HERTOGS: 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.
HERTOGS
Largest movements
- Tangible fixed assets +€210,558
up €210,558 (+17.7%), from €1.2m to €1.4m
of which Leasing and similar rights: +€199,709
- Receivables within one year -€89,741
down €89,741 (-69.0%), from €130,049 to €40,308
of which Trade receivables: -€96,002
- Deferred charges and accrued income +€31,419
up €31,419 (+599.5%), from €5,241 to €36,660
- Cash +€17,444
up €17,444 (+94.3%), from €18,506 to €35,950
mainly Depreciation (+€159,879) and Debts after one year (+€144,631)
- Debts after one year +€144,631
up €144,631 (+51.9%), from €278,445 to €423,076
- Other debts +€65,882
up €65,882 (+162.3%), from €40,598 to €106,480
- Reserves -€45,200
no longer reported in 2025 (was €45,200)
of which Distributable reserves: -€43,200
- Current portion of long-term debt +€33,602
up €33,602 (+38.4%), from €87,492 to €121,094
- Profit (loss) carried forward -€17,356
new in 2025: -€17,356
- Gross operating margin +€49,869
up €49,869 (+31.0%), from €161,097 to €210,966
- Financial charges +€39,912
up €39,912 (+334.8%), from €11,920 to €51,832
- Depreciation +€29,491
up €29,491 (+22.6%), from €130,388 to €159,879
- Staff costs +€20,027
up €20,027 (+92.3%), from €21,705 to €41,732
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 | €1,342,332 | €1,512,012 | +€169,680 | +12.6% |
| Fixed assets | 21/28 | €1,188,536 | €1,399,094 | +€210,558 | +17.7% |
| Tangible fixed assets | 22/27 | €1,188,536 | €1,399,094 | +€210,558 | +17.7% |
| Land and buildings | 22 | €2,306 | €1,538 | -€769 | -33.3% |
| Plant, machinery and equipment | 23 | €846,000 | €858,951 | +€12,952 | +1.5% |
| Furniture and vehicles | 24 | €1,952 | €617 | -€1,334 | -68.4% |
| Leasing and similar rights | 25 | €338,278 | €537,987 | +€199,709 | +59.0% |
| Current assets | 29/58 | €153,796 | €112,919 | -€40,877 | -26.6% |
| Amounts receivable within one year | 40/41 | €130,049 | €40,308 | -€89,741 | -69.0% |
| Trade receivables | 40 | €130,049 | €34,047 | -€96,002 | -73.8% |
| Other amounts receivable | 41 | - | €6,261 | +€6,261 | |
| Cash at bank and in hand | 54/58 | €18,506 | €35,950 | +€17,444 | +94.3% |
| Deferred charges and accrued income | 490/1 | €5,241 | €36,660 | +€31,419 | +599.5% |
| Total equity and liabilities | 10/49 | €1,342,332 | €1,512,012 | +€169,680 | +12.6% |
| Equity | 10/15 | €665,200 | €602,644 | -€62,556 | -9.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €45,200 | - | -€45,200 | |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €43,200 | - | -€43,200 | |
| Profit (loss) carried forward | 14 | - | -€17,356 | -€17,356 | |
| Amounts payable | 17/49 | €677,132 | €909,369 | +€232,237 | +34.3% |
| Amounts payable after more than one year | 17 | €278,445 | €423,076 | +€144,631 | +51.9% |
| Financial debts | 170/4 | €278,445 | €423,076 | +€144,631 | +51.9% |
| Amounts payable within one year | 42/48 | €398,402 | €486,292 | +€87,891 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €87,492 | €121,094 | +€33,602 | +38.4% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €240,958 | €230,534 | -€10,424 | -4.3% |
| Suppliers | 440/4 | €240,958 | €230,534 | -€10,424 | -4.3% |
| Taxes, remuneration and social security | 45 | €4,353 | €3,184 | -€1,169 | -26.9% |
| Taxes | 450/3 | €2,659 | - | -€2,659 | |
| Remuneration and social security | 454/9 | €1,695 | €3,184 | +€1,490 | +87.9% |
| Other amounts payable | 47/48 | €40,598 | €106,480 | +€65,882 | +162.3% |
| Accrued charges and deferred income | 492/3 | €285 | - | -€285 | |
| Non-recurring operating income | 76A | €83,612 | - | -€83,612 | |
| Remuneration, social security and pensions | 62 | €21,705 | €41,732 | +€20,027 | +92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,388 | €159,879 | +€29,491 | +22.6% |
| Other operating charges | 640/8 | €2,045 | €2,978 | +€933 | +45.6% |
| Non-recurring operating charges | 66A | - | €17,697 | +€17,697 | |
| Gross operating margin | 9900 | €161,097 | €210,966 | +€49,869 | +31.0% |
| Operating profit (loss) | 9901 | €6,958 | -€11,321 | -€18,279 | |
| Financial income | 75/76B | €51 | €597 | +€546 | +1074.4% |
| Recurring financial income | 75 | €51 | €597 | +€546 | +1074.4% |
| Financial charges | 65/66B | €11,920 | €51,832 | +€39,912 | +334.8% |
| Recurring financial charges | 65 | €11,920 | €51,832 | +€39,912 | +334.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,911 | -€62,556 | -€57,645 | -1173.7% |
| Profit (loss) for the period | 9904 | -€4,911 | -€62,556 | -€57,645 | -1173.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,911 | -€62,556 | -€57,645 | -1173.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.