HERTCO: 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.
HERTCO
Largest movements
- Cash +€117,635
up €117,635 (+362%), from €32,524 to €150,159
mainly Net result for the year (+€92,002) and Tax, wage and social debts (+€22,802)
- Receivables within one year -€2,700
down €2,700 (-19.1%), from €14,113 to €11,413
of which Other amounts receivable: -€3,979
- Reserves +€92,002
up €92,002 (+314%), from €29,293 to €121,295
- Tax, wage and social debts +€22,802
up €22,802 (+269%), from €8,491 to €31,293
- Gross operating margin +€91,386
up €91,386 (+208%), from €43,856 to €135,242
- Taxes +€26,860
up €26,860 (+244%), from €11,021 to €37,881
- Depreciation +€2,146
up €2,146 (+89.6%), from €2,394 to €4,540
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 | €56,255 | €169,999 | +€113,744 | +202% |
| Fixed assets | 21/28 | €9,183 | €7,710 | -€1,473 | -16.0% |
| Tangible fixed assets | 22/27 | €9,183 | €7,710 | -€1,473 | -16.0% |
| Furniture and vehicles | 24 | €9,183 | €7,710 | -€1,473 | -16.0% |
| Current assets | 29/58 | €47,072 | €162,289 | +€115,217 | +245% |
| Amounts receivable within one year | 40/41 | €14,113 | €11,413 | -€2,700 | -19.1% |
| Trade receivables | 40 | €10,134 | €11,413 | +€1,279 | +12.6% |
| Other amounts receivable | 41 | €3,979 | €0 | -€3,979 | -100% |
| Cash at bank and in hand | 54/58 | €32,524 | €150,159 | +€117,635 | +362% |
| Deferred charges and accrued income | 490/1 | €436 | €718 | +€282 | +64.8% |
| Total equity and liabilities | 10/49 | €56,255 | €169,999 | +€113,744 | +202% |
| Equity | 10/15 | €34,293 | €126,295 | +€92,002 | +268% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €29,293 | €121,295 | +€92,002 | +314% |
| Distributable reserves | 133 | €29,293 | €121,295 | +€92,002 | +314% |
| Amounts payable | 17/49 | €21,962 | €43,704 | +€21,742 | +99.0% |
| Amounts payable within one year | 42/48 | €21,962 | €43,704 | +€21,742 | +99.0% |
| Trade debts | 44 | €590 | €38 | -€553 | -93.6% |
| Suppliers | 440/4 | €590 | €38 | -€553 | -93.6% |
| Taxes, remuneration and social security | 45 | €8,491 | €31,293 | +€22,802 | +269% |
| Taxes | 450/3 | €8,491 | €31,293 | +€22,802 | +269% |
| Other amounts payable | 47/48 | €12,881 | €12,374 | -€507 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,394 | €4,540 | +€2,146 | +89.6% |
| Other operating charges | 640/8 | €1,110 | €657 | -€454 | -40.9% |
| Gross operating margin | 9900 | €43,856 | €135,242 | +€91,386 | +208% |
| Operating profit (loss) | 9901 | €40,352 | €130,045 | +€89,693 | +222% |
| Financial charges | 65/66B | €38 | €162 | +€124 | +327% |
| Recurring financial charges | 65 | €38 | €162 | +€124 | +327% |
| Profit (loss) for the period before taxes | 9903 | €40,314 | €129,883 | +€89,569 | +222% |
| Income taxes | 67/77 | €11,021 | €37,881 | +€26,860 | +244% |
| Profit (loss) for the period | 9904 | €29,293 | €92,002 | +€62,709 | +214% |
| Profit (loss) for the period to be appropriated | 9905 | €29,293 | €92,002 | +€62,709 | +214% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.