DAVID 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.
DAVID HERMAN
Largest movements
- Tangible fixed assets -€12,982
down €12,982 (-29.7%), from €43,698 to €30,716
of which Furniture and vehicles: -€12,156
- Receivables within one year -€8,405
down €8,405 (-21.5%), from €39,122 to €30,717
of which Trade receivables: -€15,319
- Deferred charges and accrued income +€3,742
up €3,742 (+187%), from €1,999 to €5,741
- Cash +€2,237
up €2,237 (+4.0%), from €55,387 to €57,624
mainly Depreciation (+€14,294) and Receivables within one year (+€8,405)
- Trade debts -€10,252
down €10,252 (-38.4%), from €26,679 to €16,427
- Debts after one year -€5,540
down €5,540 (-27.2%), from €20,356 to €14,816
- Profit (loss) carried forward +€4,064
up €4,064 (+9.3%), from €43,486 to €47,551
- Current portion of long-term debt -€3,195
down €3,195 (-36.6%), from €8,735 to €5,540
- Tax, wage and social debts -€1,800
down €1,800 (-34.7%), from €5,187 to €3,387
- Gross operating margin -€7,727
down €7,727 (-22.6%), from €34,155 to €26,428
- Depreciation +€1,589
up €1,589 (+12.5%), from €12,705 to €14,294
- Other operating charges +€432
up €432 (+34.6%), from €1,248 to €1,679
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 | €140,206 | €124,798 | -€15,408 | -11.0% |
| Fixed assets | 21/28 | €43,698 | €30,716 | -€12,982 | -29.7% |
| Tangible fixed assets | 22/27 | €43,698 | €30,716 | -€12,982 | -29.7% |
| Land and buildings | 22 | €4,198 | €3,545 | -€653 | -15.6% |
| Plant, machinery and equipment | 23 | €3,248 | €3,075 | -€174 | -5.3% |
| Furniture and vehicles | 24 | €36,252 | €24,096 | -€12,156 | -33.5% |
| Current assets | 29/58 | €96,508 | €94,082 | -€2,426 | -2.5% |
| Amounts receivable within one year | 40/41 | €39,122 | €30,717 | -€8,405 | -21.5% |
| Trade receivables | 40 | €31,293 | €15,974 | -€15,319 | -49.0% |
| Other amounts receivable | 41 | €7,829 | €14,742 | +€6,914 | +88.3% |
| Cash at bank and in hand | 54/58 | €55,387 | €57,624 | +€2,237 | +4.0% |
| Deferred charges and accrued income | 490/1 | €1,999 | €5,741 | +€3,742 | +187% |
| Total equity and liabilities | 10/49 | €140,206 | €124,798 | -€15,408 | -11.0% |
| Equity | 10/15 | €78,051 | €82,116 | +€4,064 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,965 | €15,965 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,105 | €14,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,486 | €47,551 | +€4,064 | +9.3% |
| Amounts payable | 17/49 | €62,154 | €42,682 | -€19,473 | -31.3% |
| Amounts payable after more than one year | 17 | €20,356 | €14,816 | -€5,540 | -27.2% |
| Financial debts | 170/4 | €20,356 | €14,816 | -€5,540 | -27.2% |
| Amounts payable within one year | 42/48 | €41,798 | €27,866 | -€13,933 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | €8,735 | €5,540 | -€3,195 | -36.6% |
| Financial debts | 43 | €457 | €1,772 | +€1,315 | +288% |
| Credit institutions | 430/8 | €457 | €1,772 | +€1,315 | +288% |
| Trade debts | 44 | €26,679 | €16,427 | -€10,252 | -38.4% |
| Suppliers | 440/4 | €26,679 | €16,427 | -€10,252 | -38.4% |
| Advances received on contracts in progress | 46 | €740 | €740 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,187 | €3,387 | -€1,800 | -34.7% |
| Taxes | 450/3 | €5,187 | €3,387 | -€1,800 | -34.7% |
| Non-recurring operating income | 76A | €6,612 | €0 | -€6,612 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,705 | €14,294 | +€1,589 | +12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,248 | €1,679 | +€432 | +34.6% |
| Gross operating margin | 9900 | €34,155 | €26,428 | -€7,727 | -22.6% |
| Operating profit (loss) | 9901 | €20,202 | €10,455 | -€9,748 | -48.2% |
| Financial income | 75/76B | €516 | €642 | +€125 | +24.2% |
| Recurring financial income | 75 | €516 | €642 | +€125 | +24.2% |
| Financial charges | 65/66B | €1,319 | €1,543 | +€224 | +17.0% |
| Recurring financial charges | 65 | €1,319 | €1,543 | +€224 | +17.0% |
| Profit (loss) for the period before taxes | 9903 | €19,400 | €9,554 | -€9,846 | -50.8% |
| Income taxes | 67/77 | €5,750 | €5,489 | -€261 | -4.5% |
| Profit (loss) for the period | 9904 | €13,650 | €4,064 | -€9,586 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,650 | €4,064 | -€9,586 | -70.2% |
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 15 October 2026 via checked.be.