HERTOG: 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.
HERTOG
Largest movements
- Receivables within one year -€226,842
down €226,842 (-92.9%), from €244,194 to €17,353
of which Other amounts receivable: -€229,864
- Cash +€48,591
up €48,591 (+2,688%), from €1,807 to €50,398
mainly Receivables within one year (+€226,842) and Depreciation (+€67,912)
- Tangible fixed assets -€38,610
down €38,610 (-1.7%), from €2.2m to €2.2m
- Other debts -€225,983
down €225,983 (-51.6%), from €437,987 to €212,004
- Profit (loss) carried forward +€71,374
up €71,374 (+24.2%), from €295,167 to €366,541
- Debts after one year -€50,390
down €50,390 (-4.1%), from €1.2m to €1.2m
- Gross operating margin +€16,834
up €16,834 (+10.4%), from €162,105 to €178,939
- Financial charges +€13,299
up €13,299 (+108%), from €12,345 to €25,645
- Depreciation +€2,701
up €2,701 (+4.1%), from €65,211 to €67,912
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 | €2,485,799 | €2,268,960 | -€216,839 | -8.7% |
| Fixed assets | 21/28 | €2,239,304 | €2,200,694 | -€38,610 | -1.7% |
| Tangible fixed assets | 22/27 | €2,239,304 | €2,200,694 | -€38,610 | -1.7% |
| Land and buildings | 22 | €2,239,304 | €2,200,694 | -€38,610 | -1.7% |
| Current assets | 29/58 | €246,495 | €68,266 | -€178,229 | -72.3% |
| Amounts receivable within one year | 40/41 | €244,194 | €17,353 | -€226,842 | -92.9% |
| Trade receivables | 40 | €14,114 | €17,137 | +€3,023 | +21.4% |
| Other amounts receivable | 41 | €230,080 | €216 | -€229,864 | -99.9% |
| Cash at bank and in hand | 54/58 | €1,807 | €50,398 | +€48,591 | +2,688% |
| Deferred charges and accrued income | 490/1 | €493 | €515 | +€22 | +4.5% |
| Total equity and liabilities | 10/49 | €2,485,799 | €2,268,960 | -€216,839 | -8.7% |
| Equity | 10/15 | €604,853 | €665,008 | +€60,156 | +9.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €247,712 | €236,494 | -€11,218 | -4.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €241,515 | €230,296 | -€11,218 | -4.6% |
| Profit (loss) carried forward | 14 | €295,167 | €366,541 | +€71,374 | +24.2% |
| Provisions and deferred taxes | 16 | €124,417 | €118,638 | -€5,779 | -4.6% |
| Deferred taxes | 168 | €124,417 | €118,638 | -€5,779 | -4.6% |
| Amounts payable | 17/49 | €1,756,529 | €1,485,314 | -€271,215 | -15.4% |
| Amounts payable after more than one year | 17 | €1,240,375 | €1,189,985 | -€50,390 | -4.1% |
| Financial debts | 170/4 | €1,240,375 | €1,189,985 | -€50,390 | -4.1% |
| Amounts payable within one year | 42/48 | €516,154 | €295,329 | -€220,825 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €59,225 | €63,366 | +€4,140 | +7.0% |
| Trade debts | 44 | €722 | €245 | -€477 | -66.1% |
| Suppliers | 440/4 | €722 | €245 | -€477 | -66.1% |
| Advances received on contracts in progress | 46 | €3,781 | €3,781 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €14,438 | €15,933 | +€1,495 | +10.4% |
| Taxes | 450/3 | €14,438 | €15,933 | +€1,495 | +10.4% |
| Other amounts payable | 47/48 | €437,987 | €212,004 | -€225,983 | -51.6% |
| Non-recurring operating income | 76A | €17,098 | €39,737 | +€22,639 | +132% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,211 | €67,912 | +€2,701 | +4.1% |
| Other operating charges | 640/8 | €7,394 | €7,677 | +€283 | +3.8% |
| Gross operating margin | 9900 | €162,105 | €178,939 | +€16,834 | +10.4% |
| Operating profit (loss) | 9901 | €89,500 | €103,350 | +€13,850 | +15.5% |
| Financial charges | 65/66B | €12,345 | €25,645 | +€13,299 | +108% |
| Recurring financial charges | 65 | €12,345 | €25,645 | +€13,299 | +108% |
| Profit (loss) for the period before taxes | 9903 | €77,155 | €77,705 | +€550 | +0.7% |
| Transfer from deferred taxes | 780 | €5,779 | €5,779 | = | 0.0% |
| Income taxes | 67/77 | €23,757 | €23,329 | -€428 | -1.8% |
| Profit (loss) for the period | 9904 | €59,178 | €60,156 | +€978 | +1.7% |
| Transfer from tax-exempt reserves | 789 | €11,218 | €11,218 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,396 | €71,374 | +€978 | +1.4% |
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 19 October 2026 via checked.be.