HERTOGS ONDERNEMINGEN: 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 ONDERNEMINGEN
Largest movements
- Tangible fixed assets +€253,144
up €253,144 (+31.8%), from €795,020 to €1.0m
of which Other tangible fixed assets: +€181,362
- Receivables after one year -€195,000
down €195,000 (-100%), from €195,000 to €0
- Cash +€26,348
up €26,348 (+14.4%), from €182,595 to €208,943
mainly Receivables after one year (+€195,000) and Depreciation (+€132,910)
- Trade debts +€43,095
up €43,095 (+481%), from €8,964 to €52,059
- Debts after one year +€42,647
up €42,647 (+7.6%), from €563,184 to €605,831
of which Financial debts: +€109,777
- Gross operating margin +€32,353
up €32,353 (+21.8%), from €148,482 to €180,835
- Depreciation +€20,250
up €20,250 (+18.0%), from €112,660 to €132,910
- Staff costs +€11,040
up €11,040 (+106%), from €10,375 to €21,415
- Taxes -€7,773
down €7,773 (-72.2%), from €10,760 to €2,987
- Financial income -€6,055
down €6,055 (-55.6%), from €10,888 to €4,833
of which Financial income: -€8,555
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,007,158 | €2,104,552 | +€97,394 | +4.9% |
| Fixed assets | 21/28 | €800,020 | €1,050,663 | +€250,644 | +31.3% |
| Tangible fixed assets | 22/27 | €795,020 | €1,048,163 | +€253,144 | +31.8% |
| Land and buildings | 22 | €652,634 | €581,374 | -€71,260 | -10.9% |
| Plant, machinery and equipment | 23 | €60,857 | €43,015 | -€17,842 | -29.3% |
| Furniture and vehicles | 24 | €31,928 | €192,813 | +€160,884 | +504% |
| Other tangible fixed assets | 26 | €49,600 | €230,962 | +€181,362 | +366% |
| Financial fixed assets | 28 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Current assets | 29/58 | €1,207,138 | €1,053,888 | -€153,250 | -12.7% |
| Amounts receivable after more than one year | 29 | €195,000 | €0 | -€195,000 | -100% |
| Other amounts receivable | 291 | €195,000 | €0 | -€195,000 | -100% |
| Stocks and contracts in progress | 3 | €389,447 | €407,658 | +€18,211 | +4.7% |
| Stocks | 30/36 | €389,447 | €407,658 | +€18,211 | +4.7% |
| Amounts receivable within one year | 40/41 | €11,488 | €9,549 | -€1,939 | -16.9% |
| Trade receivables | 40 | €11,488 | €4,369 | -€7,119 | -62.0% |
| Other amounts receivable | 41 | - | €5,180 | +€5,180 | |
| Current investments | 50/53 | €426,118 | €424,309 | -€1,809 | -0.4% |
| Cash at bank and in hand | 54/58 | €182,595 | €208,943 | +€26,348 | +14.4% |
| Deferred charges and accrued income | 490/1 | €2,490 | €3,429 | +€939 | +37.7% |
| Total equity and liabilities | 10/49 | €2,007,158 | €2,104,552 | +€97,394 | +4.9% |
| Equity | 10/15 | €1,363,741 | €1,372,324 | +€8,584 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,345,141 | €1,353,724 | +€8,584 | +0.6% |
| Distributable reserves | 133 | €1,345,141 | €1,353,724 | +€8,584 | +0.6% |
| Amounts payable | 17/49 | €643,417 | €732,227 | +€88,810 | +13.8% |
| Amounts payable after more than one year | 17 | €563,184 | €605,831 | +€42,647 | +7.6% |
| Financial debts | 170/4 | €304,792 | €414,569 | +€109,777 | +36.0% |
| Other amounts payable | 178/9 | €258,392 | €191,262 | -€67,130 | -26.0% |
| Amounts payable within one year | 42/48 | €80,233 | €126,396 | +€46,163 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €66,551 | €70,956 | +€4,406 | +6.6% |
| Trade debts | 44 | €8,964 | €52,059 | +€43,095 | +481% |
| Suppliers | 440/4 | €8,964 | €52,059 | +€43,095 | +481% |
| Taxes, remuneration and social security | 45 | €4,718 | €3,381 | -€1,337 | -28.3% |
| Taxes | 450/3 | €4,718 | €1,179 | -€3,540 | -75.0% |
| Remuneration and social security | 454/9 | - | €2,202 | +€2,202 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €12,000 | €0 | -€12,000 | -100% |
| Remuneration, social security and pensions | 62 | €10,375 | €21,415 | +€11,040 | +106% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,660 | €132,910 | +€20,250 | +18.0% |
| Other operating charges | 640/8 | €7,958 | €10,924 | +€2,966 | +37.3% |
| Gross operating margin | 9900 | €148,482 | €180,835 | +€32,353 | +21.8% |
| Operating profit (loss) | 9901 | €17,489 | €15,586 | -€1,903 | -10.9% |
| Financial income | 75/76B | €10,888 | €4,833 | -€6,055 | -55.6% |
| Recurring financial income | 75 | €10,888 | €2,333 | -€8,555 | -78.6% |
| Non-recurring financial income | 76B | - | €2,500 | +€2,500 | |
| Financial charges | 65/66B | €7,638 | €8,849 | +€1,210 | +15.8% |
| Recurring financial charges | 65 | €7,638 | €8,849 | +€1,210 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €20,739 | €11,571 | -€9,169 | -44.2% |
| Income taxes | 67/77 | €10,760 | €2,987 | -€7,773 | -72.2% |
| Profit (loss) for the period | 9904 | €9,979 | €8,584 | -€1,395 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,979 | €8,584 | -€1,395 | -14.0% |
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 25 October 2026 via checked.be.