HERTVELDEN: 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.
HERTVELDEN
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+156%), from €749,986 to €1.9m
of which Land and buildings: +€1.2m
- Debts after one year +€1.1m
up €1.1m (+668%), from €164,391 to €1.3m
- Trade debts +€150,228
new in 2025: €150,228
- Other debts -€80,702
down €80,702 (-40.2%), from €200,702 to €120,000
- Financial charges +€13,794
up €13,794 (+585%), from €2,358 to €16,152
- Gross operating margin -€10,643
down €10,643 (-9.0%), from €117,641 to €106,998
- Depreciation +€9,231
up €9,231 (+66.3%), from €13,928 to €23,159
- Taxes -€8,327
down €8,327 (-71.9%), from €11,576 to €3,249
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 | €863,239 | €2,043,053 | +€1.2m | +137% |
| Fixed assets | 21/28 | €749,986 | €1,916,954 | +€1.2m | +156% |
| Tangible fixed assets | 22/27 | €749,986 | €1,916,954 | +€1.2m | +156% |
| Land and buildings | 22 | €749,986 | €1,906,683 | +€1.2m | +154% |
| Plant, machinery and equipment | 23 | - | €10,271 | +€10,271 | |
| Current assets | 29/58 | €113,253 | €126,099 | +€12,846 | +11.3% |
| Amounts receivable within one year | 40/41 | €14,420 | €23,618 | +€9,198 | +63.8% |
| Other amounts receivable | 41 | €14,420 | €23,618 | +€9,198 | +63.8% |
| Cash at bank and in hand | 54/58 | €98,833 | €100,353 | +€1,520 | +1.5% |
| Deferred charges and accrued income | 490/1 | - | €2,128 | +€2,128 | |
| Total equity and liabilities | 10/49 | €863,239 | €2,043,053 | +€1.2m | +137% |
| Equity | 10/15 | €457,977 | €466,902 | +€8,925 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €439,377 | €448,302 | +€8,925 | +2.0% |
| Distributable reserves | 133 | €439,377 | €448,302 | +€8,925 | +2.0% |
| Amounts payable | 17/49 | €405,262 | €1,576,151 | +€1.2m | +289% |
| Amounts payable after more than one year | 17 | €164,391 | €1,262,137 | +€1.1m | +668% |
| Financial debts | 170/4 | €164,391 | €1,262,137 | +€1.1m | +668% |
| Amounts payable within one year | 42/48 | €240,871 | €314,014 | +€73,143 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €40,169 | €40,537 | +€368 | +0.9% |
| Trade debts | 44 | - | €150,228 | +€150,228 | |
| Suppliers | 440/4 | - | €150,228 | +€150,228 | |
| Taxes, remuneration and social security | 45 | - | €3,249 | +€3,249 | |
| Taxes | 450/3 | - | €3,249 | +€3,249 | |
| Other amounts payable | 47/48 | €200,702 | €120,000 | -€80,702 | -40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,928 | €23,159 | +€9,231 | +66.3% |
| Other operating charges | 640/8 | €1,934 | €2,080 | +€146 | +7.5% |
| Non-recurring operating charges | 66A | €53,117 | €53,433 | +€316 | +0.6% |
| Gross operating margin | 9900 | €117,641 | €106,998 | -€10,643 | -9.0% |
| Operating profit (loss) | 9901 | €48,662 | €28,326 | -€20,336 | -41.8% |
| Financial charges | 65/66B | €2,358 | €16,152 | +€13,794 | +585% |
| Recurring financial charges | 65 | €2,358 | €16,152 | +€13,794 | +585% |
| Profit (loss) for the period before taxes | 9903 | €46,304 | €12,174 | -€34,130 | -73.7% |
| Income taxes | 67/77 | €11,576 | €3,249 | -€8,327 | -71.9% |
| Profit (loss) for the period | 9904 | €34,728 | €8,925 | -€25,803 | -74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,728 | €8,925 | -€25,803 | -74.3% |
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 22 October 2026 via checked.be.