Hermes
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00438278.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 10 filings
Turnover
€177,087▼ 30.3%
2024 · €254,100
EBIT margin
0.8%▲ 3.8pp
2024 · -3.0%
Net result
€2,426
2024 · -€12,143
Working capital
-€43,449▼ 55.3%
2024 · -€27,980
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€177,087
▼ 30.3%
2025
20182025
Operating result
€1,417
2025
20182025
Net result
€2,426
2025
middle half of the sector
20182025
EBIT margin
0.8%
▲ 3.8pp
2025
20182025
Equity
€11,891
▲ 25.6%
2025
middle half of the sector
20182025
Total assets
€72,160
▼ 15.8%
2025
middle half of the sector
20182025
Debt
€60,270
▼ 21.0%
2025
20182025
Working capital
-€43,449
▼ 55.3%
2025
lowest quarter of the sector
20182025
Solvency
16.5%
▲ 5.4pp
2025
middle half of the sector
20182025
Current ratio
0.28
▼ 0.35
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▲ 17.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2.4
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€233,612-€266,381▲ 14.0%€172,075▼ 35.4%€237,541€314,915▲ 32.6%€254,100▼ 19.3%€177,087▼ 30.3%
Operating result-€7,312-€20,082€8,617▼ 57.1%€13,836▲ 60.6%-€11,906-€11,228▲ 5.7%-€7,604▲ 32.3%€1,417
Net result-€8,657-€14,581€4,877within the sector's middle half▼ 66.6%€11,135within the sector's middle half▲ 128%-€13,700below the sector's middle half-€13,728below the sector's middle half▼ 0.2%-€12,143below the sector's middle half▲ 11.5%€2,426within the sector's middle half
EBIT margin-3.1%-7.5%▲ 10.7pp5.0%▼ 2.5pp-5.0%-3.6%▲ 1.4pp-3.0%▲ 0.6pp0.8%▲ 3.8pp
Equity€18,644-€33,225▲ 78.2%€37,900within the sector's middle half▲ 14.1%€49,035within the sector's middle half▲ 29.4%€35,335within the sector's middle half▼ 27.9%€21,607within the sector's middle half▼ 38.9%€9,464within the sector's middle half▼ 56.2%€11,891within the sector's middle half▲ 25.6%
Total assets€79,865-€103,357▲ 29.4%€85,675within the sector's middle half▼ 17.1%€98,713within the sector's middle half▲ 15.2%€78,231within the sector's middle half▼ 20.7%€346,152above the sector's middle half▲ 342%€85,721within the sector's middle half▼ 75.2%€72,160within the sector's middle half▼ 15.8%
Debt€61,221-€70,132▲ 14.6%€47,775▼ 31.9%€49,678▲ 4.0%€42,895▼ 13.7%€324,545▲ 657%€76,256▼ 76.5%€60,270▼ 21.0%
Working capital-€32,648--€24,877▲ 23.8%-€10,936within the sector's middle half▲ 56.0%-€1,296within the sector's middle half▲ 88.2%€2,802within the sector's middle half-€52,590below the sector's middle half-€27,980within the sector's middle half▲ 46.8%-€43,449below the sector's middle half▼ 55.3%
Solvency23.3%-32.1%▲ 8.8pp44.2%within the sector's middle half▲ 12.1pp49.7%within the sector's middle half▲ 5.4pp45.2%within the sector's middle half▼ 4.5pp6.2%within the sector's middle half▼ 38.9pp11.0%within the sector's middle half▲ 4.8pp16.5%within the sector's middle half▲ 5.4pp
Current ratio0.47-0.49▲ 0.020.70within the sector's middle half▲ 0.200.97within the sector's middle half▲ 0.281.09within the sector's middle half▲ 0.120.76within the sector's middle half▼ 0.330.63within the sector's middle half▼ 0.120.28below the sector's middle half▼ 0.35
Return on assets (ROA)-10.8%-14.1%▲ 24.9pp5.7%within the sector's middle half▼ 8.4pp11.3%within the sector's middle half▲ 5.6pp-17.5%below the sector's middle half▼ 28.8pp-4.0%within the sector's middle half▲ 13.5pp-14.2%below the sector's middle half▼ 10.2pp3.4%within the sector's middle half▲ 17.5pp
Staff (FTE)1.4-1▼ 28.6%0.4below the sector's middle half▼ 60.0%2.1▲ 425%2.4▲ 14.3%2.6▲ 8.3%2.4
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €1,417, after a loss of €7,604 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72,160
Fixed assets
€55,340 ▲ 47.8%
Current assets
€16,821 ▼ 65.2%
Equity and liabilities €72,160
Equity
€11,891 ▲ 25.6%
Debt
€60,270 ▼ 21.0%
Debt's share of the balance-sheet total falls from 89.0% to 83.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4,491▲
2024 · €1,878
Cash flow
€5,500▲
2024 · -€2,661
Quick ratio
0.03▼
2024 · 0.44
Debt to equity
5.07▼
