HERTSENS IMMO: 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.
What changed
HERTSENS IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€399,148
2024 · €46,501-€445,649
Equity
€326,370
2024 · €725,518-€399,148
Cash
€150,510
2024 · €104,720+€45,790
Balance sheet total
€26.4m
2024 · €24.3m+€2.1m
Largest movements
Assets
- Tangible fixed assets +€4.7m
up €4.7m (+28.0%), from €16.9m to €21.7m
- Stocks and contracts -€2.5m
down €2.5m (-36.7%), from €6.9m to €4.3m
Equity and liabilities
- Debts after one year +€3.6m
up €3.6m (+17.2%), from €20.9m to €24.5m
- Current portion of long-term debt -€1.1m
down €1.1m (-55.7%), from €2.0m to €866,788
- Profit (loss) carried forward -€399,148
down €399,148, from €277,103 to -€122,045
Income statement
- Gross operating margin -€454,412
down €454,412 (-21.7%), from €2.1m to €1.6m
- Depreciation +€221,880
up €221,880 (+28.5%), from €777,918 to €999,797
- Financial charges -€114,252
down €114,252 (-11.9%), from €957,072 to €842,819
- Write-downs -€85,522
down €85,522 (-92.3%), from €92,644 to €7,122
- Other operating charges -€45,973
down €45,973 (-19.6%), from €234,042 to €188,068
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.
Result 2024
€46,501
Gross operating margin
-€454,412
Depreciation
-€221,880
Write-downs
+€85,522
Other operating charges
+€45,973
Other operating items
+€12,903
Financial income
-€39,224
Financial charges
+€114,252
Taxes
+€11,217
Result 2025
-€399,148
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.3m
Investment
-€5.7m
Financing
+€2.5m
Cash 2024
€104,720
From operations (derived)
+€3.3m
Net result for the year
-€399,148
Depreciation
+€999,797
Stocks and contracts
+€2.5m
Receivables within one year
+€170,872
Deferred charges and accrued income
+€29,590
Trade debts
-€118,564
Tax, wage and social debts
+€43,790
Other debts
+€48,198
Accrued charges and deferred income
-€7,075
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€5.7m
Financing
+€2.5m
Debts after one year
+€3.6m
Current portion of long-term debt
-€1.1m
Cash 2025
€150,510
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,281,104 | €26,351,041 | +€2.1m | +8.5% |
| Fixed assets | 21/28 | €16,926,404 | €21,669,961 | +€4.7m | +28.0% |
| Tangible fixed assets | 22/27 | €16,926,404 | €21,669,061 | +€4.7m | +28.0% |
| Land and buildings | 22 | €16,926,404 | €21,669,061 | +€4.7m | +28.0% |
| Financial fixed assets | 28 | - | €900 | +€900 | |
| Current assets | 29/58 | €7,354,700 | €4,681,080 | -€2.7m | -36.4% |
| Stocks and contracts in progress | 3 | €6,854,410 | €4,335,462 | -€2.5m | -36.7% |
| Stocks | 30/36 | €6,854,410 | €4,335,462 | -€2.5m | -36.7% |
| Amounts receivable within one year | 40/41 | €365,289 | €194,417 | -€170,872 | -46.8% |
| Trade receivables | 40 | €110,741 | €194,417 | +€83,677 | +75.6% |
| Other amounts receivable | 41 | €254,549 | - | -€254,549 | |
| Cash at bank and in hand | 54/58 | €104,720 | €150,510 | +€45,790 | +43.7% |
| Deferred charges and accrued income | 490/1 | €30,281 | €691 | -€29,590 | -97.7% |
| Total equity and liabilities | 10/49 | €24,281,104 | €26,351,041 | +€2.1m | +8.5% |
| Equity | 10/15 | €725,518 | €326,370 | -€399,148 | -55.0% |
| Contributions | 10/11 | €412,000 | €412,000 | = | 0.0% |
| Capital | 10 | €412,000 | €412,000 | = | 0.0% |
| Issued capital | 100 | €412,000 | €412,000 | = | 0.0% |
| Reserves | 13 | €36,415 | €36,415 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,415 | €36,415 | = | 0.0% |
| Legal reserve | 130 | €36,415 | €36,415 | = | 0.0% |
| Profit (loss) carried forward | 14 | €277,103 | -€122,045 | -€399,148 | |
| Amounts payable | 17/49 | €23,555,586 | €26,024,671 | +€2.5m | +10.5% |
| Amounts payable after more than one year | 17 | €20,882,453 | €24,476,117 | +€3.6m | +17.2% |
| Financial debts | 170/4 | €20,882,453 | €24,476,117 | +€3.6m | +17.2% |
| Amounts payable within one year | 42/48 | €2,666,057 | €1,548,554 | -€1.1m | -41.9% |
| Current portion of amounts payable after more than one year | 42 | €1,957,715 | €866,788 | -€1.1m | -55.7% |
| Trade debts | 44 | €417,362 | €298,798 | -€118,564 | -28.4% |
| Suppliers | 440/4 | €417,362 | €298,798 | -€118,564 | -28.4% |
| Taxes, remuneration and social security | 45 | €2,210 | €45,999 | +€43,790 | +1,982% |
| Taxes | 450/3 | €2,210 | €45,999 | +€43,790 | +1,982% |
| Other amounts payable | 47/48 | €288,770 | €336,969 | +€48,198 | +16.7% |
| Accrued charges and deferred income | 492/3 | €7,075 | - | -€7,075 | |
| Non-recurring operating income | 76A | €427,090 | - | -€427,090 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €777,918 | €999,797 | +€221,880 | +28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €92,644 | €7,122 | -€85,522 | -92.3% |
| Other operating charges | 640/8 | €234,042 | €188,068 | -€45,973 | -19.6% |
| Non-recurring operating charges | 66A | €12,903 | - | -€12,903 | |
| Gross operating margin | 9900 | €2,093,583 | €1,639,171 | -€454,412 | -21.7% |
| Operating profit (loss) | 9901 | €976,077 | €444,183 | -€531,893 | -54.5% |
| Financial income | 75/76B | €39,822 | €598 | -€39,224 | -98.5% |
| Recurring financial income | 75 | €39,822 | €598 | -€39,224 | -98.5% |
| Financial charges | 65/66B | €957,072 | €842,819 | -€114,252 | -11.9% |
| Recurring financial charges | 65 | €957,072 | €842,819 | -€114,252 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €58,827 | -€398,039 | -€456,866 | |
| Income taxes | 67/77 | €12,326 | €1,109 | -€11,217 | -91.0% |
| Profit (loss) for the period | 9904 | €46,501 | -€399,148 | -€445,649 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,501 | -€399,148 | -€445,649 |
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 23 October 2026 via checked.be.