Hugues Hertay: 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.
Hugues Hertay
Largest movements
- Receivables after one year +€43,500
new in 2025: €43,500
- Cash +€43,095
up €43,095 (+43.5%), from €99,039 to €142,134
mainly Net result for the year (+€94,329) and Tax, wage and social debts (+€5,450)
- Receivables within one year +€15,396
new in 2025: €15,396
- Profit (loss) carried forward +€94,329
up €94,329 (+199%), from €47,483 to €141,812
- Tax, wage and social debts +€5,450
up €5,450 (+20.0%), from €27,257 to €32,707
- Other debts +€2,174
up €2,174 (+25.8%), from €8,428 to €10,603
- Gross operating margin +€59,999
up €59,999 (+100%), from €59,815 to €119,814
- Taxes +€13,148
up €13,148 (+111%), from €11,871 to €25,019
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 | €99,039 | €201,030 | +€101,990 | +103% |
| Current assets | 29/58 | €99,039 | €201,030 | +€101,990 | +103% |
| Amounts receivable after more than one year | 29 | - | €43,500 | +€43,500 | |
| Trade receivables | 290 | - | €43,500 | +€43,500 | |
| Amounts receivable within one year | 40/41 | - | €15,396 | +€15,396 | |
| Trade receivables | 40 | - | €15,396 | +€15,396 | |
| Cash at bank and in hand | 54/58 | €99,039 | €142,134 | +€43,095 | +43.5% |
| Total equity and liabilities | 10/49 | €99,039 | €201,030 | +€101,990 | +103% |
| Equity | 10/15 | €62,483 | €156,812 | +€94,329 | +151% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,483 | €141,812 | +€94,329 | +199% |
| Amounts payable | 17/49 | €36,556 | €44,218 | +€7,661 | +21.0% |
| Amounts payable within one year | 42/48 | €36,556 | €44,218 | +€7,661 | +21.0% |
| Trade debts | 44 | €871 | €908 | +€36 | +4.2% |
| Suppliers | 440/4 | €871 | €908 | +€36 | +4.2% |
| Taxes, remuneration and social security | 45 | €27,257 | €32,707 | +€5,450 | +20.0% |
| Taxes | 450/3 | €27,257 | €32,707 | +€5,450 | +20.0% |
| Other amounts payable | 47/48 | €8,428 | €10,603 | +€2,174 | +25.8% |
| Other operating charges | 640/8 | €461 | €453 | -€8 | -1.7% |
| Gross operating margin | 9900 | €59,815 | €119,814 | +€59,999 | +100% |
| Operating profit (loss) | 9901 | €59,354 | €119,361 | +€60,007 | +101% |
| Financial income | 75/76B | - | €53 | +€53 | |
| Recurring financial income | 75 | - | €53 | +€53 | |
| Financial charges | 65/66B | - | €65 | +€65 | |
| Recurring financial charges | 65 | - | €65 | +€65 | |
| Profit (loss) for the period before taxes | 9903 | €59,354 | €119,348 | +€59,994 | +101% |
| Income taxes | 67/77 | €11,871 | €25,019 | +€13,148 | +111% |
| Profit (loss) for the period | 9904 | €47,483 | €94,329 | +€46,846 | +98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,483 | €94,329 | +€46,846 | +98.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.