D. HERMANS: 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.
D. HERMANS
Largest movements
- Current investments +€52,652
up €52,652 (+15.0%), from €349,853 to €402,505
- Tangible fixed assets -€51,832
down €51,832 (-8.8%), from €587,074 to €535,242
of which Land and buildings: -€44,115
- Cash +€27,808
up €27,808 (+33.7%), from €82,622 to €110,429
mainly Net result for the year (+€74,330) and Depreciation (+€68,167)
- Reserves +€82,011
up €82,011 (+14.8%), from €555,942 to €637,954
- Other debts -€20,472
down €20,472 (-9.3%), from €220,515 to €200,043
- Debts after one year -€18,408
down €18,408 (-28.2%), from €65,263 to €46,855
- Gross operating margin +€34,484
up €34,484 (+15.7%), from €219,465 to €253,949
- Taxes +€17,250
up €17,250 (+71.4%), from €24,165 to €41,414
- Financial income -€2,893
down €2,893 (-77.0%), from €3,760 to €866
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 | €1,034,639 | €1,060,063 | +€25,424 | +2.5% |
| Fixed assets | 21/28 | €587,074 | €535,242 | -€51,832 | -8.8% |
| Tangible fixed assets | 22/27 | €587,074 | €535,242 | -€51,832 | -8.8% |
| Land and buildings | 22 | €490,950 | €446,836 | -€44,115 | -9.0% |
| Plant, machinery and equipment | 23 | €43,505 | €50,926 | +€7,421 | +17.1% |
| Furniture and vehicles | 24 | €52,619 | €37,480 | -€15,139 | -28.8% |
| Current assets | 29/58 | €447,565 | €524,820 | +€77,256 | +17.3% |
| Amounts receivable within one year | 40/41 | €8,941 | €5,835 | -€3,105 | -34.7% |
| Trade receivables | 40 | €1,357 | €0 | -€1,357 | -100% |
| Other amounts receivable | 41 | €7,584 | €5,835 | -€1,749 | -23.1% |
| Current investments | 50/53 | €349,853 | €402,505 | +€52,652 | +15.0% |
| Cash at bank and in hand | 54/58 | €82,622 | €110,429 | +€27,808 | +33.7% |
| Deferred charges and accrued income | 490/1 | €6,149 | €6,051 | -€98 | -1.6% |
| Total equity and liabilities | 10/49 | €1,034,639 | €1,060,063 | +€25,424 | +2.5% |
| Equity | 10/15 | €694,406 | €768,736 | +€74,330 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €119,864 | €112,183 | -€7,682 | -6.4% |
| Reserves | 13 | €555,942 | €637,954 | +€82,011 | +14.8% |
| Distributable reserves | 133 | €555,942 | €637,954 | +€82,011 | +14.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €340,232 | €291,327 | -€48,906 | -14.4% |
| Amounts payable after more than one year | 17 | €65,263 | €46,855 | -€18,408 | -28.2% |
| Financial debts | 170/4 | €65,263 | €46,855 | -€18,408 | -28.2% |
| Amounts payable within one year | 42/48 | €264,742 | €244,471 | -€20,271 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €17,978 | €18,408 | +€430 | +2.4% |
| Trade debts | 44 | €12,521 | €12,107 | -€414 | -3.3% |
| Suppliers | 440/4 | €12,521 | €12,107 | -€414 | -3.3% |
| Taxes, remuneration and social security | 45 | €13,728 | €13,914 | +€185 | +1.3% |
| Taxes | 450/3 | €8,074 | €8,701 | +€627 | +7.8% |
| Remuneration and social security | 454/9 | €5,654 | €5,213 | -€441 | -7.8% |
| Other amounts payable | 47/48 | €220,515 | €200,043 | -€20,472 | -9.3% |
| Accrued charges and deferred income | 492/3 | €10,227 | €0 | -€10,227 | -100% |
| Remuneration, social security and pensions | 62 | €48,118 | €46,698 | -€1,420 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,990 | €68,167 | -€1,823 | -2.6% |
| Other operating charges | 640/8 | €5,498 | €6,196 | +€697 | +12.7% |
| Gross operating margin | 9900 | €219,465 | €253,949 | +€34,484 | +15.7% |
| Operating profit (loss) | 9901 | €95,858 | €132,888 | +€37,030 | +38.6% |
| Financial income | 75/76B | €3,760 | €866 | -€2,893 | -77.0% |
| Recurring financial income | 75 | €3,760 | €866 | -€2,893 | -77.0% |
| Financial charges | 65/66B | €18,365 | €18,011 | -€354 | -1.9% |
| Recurring financial charges | 65 | €18,365 | €18,011 | -€354 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €81,253 | €115,744 | +€34,491 | +42.4% |
| Income taxes | 67/77 | €24,165 | €41,414 | +€17,250 | +71.4% |
| Profit (loss) for the period | 9904 | €57,088 | €74,330 | +€17,241 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,088 | €74,330 | +€17,241 | +30.2% |
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 17 October 2026 via checked.be.