HERTOGEN RAF: 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 RAF
Largest movements
- Cash +€4,660
up €4,660 (+11.1%), from €42,172 to €46,832
mainly Net result for the year (+€13,359) and Depreciation (+€2,673)
- Deferred charges and accrued income +€1,688
up €1,688 (+96.9%), from €1,742 to €3,430
- Tangible fixed assets -€1,416
down €1,416 (-18.8%), from €7,535 to €6,119
of which Furniture and vehicles: -€1,494
- Receivables within one year -€1,262
down €1,262 (-50.6%), from €2,495 to €1,233
of which Trade receivables: -€1,262
- Reserves +€13,359
up €13,359 (+54.9%), from €24,325 to €37,684
- Other debts -€6,569
down €6,569 (-94.1%), from €6,981 to €412
- Trade debts -€2,373
down €2,373 (-41.3%), from €5,751 to €3,378
- Tax, wage and social debts -€748
down €748 (-17.1%), from €4,374 to €3,627
of which Taxes: -€748
- Other operating charges -€2,206
down €2,206 (-52.2%), from €4,226 to €2,019
- Gross operating margin +€1,949
up €1,949 (+9.1%), from €21,380 to €23,329
- Depreciation -€582
down €582 (-17.9%), from €3,255 to €2,673
- Taxes +€514
up €514 (+11.3%), from €4,552 to €5,066
- Financial charges +€249
up €249 (+139%), from €179 to €428
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 | €53,943 | €57,613 | +€3,670 | +6.8% |
| Fixed assets | 21/28 | €7,535 | €6,119 | -€1,416 | -18.8% |
| Tangible fixed assets | 22/27 | €7,535 | €6,119 | -€1,416 | -18.8% |
| Land and buildings | 22 | €5,311 | €5,388 | +€77 | +1.5% |
| Furniture and vehicles | 24 | €2,224 | €731 | -€1,494 | -67.1% |
| Current assets | 29/58 | €46,408 | €51,495 | +€5,086 | +11.0% |
| Amounts receivable within one year | 40/41 | €2,495 | €1,233 | -€1,262 | -50.6% |
| Trade receivables | 40 | €2,047 | €785 | -€1,262 | -61.6% |
| Other amounts receivable | 41 | €448 | €448 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,172 | €46,832 | +€4,660 | +11.1% |
| Deferred charges and accrued income | 490/1 | €1,742 | €3,430 | +€1,688 | +96.9% |
| Total equity and liabilities | 10/49 | €53,943 | €57,613 | +€3,670 | +6.8% |
| Equity | 10/15 | €36,837 | €50,197 | +€13,359 | +36.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €24,325 | €37,684 | +€13,359 | +54.9% |
| Distributable reserves | 133 | €24,325 | €37,684 | +€13,359 | +54.9% |
| Profit (loss) carried forward | 14 | €113 | €113 | = | 0.0% |
| Amounts payable | 17/49 | €17,106 | €7,416 | -€9,690 | -56.6% |
| Amounts payable within one year | 42/48 | €17,106 | €7,416 | -€9,690 | -56.6% |
| Trade debts | 44 | €5,751 | €3,378 | -€2,373 | -41.3% |
| Suppliers | 440/4 | €5,751 | €3,378 | -€2,373 | -41.3% |
| Taxes, remuneration and social security | 45 | €4,374 | €3,627 | -€748 | -17.1% |
| Taxes | 450/3 | €2,813 | €2,066 | -€748 | -26.6% |
| Remuneration and social security | 454/9 | €1,561 | €1,561 | = | 0.0% |
| Other amounts payable | 47/48 | €6,981 | €412 | -€6,569 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,255 | €2,673 | -€582 | -17.9% |
| Other operating charges | 640/8 | €4,226 | €2,019 | -€2,206 | -52.2% |
| Gross operating margin | 9900 | €21,380 | €23,329 | +€1,949 | +9.1% |
| Operating profit (loss) | 9901 | €13,900 | €18,637 | +€4,738 | +34.1% |
| Financial income | 75/76B | €18 | €215 | +€197 | +1,099% |
| Recurring financial income | 75 | €18 | €215 | +€197 | +1,099% |
| Financial charges | 65/66B | €179 | €428 | +€249 | +139% |
| Recurring financial charges | 65 | €179 | €428 | +€249 | +139% |
| Profit (loss) for the period before taxes | 9903 | €13,739 | €18,425 | +€4,686 | +34.1% |
| Income taxes | 67/77 | €4,552 | €5,066 | +€514 | +11.3% |
| Profit (loss) for the period | 9904 | €9,187 | €13,359 | +€4,173 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,187 | €13,359 | +€4,173 | +45.4% |
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 19 October 2026 via checked.be.