HERTIMO: 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.
HERTIMO
Largest movements
- Tangible fixed assets -€96,638
down €96,638 (-3.4%), from €2.8m to €2.7m
of which Land and buildings: -€77,760
- Cash -€32,873
down €32,873 (-52.8%), from €62,204 to €29,331
mainly Net result for the year (-€125,335) and Investment in fixed assets (net) (-€24,256)
- Profit (loss) carried forward -€121,368
down €121,368 (-55.1%), from -€220,408 to -€341,775
- Financial income +€15,579
up €15,579 (+7,081%), from €220 to €15,799
of which Financial income: +€15,579
- Gross operating margin -€13,339
down €13,339, from €5,983 to -€7,356
- Other operating charges -€1,828
down €1,828 (-11.1%), from €16,478 to €14,650
- Depreciation +€1,687
up €1,687 (+1.4%), from €119,207 to €120,894
- Taxes -€309
down €309 (-52.8%), from €585 to €276
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 | €2,912,571 | €2,787,182 | -€125,389 | -4.3% |
| Fixed assets | 21/28 | €2,824,133 | €2,727,495 | -€96,638 | -3.4% |
| Tangible fixed assets | 22/27 | €2,823,883 | €2,727,245 | -€96,638 | -3.4% |
| Land and buildings | 22 | €2,761,661 | €2,683,901 | -€77,760 | -2.8% |
| Plant, machinery and equipment | 23 | €5,559 | €1,170 | -€4,388 | -78.9% |
| Furniture and vehicles | 24 | €56,663 | €42,173 | -€14,490 | -25.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €88,438 | €59,687 | -€28,750 | -32.5% |
| Amounts receivable within one year | 40/41 | €11,560 | €16,906 | +€5,346 | +46.2% |
| Trade receivables | 40 | €2,998 | - | -€2,998 | |
| Other amounts receivable | 41 | €8,563 | €16,906 | +€8,343 | +97.4% |
| Cash at bank and in hand | 54/58 | €62,204 | €29,331 | -€32,873 | -52.8% |
| Deferred charges and accrued income | 490/1 | €14,673 | €13,450 | -€1,223 | -8.3% |
| Total equity and liabilities | 10/49 | €2,912,571 | €2,787,182 | -€125,389 | -4.3% |
| Equity | 10/15 | €578,212 | €452,877 | -€125,335 | -21.7% |
| Contributions | 10/11 | €66,250 | €66,250 | = | 0.0% |
| Capital | 10 | €66,250 | €66,250 | = | 0.0% |
| Issued capital | 100 | €66,250 | €66,250 | = | 0.0% |
| Reserves | 13 | €732,370 | €728,403 | -€3,967 | -0.5% |
| Non-distributable reserves | 130/1 | €6,625 | €6,625 | = | 0.0% |
| Legal reserve | 130 | €6,625 | €6,625 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,716 | €44,748 | -€3,967 | -8.1% |
| Distributable reserves | 133 | €677,029 | €677,029 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€220,408 | -€341,775 | -€121,368 | -55.1% |
| Provisions and deferred taxes | 16 | €25,085 | €23,042 | -€2,043 | -8.1% |
| Deferred taxes | 168 | €25,085 | €23,042 | -€2,043 | -8.1% |
| Amounts payable | 17/49 | €2,309,273 | €2,311,262 | +€1,989 | +0.1% |
| Amounts payable after more than one year | 17 | €2,300,000 | €2,300,000 | = | 0.0% |
| Financial debts | 170/4 | €2,300,000 | €2,300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,273 | €11,262 | +€1,989 | +21.4% |
| Trade debts | 44 | €1,521 | €4,146 | +€2,625 | +173% |
| Suppliers | 440/4 | €1,521 | €4,146 | +€2,625 | +173% |
| Taxes, remuneration and social security | 45 | €317 | €276 | -€40 | -12.7% |
| Taxes | 450/3 | €317 | €276 | -€40 | -12.7% |
| Other amounts payable | 47/48 | €7,435 | €6,840 | -€595 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,207 | €120,894 | +€1,687 | +1.4% |
| Other operating charges | 640/8 | €16,478 | €14,650 | -€1,828 | -11.1% |
| Gross operating margin | 9900 | €5,983 | -€7,356 | -€13,339 | |
| Operating profit (loss) | 9901 | -€129,702 | -€142,900 | -€13,198 | -10.2% |
| Financial income | 75/76B | €220 | €15,799 | +€15,579 | +7,081% |
| Recurring financial income | 75 | €220 | €15,799 | +€15,579 | +7,081% |
| Non-recurring financial income | 76B | €220 | €15,799 | +€15,579 | +7,081% |
| Financial charges | 65/66B | - | €0 | +€0 | |
| Recurring financial charges | 65 | - | €0 | +€0 | |
| Profit (loss) for the period before taxes | 9903 | -€129,482 | -€127,101 | +€2,381 | +1.8% |
| Transfer from deferred taxes | 780 | €2,043 | €2,043 | = | 0.0% |
| Income taxes | 67/77 | €585 | €276 | -€309 | -52.8% |
| Profit (loss) for the period | 9904 | -€128,025 | -€125,335 | +€2,690 | +2.1% |
| Transfer from tax-exempt reserves | 789 | €3,967 | €3,967 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€124,057 | -€121,368 | +€2,690 | +2.2% |
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 20 October 2026 via checked.be.