J. HERTOGEN: 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.
J. HERTOGEN
Largest movements
- Receivables within one year +€23,073
up €23,073 (+20.5%), from €112,685 to €135,758
of which Trade receivables: +€19,432
- Tangible fixed assets -€4,197
down €4,197 (-42.2%), from €9,951 to €5,754
of which Furniture and vehicles: -€3,030
- Cash -€2,552
down €2,552 (-76.3%), from €3,346 to €794
mainly Receivables within one year (-€23,073) and Current portion of long-term debt (-€873)
- Reserves +€8,543
up €8,543 (+17.2%), from €49,615 to €58,158
of which Distributable reserves: +€8,543
- Tax, wage and social debts +€4,676
up €4,676 (+16,176%), from €29 to €4,705
- Trade debts +€3,940
up €3,940 (+406%), from €971 to €4,911
- Gross operating margin +€9,921
up €9,921 (+134%), from €7,386 to €17,307
- Taxes +€2,702
up €2,702 (+171%), from €1,577 to €4,279
- Depreciation +€1,557
up €1,557 (+59.0%), from €2,640 to €4,197
- Financial income -€856
down €856 (-93.7%), from €914 to €58
- Financial charges -€209
down €209 (-54.5%), from €384 to €174
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 | €126,090 | €142,377 | +€16,287 | +12.9% |
| Fixed assets | 21/28 | €10,001 | €5,754 | -€4,247 | -42.5% |
| Tangible fixed assets | 22/27 | €9,951 | €5,754 | -€4,197 | -42.2% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €2,607 | €1,441 | -€1,167 | -44.7% |
| Furniture and vehicles | 24 | €7,344 | €4,314 | -€3,030 | -41.3% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €116,090 | €136,623 | +€20,533 | +17.7% |
| Amounts receivable within one year | 40/41 | €112,685 | €135,758 | +€23,073 | +20.5% |
| Trade receivables | 40 | €48,577 | €68,010 | +€19,432 | +40.0% |
| Other amounts receivable | 41 | €64,107 | €67,748 | +€3,641 | +5.7% |
| Cash at bank and in hand | 54/58 | €3,346 | €794 | -€2,552 | -76.3% |
| Deferred charges and accrued income | 490/1 | €59 | €70 | +€11 | +19.5% |
| Total equity and liabilities | 10/49 | €126,090 | €142,377 | +€16,287 | +12.9% |
| Equity | 10/15 | €124,218 | €132,761 | +€8,543 | +6.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €49,615 | €58,158 | +€8,543 | +17.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €47,756 | €56,299 | +€8,543 | +17.9% |
| Profit (loss) carried forward | 14 | €56,011 | €56,011 | = | 0.0% |
| Amounts payable | 17/49 | €1,873 | €9,616 | +€7,743 | +413% |
| Amounts payable within one year | 42/48 | €1,873 | €9,616 | +€7,743 | +413% |
| Current portion of amounts payable after more than one year | 42 | €873 | - | -€873 | |
| Trade debts | 44 | €971 | €4,911 | +€3,940 | +406% |
| Suppliers | 440/4 | €971 | €4,911 | +€3,940 | +406% |
| Taxes, remuneration and social security | 45 | €29 | €4,705 | +€4,676 | +16,176% |
| Taxes | 450/3 | €29 | €4,705 | +€4,676 | +16,176% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,640 | €4,197 | +€1,557 | +59.0% |
| Other operating charges | 640/8 | €122 | €172 | +€50 | +40.7% |
| Gross operating margin | 9900 | €7,386 | €17,307 | +€9,921 | +134% |
| Operating profit (loss) | 9901 | €4,625 | €12,939 | +€8,314 | +180% |
| Financial income | 75/76B | €914 | €58 | -€856 | -93.7% |
| Recurring financial income | 75 | €914 | €58 | -€856 | -93.7% |
| Financial charges | 65/66B | €384 | €174 | -€209 | -54.5% |
| Recurring financial charges | 65 | €384 | €174 | -€209 | -54.5% |
| Profit (loss) for the period before taxes | 9903 | €5,155 | €12,822 | +€7,667 | +149% |
| Income taxes | 67/77 | €1,577 | €4,279 | +€2,702 | +171% |
| Profit (loss) for the period | 9904 | €3,578 | €8,543 | +€4,965 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €3,578 | €8,543 | +€4,965 | +139% |
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 27 October 2026 via checked.be.