CF 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.
CF HERMANS
Largest movements
- Cash +€27,951
up €27,951 (+105.5%), from €26,484 to €54,435
mainly Net result for the year (+€24,608) and Receivables within one year (+€7,045)
- Deferred charges and accrued income +€14,014
up €14,014 (+561.7%), from €2,495 to €16,508
- Receivables within one year -€7,045
down €7,045 (-27.1%), from €26,013 to €18,968
of which Trade receivables: -€7,096
- Current investments -€5,000
down €5,000 (-4.0%), from €125,000 to €120,000
- Tangible fixed assets -€3,997
down €3,997 (-25.0%), from €15,971 to €11,974
of which Other tangible fixed assets: -€4,037
- Reserves +€18,054
up €18,054 (+10.8%), from €166,667 to €184,721
- Tax, wage and social debts +€6,049
up €6,049 (+186.5%), from €3,244 to €9,293
- Short-term financial debts +€5,046
new in 2025: €5,046
- Trade debts -€4,590
down €4,590 (-63.2%), from €7,264 to €2,674
- Gross operating margin -€16,720
down €16,720 (-28.6%), from €58,415 to €41,695
- Taxes -€4,839
down €4,839 (-28.4%), from €17,030 to €12,191
- Depreciation +€847
up €847 (+16.8%), from €5,050 to €5,897
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 | €195,962 | €221,885 | +€25,923 | +13.2% |
| Fixed assets | 21/28 | €15,971 | €11,974 | -€3,997 | -25.0% |
| Tangible fixed assets | 22/27 | €15,971 | €11,974 | -€3,997 | -25.0% |
| Furniture and vehicles | 24 | €3,077 | €3,118 | +€41 | +1.3% |
| Other tangible fixed assets | 26 | €12,893 | €8,856 | -€4,037 | -31.3% |
| Current assets | 29/58 | €179,991 | €209,911 | +€29,920 | +16.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €26,013 | €18,968 | -€7,045 | -27.1% |
| Trade receivables | 40 | €21,997 | €14,901 | -€7,096 | -32.3% |
| Other amounts receivable | 41 | €4,016 | €4,067 | +€51 | +1.3% |
| Current investments | 50/53 | €125,000 | €120,000 | -€5,000 | -4.0% |
| Cash at bank and in hand | 54/58 | €26,484 | €54,435 | +€27,951 | +105.5% |
| Deferred charges and accrued income | 490/1 | €2,495 | €16,508 | +€14,014 | +561.7% |
| Total equity and liabilities | 10/49 | €195,962 | €221,885 | +€25,923 | +13.2% |
| Equity | 10/15 | €179,067 | €197,121 | +€18,054 | +10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €166,667 | €184,721 | +€18,054 | +10.8% |
| Distributable reserves | 133 | €166,667 | €184,721 | +€18,054 | +10.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,895 | €24,764 | +€7,869 | +46.6% |
| Amounts payable within one year | 42/48 | €16,649 | €24,218 | +€7,569 | +45.5% |
| Financial debts | 43 | - | €5,046 | +€5,046 | |
| Credit institutions | 430/8 | - | €5,046 | +€5,046 | |
| Trade debts | 44 | €7,264 | €2,674 | -€4,590 | -63.2% |
| Suppliers | 440/4 | €7,264 | €2,674 | -€4,590 | -63.2% |
| Taxes, remuneration and social security | 45 | €3,244 | €9,293 | +€6,049 | +186.5% |
| Taxes | 450/3 | €3,244 | €9,293 | +€6,049 | +186.5% |
| Other amounts payable | 47/48 | €6,141 | €7,204 | +€1,063 | +17.3% |
| Accrued charges and deferred income | 492/3 | €246 | €546 | +€300 | +121.8% |
| Non-recurring operating income | 76A | - | €4,525 | +€4,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,050 | €5,897 | +€847 | +16.8% |
| Other operating charges | 640/8 | €1,610 | €1,788 | +€177 | +11.0% |
| Gross operating margin | 9900 | €58,415 | €41,695 | -€16,720 | -28.6% |
| Operating profit (loss) | 9901 | €51,756 | €34,011 | -€17,745 | -34.3% |
| Financial income | 75/76B | €3,182 | €3,694 | +€512 | +16.1% |
| Recurring financial income | 75 | €3,182 | €3,694 | +€512 | +16.1% |
| Financial charges | 65/66B | €682 | €905 | +€223 | +32.7% |
| Recurring financial charges | 65 | €682 | €905 | +€223 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €54,255 | €36,799 | -€17,456 | -32.2% |
| Income taxes | 67/77 | €17,030 | €12,191 | -€4,839 | -28.4% |
| Profit (loss) for the period | 9904 | €37,225 | €24,608 | -€12,617 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,225 | €24,608 | -€12,617 | -33.9% |
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 7 October 2026 via checked.be.