HERZOG: 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.
HERZOG
Largest movements
- Receivables within one year -€14,698
down €14,698 (-98.2%), from €14,970 to €272
of which Trade receivables: -€14,970
- Tangible fixed assets -€3,421
down €3,421 (-41.3%), from €8,284 to €4,863
of which Furniture and vehicles: -€1,739
- Other debts +€22,604
up €22,604 (+147.7%), from €15,309 to €37,913
- Profit (loss) carried forward -€22,236
down €22,236 (-77.5%), from -€28,685 to -€50,921
- Tax, wage and social debts -€12,905
down €12,905 (-59.8%), from €21,573 to €8,668
of which Remuneration and social security: -€8,523
- Trade debts -€4,649
down €4,649 (-49.5%), from €9,396 to €4,747
- Accrued charges and deferred income -€1,110
no longer reported in 2025 (was €1,110)
- Staff costs -€10,436
down €10,436 (-23.2%), from €44,959 to €34,523
- Financial income +€7,916
up €7,916 (+1391.2%), from €569 to €8,485
- Gross operating margin -€5,801
down €5,801 (-37.0%), from €15,687 to €9,886
- Other operating charges -€1,848
down €1,848 (-79.0%), from €2,338 to €490
- Financial charges +€720
up €720 (+49.6%), from €1,453 to €2,173
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.
Cash bridge derived
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 | €24,454 | €6,135 | -€18,319 | -74.9% |
| Fixed assets | 21/28 | €8,284 | €4,863 | -€3,421 | -41.3% |
| Tangible fixed assets | 22/27 | €8,284 | €4,863 | -€3,421 | -41.3% |
| Plant, machinery and equipment | 23 | €3,654 | €1,972 | -€1,682 | -46.0% |
| Furniture and vehicles | 24 | €4,630 | €2,891 | -€1,739 | -37.6% |
| Current assets | 29/58 | €16,170 | €1,272 | -€14,898 | -92.1% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,970 | €272 | -€14,698 | -98.2% |
| Trade receivables | 40 | €14,970 | - | -€14,970 | |
| Other amounts receivable | 41 | - | €272 | +€272 | |
| Cash at bank and in hand | 54/58 | €200 | - | -€200 | |
| Total equity and liabilities | 10/49 | €24,454 | €6,135 | -€18,319 | -74.9% |
| Equity | 10/15 | -€27,485 | -€49,721 | -€22,236 | -80.9% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,685 | -€50,921 | -€22,236 | -77.5% |
| Amounts payable | 17/49 | €51,939 | €55,856 | +€3,917 | +7.5% |
| Amounts payable within one year | 42/48 | €50,829 | €55,856 | +€5,027 | +9.9% |
| Financial debts | 43 | €4,551 | €4,528 | -€23 | -0.5% |
| Credit institutions | 430/8 | €4,551 | €4,528 | -€23 | -0.5% |
| Trade debts | 44 | €9,396 | €4,747 | -€4,649 | -49.5% |
| Suppliers | 440/4 | €9,396 | €4,747 | -€4,649 | -49.5% |
| Taxes, remuneration and social security | 45 | €21,573 | €8,668 | -€12,905 | -59.8% |
| Taxes | 450/3 | €5,579 | €1,197 | -€4,382 | -78.5% |
| Remuneration and social security | 454/9 | €15,994 | €7,471 | -€8,523 | -53.3% |
| Other amounts payable | 47/48 | €15,309 | €37,913 | +€22,604 | +147.7% |
| Accrued charges and deferred income | 492/3 | €1,110 | - | -€1,110 | |
| Remuneration, social security and pensions | 62 | €44,959 | €34,523 | -€10,436 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,746 | €3,421 | -€325 | -8.7% |
| Other operating charges | 640/8 | €2,338 | €490 | -€1,848 | -79.0% |
| Gross operating margin | 9900 | €15,687 | €9,886 | -€5,801 | -37.0% |
| Operating profit (loss) | 9901 | -€35,356 | -€28,548 | +€6,808 | +19.3% |
| Financial income | 75/76B | €569 | €8,485 | +€7,916 | +1391.2% |
| Recurring financial income | 75 | €569 | €8,485 | +€7,916 | +1391.2% |
| Financial charges | 65/66B | €1,453 | €2,173 | +€720 | +49.6% |
| Recurring financial charges | 65 | €1,453 | €2,173 | +€720 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | -€36,240 | -€22,236 | +€14,004 | +38.6% |
| Income taxes | 67/77 | €6 | - | -€6 | |
| Profit (loss) for the period | 9904 | -€36,246 | -€22,236 | +€14,010 | +38.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,246 | -€22,236 | +€14,010 | +38.7% |
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 11 October 2026 via checked.be.