CERPENTIER-HERMAN: 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.
CERPENTIER-HERMAN
Largest movements
- Tangible fixed assets +€107,836
up €107,836 (+4.3%), from €2.5m to €2.6m
of which Furniture and vehicles: +€124,560
- Cash +€90,656
up €90,656 (+24.6%), from €367,825 to €458,481
mainly Depreciation (+€336,620) and Net result for the year (+€276,413)
- Reserves +€276,413
up €276,413 (+37.8%), from €731,621 to €1.0m
of which Distributable reserves: +€276,413
- Debts after one year -€172,237
down €172,237 (-11.2%), from €1.5m to €1.4m
- Trade debts +€82,272
up €82,272 (+25.9%), from €317,505 to €399,777
- Gross operating margin -€257,001
down €257,001 (-21.6%), from €1.2m to €930,390
- Depreciation +€38,873
up €38,873 (+13.1%), from €297,747 to €336,620
- Taxes -€36,496
down €36,496 (-21.7%), from €167,823 to €131,327
- Financial income -€15,438
down €15,438 (-75.0%), from €20,592 to €5,153
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 | €4,626,767 | €4,799,300 | +€172,533 | +3.7% |
| Fixed assets | 21/28 | €2,515,212 | €2,623,047 | +€107,836 | +4.3% |
| Tangible fixed assets | 22/27 | €2,515,212 | €2,623,047 | +€107,836 | +4.3% |
| Land and buildings | 22 | €2,207,890 | €2,132,728 | -€75,162 | -3.4% |
| Plant, machinery and equipment | 23 | €86,852 | €145,289 | +€58,438 | +67.3% |
| Furniture and vehicles | 24 | €220,470 | €345,030 | +€124,560 | +56.5% |
| Current assets | 29/58 | €2,111,556 | €2,176,253 | +€64,697 | +3.1% |
| Stocks and contracts in progress | 3 | €964,250 | €934,250 | -€30,000 | -3.1% |
| Stocks | 30/36 | €964,250 | €934,250 | -€30,000 | -3.1% |
| Amounts receivable within one year | 40/41 | €424,185 | €426,744 | +€2,559 | +0.6% |
| Trade receivables | 40 | €267,009 | €263,757 | -€3,252 | -1.2% |
| Other amounts receivable | 41 | €157,176 | €162,988 | +€5,811 | +3.7% |
| Current investments | 50/53 | €355,296 | €356,778 | +€1,481 | +0.4% |
| Cash at bank and in hand | 54/58 | €367,825 | €458,481 | +€90,656 | +24.6% |
| Total equity and liabilities | 10/49 | €4,626,767 | €4,799,300 | +€172,533 | +3.7% |
| Equity | 10/15 | €2,043,369 | €2,319,782 | +€276,413 | +13.5% |
| Contributions | 10/11 | €1,203,592 | €1,203,592 | = | 0.0% |
| Capital | 10 | €1,203,592 | €1,203,592 | = | 0.0% |
| Issued capital | 100 | €1,203,592 | €1,203,592 | = | 0.0% |
| Reserves | 13 | €731,621 | €1,008,034 | +€276,413 | +37.8% |
| Non-distributable reserves | 130/1 | €60,180 | €60,180 | = | 0.0% |
| Legal reserve | 130 | €60,180 | €60,180 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,184 | €12,184 | = | 0.0% |
| Distributable reserves | 133 | €659,257 | €935,671 | +€276,413 | +41.9% |
| Profit (loss) carried forward | 14 | €108,156 | €108,156 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,314 | €9,454 | +€1,141 | +13.7% |
| Provisions for liabilities and charges | 160/5 | €8,314 | €9,454 | +€1,141 | +13.7% |
| Pensions and similar obligations | 160 | €8,314 | €9,454 | +€1,141 | +13.7% |
| Amounts payable | 17/49 | €2,575,085 | €2,470,064 | -€105,021 | -4.1% |
| Amounts payable after more than one year | 17 | €1,535,127 | €1,362,890 | -€172,237 | -11.2% |
| Financial debts | 170/4 | €1,535,127 | €1,362,890 | -€172,237 | -11.2% |
| Amounts payable within one year | 42/48 | €1,034,627 | €1,102,201 | +€67,574 | +6.5% |
| Financial debts | 43 | €275,356 | €275,356 | = | 0.0% |
| Credit institutions | 430/8 | €275,356 | €275,356 | = | 0.0% |
| Trade debts | 44 | €317,505 | €399,777 | +€82,272 | +25.9% |
| Suppliers | 440/4 | €317,505 | €399,777 | +€82,272 | +25.9% |
| Taxes, remuneration and social security | 45 | €56,000 | €82,186 | +€26,186 | +46.8% |
| Taxes | 450/3 | €56,000 | €82,186 | +€26,186 | +46.8% |
| Other amounts payable | 47/48 | €385,766 | €344,882 | -€40,884 | -10.6% |
| Accrued charges and deferred income | 492/3 | €5,331 | €4,973 | -€359 | -6.7% |
| Remuneration, social security and pensions | 62 | €113,471 | €124,904 | +€11,432 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,747 | €336,620 | +€38,873 | +13.1% |
| Other operating charges | 640/8 | €31,725 | €33,122 | +€1,397 | +4.4% |
| Gross operating margin | 9900 | €1,187,390 | €930,390 | -€257,001 | -21.6% |
| Operating profit (loss) | 9901 | €744,447 | €435,744 | -€308,703 | -41.5% |
| Financial income | 75/76B | €20,592 | €5,153 | -€15,438 | -75.0% |
| Recurring financial income | 75 | €20,592 | €5,153 | -€15,438 | -75.0% |
| Financial charges | 65/66B | €35,860 | €33,157 | -€2,703 | -7.5% |
| Recurring financial charges | 65 | €35,860 | €33,157 | -€2,703 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €729,179 | €407,740 | -€321,438 | -44.1% |
| Income taxes | 67/77 | €167,823 | €131,327 | -€36,496 | -21.7% |
| Profit (loss) for the period | 9904 | €561,356 | €276,413 | -€284,942 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €561,356 | €276,413 | -€284,942 | -50.8% |
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 29 October 2026 via checked.be.