HERTIGERS: 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.
HERTIGERS
Largest movements
- Receivables within one year -€317,207
down €317,207 (-45.0%), from €704,506 to €387,299
of which Trade receivables: -€315,629
- Cash +€83,178
up €83,178 (+47.1%), from €176,694 to €259,871
mainly Depreciation (+€464,586) and Receivables within one year (+€317,207)
- Tangible fixed assets +€53,347
up €53,347 (+2.1%), from €2.5m to €2.6m
of which Plant, machinery and equipment: +€238,172
- Debts after one year -€124,596
down €124,596 (-5.7%), from €2.2m to €2.0m
- Profit (loss) carried forward +€57,135
up €57,135 (+3118.0%), from €1,832 to €58,967
- Other debts -€54,010
down €54,010 (-15.7%), from €343,280 to €289,270
- Gross operating margin -€130,486
down €130,486 (-10.5%), from €1.2m to €1.1m
- Depreciation +€110,587
up €110,587 (+31.2%), from €353,999 to €464,586
- Staff costs +€55,602
up €55,602 (+13.3%), from €418,631 to €474,232
- Financial charges +€16,145
up €16,145 (+46.7%), from €34,591 to €50,735
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 | €3,620,622 | €3,441,555 | -€179,067 | -4.9% |
| Fixed assets | 21/28 | €2,722,674 | €2,776,021 | +€53,347 | +2.0% |
| Tangible fixed assets | 22/27 | €2,537,674 | €2,591,021 | +€53,347 | +2.1% |
| Land and buildings | 22 | €1,546,464 | €1,473,190 | -€73,274 | -4.7% |
| Plant, machinery and equipment | 23 | €453,460 | €691,632 | +€238,172 | +52.5% |
| Furniture and vehicles | 24 | €11,340 | €7,287 | -€4,052 | -35.7% |
| Leasing and similar rights | 25 | €526,411 | €418,911 | -€107,500 | -20.4% |
| Financial fixed assets | 28 | €185,000 | €185,000 | = | 0.0% |
| Current assets | 29/58 | €897,948 | €665,534 | -€232,414 | -25.9% |
| Amounts receivable within one year | 40/41 | €704,506 | €387,299 | -€317,207 | -45.0% |
| Trade receivables | 40 | €677,095 | €361,467 | -€315,629 | -46.6% |
| Other amounts receivable | 41 | €27,411 | €25,832 | -€1,579 | -5.8% |
| Cash at bank and in hand | 54/58 | €176,694 | €259,871 | +€83,178 | +47.1% |
| Deferred charges and accrued income | 490/1 | €16,749 | €18,364 | +€1,615 | +9.6% |
| Total equity and liabilities | 10/49 | €3,620,622 | €3,441,555 | -€179,067 | -4.9% |
| Equity | 10/15 | €558,832 | €633,408 | +€74,575 | +13.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €537,000 | €554,441 | +€17,441 | +3.2% |
| Tax-exempt reserves | 132 | €305,000 | €322,441 | +€17,441 | +5.7% |
| Distributable reserves | 133 | €232,000 | €232,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,832 | €58,967 | +€57,135 | +3118.0% |
| Amounts payable | 17/49 | €3,061,790 | €2,808,147 | -€253,643 | -8.3% |
| Amounts payable after more than one year | 17 | €2,171,930 | €2,047,334 | -€124,596 | -5.7% |
| Financial debts | 170/4 | €2,171,930 | €2,047,334 | -€124,596 | -5.7% |
| Amounts payable within one year | 42/48 | €889,860 | €760,814 | -€129,047 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €332,979 | €315,033 | -€17,946 | -5.4% |
| Trade debts | 44 | €133,406 | €110,074 | -€23,332 | -17.5% |
| Suppliers | 440/4 | €133,406 | €110,074 | -€23,332 | -17.5% |
| Taxes, remuneration and social security | 45 | €80,195 | €46,437 | -€33,758 | -42.1% |
| Taxes | 450/3 | €43,939 | €5,209 | -€38,730 | -88.1% |
| Remuneration and social security | 454/9 | €36,256 | €41,228 | +€4,972 | +13.7% |
| Other amounts payable | 47/48 | €343,280 | €289,270 | -€54,010 | -15.7% |
| Non-recurring operating income | 76A | €305,000 | €86,000 | -€219,000 | -71.8% |
| Remuneration, social security and pensions | 62 | €418,631 | €474,232 | +€55,602 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,999 | €464,586 | +€110,587 | +31.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€496 | - | +€496 | |
| Other operating charges | 640/8 | €49,365 | €44,331 | -€5,034 | -10.2% |
| Non-recurring operating charges | 66A | €15,318 | - | -€15,318 | |
| Gross operating margin | 9900 | €1,238,945 | €1,108,460 | -€130,486 | -10.5% |
| Operating profit (loss) | 9901 | €402,129 | €125,311 | -€276,818 | -68.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €34,591 | €50,735 | +€16,145 | +46.7% |
| Recurring financial charges | 65 | €34,591 | €50,735 | +€16,145 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €367,538 | €74,575 | -€292,963 | -79.7% |
| Profit (loss) for the period | 9904 | €367,538 | €74,575 | -€292,963 | -79.7% |
| Transfer from tax-exempt reserves | 789 | - | €68,559 | +€68,559 | |
| Transfer to tax-exempt reserves | 689 | €305,000 | €86,000 | -€219,000 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,538 | €57,135 | -€5,403 | -8.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.