HERTRA: 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.
HERTRA
Largest movements
- Tangible fixed assets -€31,428
down €31,428 (-30.8%), from €101,973 to €70,545
of which Leasing and similar rights: -€28,820
- Receivables within one year +€28,924
up €28,924 (+27.4%), from €105,434 to €134,359
of which Other amounts receivable: +€25,542
- Stocks and contracts +€9,957
up €9,957 (+53.4%), from €18,652 to €28,609
- Profit (loss) carried forward +€59,821
up €59,821 (+25.7%), from -€232,439 to -€172,618
- Debts after one year -€24,535
down €24,535 (-37.3%), from €65,791 to €41,256
- Trade debts -€20,957
down €20,957 (-54.0%), from €38,797 to €17,840
- Short-term financial debts -€13,886
down €13,886 (-87.0%), from €15,954 to €2,068
- Current portion of long-term debt +€5,232
up €5,232 (+22.0%), from €23,766 to €28,998
- Gross operating margin +€171,910
up €171,910 (+87.6%), from €196,289 to €368,199
- Staff costs +€69,448
up €69,448 (+36.4%), from €190,900 to €260,347
- Other operating charges +€4,199
up €4,199 (+145%), from €2,891 to €7,090
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 | €241,924 | €249,566 | +€7,642 | +3.2% |
| Fixed assets | 21/28 | €111,669 | €80,129 | -€31,540 | -28.2% |
| Intangible fixed assets | 21 | €112 | - | -€112 | |
| Tangible fixed assets | 22/27 | €101,973 | €70,545 | -€31,428 | -30.8% |
| Land and buildings | 22 | €4,118 | €4,118 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,649 | €289 | -€1,361 | -82.5% |
| Furniture and vehicles | 24 | €4,780 | €3,532 | -€1,248 | -26.1% |
| Leasing and similar rights | 25 | €91,426 | €62,606 | -€28,820 | -31.5% |
| Financial fixed assets | 28 | €9,584 | €9,584 | = | 0.0% |
| Current assets | 29/58 | €130,255 | €169,437 | +€39,182 | +30.1% |
| Stocks and contracts in progress | 3 | €18,652 | €28,609 | +€9,957 | +53.4% |
| Stocks | 30/36 | €18,652 | €28,609 | +€9,957 | +53.4% |
| Amounts receivable within one year | 40/41 | €105,434 | €134,359 | +€28,924 | +27.4% |
| Trade receivables | 40 | €86,221 | €89,603 | +€3,383 | +3.9% |
| Other amounts receivable | 41 | €19,214 | €44,755 | +€25,542 | +133% |
| Cash at bank and in hand | 54/58 | €15 | €34 | +€19 | +132% |
| Deferred charges and accrued income | 490/1 | €6,154 | €6,436 | +€282 | +4.6% |
| Total equity and liabilities | 10/49 | €241,924 | €249,566 | +€7,642 | +3.2% |
| Equity | 10/15 | €54,261 | €114,082 | +€59,821 | +110% |
| Contributions | 10/11 | €195,250 | €195,250 | = | 0.0% |
| Reserves | 13 | €91,450 | €91,450 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €83,450 | €83,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€232,439 | -€172,618 | +€59,821 | +25.7% |
| Amounts payable | 17/49 | €187,663 | €135,485 | -€52,178 | -27.8% |
| Amounts payable after more than one year | 17 | €65,791 | €41,256 | -€24,535 | -37.3% |
| Financial debts | 170/4 | €65,791 | €41,256 | -€24,535 | -37.3% |
| Amounts payable within one year | 42/48 | €121,872 | €94,229 | -€27,643 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €23,766 | €28,998 | +€5,232 | +22.0% |
| Financial debts | 43 | €15,954 | €2,068 | -€13,886 | -87.0% |
| Credit institutions | 430/8 | €15,954 | €2,068 | -€13,886 | -87.0% |
| Trade debts | 44 | €38,797 | €17,840 | -€20,957 | -54.0% |
| Suppliers | 440/4 | €38,797 | €17,840 | -€20,957 | -54.0% |
| Taxes, remuneration and social security | 45 | €18,156 | €22,401 | +€4,245 | +23.4% |
| Taxes | 450/3 | €2,769 | €2,428 | -€341 | -12.3% |
| Remuneration and social security | 454/9 | €15,387 | €19,973 | +€4,586 | +29.8% |
| Other amounts payable | 47/48 | €25,199 | €22,922 | -€2,277 | -9.0% |
| Non-recurring operating income | 76A | €9,034 | €51,093 | +€42,059 | +466% |
| Remuneration, social security and pensions | 62 | €190,900 | €260,347 | +€69,448 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,925 | €35,712 | -€1,213 | -3.3% |
| Other operating charges | 640/8 | €2,891 | €7,090 | +€4,199 | +145% |
| Non-recurring operating charges | 66A | €391 | €702 | +€310 | +79.3% |
| Gross operating margin | 9900 | €196,289 | €368,199 | +€171,910 | +87.6% |
| Operating profit (loss) | 9901 | -€34,819 | €64,348 | +€99,166 | |
| Financial income | 75/76B | €5 | €0 | -€5 | -97.9% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -97.9% |
| Financial charges | 65/66B | €5,042 | €4,211 | -€831 | -16.5% |
| Recurring financial charges | 65 | €5,042 | €4,211 | -€831 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | -€39,856 | €60,137 | +€99,992 | |
| Income taxes | 67/77 | €505 | €316 | -€189 | -37.4% |
| Profit (loss) for the period | 9904 | -€40,361 | €59,821 | +€100,181 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,361 | €59,821 | +€100,181 |
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 14 October 2026 via checked.be.