HERTEN MANAGEMENT: what changed
HERTEN MANAGEMENT
Largest movements
- Cash -€32,976
down €32,976 (-73.8%), from €44,659 to €11,683
mainly Other debts (-€29,122) and Receivables within one year (-€25,844)
- Receivables within one year +€25,844
up €25,844 (+397%), from €6,506 to €32,350
of which Trade receivables: +€21,178
- Tangible fixed assets +€6,126
up €6,126 (+326%), from €1,880 to €8,006
of which Other tangible fixed assets: +€6,371
- Financial fixed assets +€3,600
new in 2025: €3,600
- Intangible fixed assets -€600
down €600 (-12.5%), from €4,798 to €4,198
- Other debts -€29,122
down €29,122 (-100%), from €29,122 to €0
- Reserves +€19,519
up €19,519 (+145%), from €13,499 to €33,018
- Tax, wage and social debts +€8,776
up €8,776 (+75.7%), from €11,596 to €20,373
of which Taxes: +€8,658
- Trade debts +€2,472
up €2,472 (+658%), from €376 to €2,848
- Gross operating margin +€2,842
up €2,842 (+10.4%), from €27,318 to €30,160
- Financial charges -€648
down €648 (-22.9%), from €2,831 to €2,183
- Taxes +€424
up €424 (+7.4%), from €5,712 to €6,136
- Depreciation +€331
up €331 (+22.5%), from €1,475 to €1,806
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,843 | €59,838 | +€1,995 | +3.4% |
| Fixed assets | 21/28 | €6,678 | €15,804 | +€9,126 | +137% |
| Intangible fixed assets | 21 | €4,798 | €4,198 | -€600 | -12.5% |
| Tangible fixed assets | 22/27 | €1,880 | €8,006 | +€6,126 | +326% |
| Furniture and vehicles | 24 | €1,880 | €1,635 | -€244 | -13.0% |
| Other tangible fixed assets | 26 | - | €6,371 | +€6,371 | |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €51,165 | €44,034 | -€7,131 | -13.9% |
| Amounts receivable within one year | 40/41 | €6,506 | €32,350 | +€25,844 | +397% |
| Trade receivables | 40 | €6,506 | €27,685 | +€21,178 | +326% |
| Other amounts receivable | 41 | - | €4,666 | +€4,666 | |
| Cash at bank and in hand | 54/58 | €44,659 | €11,683 | -€32,976 | -73.8% |
| Total equity and liabilities | 10/49 | €57,843 | €59,838 | +€1,995 | +3.4% |
| Equity | 10/15 | €16,749 | €36,268 | +€19,519 | +117% |
| Contributions | 10/11 | €3,250 | €3,250 | = | 0.0% |
| Reserves | 13 | €13,499 | €33,018 | +€19,519 | +145% |
| Distributable reserves | 133 | €13,499 | €33,018 | +€19,519 | +145% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €41,094 | €23,571 | -€17,524 | -42.6% |
| Amounts payable within one year | 42/48 | €41,094 | €23,221 | -€17,874 | -43.5% |
| Trade debts | 44 | €376 | €2,848 | +€2,472 | +658% |
| Suppliers | 440/4 | €376 | €2,848 | +€2,472 | +658% |
| Taxes, remuneration and social security | 45 | €11,596 | €20,373 | +€8,776 | +75.7% |
| Taxes | 450/3 | €10,134 | €18,792 | +€8,658 | +85.4% |
| Remuneration and social security | 454/9 | €1,462 | €1,580 | +€118 | +8.1% |
| Other amounts payable | 47/48 | €29,122 | €0 | -€29,122 | -100% |
| Accrued charges and deferred income | 492/3 | - | €350 | +€350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,475 | €1,806 | +€331 | +22.5% |
| Other operating charges | 640/8 | €776 | €558 | -€218 | -28.1% |
| Gross operating margin | 9900 | €27,318 | €30,160 | +€2,842 | +10.4% |
| Operating profit (loss) | 9901 | €25,068 | €27,797 | +€2,729 | +10.9% |
| Financial income | 75/76B | €199 | €41 | -€158 | -79.4% |
| Recurring financial income | 75 | €199 | €41 | -€158 | -79.4% |
| Financial charges | 65/66B | €2,831 | €2,183 | -€648 | -22.9% |
| Recurring financial charges | 65 | €2,831 | €2,183 | -€648 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €22,435 | €25,655 | +€3,220 | +14.4% |
| Income taxes | 67/77 | €5,712 | €6,136 | +€424 | +7.4% |
| Profit (loss) for the period | 9904 | €16,723 | €19,519 | +€2,796 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,723 | €19,519 | +€2,796 | +16.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.