De Hermitage: 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.
De Hermitage
Largest movements
- Intangible fixed assets -€18,200
no longer reported in 2025 (was €18,200)
- Tangible fixed assets -€15,952
down €15,952 (-14.9%), from €106,781 to €90,829
of which Land and buildings: -€16,633
- Cash +€9,685
up €9,685 (+51.8%), from €18,697 to €28,382
mainly Depreciation (+€37,402) and Other debts (+€7,722)
- Stocks and contracts -€6,310
down €6,310 (-11.3%), from €55,672 to €49,363
- Current portion of long-term debt -€32,772
down €32,772 (-86.7%), from €37,805 to €5,033
- Other debts +€7,722
up €7,722 (+11.3%), from €68,568 to €76,290
- Debts after one year -€5,033
no longer reported in 2025 (was €5,033)
- Gross operating margin -€9,784
down €9,784 (-15.2%), from €64,256 to €54,473
- Financial charges -€2,075
down €2,075 (-20.0%), from €10,396 to €8,320
- Taxes -€2,075
down €2,075 (-47.3%), from €4,385 to €2,310
- Depreciation +€665
up €665 (+1.8%), from €36,737 to €37,402
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 | €235,673 | €202,742 | -€32,931 | -14.0% |
| Fixed assets | 21/28 | €124,981 | €90,829 | -€34,152 | -27.3% |
| Intangible fixed assets | 21 | €18,200 | - | -€18,200 | |
| Tangible fixed assets | 22/27 | €106,781 | €90,829 | -€15,952 | -14.9% |
| Land and buildings | 22 | €100,184 | €83,550 | -€16,633 | -16.6% |
| Plant, machinery and equipment | 23 | €6,598 | €7,279 | +€681 | +10.3% |
| Current assets | 29/58 | €110,692 | €111,913 | +€1,221 | +1.1% |
| Stocks and contracts in progress | 3 | €55,672 | €49,363 | -€6,310 | -11.3% |
| Stocks | 30/36 | €55,672 | €49,363 | -€6,310 | -11.3% |
| Amounts receivable within one year | 40/41 | €33,907 | €32,251 | -€1,656 | -4.9% |
| Trade receivables | 40 | €33,897 | €28,720 | -€5,177 | -15.3% |
| Other amounts receivable | 41 | €10 | €3,532 | +€3,522 | +34938.0% |
| Cash at bank and in hand | 54/58 | €18,697 | €28,382 | +€9,685 | +51.8% |
| Deferred charges and accrued income | 490/1 | €2,416 | €1,917 | -€499 | -20.6% |
| Total equity and liabilities | 10/49 | €235,673 | €202,742 | -€32,931 | -14.0% |
| Equity | 10/15 | €98,837 | €98,837 | = | 0.0% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €30,237 | €30,237 | = | 0.0% |
| Distributable reserves | 133 | €30,237 | €30,237 | = | 0.0% |
| Amounts payable | 17/49 | €136,836 | €103,905 | -€32,931 | -24.1% |
| Amounts payable after more than one year | 17 | €5,033 | - | -€5,033 | |
| Financial debts | 170/4 | €5,033 | - | -€5,033 | |
| Amounts payable within one year | 42/48 | €126,583 | €99,005 | -€27,578 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €37,805 | €5,033 | -€32,772 | -86.7% |
| Trade debts | 44 | €18,102 | €16,602 | -€1,500 | -8.3% |
| Suppliers | 440/4 | €18,102 | €16,602 | -€1,500 | -8.3% |
| Taxes, remuneration and social security | 45 | €2,108 | €1,080 | -€1,028 | -48.8% |
| Taxes | 450/3 | €1,028 | - | -€1,028 | |
| Remuneration and social security | 454/9 | €1,080 | €1,080 | = | 0.0% |
| Other amounts payable | 47/48 | €68,568 | €76,290 | +€7,722 | +11.3% |
| Accrued charges and deferred income | 492/3 | €5,220 | €4,900 | -€320 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,737 | €37,402 | +€665 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €110 | - | -€110 | |
| Other operating charges | 640/8 | €1,860 | €1,913 | +€54 | +2.9% |
| Gross operating margin | 9900 | €64,256 | €54,473 | -€9,784 | -15.2% |
| Operating profit (loss) | 9901 | €25,550 | €15,157 | -€10,393 | -40.7% |
| Financial income | 75/76B | €846 | €688 | -€159 | -18.7% |
| Recurring financial income | 75 | €846 | €688 | -€159 | -18.7% |
| Financial charges | 65/66B | €10,396 | €8,320 | -€2,075 | -20.0% |
| Recurring financial charges | 65 | €10,396 | €8,320 | -€2,075 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €16,000 | €7,524 | -€8,476 | -53.0% |
| Income taxes | 67/77 | €4,385 | €2,310 | -€2,075 | -47.3% |
| Profit (loss) for the period | 9904 | €11,615 | €5,214 | -€6,401 | -55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,615 | €5,214 | -€6,401 | -55.1% |
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 2 October 2026 via checked.be.