HERTOGS ENGINEERING: what changed
Two fiscal 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 ENGINEERING
Largest movements
- Cash +€184,671
up €184,671 (+24.2%), from €762,344 to €947,015
mainly Advances received (+€229,277) and Net result for the year (+€133,518)
- Receivables within one year +€166,287
up €166,287 (+81.2%), from €204,758 to €371,045
of which Trade receivables: +€188,161
- Stocks and contracts -€41,578
down €41,578 (-13.1%), from €316,578 to €275,000
- Tangible fixed assets -€25,404
down €25,404 (-11.8%), from €215,551 to €190,147
- Advances received +€229,277
new in 2025: €229,277
- Reserves +€133,518
up €133,518 (+14.1%), from €947,070 to €1.1m
of which Distributable reserves: +€133,518
- Trade debts -€87,805
down €87,805 (-58.8%), from €149,403 to €61,597
- Other debts +€20,866
up €20,866 (+7.1%), from €294,709 to €315,576
- Gross operating margin +€28,449
up €28,449 (+10.4%), from €272,712 to €301,162
- Taxes +€10,178
up €10,178 (+21.0%), from €48,392 to €58,570
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 | €1,499,230 | €1,783,207 | +€283,976 | +18.9% |
| Fixed assets | 21/28 | €215,551 | €190,147 | -€25,404 | -11.8% |
| Tangible fixed assets | 22/27 | €215,551 | €190,147 | -€25,404 | -11.8% |
| Land and buildings | 22 | €186,610 | €177,672 | -€8,938 | -4.8% |
| Plant, machinery and equipment | 23 | €22,641 | €11,641 | -€11,001 | -48.6% |
| Furniture and vehicles | 24 | €6,300 | €835 | -€5,465 | -86.8% |
| Current assets | 29/58 | €1,283,679 | €1,593,060 | +€309,381 | +24.1% |
| Stocks and contracts in progress | 3 | €316,578 | €275,000 | -€41,578 | -13.1% |
| Stocks | 30/36 | €316,578 | €275,000 | -€41,578 | -13.1% |
| Amounts receivable within one year | 40/41 | €204,758 | €371,045 | +€166,287 | +81.2% |
| Trade receivables | 40 | €177,795 | €365,957 | +€188,161 | +105.8% |
| Other amounts receivable | 41 | €26,962 | €5,088 | -€21,874 | -81.1% |
| Cash at bank and in hand | 54/58 | €762,344 | €947,015 | +€184,671 | +24.2% |
| Total equity and liabilities | 10/49 | €1,499,230 | €1,783,207 | +€283,976 | +18.9% |
| Equity | 10/15 | €953,770 | €1,087,288 | +€133,518 | +14.0% |
| Contributions | 10/11 | €6,700 | €6,700 | = | 0.0% |
| Reserves | 13 | €947,070 | €1,080,588 | +€133,518 | +14.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €945,070 | €1,078,588 | +€133,518 | +14.1% |
| Amounts payable | 17/49 | €545,460 | €695,919 | +€150,459 | +27.6% |
| Amounts payable after more than one year | 17 | €61,369 | €48,557 | -€12,812 | -20.9% |
| Financial debts | 170/4 | €61,369 | €48,557 | -€12,812 | -20.9% |
| Amounts payable within one year | 42/48 | €468,017 | €632,239 | +€164,223 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €12,230 | €12,812 | +€583 | +4.8% |
| Trade debts | 44 | €149,403 | €61,597 | -€87,805 | -58.8% |
| Suppliers | 440/4 | €149,403 | €61,597 | -€87,805 | -58.8% |
| Advances received on contracts in progress | 46 | - | €229,277 | +€229,277 | |
| Taxes, remuneration and social security | 45 | €11,675 | €12,977 | +€1,302 | +11.2% |
| Remuneration and social security | 454/9 | €11,675 | €12,977 | +€1,302 | +11.2% |
| Other amounts payable | 47/48 | €294,709 | €315,576 | +€20,866 | +7.1% |
| Accrued charges and deferred income | 492/3 | €16,074 | €15,123 | -€951 | -5.9% |
| Non-recurring operating income | 76A | €1,937 | - | -€1,937 | |
| Remuneration, social security and pensions | 62 | €50,660 | €50,228 | -€431 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,397 | €29,524 | -€1,873 | -6.0% |
| Other operating charges | 640/8 | €5,663 | €6,171 | +€508 | +9.0% |
| Gross operating margin | 9900 | €272,712 | €301,162 | +€28,449 | +10.4% |
| Operating profit (loss) | 9901 | €184,993 | €215,238 | +€30,246 | +16.3% |
| Financial income | 75/76B | €1,558 | €1,838 | +€280 | +18.0% |
| Recurring financial income | 75 | €1,558 | €1,838 | +€280 | +18.0% |
| Financial charges | 65/66B | €27,633 | €24,989 | -€2,644 | -9.6% |
| Recurring financial charges | 65 | €27,633 | €24,989 | -€2,644 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €158,918 | €192,088 | +€33,169 | +20.9% |
| Income taxes | 67/77 | €48,392 | €58,570 | +€10,178 | +21.0% |
| Profit (loss) for the period | 9904 | €110,526 | €133,518 | +€22,992 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €110,526 | €133,518 | +€22,992 | +20.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.