A HERMES: what changed
Two fiscal 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.
A HERMES
Largest movements
- Tangible fixed assets -€22,468
down €22,468 (-22.9%), from €98,124 to €75,656
- Receivables within one year -€21,428
down €21,428 (-52.3%), from €40,953 to €19,525
of which Trade receivables: -€16,975
- Cash -€18,674
down €18,674 (-93.3%), from €20,013 to €1,339
mainly Net result for the year (-€59,946) and Other debts (-€23,943)
- Profit (loss) carried forward -€59,946
down €59,946 (-9.6%), from -€625,462 to -€685,408
- Other debts -€23,943
down €23,943 (-18.4%), from €130,008 to €106,065
- Trade debts +€21,572
up €21,572 (+1172.4%), from €1,840 to €23,412
- Gross operating margin -€27,453
down €27,453, from €6,968 to -€20,485
- Staff costs -€4,050
down €4,050 (-25.6%), from €15,844 to €11,794
- Depreciation +€968
up €968 (+4.0%), from €24,306 to €25,274
- Financial charges +€477
up €477 (+26.9%), from €1,774 to €2,251
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.
Cash bridge derived
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 | €159,090 | €96,773 | -€62,317 | -39.2% |
| Fixed assets | 21/28 | €98,124 | €75,656 | -€22,468 | -22.9% |
| Tangible fixed assets | 22/27 | €98,124 | €75,656 | -€22,468 | -22.9% |
| Furniture and vehicles | 24 | €98,124 | €75,656 | -€22,468 | -22.9% |
| Current assets | 29/58 | €60,966 | €21,117 | -€39,849 | -65.4% |
| Amounts receivable within one year | 40/41 | €40,953 | €19,525 | -€21,428 | -52.3% |
| Trade receivables | 40 | €36,500 | €19,525 | -€16,975 | -46.5% |
| Other amounts receivable | 41 | €4,453 | - | -€4,453 | |
| Cash at bank and in hand | 54/58 | €20,013 | €1,339 | -€18,674 | -93.3% |
| Deferred charges and accrued income | 490/1 | - | €253 | +€253 | |
| Total equity and liabilities | 10/49 | €159,090 | €96,773 | -€62,317 | -39.2% |
| Equity | 10/15 | €27,242 | -€32,704 | -€59,946 | |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Reserves | 13 | €2,703 | €2,703 | = | 0.0% |
| Tax-exempt reserves | 132 | €800 | €800 | = | 0.0% |
| Distributable reserves | 133 | €1,903 | €1,903 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€625,462 | -€685,408 | -€59,946 | -9.6% |
| Amounts payable | 17/49 | €131,848 | €129,477 | -€2,371 | -1.8% |
| Amounts payable within one year | 42/48 | €131,848 | €129,477 | -€2,371 | -1.8% |
| Trade debts | 44 | €1,840 | €23,412 | +€21,572 | +1172.4% |
| Suppliers | 440/4 | €1,840 | €23,412 | +€21,572 | +1172.4% |
| Other amounts payable | 47/48 | €130,008 | €106,065 | -€23,943 | -18.4% |
| Remuneration, social security and pensions | 62 | €15,844 | €11,794 | -€4,050 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,306 | €25,274 | +€968 | +4.0% |
| Other operating charges | 640/8 | €134 | €142 | +€7 | +5.5% |
| Gross operating margin | 9900 | €6,968 | -€20,485 | -€27,453 | |
| Operating profit (loss) | 9901 | -€33,316 | -€57,694 | -€24,378 | -73.2% |
| Financial income | 75/76B | €35 | - | -€35 | |
| Recurring financial income | 75 | €35 | - | -€35 | |
| Financial charges | 65/66B | €1,774 | €2,251 | +€477 | +26.9% |
| Recurring financial charges | 65 | €1,774 | €2,251 | +€477 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,055 | -€59,946 | -€24,891 | -71.0% |
| Profit (loss) for the period | 9904 | -€35,055 | -€59,946 | -€24,891 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,055 | -€59,946 | -€24,891 | -71.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.