Simon Hertoge: 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.
Simon Hertoge
Largest movements
- Receivables after one year +€59,500
new in 2025: €59,500
- Receivables within one year +€45,505
up €45,505 (+203%), from €22,472 to €67,977
of which Trade receivables: +€26,040
- Current investments -€30,458
down €30,458 (-50.8%), from €60,000 to €29,542
- Cash -€21,535
down €21,535 (-25.1%), from €85,904 to €64,369
mainly Contributions, distributions and other (-€238,062) and Receivables after one year (-€59,500)
- Deferred charges and accrued income +€18,078
up €18,078 (+1,542%), from €1,173 to €19,250
- Other debts +€199,360
up €199,360 (+6,662%), from €2,992 to €202,353
- Reserves -€140,276
down €140,276 (-100%), from €140,276 to €0
- Tax, wage and social debts +€19,218
up €19,218 (+310%), from €6,203 to €25,421
- Debts after one year -€8,000
down €8,000 (-100%), from €8,000 to €0
of which Other amounts payable: -€8,000
- Gross operating margin +€26,027
up €26,027 (+25.2%), from €103,386 to €129,413
- Taxes +€6,428
up €6,428 (+30.7%), from €20,922 to €27,350
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 | €181,262 | €249,816 | +€68,554 | +37.8% |
| Fixed assets | 21/28 | €11,715 | €9,178 | -€2,537 | -21.7% |
| Tangible fixed assets | 22/27 | €11,715 | €9,178 | -€2,537 | -21.7% |
| Plant, machinery and equipment | 23 | €683 | €1,881 | +€1,198 | +175% |
| Furniture and vehicles | 24 | €11,032 | €7,297 | -€3,734 | -33.9% |
| Current assets | 29/58 | €169,548 | €240,638 | +€71,090 | +41.9% |
| Amounts receivable after more than one year | 29 | - | €59,500 | +€59,500 | |
| Other amounts receivable | 291 | - | €59,500 | +€59,500 | |
| Amounts receivable within one year | 40/41 | €22,472 | €67,977 | +€45,505 | +203% |
| Trade receivables | 40 | €15,469 | €41,509 | +€26,040 | +168% |
| Other amounts receivable | 41 | €7,003 | €26,468 | +€19,465 | +278% |
| Current investments | 50/53 | €60,000 | €29,542 | -€30,458 | -50.8% |
| Cash at bank and in hand | 54/58 | €85,904 | €64,369 | -€21,535 | -25.1% |
| Deferred charges and accrued income | 490/1 | €1,173 | €19,250 | +€18,078 | +1,542% |
| Total equity and liabilities | 10/49 | €181,262 | €249,816 | +€68,554 | +37.8% |
| Equity | 10/15 | €143,276 | €3,000 | -€140,276 | -97.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €140,276 | €0 | -€140,276 | -100% |
| Distributable reserves | 133 | €140,276 | €0 | -€140,276 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €37,986 | €246,816 | +€208,830 | +550% |
| Amounts payable after more than one year | 17 | €8,000 | €0 | -€8,000 | -100% |
| Financial debts | 170/4 | - | €0 | = | |
| Other amounts payable | 178/9 | €8,000 | - | -€8,000 | |
| Amounts payable within one year | 42/48 | €29,986 | €246,816 | +€216,830 | +723% |
| Trade debts | 44 | €2,336 | €587 | -€1,748 | -74.8% |
| Suppliers | 440/4 | €2,336 | €587 | -€1,748 | -74.8% |
| Advances received on contracts in progress | 46 | €18,455 | €18,455 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,203 | €25,421 | +€19,218 | +310% |
| Taxes | 450/3 | €6,203 | €25,421 | +€19,218 | +310% |
| Other amounts payable | 47/48 | €2,992 | €202,353 | +€199,360 | +6,662% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,784 | €4,511 | +€727 | +19.2% |
| Other operating charges | 640/8 | €59 | €1,051 | +€992 | +1,689% |
| Gross operating margin | 9900 | €103,386 | €129,413 | +€26,027 | +25.2% |
| Operating profit (loss) | 9901 | €99,543 | €123,851 | +€24,308 | +24.4% |
| Financial income | 75/76B | €1,173 | €1,379 | +€207 | +17.6% |
| Recurring financial income | 75 | €1,173 | €1,379 | +€207 | +17.6% |
| Non-recurring financial income | 76B | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €72 | €94 | +€22 | +30.1% |
| Recurring financial charges | 65 | €72 | €93 | +€21 | +29.2% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | €100,644 | €125,136 | +€24,492 | +24.3% |
| Income taxes | 67/77 | €20,922 | €27,350 | +€6,428 | +30.7% |
| Profit (loss) for the period | 9904 | €79,721 | €97,786 | +€18,064 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,721 | €97,786 | +€18,064 | +22.7% |
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 16 October 2026 via checked.be.