HERTOGINNENDAL: 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
HERTOGINNENDAL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€31,731
2024 · €559,658-€527,927
Equity
€1.1m
2024 · €1.1m+€31,731
Cash
€154,775
2024 · €71,470+€83,305
Balance sheet total
€2.2m
2024 · €2.2m+€1,825
Largest movements
Assets
- Cash +€83,305
up €83,305 (+117%), from €71,470 to €154,775
mainly Depreciation (+€112,651) and Net result for the year (+€31,731)
- Tangible fixed assets -€81,483
down €81,483 (-3.9%), from €2.1m to €2.0m
of which Land and buildings: -€69,505
Equity and liabilities
- Debts after one year -€38,752
down €38,752 (-6.5%), from €596,918 to €558,166
of which Financial debts: -€46,047
- Reserves +€31,731
up €31,731 (+3.2%), from €995,493 to €1.0m
of which Distributable reserves: +€57,866
Income statement
- Gross operating margin -€730,205
down €730,205 (-79.3%), from €921,062 to €190,857
- Financial charges -€14,987
down €14,987 (-37.7%), from €39,755 to €24,768
- Depreciation -€9,814
down €9,814 (-8.0%), from €122,466 to €112,651
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
€559,658
Gross operating margin
-€730,205
Depreciation
+€9,814
Other operating charges
+€6,758
Other operating items
-€453
Financial income
+€164
Financial charges
+€14,987
Taxes
-€8,357
Deferred taxes and other
+€179,365
Result 2025
€31,731
raises the resultlowers the resultnot broken down further in the accounts
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
+€151,620
Investment
-€31,169
Financing
-€37,147
Cash 2024
€71,470
From operations (derived)
+€151,620
Net result for the year
+€31,731
Depreciation
+€112,651
Receivables within one year
-€826
Deferred charges and accrued income
+€823
Provisions
-€8,711
Trade debts
-€1,461
Tax, wage and social debts
+€8,954
Other debts
-€389
Accrued charges and deferred income
+€8,847
Investment (derived)
-€31,169
Investment in fixed assets (net)
-€31,169
Financing
-€37,147
Debts after one year
-€38,752
Current portion of long-term debt
+€1,605
Cash 2025
€154,775
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,167,238 | €2,169,063 | +€1,825 | +0.1% |
| Fixed assets | 21/28 | €2,092,058 | €2,010,576 | -€81,483 | -3.9% |
| Tangible fixed assets | 22/27 | €2,092,058 | €2,010,576 | -€81,483 | -3.9% |
| Land and buildings | 22 | €1,924,913 | €1,855,408 | -€69,505 | -3.6% |
| Furniture and vehicles | 24 | €2,612 | €0 | -€2,612 | -100% |
| Other tangible fixed assets | 26 | €164,533 | €155,167 | -€9,366 | -5.7% |
| Current assets | 29/58 | €75,180 | €158,487 | +€83,308 | +111% |
| Amounts receivable within one year | 40/41 | €2,886 | €3,713 | +€826 | +28.6% |
| Trade receivables | 40 | €2,150 | €3,713 | +€1,563 | +72.7% |
| Other amounts receivable | 41 | €736 | €0 | -€736 | -100% |
| Cash at bank and in hand | 54/58 | €71,470 | €154,775 | +€83,305 | +117% |
| Deferred charges and accrued income | 490/1 | €823 | €0 | -€823 | -100% |
| Total equity and liabilities | 10/49 | €2,167,238 | €2,169,063 | +€1,825 | +0.1% |
| Equity | 10/15 | €1,095,380 | €1,127,112 | +€31,731 | +2.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €37,887 | €37,887 | = | 0.0% |
| Reserves | 13 | €995,493 | €1,027,224 | +€31,731 | +3.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €511,962 | €485,828 | -€26,134 | -5.1% |
| Distributable reserves | 133 | €477,331 | €535,197 | +€57,866 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €170,654 | €161,943 | -€8,711 | -5.1% |
| Deferred taxes | 168 | €170,654 | €161,943 | -€8,711 | -5.1% |
| Amounts payable | 17/49 | €901,204 | €880,009 | -€21,195 | -2.4% |
| Amounts payable after more than one year | 17 | €596,918 | €558,166 | -€38,752 | -6.5% |
| Financial debts | 170/4 | €549,547 | €503,500 | -€46,047 | -8.4% |
| Other amounts payable | 178/9 | €47,370 | €54,665 | +€7,295 | +15.4% |
| Amounts payable within one year | 42/48 | €279,072 | €287,782 | +€8,710 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €44,442 | €46,047 | +€1,605 | +3.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,307 | €1,846 | -€1,461 | -44.2% |
| Suppliers | 440/4 | €3,307 | €1,846 | -€1,461 | -44.2% |
| Taxes, remuneration and social security | 45 | - | €8,954 | +€8,954 | |
| Taxes | 450/3 | - | €8,954 | +€8,954 | |
| Other amounts payable | 47/48 | €231,324 | €230,935 | -€389 | -0.2% |
| Accrued charges and deferred income | 492/3 | €25,214 | €34,061 | +€8,847 | +35.1% |
| Non-recurring operating income | 76A | €771,759 | €0 | -€771,759 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,466 | €112,651 | -€9,814 | -8.0% |
| Other operating charges | 640/8 | €28,904 | €22,146 | -€6,758 | -23.4% |
| Non-recurring operating charges | 66A | €0 | €453 | +€453 | |
| Gross operating margin | 9900 | €921,062 | €190,857 | -€730,205 | -79.3% |
| Operating profit (loss) | 9901 | €769,692 | €55,606 | -€714,086 | -92.8% |
| Financial income | 75/76B | €374 | €538 | +€164 | +43.8% |
| Recurring financial income | 75 | €374 | €538 | +€164 | +43.8% |
| Financial charges | 65/66B | €39,755 | €24,768 | -€14,987 | -37.7% |
| Recurring financial charges | 65 | €39,755 | €24,768 | -€14,987 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €730,312 | €31,377 | -€698,936 | -95.7% |
| Transfer from deferred taxes | 780 | €3,574 | €8,711 | +€5,137 | +144% |
| Transfer to deferred taxes | 680 | €174,228 | €0 | -€174,228 | -100% |
| Income taxes | 67/77 | - | €8,357 | +€8,357 | |
| Profit (loss) for the period | 9904 | €559,658 | €31,731 | -€527,927 | -94.3% |
| Transfer from tax-exempt reserves | 789 | €10,723 | €26,134 | +€15,411 | +144% |
| Transfer to tax-exempt reserves | 689 | €522,685 | €0 | -€522,685 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €47,696 | €57,866 | +€10,169 | +21.3% |
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 23 October 2026 via checked.be.