Henri HERRMANN: 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.
Henri HERRMANN
Largest movements
- Tangible fixed assets +€166,983
up €166,983 (+43.5%), from €384,253 to €551,236
of which Land and buildings: +€166,537
- Cash -€150,620
down €150,620 (-38.9%), from €387,153 to €236,533
mainly Investment in fixed assets (net) (-€228,888) and Contributions, distributions and other (-€102,200)
- Deferred charges and accrued income +€17,543
up €17,543 (+73.7%), from €23,787 to €41,330
- Other debts +€102,200
new in 2025: €102,200
- Reserves -€54,996
down €54,996 (-18.9%), from €290,878 to €235,882
- Debts after one year -€20,701
down €20,701 (-5.9%), from €350,114 to €329,413
of which Financial debts: -€20,701
- Tax, wage and social debts +€12,944
up €12,944 (+266%), from €4,869 to €17,813
- Gross operating margin +€34,567
up €34,567 (+23.6%), from €146,332 to €180,899
- Depreciation +€20,833
up €20,833 (+50.7%), from €41,072 to €61,905
- Taxes +€17,705
up €17,705 (+309%), from €5,736 to €23,441
- Financial income -€2,491
down €2,491 (-52.9%), from €4,713 to €2,221
- Financial charges -€2,274
down €2,274 (-9.5%), from €23,900 to €21,626
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 | €799,056 | €835,905 | +€36,849 | +4.6% |
| Fixed assets | 21/28 | €384,253 | €551,236 | +€166,983 | +43.5% |
| Tangible fixed assets | 22/27 | €384,253 | €551,236 | +€166,983 | +43.5% |
| Land and buildings | 22 | €380,757 | €547,294 | +€166,537 | +43.7% |
| Plant, machinery and equipment | 23 | €3,495 | €3,941 | +€446 | +12.8% |
| Current assets | 29/58 | €414,803 | €284,670 | -€130,134 | -31.4% |
| Amounts receivable within one year | 40/41 | €3,864 | €6,807 | +€2,943 | +76.2% |
| Trade receivables | 40 | €3,864 | €6,807 | +€2,943 | +76.2% |
| Cash at bank and in hand | 54/58 | €387,153 | €236,533 | -€150,620 | -38.9% |
| Deferred charges and accrued income | 490/1 | €23,787 | €41,330 | +€17,543 | +73.7% |
| Total equity and liabilities | 10/49 | €799,056 | €835,905 | +€36,849 | +4.6% |
| Equity | 10/15 | €398,869 | €343,873 | -€54,996 | -13.8% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Revaluation surpluses | 12 | €33,574 | €33,574 | = | 0.0% |
| Reserves | 13 | €290,878 | €235,882 | -€54,996 | -18.9% |
| Distributable reserves | 133 | €290,878 | €235,882 | -€54,996 | -18.9% |
| Profit (loss) carried forward | 14 | €49 | €49 | = | 0.0% |
| Amounts payable | 17/49 | €400,187 | €492,032 | +€91,845 | +23.0% |
| Amounts payable after more than one year | 17 | €350,114 | €329,413 | -€20,701 | -5.9% |
| Financial debts | 170/4 | €333,435 | €312,734 | -€20,701 | -6.2% |
| Other amounts payable | 178/9 | €16,679 | €16,679 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,042 | €140,116 | +€114,074 | +438% |
| Current portion of amounts payable after more than one year | 42 | €17,549 | €17,908 | +€359 | +2.0% |
| Financial debts | 43 | €178 | €1,874 | +€1,696 | +953% |
| Credit institutions | 430/8 | €178 | €1,874 | +€1,696 | +953% |
| Trade debts | 44 | €3,446 | €321 | -€3,125 | -90.7% |
| Suppliers | 440/4 | €3,446 | €321 | -€3,125 | -90.7% |
| Taxes, remuneration and social security | 45 | €4,869 | €17,813 | +€12,944 | +266% |
| Taxes | 450/3 | €4,869 | €17,813 | +€12,944 | +266% |
| Other amounts payable | 47/48 | - | €102,200 | +€102,200 | |
| Accrued charges and deferred income | 492/3 | €24,031 | €22,504 | -€1,528 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,072 | €61,905 | +€20,833 | +50.7% |
| Other operating charges | 640/8 | €28,035 | €28,945 | +€910 | +3.2% |
| Gross operating margin | 9900 | €146,332 | €180,899 | +€34,567 | +23.6% |
| Operating profit (loss) | 9901 | €77,226 | €90,049 | +€12,824 | +16.6% |
| Financial income | 75/76B | €4,713 | €2,221 | -€2,491 | -52.9% |
| Recurring financial income | 75 | €4,713 | €2,221 | -€2,491 | -52.9% |
| Financial charges | 65/66B | €23,900 | €21,626 | -€2,274 | -9.5% |
| Recurring financial charges | 65 | €23,900 | €21,626 | -€2,274 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €58,038 | €70,645 | +€12,607 | +21.7% |
| Income taxes | 67/77 | €5,736 | €23,441 | +€17,705 | +309% |
| Profit (loss) for the period | 9904 | €52,303 | €47,204 | -€5,099 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,303 | €47,204 | -€5,099 | -9.7% |
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 16 October 2026 via checked.be.