DE SPIEGELEER - 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.
DE SPIEGELEER - HERMANS
Largest movements
- Cash -€48,684
down €48,684 (-16.0%), from €303,803 to €255,119
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€62,910)
- Receivables within one year +€29,680
up €29,680 (+31.7%), from €93,768 to €123,448
of which Other amounts receivable: +€18,300
- Trade debts -€52,209
down €52,209 (-74.4%), from €70,145 to €17,936
- Short-term financial debts -€41,303
down €41,303 (-41.3%), from €100,000 to €58,697
- Debts after one year +€34,886
up €34,886 (+42.6%), from €81,908 to €116,794
- Reserves -€28,433
down €28,433 (-1.5%), from €1.8m to €1.8m
of which Tax-exempt reserves: -€48,433
- Gross operating margin +€56,194
up €56,194 (+18.2%), from €308,788 to €364,983
- Provisions +€52,380
no longer reported in 2025 (was -€52,380)
- Depreciation +€28,847
up €28,847 (+60.9%), from €47,377 to €76,223
- Other operating charges +€17,463
up €17,463 (+318%), from €5,490 to €22,953
- Financial charges -€13,792
down €13,792 (-53.1%), from €25,982 to €12,189
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 | €2,746,246 | €2,712,890 | -€33,356 | -1.2% |
| Fixed assets | 21/28 | €2,109,894 | €2,096,581 | -€13,313 | -0.6% |
| Tangible fixed assets | 22/27 | €2,097,894 | €2,084,581 | -€13,313 | -0.6% |
| Land and buildings | 22 | €1,928,468 | €1,906,587 | -€21,881 | -1.1% |
| Plant, machinery and equipment | 23 | €181 | - | -€181 | |
| Furniture and vehicles | 24 | €169,245 | €93,844 | -€75,401 | -44.6% |
| Leasing and similar rights | 25 | - | €84,150 | +€84,150 | |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €636,352 | €616,309 | -€20,043 | -3.1% |
| Amounts receivable within one year | 40/41 | €93,768 | €123,448 | +€29,680 | +31.7% |
| Trade receivables | 40 | €63,768 | €75,148 | +€11,380 | +17.8% |
| Other amounts receivable | 41 | €30,000 | €48,300 | +€18,300 | +61.0% |
| Current investments | 50/53 | €235,108 | €235,108 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €303,803 | €255,119 | -€48,684 | -16.0% |
| Deferred charges and accrued income | 490/1 | €3,672 | €2,634 | -€1,038 | -28.3% |
| Total equity and liabilities | 10/49 | €2,746,246 | €2,712,890 | -€33,356 | -1.2% |
| Equity | 10/15 | €2,275,569 | €2,247,202 | -€28,367 | -1.2% |
| Contributions | 10/11 | €80,565 | €80,565 | = | 0.0% |
| Reserves | 13 | €1,844,505 | €1,816,072 | -€28,433 | -1.5% |
| Non-distributable reserves | 130/1 | €20,000 | - | -€20,000 | |
| Reserves not available under the articles | 1311 | €20,000 | - | -€20,000 | |
| Tax-exempt reserves | 132 | €457,448 | €409,015 | -€48,433 | -10.6% |
| Distributable reserves | 133 | €1,367,057 | €1,407,057 | +€40,000 | +2.9% |
| Profit (loss) carried forward | 14 | €350,498 | €350,565 | +€66 | 0.0% |
| Amounts payable | 17/49 | €470,678 | €465,688 | -€4,989 | -1.1% |
| Amounts payable after more than one year | 17 | €81,908 | €116,794 | +€34,886 | +42.6% |
| Financial debts | 170/4 | €81,908 | €116,794 | +€34,886 | +42.6% |
| Amounts payable within one year | 42/48 | €387,500 | €345,291 | -€42,209 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €31,198 | €48,193 | +€16,995 | +54.5% |
| Financial debts | 43 | €100,000 | €58,697 | -€41,303 | -41.3% |
| Credit institutions | 430/8 | €100,000 | €58,697 | -€41,303 | -41.3% |
| Trade debts | 44 | €70,145 | €17,936 | -€52,209 | -74.4% |
| Suppliers | 440/4 | €70,145 | €17,936 | -€52,209 | -74.4% |
| Taxes, remuneration and social security | 45 | €108,368 | €124,096 | +€15,728 | +14.5% |
| Taxes | 450/3 | €108,368 | €103,462 | -€4,906 | -4.5% |
| Remuneration and social security | 454/9 | - | €20,634 | +€20,634 | |
| Other amounts payable | 47/48 | €77,789 | €96,370 | +€18,581 | +23.9% |
| Accrued charges and deferred income | 492/3 | €1,270 | €3,603 | +€2,333 | +184% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,377 | €76,223 | +€28,847 | +60.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€52,380 | - | +€52,380 | |
| Other operating charges | 640/8 | €5,490 | €22,953 | +€17,463 | +318% |
| Gross operating margin | 9900 | €308,788 | €364,983 | +€56,194 | +18.2% |
| Operating profit (loss) | 9901 | €308,302 | €265,806 | -€42,496 | -13.8% |
| Financial income | 75/76B | €51,821 | €38,556 | -€13,265 | -25.6% |
| Recurring financial income | 75 | €51,821 | €38,556 | -€13,265 | -25.6% |
| Financial charges | 65/66B | €25,982 | €12,189 | -€13,792 | -53.1% |
| Recurring financial charges | 65 | €25,982 | €12,189 | -€13,792 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €334,141 | €292,173 | -€41,968 | -12.6% |
| Income taxes | 67/77 | €115,653 | €120,540 | +€4,887 | +4.2% |
| Profit (loss) for the period | 9904 | €218,489 | €171,633 | -€46,856 | -21.4% |
| Transfer from tax-exempt reserves | 789 | €204,544 | €48,433 | -€156,111 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €423,033 | €220,066 | -€202,967 | -48.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.