HERZET&CO: what changed
HERZET&CO
Largest movements
- Cash +€163,985
up €163,985 (+168%), from €97,861 to €261,846
mainly Net result for the year (+€125,447) and Receivables within one year (+€24,128)
- Receivables within one year -€24,128
down €24,128 (-18.7%), from €128,790 to €104,662
of which Trade receivables: -€45,039
- Tangible fixed assets -€11,432
down €11,432 (-22.1%), from €51,768 to €40,336
of which Furniture and vehicles: -€5,945
- Reserves +€125,447
up €125,447 (+50.7%), from €247,290 to €372,737
of which Distributable reserves: +€125,447
- Tax, wage and social debts +€7,479
up €7,479 (+17.8%), from €42,049 to €49,528
of which Taxes: +€7,000
- Trade debts -€7,021
no longer reported in 2025 (was €7,021)
- Gross operating margin +€66,224
up €66,224 (+28.5%), from €232,616 to €298,840
- Staff costs +€18,317
up €18,317 (+18.5%), from €98,841 to €117,158
- Taxes +€7,058
up €7,058 (+20.2%), from €34,942 to €42,000
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 | €315,119 | €441,024 | +€125,905 | +40.0% |
| Fixed assets | 21/28 | €52,768 | €41,336 | -€11,432 | -21.7% |
| Tangible fixed assets | 22/27 | €51,768 | €40,336 | -€11,432 | -22.1% |
| Plant, machinery and equipment | 23 | €26,822 | €21,335 | -€5,487 | -20.5% |
| Furniture and vehicles | 24 | €24,946 | €19,001 | -€5,945 | -23.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €262,351 | €399,688 | +€137,337 | +52.3% |
| Stocks and contracts in progress | 3 | €35,700 | €33,180 | -€2,520 | -7.1% |
| Stocks | 30/36 | €35,700 | €33,180 | -€2,520 | -7.1% |
| Amounts receivable within one year | 40/41 | €128,790 | €104,662 | -€24,128 | -18.7% |
| Trade receivables | 40 | €53,609 | €8,570 | -€45,039 | -84.0% |
| Other amounts receivable | 41 | €75,181 | €96,092 | +€20,911 | +27.8% |
| Cash at bank and in hand | 54/58 | €97,861 | €261,846 | +€163,985 | +168% |
| Total equity and liabilities | 10/49 | €315,119 | €441,024 | +€125,905 | +40.0% |
| Equity | 10/15 | €266,049 | €391,496 | +€125,447 | +47.2% |
| Contributions | 10/11 | €9,800 | €9,800 | = | 0.0% |
| Capital | 10 | €9,800 | €9,800 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €8,800 | €8,800 | = | 0.0% |
| Reserves | 13 | €247,290 | €372,737 | +€125,447 | +50.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €245,430 | €370,877 | +€125,447 | +51.1% |
| Profit (loss) carried forward | 14 | €8,959 | €8,959 | = | 0.0% |
| Amounts payable | 17/49 | €49,070 | €49,528 | +€458 | +0.9% |
| Amounts payable within one year | 42/48 | €49,070 | €49,528 | +€458 | +0.9% |
| Trade debts | 44 | €7,021 | - | -€7,021 | |
| Suppliers | 440/4 | €7,021 | - | -€7,021 | |
| Taxes, remuneration and social security | 45 | €42,049 | €49,528 | +€7,479 | +17.8% |
| Taxes | 450/3 | €35,000 | €42,000 | +€7,000 | +20.0% |
| Remuneration and social security | 454/9 | €7,049 | €7,528 | +€479 | +6.8% |
| Remuneration, social security and pensions | 62 | €98,841 | €117,158 | +€18,317 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,954 | €15,673 | +€719 | +4.8% |
| Other operating charges | 640/8 | €330 | €833 | +€503 | +152% |
| Non-recurring operating charges | 66A | - | €1,349 | +€1,349 | |
| Gross operating margin | 9900 | €232,616 | €298,840 | +€66,224 | +28.5% |
| Operating profit (loss) | 9901 | €118,491 | €163,827 | +€45,336 | +38.3% |
| Financial income | 75/76B | €4,158 | €3,710 | -€448 | -10.8% |
| Recurring financial income | 75 | €4,158 | €3,710 | -€448 | -10.8% |
| Financial charges | 65/66B | €413 | €90 | -€323 | -78.2% |
| Recurring financial charges | 65 | €280 | €90 | -€190 | -67.9% |
| Non-recurring financial charges | 66B | €133 | - | -€133 | |
| Profit (loss) for the period before taxes | 9903 | €122,236 | €167,447 | +€45,211 | +37.0% |
| Income taxes | 67/77 | €34,942 | €42,000 | +€7,058 | +20.2% |
| Profit (loss) for the period | 9904 | €87,294 | €125,447 | +€38,153 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €87,294 | €125,447 | +€38,153 | +43.7% |
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 3 November 2026 via checked.be.