ON-HERTZ: 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.
ON-HERTZ
Largest movements
- Receivables within one year +€166,543
up €166,543 (+56.5%), from €294,512 to €461,055
of which Other amounts receivable: +€113,261
- Intangible fixed assets +€154,428
up €154,428 (+15.7%), from €982,300 to €1.1m
- Cash +€51,392
up €51,392 (+23.9%), from €215,419 to €266,811
mainly Net result for the year (+€243,963) and Depreciation (+€181,187)
- Profit (loss) carried forward +€257,367
up €257,367, from -€196,742 to €60,625
- Debts after one year +€127,332
up €127,332 (+17.3%), from €737,296 to €864,628
of which Financial debts: +€127,332
- Current portion of long-term debt -€83,252
down €83,252 (-27.1%), from €307,635 to €224,383
- Investment grants -€53,615
down €53,615 (-30.8%), from €174,248 to €120,633
- Trade debts +€49,427
up €49,427 (+175%), from €28,226 to €77,653
- Gross operating margin +€471,213
up €471,213 (+151%), from €312,513 to €783,726
- Staff costs +€71,561
up €71,561 (+35.2%), from €203,161 to €274,722
- Financial charges +€71,243
up €71,243 (+247%), from €28,801 to €100,043
- Taxes +€36,498
up €36,498 (+3,616%), from €1,009 to €37,508
- Other operating charges -€14,033
down €14,033 (-93.4%), from €15,032 to €998
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 | €1,501,806 | €1,881,738 | +€379,932 | +25.3% |
| Fixed assets | 21/28 | €991,874 | €1,149,596 | +€157,721 | +15.9% |
| Intangible fixed assets | 21 | €982,300 | €1,136,728 | +€154,428 | +15.7% |
| Tangible fixed assets | 22/27 | €7,072 | €9,113 | +€2,041 | +28.9% |
| Furniture and vehicles | 24 | €7,072 | €9,113 | +€2,041 | +28.9% |
| Financial fixed assets | 28 | €2,503 | €3,755 | +€1,252 | +50.0% |
| Current assets | 29/58 | €509,932 | €732,143 | +€222,211 | +43.6% |
| Amounts receivable within one year | 40/41 | €294,512 | €461,055 | +€166,543 | +56.5% |
| Trade receivables | 40 | €189,714 | €242,996 | +€53,282 | +28.1% |
| Other amounts receivable | 41 | €104,798 | €218,059 | +€113,261 | +108% |
| Cash at bank and in hand | 54/58 | €215,419 | €266,811 | +€51,392 | +23.9% |
| Deferred charges and accrued income | 490/1 | - | €4,276 | +€4,276 | |
| Total equity and liabilities | 10/49 | €1,501,806 | €1,881,738 | +€379,932 | +25.3% |
| Equity | 10/15 | €357,507 | €561,259 | +€203,752 | +57.0% |
| Contributions | 10/11 | €380,001 | €380,001 | = | 0.0% |
| Capital | 10 | €380,001 | €380,001 | = | 0.0% |
| Issued capital | 100 | €380,001 | €380,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€196,742 | €60,625 | +€257,367 | |
| Investment grants | 15 | €174,248 | €120,633 | -€53,615 | -30.8% |
| Provisions and deferred taxes | 16 | €43,562 | €30,158 | -€13,404 | -30.8% |
| Deferred taxes | 168 | €43,562 | €30,158 | -€13,404 | -30.8% |
| Amounts payable | 17/49 | €1,100,737 | €1,290,322 | +€189,584 | +17.2% |
| Amounts payable after more than one year | 17 | €737,296 | €864,628 | +€127,332 | +17.3% |
| Financial debts | 170/4 | €685,138 | €812,470 | +€127,332 | +18.6% |
| Trade debts | 175 | €52,158 | €52,158 | = | 0.0% |
| Amounts payable within one year | 42/48 | €356,205 | €371,282 | +€15,077 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €307,635 | €224,383 | -€83,252 | -27.1% |
| Trade debts | 44 | €28,226 | €77,653 | +€49,427 | +175% |
| Suppliers | 440/4 | €28,226 | €77,653 | +€49,427 | +175% |
| Taxes, remuneration and social security | 45 | €18,789 | €67,690 | +€48,901 | +260% |
| Taxes | 450/3 | €659 | €37,540 | +€36,881 | +5,597% |
| Remuneration and social security | 454/9 | €18,130 | €30,150 | +€12,020 | +66.3% |
| Other amounts payable | 47/48 | €1,556 | €1,556 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,236 | €54,412 | +€47,176 | +652% |
| Remuneration, social security and pensions | 62 | €203,161 | €274,722 | +€71,561 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,064 | €181,187 | -€9,878 | -5.2% |
| Other operating charges | 640/8 | €15,032 | €998 | -€14,033 | -93.4% |
| Gross operating margin | 9900 | €312,513 | €783,726 | +€471,213 | +151% |
| Operating profit (loss) | 9901 | -€96,745 | €326,818 | +€423,564 | |
| Financial income | 75/76B | €54,750 | €54,695 | -€55 | -0.1% |
| Recurring financial income | 75 | €54,750 | €54,695 | -€55 | -0.1% |
| Financial charges | 65/66B | €28,801 | €100,043 | +€71,243 | +247% |
| Recurring financial charges | 65 | €28,801 | €100,043 | +€71,243 | +247% |
| Profit (loss) for the period before taxes | 9903 | -€70,795 | €281,471 | +€352,266 | |
| Transfer from deferred taxes | 780 | €13,404 | - | -€13,404 | |
| Income taxes | 67/77 | €1,009 | €37,508 | +€36,498 | +3,616% |
| Profit (loss) for the period | 9904 | -€58,401 | €243,963 | +€302,364 | |
| Transfer from tax-exempt reserves | 789 | - | €13,404 | +€13,404 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,401 | €257,367 | +€315,768 |
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 19 October 2026 via checked.be.