JOHAN HERTSENS: 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.
JOHAN HERTSENS
Largest movements
- Tangible fixed assets -€29,604
down €29,604 (-42.3%), from €69,937 to €40,333
- Receivables within one year -€26,024
down €26,024 (-16.0%), from €162,615 to €136,591
of which Trade receivables: -€43,837
- Cash -€4,467
down €4,467 (-42.2%), from €10,583 to €6,117
mainly Other debts (-€80,804) and Contributions, distributions and other (-€63,032)
- Other debts -€80,804
down €80,804 (-87.3%), from €92,528 to €11,724
- Profit (loss) carried forward +€34,658
up €34,658 (+55.0%), from €63,032 to €97,690
- Debts after one year -€18,389
down €18,389 (-40.2%), from €45,707 to €27,318
- Tax, wage and social debts +€4,338
up €4,338 (+20.6%), from €21,051 to €25,389
- Gross operating margin +€46,683
up €46,683 (+41.0%), from €113,987 to €160,670
- Taxes +€12,323
up €12,323 (+69.7%), from €17,673 to €29,995
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 | €243,384 | €183,303 | -€60,082 | -24.7% |
| Fixed assets | 21/28 | €69,937 | €40,333 | -€29,604 | -42.3% |
| Tangible fixed assets | 22/27 | €69,937 | €40,333 | -€29,604 | -42.3% |
| Furniture and vehicles | 24 | €69,937 | €40,333 | -€29,604 | -42.3% |
| Current assets | 29/58 | €173,447 | €142,969 | -€30,478 | -17.6% |
| Amounts receivable within one year | 40/41 | €162,615 | €136,591 | -€26,024 | -16.0% |
| Trade receivables | 40 | €97,001 | €53,164 | -€43,837 | -45.2% |
| Other amounts receivable | 41 | €65,614 | €83,428 | +€17,813 | +27.1% |
| Cash at bank and in hand | 54/58 | €10,583 | €6,117 | -€4,467 | -42.2% |
| Deferred charges and accrued income | 490/1 | €249 | €262 | +€13 | +5.1% |
| Total equity and liabilities | 10/49 | €243,384 | €183,303 | -€60,082 | -24.7% |
| Equity | 10/15 | €65,032 | €99,690 | +€34,658 | +53.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,032 | €97,690 | +€34,658 | +55.0% |
| Amounts payable | 17/49 | €178,352 | €83,613 | -€94,740 | -53.1% |
| Amounts payable after more than one year | 17 | €45,707 | €27,318 | -€18,389 | -40.2% |
| Financial debts | 170/4 | €45,707 | €27,318 | -€18,389 | -40.2% |
| Amounts payable within one year | 42/48 | €132,645 | €56,294 | -€76,351 | -57.6% |
| Current portion of amounts payable after more than one year | 42 | €17,681 | €18,389 | +€708 | +4.0% |
| Trade debts | 44 | €1,386 | €792 | -€594 | -42.8% |
| Suppliers | 440/4 | €1,386 | €792 | -€594 | -42.8% |
| Taxes, remuneration and social security | 45 | €21,051 | €25,389 | +€4,338 | +20.6% |
| Taxes | 450/3 | €21,051 | €25,389 | +€4,338 | +20.6% |
| Other amounts payable | 47/48 | €92,528 | €11,724 | -€80,804 | -87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,406 | €29,389 | -€17 | -0.1% |
| Other operating charges | 640/8 | €1,040 | €1,057 | +€16 | +1.6% |
| Gross operating margin | 9900 | €113,987 | €160,670 | +€46,683 | +41.0% |
| Operating profit (loss) | 9901 | €83,540 | €130,224 | +€46,684 | +55.9% |
| Financial income | 75/76B | €447 | €0 | -€447 | -100.0% |
| Recurring financial income | 75 | €447 | €0 | -€447 | -100.0% |
| Financial charges | 65/66B | €3,283 | €2,539 | -€744 | -22.7% |
| Recurring financial charges | 65 | €3,283 | €2,539 | -€744 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €80,704 | €127,685 | +€46,981 | +58.2% |
| Income taxes | 67/77 | €17,673 | €29,995 | +€12,323 | +69.7% |
| Profit (loss) for the period | 9904 | €63,032 | €97,690 | +€34,658 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,032 | €97,690 | +€34,658 | +55.0% |
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 22 October 2026 via checked.be.