HERTAVEG: 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.
HERTAVEG
Largest movements
- Current investments -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Receivables within one year +€1.2m
up €1.2m (+92.2%), from €1.3m to €2.4m
of which Other amounts receivable: +€1.2m
- Tangible fixed assets +€417,936
up €417,936 (+77.1%), from €542,128 to €960,064
of which Land and buildings: +€464,229
- Cash -€181,441
down €181,441 (-18.0%), from €1.0m to €826,021
mainly Receivables within one year (-€1.2m) and Investment in fixed assets (net) (-€539,050)
- Reserves +€221,267
up €221,267 (+8.2%), from €2.7m to €2.9m
of which Distributable reserves: +€221,267
- Trade debts -€144,662
down €144,662 (-13.2%), from €1.1m to €952,055
- Gross operating margin +€140,562
up €140,562 (+13.5%), from €1.0m to €1.2m
- Depreciation +€40,168
up €40,168 (+49.6%), from €80,946 to €121,114
- Financial income -€39,684
down €39,684 (-77.9%), from €50,942 to €11,258
- Taxes +€14,119
up €14,119 (+4.7%), from €303,267 to €317,385
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,095,505 | €4,211,362 | +€115,857 | +2.8% |
| Fixed assets | 21/28 | €551,928 | €969,864 | +€417,936 | +75.7% |
| Tangible fixed assets | 22/27 | €542,128 | €960,064 | +€417,936 | +77.1% |
| Land and buildings | 22 | €302,695 | €766,924 | +€464,229 | +153% |
| Plant, machinery and equipment | 23 | €177,784 | €149,078 | -€28,707 | -16.1% |
| Furniture and vehicles | 24 | €61,649 | €44,062 | -€17,586 | -28.5% |
| Financial fixed assets | 28 | €9,800 | €9,800 | = | 0.0% |
| Current assets | 29/58 | €3,543,577 | €3,241,498 | -€302,079 | -8.5% |
| Amounts receivable within one year | 40/41 | €1,256,482 | €2,415,476 | +€1.2m | +92.2% |
| Trade receivables | 40 | €2,504 | €0 | -€2,504 | -100% |
| Other amounts receivable | 41 | €1,253,978 | €2,415,476 | +€1.2m | +92.6% |
| Current investments | 50/53 | €1,279,632 | €0 | -€1.3m | -100% |
| Cash at bank and in hand | 54/58 | €1,007,463 | €826,021 | -€181,441 | -18.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,095,505 | €4,211,362 | +€115,857 | +2.8% |
| Equity | 10/15 | €2,780,636 | €3,001,903 | +€221,267 | +8.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €2,700,636 | €2,921,903 | +€221,267 | +8.2% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €2,692,636 | €2,913,903 | +€221,267 | +8.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,314,869 | €1,209,459 | -€105,410 | -8.0% |
| Amounts payable within one year | 42/48 | €1,233,319 | €1,127,909 | -€105,410 | -8.5% |
| Trade debts | 44 | €1,096,717 | €952,055 | -€144,662 | -13.2% |
| Suppliers | 440/4 | €1,096,717 | €952,055 | -€144,662 | -13.2% |
| Taxes, remuneration and social security | 45 | €12,374 | €28,894 | +€16,520 | +134% |
| Taxes | 450/3 | €6,000 | €20,199 | +€14,199 | +237% |
| Remuneration and social security | 454/9 | €6,374 | €8,695 | +€2,321 | +36.4% |
| Other amounts payable | 47/48 | €124,228 | €146,960 | +€22,732 | +18.3% |
| Accrued charges and deferred income | 492/3 | €81,550 | €81,550 | = | 0.0% |
| Non-recurring operating income | 76A | €25,000 | €0 | -€25,000 | -100% |
| Remuneration, social security and pensions | 62 | €61,193 | €72,648 | +€11,455 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,946 | €121,114 | +€40,168 | +49.6% |
| Other operating charges | 640/8 | €3,825 | €3,851 | +€27 | +0.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,044,400 | €1,184,962 | +€140,562 | +13.5% |
| Operating profit (loss) | 9901 | €898,437 | €987,350 | +€88,912 | +9.9% |
| Financial income | 75/76B | €50,942 | €11,258 | -€39,684 | -77.9% |
| Recurring financial income | 75 | €50,942 | €11,258 | -€39,684 | -77.9% |
| Financial charges | 65/66B | €196 | €191 | -€5 | -2.6% |
| Recurring financial charges | 65 | €196 | €191 | -€5 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €949,183 | €998,417 | +€49,234 | +5.2% |
| Income taxes | 67/77 | €303,267 | €317,385 | +€14,119 | +4.7% |
| Profit (loss) for the period | 9904 | €645,916 | €681,031 | +€35,115 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €645,916 | €681,031 | +€35,115 | +5.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.