 | €16,893 | €10,652 | -€6,240 | -36.9% |
| Credit institutions | 430/8 | €16,893 | €10,652 | -€6,240 | -36.9% |
| Trade debts | 44 | €25,419 | €32,354 | +€6,935 | +27.3% |
| Suppliers | 440/4 | €25,419 | €32,354 | +€6,935 | +27.3% |
| Advances received on contracts in progress | 46 | - | €3,196 | +€3,196 | |
| Taxes, remuneration and social security | 45 | €27,368 | €46,150 | +€18,781 | +68.6% |
| Taxes | 450/3 | €27,368 | €39,671 | +€12,302 | +44.9% |
| Remuneration and social security | 454/9 | - | €6,479 | +€6,479 | |
| Other amounts payable | 47/48 | €20,895 | €20,027 | -€868 | -4.2% |
| Accrued charges and deferred income | 492/3 | €1,040 | €1,040 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €39,052 | €52,834 | +€13,782 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,470 | €14,564 | -€906 | -5.9% |
| Other operating charges | 640/8 | €1,106 | €1,036 | -€71 | -6.4% |
| Gross operating margin | 9900 | €73,903 | €116,976 | +€43,073 | +58.3% |
| Operating profit (loss) | 9901 | €18,274 | €48,542 | +€30,268 | +166% |
| Financial income | 75/76B | €7,626 | €3,865 | -€3,760 | -49.3% |
| Recurring financial income | 75 | €7,626 | €3,865 | -€3,760 | -49.3% |
| Financial charges | 65/66B | €17,058 | €23,012 | +€5,954 | +34.9% |
| Recurring financial charges | 65 | €1,177 | €21,386 | +€20,209 | +1,717% |
| Non-recurring financial charges | 66B | €15,881 | €1,627 | -€14,254 | -89.8% |
| Profit (loss) for the period before taxes | 9903 | €8,842 | €29,395 | +€20,553 | +232% |
| Income taxes | 67/77 | €6,397 | €11,288 | +€4,890 | +76.4% |
| Profit (loss) for the period | 9904 | €2,445 | €18,108 | +€15,663 | +641% |
| Profit (loss) for the period to be appropriated | 9905 | €2,445 | €18,108 | +€15,663 | +641% |
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 13 October 2026 via checked.be.