HERTOGENPARK: 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.
What changed
HERTOGENPARK
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€12,309
2024 · -€27,340+€15,031
Equity
€3.4m
2024 · €3.5m-€12,309
Cash
€5,230
2024 · €35,889-€30,659
Balance sheet total
€5.1m
2024 · €5.4m-€265,128
Largest movements
Assets
- Tangible fixed assets -€203,421
down €203,421 (-4.5%), from €4.5m to €4.3m
of which Land and buildings: -€185,467
- Current investments -€73,071
down €73,071 (-9.5%), from €769,373 to €696,303
Equity and liabilities
- Debts after one year -€233,333
down €233,333 (-26.1%), from €894,445 to €661,112
Income statement
- Gross operating margin +€61,995
up €61,995 (+25.6%), from €242,164 to €304,159
- Other operating charges +€39,887
up €39,887 (+127%), from €31,476 to €71,364
- Financial charges -€10,790
down €10,790 (-16.1%), from €67,210 to €56,419
- Financial income -€8,240
down €8,240 (-37.4%), from €22,033 to €13,793
- Taxes +€7,297
up €7,297 (+48.1%), from €15,176 to €22,473
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.
Result 2024
-€27,340
Gross operating margin
+€61,995
Depreciation
-€2,330
Other operating charges
-€39,887
Financial income
-€8,240
Financial charges
+€10,790
Taxes
-€7,297
Result 2025
-€12,309
raises the resultlowers the result
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.
From operations
+€132,179
Investment
+€70,496
Financing
-€233,333
Cash 2024
€35,889
From operations (derived)
+€132,179
Net result for the year
-€12,309
Depreciation
+€205,996
Receivables within one year
-€43,428
Deferred charges and accrued income
+€1,404
Provisions
-€25,991
Trade debts
-€728
Other debts
+€6,920
Accrued charges and deferred income
+€313
Investment (derived)
+€70,496
Investment in fixed assets (net)
-€2,575
Current investments
+€73,071
Financing
-€233,333
Debts after one year
-€233,333
Cash 2025
€5,230
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,374,545 | €5,109,418 | -€265,128 | -4.9% |
| Fixed assets | 21/28 | €4,535,825 | €4,332,403 | -€203,421 | -4.5% |
| Tangible fixed assets | 22/27 | €4,535,825 | €4,332,403 | -€203,421 | -4.5% |
| Land and buildings | 22 | €4,492,838 | €4,307,371 | -€185,467 | -4.1% |
| Furniture and vehicles | 24 | €42,987 | €25,032 | -€17,955 | -41.8% |
| Current assets | 29/58 | €838,721 | €777,014 | -€61,706 | -7.4% |
| Amounts receivable within one year | 40/41 | €30,898 | €74,326 | +€43,428 | +141% |
| Other amounts receivable | 41 | €30,898 | €74,326 | +€43,428 | +141% |
| Current investments | 50/53 | €769,373 | €696,303 | -€73,071 | -9.5% |
| Cash at bank and in hand | 54/58 | €35,889 | €5,230 | -€30,659 | -85.4% |
| Deferred charges and accrued income | 490/1 | €2,560 | €1,156 | -€1,404 | -54.9% |
| Total equity and liabilities | 10/49 | €5,374,545 | €5,109,418 | -€265,128 | -4.9% |
| Equity | 10/15 | €3,450,500 | €3,438,191 | -€12,309 | -0.4% |
| Contributions | 10/11 | €832,111 | €832,111 | = | 0.0% |
| Capital | 10 | €832,111 | €832,111 | = | 0.0% |
| Issued capital | 100 | €832,111 | €832,111 | = | 0.0% |
| Reserves | 13 | €2,618,390 | €2,606,080 | -€12,309 | -0.5% |
| Non-distributable reserves | 130/1 | €83,211 | €83,211 | = | 0.0% |
| Legal reserve | 130 | €83,211 | €83,211 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,487,501 | €1,409,528 | -€77,972 | -5.2% |
| Distributable reserves | 133 | €1,047,678 | €1,113,341 | +€65,663 | +6.3% |
| Provisions and deferred taxes | 16 | €495,834 | €469,843 | -€25,991 | -5.2% |
| Deferred taxes | 168 | €495,834 | €469,843 | -€25,991 | -5.2% |
| Amounts payable | 17/49 | €1,428,211 | €1,201,384 | -€226,827 | -15.9% |
| Amounts payable after more than one year | 17 | €894,445 | €661,112 | -€233,333 | -26.1% |
| Financial debts | 170/4 | €894,445 | €661,112 | -€233,333 | -26.1% |
| Amounts payable within one year | 42/48 | €519,576 | €525,768 | +€6,193 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €233,333 | €233,333 | = | 0.0% |
| Trade debts | 44 | €728 | €0 | -€728 | -100% |
| Suppliers | 440/4 | €728 | €0 | -€728 | -100% |
| Other amounts payable | 47/48 | €285,515 | €292,435 | +€6,920 | +2.4% |
| Accrued charges and deferred income | 492/3 | €14,191 | €14,504 | +€313 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,666 | €205,996 | +€2,330 | +1.1% |
| Other operating charges | 640/8 | €31,476 | €71,364 | +€39,887 | +127% |
| Gross operating margin | 9900 | €242,164 | €304,159 | +€61,995 | +25.6% |
| Operating profit (loss) | 9901 | €7,022 | €26,799 | +€19,777 | +282% |
| Financial income | 75/76B | €22,033 | €13,793 | -€8,240 | -37.4% |
| Recurring financial income | 75 | €22,033 | €13,793 | -€8,240 | -37.4% |
| Financial charges | 65/66B | €67,210 | €56,419 | -€10,790 | -16.1% |
| Recurring financial charges | 65 | €67,210 | €56,419 | -€10,790 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€38,155 | -€15,827 | +€22,328 | +58.5% |
| Transfer from deferred taxes | 780 | €25,991 | €25,991 | +€0 | 0.0% |
| Income taxes | 67/77 | €15,176 | €22,473 | +€7,297 | +48.1% |
| Profit (loss) for the period | 9904 | -€27,340 | -€12,309 | +€15,031 | +55.0% |
| Transfer from tax-exempt reserves | 789 | €77,972 | €77,972 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,632 | €65,663 | +€15,031 | +29.7% |
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 15 October 2026 via checked.be.