HERTZ: what changed
HERTZ
Largest movements
- Cash -€23,619
down €23,619 (-99.7%), from €23,702 to €83
mainly Trade debts (-€18,622) and Tax, wage and social debts (-€16,113)
- Tangible fixed assets +€4,612
up €4,612 (+77.9%), from €5,918 to €10,531
- Receivables within one year -€2,683
down €2,683 (-5.6%), from €48,063 to €45,380
of which Other amounts receivable: -€9,025
- Deferred charges and accrued income +€2,656
up €2,656 (+232%), from €1,144 to €3,800
- Trade debts -€18,622
down €18,622 (-28.6%), from €65,025 to €46,404
- Tax, wage and social debts -€16,113
down €16,113 (-69.7%), from €23,131 to €7,018
of which Taxes: -€14,031
- Debts after one year +€7,400
new in 2025: €7,400
- Profit (loss) carried forward +€6,474
up €6,474 (+23.9%), from -€27,097 to -€20,623
- Short-term financial debts +€2,334
new in 2025: €2,334
- Gross operating margin +€28,791
up €28,791, from -€12,981 to €15,810
- Staff costs -€3,368
no longer reported in 2025 (was €3,368)
- Depreciation -€2,438
down €2,438 (-40.1%), from €6,077 to €3,639
- Other operating charges -€1,149
down €1,149 (-42.5%), from €2,701 to €1,552
- Financial charges +€480
up €480 (+13.1%), from €3,672 to €4,152
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,305 | €80,848 | -€19,456 | -19.4% |
| Fixed assets | 21/28 | €6,168 | €10,781 | +€4,612 | +74.8% |
| Tangible fixed assets | 22/27 | €5,918 | €10,531 | +€4,612 | +77.9% |
| Furniture and vehicles | 24 | €5,918 | €10,531 | +€4,612 | +77.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €94,136 | €70,067 | -€24,069 | -25.6% |
| Stocks and contracts in progress | 3 | €21,228 | €20,804 | -€424 | -2.0% |
| Stocks | 30/36 | €21,228 | €20,804 | -€424 | -2.0% |
| Amounts receivable within one year | 40/41 | €48,063 | €45,380 | -€2,683 | -5.6% |
| Trade receivables | 40 | €32,945 | €39,287 | +€6,342 | +19.3% |
| Other amounts receivable | 41 | €15,118 | €6,093 | -€9,025 | -59.7% |
| Cash at bank and in hand | 54/58 | €23,702 | €83 | -€23,619 | -99.7% |
| Deferred charges and accrued income | 490/1 | €1,144 | €3,800 | +€2,656 | +232% |
| Total equity and liabilities | 10/49 | €100,305 | €80,848 | -€19,456 | -19.4% |
| Equity | 10/15 | €4,103 | €10,577 | +€6,474 | +158% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,097 | -€20,623 | +€6,474 | +23.9% |
| Amounts payable | 17/49 | €96,202 | €70,271 | -€25,930 | -27.0% |
| Amounts payable after more than one year | 17 | - | €7,400 | +€7,400 | |
| Financial debts | 170/4 | - | €7,400 | +€7,400 | |
| Amounts payable within one year | 42/48 | €95,952 | €62,122 | -€33,830 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €2,841 | €1,836 | -€1,005 | -35.4% |
| Financial debts | 43 | - | €2,334 | +€2,334 | |
| Credit institutions | 430/8 | - | €2,334 | +€2,334 | |
| Trade debts | 44 | €65,025 | €46,404 | -€18,622 | -28.6% |
| Suppliers | 440/4 | €65,025 | €46,404 | -€18,622 | -28.6% |
| Taxes, remuneration and social security | 45 | €23,131 | €7,018 | -€16,113 | -69.7% |
| Taxes | 450/3 | €17,649 | €3,618 | -€14,031 | -79.5% |
| Remuneration and social security | 454/9 | €5,482 | €3,400 | -€2,082 | -38.0% |
| Other amounts payable | 47/48 | €4,954 | €4,530 | -€424 | -8.6% |
| Accrued charges and deferred income | 492/3 | €250 | €750 | +€500 | +200% |
| Non-recurring operating income | 76A | €8,250 | €11,946 | +€3,696 | +44.8% |
| Remuneration, social security and pensions | 62 | €3,368 | - | -€3,368 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,077 | €3,639 | -€2,438 | -40.1% |
| Other operating charges | 640/8 | €2,701 | €1,552 | -€1,149 | -42.5% |
| Gross operating margin | 9900 | -€12,981 | €15,810 | +€28,791 | |
| Operating profit (loss) | 9901 | -€25,127 | €10,619 | +€35,746 | |
| Financial income | 75/76B | €62 | €3 | -€58 | -94.4% |
| Recurring financial income | 75 | €62 | €3 | -€58 | -94.4% |
| Financial charges | 65/66B | €3,672 | €4,152 | +€480 | +13.1% |
| Recurring financial charges | 65 | €3,672 | €4,152 | +€480 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,737 | €6,470 | +€35,208 | |
| Income taxes | 67/77 | €9 | -€3 | -€12 | |
| Profit (loss) for the period | 9904 | -€28,746 | €6,474 | +€35,220 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,746 | €6,474 | +€35,220 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.