Bart Hermans: 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.
Bart Hermans
Largest movements
- Cash -€7,835
down €7,835 (-16.2%), from €48,495 to €40,660
mainly Trade debts (-€10,192) and Stocks and contracts (-€3,800)
- Tangible fixed assets -€4,322
down €4,322 (-18.3%), from €23,641 to €19,319
of which Land and buildings: -€2,934
- Stocks and contracts +€3,800
up €3,800 (+39.0%), from €9,750 to €13,550
of which Contracts in progress: +€3,800
- Receivables within one year -€1,611
down €1,611 (-21.7%), from €7,409 to €5,798
of which Trade receivables: -€1,802
- Trade debts -€10,192
down €10,192 (-84.4%), from €12,073 to €1,881
- Other debts +€2,888
up €2,888 (+247.2%), from €1,169 to €4,057
- Debts after one year -€2,432
down €2,432 (-49.0%), from €4,967 to €2,535
- Gross operating margin -€1,992
down €1,992 (-16.7%), from €11,939 to €9,947
- Depreciation -€1,769
down €1,769 (-20.9%), from €8,467 to €6,699
- Other operating charges +€780
up €780 (+69.3%), from €1,126 to €1,906
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 | €100,808 | €91,466 | -€9,342 | -9.3% |
| Fixed assets | 21/28 | €23,641 | €19,319 | -€4,322 | -18.3% |
| Tangible fixed assets | 22/27 | €23,641 | €19,319 | -€4,322 | -18.3% |
| Land and buildings | 22 | €13,540 | €10,606 | -€2,934 | -21.7% |
| Plant, machinery and equipment | 23 | €298 | €224 | -€74 | -24.9% |
| Furniture and vehicles | 24 | €9,803 | €8,489 | -€1,314 | -13.4% |
| Current assets | 29/58 | €77,167 | €72,147 | -€5,020 | -6.5% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,750 | €13,550 | +€3,800 | +39.0% |
| Stocks | 30/36 | €4,250 | €4,250 | = | 0.0% |
| Contracts in progress | 37 | €5,500 | €9,300 | +€3,800 | +69.1% |
| Amounts receivable within one year | 40/41 | €7,409 | €5,798 | -€1,611 | -21.7% |
| Trade receivables | 40 | €2,330 | €528 | -€1,802 | -77.3% |
| Other amounts receivable | 41 | €5,079 | €5,270 | +€191 | +3.8% |
| Cash at bank and in hand | 54/58 | €48,495 | €40,660 | -€7,835 | -16.2% |
| Deferred charges and accrued income | 490/1 | €1,513 | €2,140 | +€627 | +41.4% |
| Total equity and liabilities | 10/49 | €100,808 | €91,466 | -€9,342 | -9.3% |
| Equity | 10/15 | €79,488 | €80,194 | +€706 | +0.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €17,488 | €18,194 | +€706 | +4.0% |
| Distributable reserves | 133 | €17,488 | €18,194 | +€706 | +4.0% |
| Amounts payable | 17/49 | €21,320 | €11,272 | -€10,048 | -47.1% |
| Amounts payable after more than one year | 17 | €4,967 | €2,535 | -€2,432 | -49.0% |
| Financial debts | 170/4 | €4,967 | €2,535 | -€2,432 | -49.0% |
| Amounts payable within one year | 42/48 | €16,353 | €8,370 | -€7,984 | -48.8% |
| Current portion of amounts payable after more than one year | 42 | €3,063 | €2,432 | -€631 | -20.6% |
| Trade debts | 44 | €12,073 | €1,881 | -€10,192 | -84.4% |
| Suppliers | 440/4 | €12,073 | €1,881 | -€10,192 | -84.4% |
| Taxes, remuneration and social security | 45 | €49 | €0 | -€49 | -100.0% |
| Taxes | 450/3 | €49 | €0 | -€49 | -100.0% |
| Other amounts payable | 47/48 | €1,169 | €4,057 | +€2,888 | +247.2% |
| Accrued charges and deferred income | 492/3 | - | €368 | +€368 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,467 | €6,699 | -€1,769 | -20.9% |
| Other operating charges | 640/8 | €1,126 | €1,906 | +€780 | +69.3% |
| Gross operating margin | 9900 | €11,939 | €9,947 | -€1,992 | -16.7% |
| Operating profit (loss) | 9901 | €2,346 | €1,343 | -€1,003 | -42.8% |
| Financial income | 75/76B | €259 | €264 | +€5 | +1.8% |
| Recurring financial income | 75 | €259 | €264 | +€5 | +1.8% |
| Financial charges | 65/66B | €556 | €644 | +€89 | +15.9% |
| Recurring financial charges | 65 | €556 | €644 | +€89 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €2,049 | €962 | -€1,087 | -53.0% |
| Income taxes | 67/77 | €186 | €256 | +€70 | +37.4% |
| Profit (loss) for the period | 9904 | €1,863 | €706 | -€1,157 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,863 | €706 | -€1,157 | -62.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.