HERTOGE MARCEL: 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.
HERTOGE MARCEL
Largest movements
- Receivables within one year -€33,550
down €33,550 (-27.0%), from €124,234 to €90,684
of which Other amounts receivable: -€20,510
- Stocks and contracts +€26,148
new in 2025: €26,148
- Tangible fixed assets -€13,961
down €13,961 (-37.5%), from €37,185 to €23,224
of which Furniture and vehicles: -€9,938
- Deferred charges and accrued income +€7,830
up €7,830 (+268%), from €2,920 to €10,750
- Trade debts +€18,811
up €18,811 (+128%), from €14,714 to €33,525
- Profit (loss) carried forward -€18,275
down €18,275 (-63.3%), from €28,879 to €10,603
- Debts after one year -€8,544
no longer reported in 2025 (was €8,544)
- Current portion of long-term debt -€2,385
down €2,385 (-21.8%), from €10,929 to €8,544
- Tax, wage and social debts -€2,034
down €2,034 (-20.3%), from €10,036 to €8,002
of which Taxes: -€3,426
- Gross operating margin -€4,049
down €4,049 (-9.6%), from €42,176 to €38,127
- Staff costs -€2,016
down €2,016 (-4.7%), from €43,279 to €41,263
- Financial income -€2,006
down €2,006 (-58.3%), from €3,441 to €1,435
- Other operating charges -€782
down €782 (-48.4%), from €1,616 to €834
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 | €171,332 | €159,108 | -€12,223 | -7.1% |
| Fixed assets | 21/28 | €38,325 | €24,364 | -€13,961 | -36.4% |
| Tangible fixed assets | 22/27 | €37,185 | €23,224 | -€13,961 | -37.5% |
| Plant, machinery and equipment | 23 | €8,361 | €4,338 | -€4,023 | -48.1% |
| Furniture and vehicles | 24 | €28,823 | €18,886 | -€9,938 | -34.5% |
| Financial fixed assets | 28 | €1,140 | €1,140 | = | 0.0% |
| Current assets | 29/58 | €133,007 | €134,744 | +€1,738 | +1.3% |
| Stocks and contracts in progress | 3 | - | €26,148 | +€26,148 | |
| Stocks | 30/36 | - | €26,148 | +€26,148 | |
| Amounts receivable within one year | 40/41 | €124,234 | €90,684 | -€33,550 | -27.0% |
| Trade receivables | 40 | €84,323 | €71,283 | -€13,040 | -15.5% |
| Other amounts receivable | 41 | €39,910 | €19,400 | -€20,510 | -51.4% |
| Cash at bank and in hand | 54/58 | €5,853 | €7,162 | +€1,309 | +22.4% |
| Deferred charges and accrued income | 490/1 | €2,920 | €10,750 | +€7,830 | +268% |
| Total equity and liabilities | 10/49 | €171,332 | €159,108 | -€12,223 | -7.1% |
| Equity | 10/15 | €126,839 | €108,563 | -€18,275 | -14.4% |
| Contributions | 10/11 | €53,600 | €53,600 | = | 0.0% |
| Reserves | 13 | €44,360 | €44,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,360 | €5,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,360 | €5,360 | = | 0.0% |
| Distributable reserves | 133 | €39,000 | €39,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,879 | €10,603 | -€18,275 | -63.3% |
| Amounts payable | 17/49 | €44,493 | €50,545 | +€6,052 | +13.6% |
| Amounts payable after more than one year | 17 | €8,544 | - | -€8,544 | |
| Financial debts | 170/4 | €8,544 | - | -€8,544 | |
| Amounts payable within one year | 42/48 | €35,679 | €50,071 | +€14,392 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €10,929 | €8,544 | -€2,385 | -21.8% |
| Trade debts | 44 | €14,714 | €33,525 | +€18,811 | +128% |
| Suppliers | 440/4 | €14,714 | €33,525 | +€18,811 | +128% |
| Taxes, remuneration and social security | 45 | €10,036 | €8,002 | -€2,034 | -20.3% |
| Taxes | 450/3 | €7,610 | €4,184 | -€3,426 | -45.0% |
| Remuneration and social security | 454/9 | €2,427 | €3,818 | +€1,391 | +57.3% |
| Accrued charges and deferred income | 492/3 | €270 | €474 | +€204 | +75.5% |
| Remuneration, social security and pensions | 62 | €43,279 | €41,263 | -€2,016 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,794 | €13,961 | +€167 | +1.2% |
| Other operating charges | 640/8 | €1,616 | €834 | -€782 | -48.4% |
| Gross operating margin | 9900 | €42,176 | €38,127 | -€4,049 | -9.6% |
| Operating profit (loss) | 9901 | -€16,513 | -€17,932 | -€1,418 | -8.6% |
| Financial income | 75/76B | €3,441 | €1,435 | -€2,006 | -58.3% |
| Recurring financial income | 75 | €3,441 | €1,435 | -€2,006 | -58.3% |
| Financial charges | 65/66B | €1,513 | €1,779 | +€266 | +17.6% |
| Recurring financial charges | 65 | €1,513 | €1,779 | +€266 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | -€14,585 | -€18,275 | -€3,691 | -25.3% |
| Profit (loss) for the period | 9904 | -€14,585 | -€18,275 | -€3,691 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,585 | -€18,275 | -€3,691 | -25.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.