HERTSENS CONSTRUCT: 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.
HERTSENS CONSTRUCT
Largest movements
- Receivables after one year -€80,000
down €80,000 (-40.0%), from €200,000 to €120,000
- Tangible fixed assets -€52,019
down €52,019 (-3.9%), from €1.3m to €1.3m
of which Land and buildings: -€50,819
- Cash +€50,216
up €50,216 (+127.3%), from €39,462 to €89,678
mainly Net result for the year (+€146,981) and Receivables after one year (+€80,000)
- Trade debts -€103,955
down €103,955 (-37.3%), from €278,818 to €174,863
- Profit (loss) carried forward +€75,411
up €75,411 (+41.4%), from €182,154 to €257,565
- Reserves +€71,570
up €71,570 (+7.6%), from €941,296 to €1.0m
of which Tax-exempt reserves: +€71,570
- Tax, wage and social debts -€60,924
down €60,924 (-27.8%), from €219,541 to €158,617
of which Taxes: -€128,621
- Debts after one year -€56,510
down €56,510 (-8.2%), from €688,920 to €632,410
- Gross operating margin +€445,492
up €445,492 (+32.1%), from €1.4m to €1.8m
- Staff costs +€377,347
up €377,347 (+32.4%), from €1.2m to €1.5m
- Financial charges -€24,925
down €24,925 (-46.2%), from €53,974 to €29,049
- Taxes +€21,948
up €21,948 (+77.9%), from €28,191 to €50,139
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 | €2,425,150 | €2,336,217 | -€88,933 | -3.7% |
| Fixed assets | 21/28 | €1,339,541 | €1,287,522 | -€52,019 | -3.9% |
| Tangible fixed assets | 22/27 | €1,339,541 | €1,287,522 | -€52,019 | -3.9% |
| Land and buildings | 22 | €1,336,528 | €1,285,709 | -€50,819 | -3.8% |
| Plant, machinery and equipment | 23 | €776 | €227 | -€549 | -70.8% |
| Other tangible fixed assets | 26 | €2,237 | €1,586 | -€650 | -29.1% |
| Current assets | 29/58 | €1,085,609 | €1,048,695 | -€36,914 | -3.4% |
| Amounts receivable after more than one year | 29 | €200,000 | €120,000 | -€80,000 | -40.0% |
| Other amounts receivable | 291 | €200,000 | €120,000 | -€80,000 | -40.0% |
| Amounts receivable within one year | 40/41 | €839,940 | €827,307 | -€12,632 | -1.5% |
| Trade receivables | 40 | €735,489 | €724,629 | -€10,860 | -1.5% |
| Other amounts receivable | 41 | €104,451 | €102,678 | -€1,773 | -1.7% |
| Cash at bank and in hand | 54/58 | €39,462 | €89,678 | +€50,216 | +127.3% |
| Deferred charges and accrued income | 490/1 | €6,207 | €11,709 | +€5,502 | +88.6% |
| Total equity and liabilities | 10/49 | €2,425,150 | €2,336,217 | -€88,933 | -3.7% |
| Equity | 10/15 | €1,142,042 | €1,289,023 | +€146,981 | +12.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €941,296 | €1,012,866 | +€71,570 | +7.6% |
| Tax-exempt reserves | 132 | €158,335 | €229,905 | +€71,570 | +45.2% |
| Distributable reserves | 133 | €782,961 | €782,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | €182,154 | €257,565 | +€75,411 | +41.4% |
| Amounts payable | 17/49 | €1,283,108 | €1,047,194 | -€235,914 | -18.4% |
| Amounts payable after more than one year | 17 | €688,920 | €632,410 | -€56,510 | -8.2% |
| Financial debts | 170/4 | €688,920 | €632,410 | -€56,510 | -8.2% |
| Amounts payable within one year | 42/48 | €594,188 | €414,784 | -€179,404 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €66,660 | €56,510 | -€10,150 | -15.2% |
| Trade debts | 44 | €278,818 | €174,863 | -€103,955 | -37.3% |
| Suppliers | 440/4 | €278,818 | €174,863 | -€103,955 | -37.3% |
| Taxes, remuneration and social security | 45 | €219,541 | €158,617 | -€60,924 | -27.8% |
| Taxes | 450/3 | €143,142 | €14,520 | -€128,621 | -89.9% |
| Remuneration and social security | 454/9 | €76,400 | €144,097 | +€67,697 | +88.6% |
| Other amounts payable | 47/48 | €29,169 | €24,793 | -€4,375 | -15.0% |
| Remuneration, social security and pensions | 62 | €1,166,172 | €1,543,518 | +€377,347 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,249 | €52,019 | -€230 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,236 | €8,065 | +€3,829 | +90.4% |
| Other operating charges | 640/8 | €15,616 | €17,455 | +€1,839 | +11.8% |
| Gross operating margin | 9900 | €1,387,686 | €1,833,178 | +€445,492 | +32.1% |
| Operating profit (loss) | 9901 | €149,414 | €212,122 | +€62,707 | +42.0% |
| Financial income | 75/76B | €12,735 | €14,047 | +€1,312 | +10.3% |
| Recurring financial income | 75 | €12,735 | €14,047 | +€1,312 | +10.3% |
| Financial charges | 65/66B | €53,974 | €29,049 | -€24,925 | -46.2% |
| Recurring financial charges | 65 | €53,974 | €29,049 | -€24,925 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €108,175 | €197,120 | +€88,945 | +82.2% |
| Income taxes | 67/77 | €28,191 | €50,139 | +€21,948 | +77.9% |
| Profit (loss) for the period | 9904 | €79,984 | €146,981 | +€66,997 | +83.8% |
| Transfer to tax-exempt reserves | 689 | - | €71,570 | +€71,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,984 | €75,411 | -€4,573 | -5.7% |
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 7 October 2026 via checked.be.