FREDERIC HERMANGE CONSULTING: 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.
FREDERIC HERMANGE CONSULTING
Largest movements
- Receivables after one year -€179,743
down €179,743 (-100%), from €179,743 to €0
- Tangible fixed assets +€122,304
up €122,304 (+24.0%), from €508,994 to €631,297
of which Land and buildings: +€157,230
- Cash +€34,273
up €34,273 (+255%), from €13,461 to €47,734
mainly Debts after one year (+€342,303) and Receivables after one year (+€179,743)
- Receivables within one year -€19,773
down €19,773 (-41.3%), from €47,930 to €28,157
of which Other amounts receivable: -€20,003
- Short-term financial debts -€435,000
down €435,000 (-100%), from €435,000 to €0
- Debts after one year +€342,303
up €342,303 (+146%), from €234,882 to €577,185
- Current portion of long-term debt +€61,288
up €61,288 (+504%), from €12,170 to €73,458
- Profit (loss) carried forward -€18,874
down €18,874, from €1,490 to -€17,383
- Accrued charges and deferred income +€11,906
new in 2025: €11,906
- Financial charges +€78,122
up €78,122 (+271%), from €28,868 to €106,990
of which Non-recurring financial charges: +€67,457
- Gross operating margin +€66,758
up €66,758 (+141%), from €47,289 to €114,046
- Purchases and services -€27,748
down €27,748 (-37.9%), from €73,185 to €45,437
- Turnover +€21,656
up €21,656 (+18.3%), from €118,022 to €139,678
- Depreciation +€15,125
up €15,125 (+231%), from €6,547 to €21,672
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 | €751,702 | €708,370 | -€43,333 | -5.8% |
| Fixed assets | 21/28 | €508,994 | €631,297 | +€122,304 | +24.0% |
| Tangible fixed assets | 22/27 | €508,994 | €631,297 | +€122,304 | +24.0% |
| Land and buildings | 22 | €451,094 | €608,324 | +€157,230 | +34.9% |
| Furniture and vehicles | 24 | €12,399 | €22,973 | +€10,574 | +85.3% |
| Assets under construction and advance payments | 27 | €45,501 | €0 | -€45,501 | -100% |
| Current assets | 29/58 | €242,709 | €77,073 | -€165,636 | -68.2% |
| Amounts receivable after more than one year | 29 | €179,743 | €0 | -€179,743 | -100% |
| Other amounts receivable | 291 | €179,743 | €0 | -€179,743 | -100% |
| Amounts receivable within one year | 40/41 | €47,930 | €28,157 | -€19,773 | -41.3% |
| Trade receivables | 40 | €27,927 | €28,157 | +€230 | +0.8% |
| Other amounts receivable | 41 | €20,003 | €0 | -€20,003 | -100% |
| Cash at bank and in hand | 54/58 | €13,461 | €47,734 | +€34,273 | +255% |
| Deferred charges and accrued income | 490/1 | €1,576 | €1,182 | -€393 | -25.0% |
| Total equity and liabilities | 10/49 | €751,702 | €708,370 | -€43,333 | -5.8% |
| Equity | 10/15 | €20,090 | €1,217 | -€18,874 | -93.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,490 | -€17,383 | -€18,874 | |
| Amounts payable | 17/49 | €731,612 | €707,153 | -€24,459 | -3.3% |
| Amounts payable after more than one year | 17 | €234,882 | €577,185 | +€342,303 | +146% |
| Financial debts | 170/4 | €234,882 | €577,185 | +€342,303 | +146% |
| Amounts payable within one year | 42/48 | €496,730 | €118,062 | -€378,668 | -76.2% |
| Current portion of amounts payable after more than one year | 42 | €12,170 | €73,458 | +€61,288 | +504% |
| Financial debts | 43 | €435,000 | €0 | -€435,000 | -100% |
| Credit institutions | 430/8 | €435,000 | €0 | -€435,000 | -100% |
| Trade debts | 44 | €523 | €4,682 | +€4,159 | +795% |
| Suppliers | 440/4 | €523 | €4,682 | +€4,159 | +795% |
| Taxes, remuneration and social security | 45 | €11,071 | €9,149 | -€1,922 | -17.4% |
| Taxes | 450/3 | €11,071 | €9,149 | -€1,922 | -17.4% |
| Other amounts payable | 47/48 | €37,966 | €30,773 | -€7,193 | -18.9% |
| Accrued charges and deferred income | 492/3 | - | €11,906 | +€11,906 | |
| Turnover | 70 | €118,022 | €139,678 | +€21,656 | +18.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €73,185 | €45,437 | -€27,748 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,547 | €21,672 | +€15,125 | +231% |
| Other operating charges | 640/8 | €3,499 | €3,963 | +€464 | +13.3% |
| Gross operating margin | 9900 | €47,289 | €114,046 | +€66,758 | +141% |
| Operating profit (loss) | 9901 | €37,243 | €88,412 | +€51,169 | +137% |
| Financial income | 75/76B | €3,165 | €9 | -€3,156 | -99.7% |
| Recurring financial income | 75 | €3,165 | €9 | -€3,156 | -99.7% |
| Financial charges | 65/66B | €28,868 | €106,990 | +€78,122 | +271% |
| Recurring financial charges | 65 | €28,868 | €39,533 | +€10,665 | +36.9% |
| Non-recurring financial charges | 66B | - | €67,457 | +€67,457 | |
| Profit (loss) for the period before taxes | 9903 | €11,540 | -€18,570 | -€30,109 | |
| Income taxes | 67/77 | €4,980 | €304 | -€4,676 | -93.9% |
| Profit (loss) for the period | 9904 | €6,560 | -€18,874 | -€25,434 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,560 | -€18,874 | -€25,434 |
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 30 October 2026 via checked.be.