2024 · 8.06
ROE
20.4%▲
2024 · -128.3%
Interest coverage
3.54▲
2024 · 0.44
Debt ≤ 1 year
€60,270▼
2024 · €76,256
Income taxes
€749▲
2024 · €472
Customer credit
1 day▼
2024 · 39 days
Supplier credit
63 days▼
2024 · 102 days
Staff costs
€34,204▼
2024 · €49,884
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 3 | 1 |
| full-time | - | - | 0 | - |
| part-time | 3 | 2 | 3 | 1 |
| in full-time equivalents | 0.9 | 0.9 | 1.1 | 0.2 |
| Average over the year, in full-time equivalents | 0.8 | 0.9 | 1 | 0.9 |
| On a permanent contract | 3 | 2 | 2 | 1 |
| Joined | 2 | 0 | 5 | 2 |
| Left | 1 | 1 | 4 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,086 | €6,858 | €161,210 | - | €24,143 |
| Intangible fixed assets | - | €2,850 | - | - | - |
| Depreciation and write-downs of the year | €16,058 | €17,833 | €20,142 | €9,482 | €3,074 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €233,612 | €266,381 | €172,075 | - | €237,541 | €314,915 | €254,100 | €177,087 | ▼ 30.3% |
| Non-recurring operating income76A | - | - | - | €125 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €105,920 | €204,978 | €264,887 | €172,880 | €103,317 | ▼ 40.2% |
| Remuneration, social security and pensions62 | - | - | - | €15,945 | €28,274 | €32,750 | €49,884 | €34,204 | ▼ 31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,153 | €20,393 | €19,430 | €16,058 | €17,833 | €20,142 | €9,482 | €3,074 | ▼ 67.6% |
| Other operating charges640/8 | - | - | - | €1,382 | €3,919 | €8,365 | €3,611 | €883 | ▼ 75.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €30,467 | - | - |
| Gross operating margin9900 | €37,525 | €63,708 | €41,880 | €47,222 | €38,119 | €50,028 | €85,840 | €39,577 | ▼ 53.9% |
| Operating profit (loss)9901 | -€7,312 | €20,082 | €8,617 | €13,836 | -€11,906 | -€11,228 | -€7,604 | €1,417 | - |
| Financial income75/76B | - | - | - | €1 | €62 | €28 | €220 | €3,068 | ▲ 14× |
| Recurring financial income75 | €85 | €0 | €0 | €1 | €62 | €28 | €220 | €120 | ▼ 45.5% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €2,949 | - |
| Financial charges65/66B | - | - | - | €1,145 | €1,855 | €3,657 | €4,286 | €1,310 | ▼ 69.4% |
| Recurring financial charges65 | €1,678 | €1,948 | €1,405 | €1,145 | €1,855 | €3,657 | €4,244 | €1,268 | ▼ 70.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €42 | €42 | ▼ 1.0% |
| Profit (loss) for the period before taxes9903 | -€8,905 | €18,134 | €7,212 | €12,692 | -€13,700 | -€14,858 | -€11,671 | €3,176 | - |
| Income taxes67/77 | -€249 | €3,554 | €2,335 | €1,557 | - | -€1,129 | €472 | €749 | ▲ 58.7% |
| Profit (loss) for the period9904 | -€8,657 | €14,581 | €4,877 | €11,135 | -€13,700 | -€13,728 | -€12,143 | €2,426 | - |
| Profit (loss) for the period to be appropriated9905 | -€8,657 | €14,581 | €4,877 | €11,135 | -€13,700 | -€13,728 | -€12,143 | €2,426 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €79,865 | €103,357 | €85,675 | €98,713 | €78,231 | €346,152 | €85,721 | €72,160 | ▼ 15.8% |
| Fixed assets21/28 | €51,292 | €79,301 | €60,571 | €52,599 | €44,475 | €183,553 | €37,444 | €55,340 | ▲ 47.8% |
| Intangible fixed assets21 | - | - | €0 | - | €2,728 | €2,443 | €2,158 | €1,873 | ▼ 13.2% |
| Tangible fixed assets22/27 | €50,967 | €79,301 | €59,871 | €51,899 | €41,047 | €180,410 | €34,586 | €52,766 | ▲ 52.6% |
| Land and buildings22 | - | - | - | €29,451 | €27,861 | €26,270 | €24,679 | €23,088 | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €6,660 | €5,055 | €5,070 | €1,908 | €2,220 | ▲ 16.4% |
| Furniture and vehicles24 | - | - | - | €15,382 | €7,725 | €2,305 | €1,544 | €25,088 | ▲ 16× |
| Leasing and similar rights25 | - | - | - | - | - | €146,358 | €6,151 | €2,065 | ▼ 66.4% |
| Other tangible fixed assets26 | - | - | - | €407 | €407 | €407 | €305 | €305 | = |
| Financial fixed assets28 | €325 | €0 | €700 | €700 | €700 | €700 | €700 | €700 | = |
| Current assets29/58 | €28,572 | €24,055 | €25,104 | €46,114 | €33,755 | €162,599 | €48,277 | €16,821 | ▼ 65.2% |
| Stocks and contracts in progress3 | €2,470 | €3,325 | €1,773 | €3,321 | €22,088 | €4,704 | €15,047 | €14,941 | ▼ 0.7% |
