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 +€198,581
up €198,581 (+76.7%), from €258,787 to €457,368
of which Land and buildings: +€185,341
- Cash -€18,637
down €18,637 (-11.7%), from €159,264 to €140,626
mainly Investment in fixed assets (net) (-€240,812) and Contributions, distributions and other (-€50,000)
- Receivables within one year +€6,543
up €6,543 (+204.5%), from €3,200 to €9,743
of which Other amounts receivable: +€8,245
- Debts after one year +€94,065
up €94,065 (+51.3%), from €183,346 to €277,411
- Other debts +€54,522
up €54,522 (+1469.7%), from €3,710 to €58,232
- Reserves +€36,261
up €36,261 (+17.3%), from €210,187 to €246,448
- Current portion of long-term debt +€6,585
up €6,585 (+63.9%), from €10,303 to €16,888
- Depreciation +€32,137
up €32,137 (+318.4%), from €10,094 to €42,231
- Gross operating margin +€15,754
up €15,754 (+10.6%), from €148,349 to €164,104
- Financial charges +€8,195
up €8,195 (+525.3%), from €1,560 to €9,755
- Taxes -€5,867
down €5,867 (-19.8%), from €29,600 to €23,733
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 | €421,251 | €608,622 | +€187,371 | +44.5% |
| Fixed assets | 21/28 | €258,787 | €457,368 | +€198,581 | +76.7% |
| Tangible fixed assets | 22/27 | €258,787 | €457,368 | +€198,581 | +76.7% |
| Land and buildings | 22 | €243,538 | €428,879 | +€185,341 | +76.1% |
| Furniture and vehicles | 24 | €15,249 | €28,489 | +€13,240 | +86.8% |
| Current assets | 29/58 | €162,464 | €151,254 | -€11,209 | -6.9% |
| Amounts receivable within one year | 40/41 | €3,200 | €9,743 | +€6,543 | +204.5% |
| Trade receivables | 40 | €3,200 | €1,498 | -€1,702 | -53.2% |
| Other amounts receivable | 41 | - | €8,245 | +€8,245 | |
| Cash at bank and in hand | 54/58 | €159,264 | €140,626 | -€18,637 | -11.7% |
| Deferred charges and accrued income | 490/1 | - | €885 | +€885 | |
| Total equity and liabilities | 10/49 | €421,251 | €608,622 | +€187,371 | +44.5% |
| Equity | 10/15 | €210,187 | €246,448 | +€36,261 | +17.3% |
| Reserves | 13 | €210,187 | €246,448 | +€36,261 | +17.3% |
| Distributable reserves | 133 | €210,187 | €246,448 | +€36,261 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €211,064 | €362,174 | +€151,110 | +71.6% |
| Amounts payable after more than one year | 17 | €183,346 | €277,411 | +€94,065 | +51.3% |
| Financial debts | 170/4 | €183,346 | €277,411 | +€94,065 | +51.3% |
| Amounts payable within one year | 42/48 | €27,718 | €84,763 | +€57,045 | +205.8% |
| Current portion of amounts payable after more than one year | 42 | €10,303 | €16,888 | +€6,585 | +63.9% |
| Trade debts | 44 | €2,032 | €2,143 | +€111 | +5.4% |
| Suppliers | 440/4 | €2,032 | €2,143 | +€111 | +5.4% |
| Taxes, remuneration and social security | 45 | €11,673 | €7,500 | -€4,173 | -35.7% |
| Taxes | 450/3 | €9,173 | €7,500 | -€1,673 | -18.2% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €3,710 | €58,232 | +€54,522 | +1469.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,094 | €42,231 | +€32,137 | +318.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €536 | +€536 | |
| Other operating charges | 640/8 | €422 | €1,587 | +€1,165 | +276.1% |
| Gross operating margin | 9900 | €148,349 | €164,104 | +€15,754 | +10.6% |
| Operating profit (loss) | 9901 | €137,833 | €119,749 | -€18,084 | -13.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,560 | €9,755 | +€8,195 | +525.3% |
| Recurring financial charges | 65 | €1,560 | €9,755 | +€8,195 | +525.3% |
| Profit (loss) for the period before taxes | 9903 | €136,274 | €109,994 | -€26,279 | -19.3% |
| Income taxes | 67/77 | €29,600 | €23,733 | -€5,867 | -19.8% |
| Profit (loss) for the period | 9904 | €106,674 | €86,261 | -€20,413 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €106,674 | €86,261 | -€20,413 | -19.1% |
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 12 October 2026 via checked.be.