HERTOGEN: 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.
HERTOGEN
Largest movements
- Cash -€238,065
down €238,065 (-83.2%), from €286,193 to €48,128
mainly Contributions, distributions and other (-€232,391) and Debts after one year (-€200,000)
- Tangible fixed assets -€72,853
down €72,853 (-3.5%), from €2.1m to €2.0m
of which Land and buildings: -€72,304
- Debts after one year -€200,000
down €200,000 (-93.0%), from €215,110 to €15,110
- Reserves -€190,959
down €190,959 (-39.7%), from €480,786 to €289,826
of which Distributable reserves: -€194,359
- Financial income -€5,388
down €5,388 (-47.5%), from €11,331 to €5,944
- Gross operating margin -€3,019
down €3,019 (-1.4%), from €211,971 to €208,952
- Financial charges -€2,591
down €2,591 (-15.0%), from €17,280 to €14,689
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 | €2,684,012 | €2,348,783 | -€335,229 | -12.5% |
| Fixed assets | 21/28 | €2,079,451 | €2,006,598 | -€72,853 | -3.5% |
| Tangible fixed assets | 22/27 | €2,079,451 | €2,006,598 | -€72,853 | -3.5% |
| Land and buildings | 22 | €2,076,532 | €2,004,228 | -€72,304 | -3.5% |
| Furniture and vehicles | 24 | €549 | €0 | -€549 | -100.0% |
| Other tangible fixed assets | 26 | €2,370 | €2,370 | = | 0.0% |
| Current assets | 29/58 | €604,561 | €342,185 | -€262,376 | -43.4% |
| Amounts receivable within one year | 40/41 | €17,796 | €10,122 | -€7,674 | -43.1% |
| Trade receivables | 40 | €2,706 | €480 | -€2,227 | -82.3% |
| Other amounts receivable | 41 | €15,090 | €9,642 | -€5,447 | -36.1% |
| Current investments | 50/53 | €300,000 | €280,000 | -€20,000 | -6.7% |
| Cash at bank and in hand | 54/58 | €286,193 | €48,128 | -€238,065 | -83.2% |
| Deferred charges and accrued income | 490/1 | €572 | €3,935 | +€3,363 | +587.9% |
| Total equity and liabilities | 10/49 | €2,684,012 | €2,348,783 | -€335,229 | -12.5% |
| Equity | 10/15 | €2,425,797 | €2,258,254 | -€167,542 | -6.9% |
| Contributions | 10/11 | €1,345,349 | €1,345,349 | = | 0.0% |
| Capital | 10 | €1,345,349 | €1,345,349 | = | 0.0% |
| Issued capital | 100 | €1,345,349 | €1,345,349 | = | 0.0% |
| Reserves | 13 | €480,786 | €289,826 | -€190,959 | -39.7% |
| Non-distributable reserves | 130/1 | €59,225 | €62,625 | +€3,400 | +5.7% |
| Legal reserve | 130 | €59,225 | €62,625 | +€3,400 | +5.7% |
| Distributable reserves | 133 | €421,560 | €227,201 | -€194,359 | -46.1% |
| Profit (loss) carried forward | 14 | €599,662 | €623,079 | +€23,417 | +3.9% |
| Amounts payable | 17/49 | €258,215 | €90,528 | -€167,687 | -64.9% |
| Amounts payable after more than one year | 17 | €215,110 | €15,110 | -€200,000 | -93.0% |
| Other amounts payable | 178/9 | €215,110 | €15,110 | -€200,000 | -93.0% |
| Amounts payable within one year | 42/48 | €38,021 | €60,776 | +€22,755 | +59.8% |
| Trade debts | 44 | €2,060 | €26,422 | +€24,362 | +1182.6% |
| Suppliers | 440/4 | €2,060 | €26,422 | +€24,362 | +1182.6% |
| Taxes, remuneration and social security | 45 | €4,696 | €5,701 | +€1,005 | +21.4% |
| Taxes | 450/3 | €4,696 | €5,701 | +€1,005 | +21.4% |
| Other amounts payable | 47/48 | €31,265 | €28,653 | -€2,612 | -8.4% |
| Accrued charges and deferred income | 492/3 | €5,085 | €14,643 | +€9,559 | +188.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,290 | €98,865 | -€1,424 | -1.4% |
| Other operating charges | 640/8 | €18,818 | €19,366 | +€549 | +2.9% |
| Gross operating margin | 9900 | €211,971 | €208,952 | -€3,019 | -1.4% |
| Operating profit (loss) | 9901 | €92,864 | €90,720 | -€2,144 | -2.3% |
| Financial income | 75/76B | €11,331 | €5,944 | -€5,388 | -47.5% |
| Recurring financial income | 75 | €11,331 | €5,944 | -€5,388 | -47.5% |
| Financial charges | 65/66B | €17,280 | €14,689 | -€2,591 | -15.0% |
| Recurring financial charges | 65 | €17,280 | €14,689 | -€2,591 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €86,915 | €81,974 | -€4,941 | -5.7% |
| Income taxes | 67/77 | €18,413 | €17,126 | -€1,287 | -7.0% |
| Profit (loss) for the period | 9904 | €68,502 | €64,848 | -€3,653 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,502 | €64,848 | -€3,653 | -5.3% |
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 9 October 2026 via checked.be.