| Stocks30/36 | - | - | - | €3,321 | €22,088 | €4,704 | €15,047 | €14,941 | ▼ 0.7% |
| Amounts receivable within one year40/41 | €967 | €3,063 | €22,419 | €31,001 | €7,418 | €153,315 | €27,296 | €304 | ▼ 98.9% |
| Trade receivables40 | - | - | - | €30,699 | €7,196 | €153,111 | €27,296 | - | - |
| Other amounts receivable41 | - | - | - | €302 | €222 | €204 | - | €304 | - |
| Cash at bank and in hand54/58 | €24,917 | €17,571 | €911 | €11,605 | €1,610 | €1,388 | €5,933 | €1,577 | ▼ 73.4% |
| Deferred charges and accrued income490/1 | - | - | - | €187 | €2,639 | €3,190 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €79,865 | €103,357 | €85,675 | €98,713 | €78,231 | €346,152 | €85,721 | €72,160 | ▼ 15.8% |
| Equity10/15 | €18,644 | €33,225 | €37,900 | €49,035 | €35,335 | €21,607 | €9,464 | €11,891 | ▲ 25.6% |
| Contributions10/11 | €18,600 | €18,600 | €0 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€1,816 | €12,765 | €17,440 | €28,575 | €14,875 | €1,147 | -€10,996 | -€8,569 | ▲ 22.1% |
| Provisions and deferred taxes16 | - | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €61,221 | €70,132 | €47,775 | €49,678 | €42,895 | €324,545 | €76,256 | €60,270 | ▼ 21.0% |
| Amounts payable after more than one year17 | - | €21,200 | €11,735 | €2,269 | €11,942 | €109,356 | - | - | - |
| Financial debts170/4 | - | - | - | €2,269 | €11,942 | €109,356 | - | - | - |
| Amounts payable within one year42/48 | €61,221 | €48,932 | €36,040 | €47,409 | €30,953 | €215,189 | €76,256 | €60,270 | ▼ 21.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,466 | €3,358 | €25,770 | €4,431 | €10,681 | ▲ 141% |
| Financial debts43 | - | - | - | - | - | €2,826 | - | €2,441 | - |
| Credit institutions430/8 | - | - | - | - | - | €2,826 | - | €2,441 | - |
| Trade debts44 | €10,142 | €3,607 | €1,774 | €8,965 | €9,253 | €177,782 | €48,357 | €17,700 | ▼ 63.4% |
| Suppliers440/4 | - | - | - | €8,965 | €9,253 | €177,782 | €48,357 | €17,700 | ▼ 63.4% |
| Advances received on contracts in progress46 | - | - | - | €19,306 | €5,832 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,301 | €5,548 | €8,050 | €21,437 | €2,549 | ▼ 88.1% |
| Taxes450/3 | - | - | - | €4,301 | €5,548 | €3,705 | €15,470 | €2,549 | ▼ 83.5% |
| Remuneration and social security454/9 | - | - | - | - | - | €4,344 | €5,967 | - | - |
| Other amounts payable47/48 | - | - | - | €5,370 | €6,962 | €760 | €2,032 | €26,898 | ▲ 13× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,657 | €14,581 | €4,877 | €11,135 | -€13,700 | -€13,728 | -€12,143 | €2,426 | - |
| + Depreciation and write-downs630 | €11,153 | €20,393 | €19,430 | €16,058 | €17,833 | €20,142 | €9,482 | €3,074 | ▼ 67.6% |
| Operating cash flow (approximation) | €2,497 | €34,974 | €24,307 | €27,193 | €4,133 | €6,414 | -€2,661 | €5,500 | - |
| Investment in fixed assets (approximation) | - | -€48,402 | -€700 | -€8,086 | -€9,708 | -€159,220 | €136,627 | -€20,969 | - |
| Change in cash | - | -€7,347 | -€16,659 | €10,693 | -€9,995 | -€222 | €4,545 | -€4,357 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,508 companies had the same profile as Hermes has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
The bankruptcy probability of Hermes itself is higher: 3.2% within 12 months. It rests on far more data about Hermes than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,508 companies, not a prediction for Hermes. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-08-2026 | 2026-00438278 | |
| 31-12-2024 | micro format | 20-11-2025 | 2025-00568669 | |
| 31-12-2023 | micro format | 13-11-2024 | 2024-00600055 | |
| 31-12-2022 | micro format | 30-12-2023 | 2024-00541069 | |
| 31-12-2021 | micro format | 30-11-2022 | 2022-20529580 | |
| 31-12-2020 | micro format | 30-12-2021 | 2021-82300101 | |
| 31-12-2019 | micro format | 12-11-2020 | 2020-70400575 | |
| 31-12-2018 | micro format | 02-10-2019 | 2019-68200044 | |
| 31-12-2017 | micro format | 22-09-2018 | 2018-64700023 | |
| 31-12-2016 | abbreviated format | 01-09-2017 | 2017-58600463 |