Hertsens West: 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 West
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
€2.0m
2024 · -€670,126+€2.7m
Equity
€1.7m
2024 · €1.2m+€517,830
Cash
€60,575
2024 · €95,399-€34,824
Balance sheet total
€24.6m
2024 · €30.5m-€6.0m
Largest movements
Assets
- Tangible fixed assets -€6.9m
down €6.9m (-50.6%), from €13.6m to €6.7m
of which Land and buildings: -€6.9m
- Stocks and contracts +€1.1m
up €1.1m (+6.4%), from €16.6m to €17.7m
Equity and liabilities
- Debts after one year -€8.2m
down €8.2m (-29.3%), from €28.0m to €19.8m
- Other debts +€1.6m
up €1.6m (+784%), from €207,780 to €1.8m
- Reserves +€517,830
up €517,830 (+44.5%), from €1.2m to €1.7m
of which Tax-exempt reserves: +€517,830
- Short-term financial debts +€347,261
up €347,261 (+86.8%), from €400,000 to €747,261
Income statement
- Gross operating margin +€2.5m
up €2.5m (+219%), from €1.1m to €3.7m
- Taxes +€422,494
new in 2025: €422,494
- Financial charges -€420,120
down €420,120 (-40.7%), from €1.0m to €612,888
- Depreciation -€144,724
down €144,724 (-23.2%), from €623,846 to €479,122
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
-€670,126
Gross operating margin
+€2.5m
Depreciation
+€144,724
Write-downs
+€24,533
Other operating charges
+€2,337
Financial income
-€726
Financial charges
+€420,120
Taxes
-€422,494
Result 2025
€2.0m
raises the resultlowers the result
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
+€3.0m
Investment
+€6.4m
Financing
-€9.4m
Cash 2024
€95,399
From operations (derived)
+€3.0m
Net result for the year
+€2.0m
Depreciation
+€479,122
Stocks and contracts
-€1.1m
Receivables within one year
+€64,066
Deferred charges and accrued income
+€55,348
Trade debts
-€99,031
Tax, wage and social debts
-€94,283
Smaller working-capital items
+€18,728
Other debts
+€1.6m
Investment (derived)
+€6.4m
Investment in fixed assets (net)
+€6.4m
Financing
-€9.4m
Debts after one year
-€8.2m
Current portion of long-term debt
-€86,057
Short-term financial debts
+€347,261
Contributions, distributions and other
-€1.5m
Cash 2025
€60,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,535,646 | €24,556,526 | -€6.0m | -19.6% |
| Fixed assets | 21/28 | €13,622,265 | €6,728,065 | -€6.9m | -50.6% |
| Tangible fixed assets | 22/27 | €13,615,140 | €6,720,940 | -€6.9m | -50.6% |
| Land and buildings | 22 | €13,611,843 | €6,719,376 | -€6.9m | -50.6% |
| Furniture and vehicles | 24 | €3,297 | €1,564 | -€1,733 | -52.6% |
| Financial fixed assets | 28 | €7,125 | €7,125 | = | 0.0% |
| Current assets | 29/58 | €16,913,381 | €17,828,460 | +€915,080 | +5.4% |
| Stocks and contracts in progress | 3 | €16,622,635 | €17,691,953 | +€1.1m | +6.4% |
| Stocks | 30/36 | €16,622,635 | €17,691,953 | +€1.1m | +6.4% |
| Amounts receivable within one year | 40/41 | €135,783 | €71,717 | -€64,066 | -47.2% |
| Trade receivables | 40 | €135,765 | €70,272 | -€65,493 | -48.2% |
| Other amounts receivable | 41 | €18 | €1,444 | +€1,427 | +8,032% |
| Cash at bank and in hand | 54/58 | €95,399 | €60,575 | -€34,824 | -36.5% |
| Deferred charges and accrued income | 490/1 | €59,564 | €4,216 | -€55,348 | -92.9% |
| Total equity and liabilities | 10/49 | €30,535,646 | €24,556,526 | -€6.0m | -19.6% |
| Equity | 10/15 | €1,226,503 | €1,744,333 | +€517,830 | +42.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,164,529 | €1,682,359 | +€517,830 | +44.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €492,657 | €1,010,487 | +€517,830 | +105% |
| Distributable reserves | 133 | €665,675 | €665,675 | = | 0.0% |
| Provisions and deferred taxes | 16 | €15,824 | €15,824 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €15,824 | €15,824 | = | 0.0% |
| Pensions and similar obligations | 160 | €15,824 | €15,824 | = | 0.0% |
| Amounts payable | 17/49 | €29,293,319 | €22,796,369 | -€6.5m | -22.2% |
| Amounts payable after more than one year | 17 | €28,033,017 | €19,821,302 | -€8.2m | -29.3% |
| Financial debts | 170/4 | €28,033,017 | €19,821,302 | -€8.2m | -29.3% |
| Amounts payable within one year | 42/48 | €1,257,119 | €2,973,155 | +€1.7m | +137% |
| Current portion of amounts payable after more than one year | 42 | €181,322 | €95,266 | -€86,057 | -47.5% |
| Financial debts | 43 | €400,000 | €747,261 | +€347,261 | +86.8% |
| Credit institutions | 430/8 | €400,000 | €747,261 | +€347,261 | +86.8% |
| Trade debts | 44 | €347,860 | €248,829 | -€99,031 | -28.5% |
| Suppliers | 440/4 | €347,860 | €248,829 | -€99,031 | -28.5% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €120,157 | €25,874 | -€94,283 | -78.5% |
| Taxes | 450/3 | €120,157 | €25,874 | -€94,283 | -78.5% |
| Other amounts payable | 47/48 | €207,780 | €1,835,925 | +€1.6m | +784% |
| Accrued charges and deferred income | 492/3 | €3,183 | €1,912 | -€1,272 | -40.0% |
| Non-recurring operating income | 76A | - | €244,844 | +€244,844 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €623,846 | €479,122 | -€144,724 | -23.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,224 | €17,691 | -€24,533 | -58.1% |
| Other operating charges | 640/8 | €121,183 | €118,846 | -€2,337 | -1.9% |
| Gross operating margin | 9900 | €1,149,387 | €3,668,030 | +€2.5m | +219% |
| Operating profit (loss) | 9901 | €362,134 | €3,052,371 | +€2.7m | +743% |
| Financial income | 75/76B | €747 | €22 | -€726 | -97.1% |
| Recurring financial income | 75 | €747 | €22 | -€726 | -97.1% |
| Financial charges | 65/66B | €1,033,007 | €612,888 | -€420,120 | -40.7% |
| Recurring financial charges | 65 | €1,033,007 | €612,888 | -€420,120 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | -€670,126 | €2,439,505 | +€3.1m | |
| Income taxes | 67/77 | - | €422,494 | +€422,494 | |
| Profit (loss) for the period | 9904 | -€670,126 | €2,017,011 | +€2.7m | |
| Transfer to tax-exempt reserves | 689 | - | €517,830 | +€517,830 | |
| Profit (loss) for the period to be appropriated | 9905 | -€670,126 | €1,499,181 | +€2.2m |
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 26 October 2026 via checked.be.