HERMA: 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.
HERMA
Largest movements
- Cash +€57,346
up €57,346 (+46.0%), from €124,665 to €182,010
mainly Net result for the year (+€96,400) and Depreciation (+€91,072)
- Tangible fixed assets +€10,762
up €10,762 (+2.7%), from €403,670 to €414,432
of which Furniture and vehicles: +€53,732
- Deferred charges and accrued income -€8,811
down €8,811 (-80.2%), from €10,989 to €2,178
- Receivables within one year -€8,770
down €8,770 (-84.1%), from €10,426 to €1,656
of which Other amounts receivable: -€7,977
- Reserves +€96,400
up €96,400 (+28.5%), from €338,829 to €435,230
of which Distributable reserves: +€99,742
- Debts after one year -€35,471
down €35,471 (-37.9%), from €93,607 to €58,136
- Gross operating margin +€67,717
up €67,717 (+31.3%), from €216,419 to €284,136
- Taxes +€24,246
up €24,246 (+134.3%), from €18,060 to €42,306
- Depreciation -€4,491
down €4,491 (-4.7%), from €95,563 to €91,072
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 | €569,706 | €616,584 | +€46,878 | +8.2% |
| Fixed assets | 21/28 | €403,670 | €414,432 | +€10,762 | +2.7% |
| Tangible fixed assets | 22/27 | €403,670 | €414,432 | +€10,762 | +2.7% |
| Land and buildings | 22 | €141,097 | €121,199 | -€19,899 | -14.1% |
| Plant, machinery and equipment | 23 | €12,419 | €9,778 | -€2,640 | -21.3% |
| Furniture and vehicles | 24 | €138,241 | €191,973 | +€53,732 | +38.9% |
| Other tangible fixed assets | 26 | €111,913 | €91,482 | -€20,431 | -18.3% |
| Current assets | 29/58 | €166,036 | €202,152 | +€36,116 | +21.8% |
| Stocks and contracts in progress | 3 | €19,957 | €16,308 | -€3,649 | -18.3% |
| Stocks | 30/36 | €19,957 | €16,308 | -€3,649 | -18.3% |
| Amounts receivable within one year | 40/41 | €10,426 | €1,656 | -€8,770 | -84.1% |
| Trade receivables | 40 | €2,398 | €1,605 | -€793 | -33.1% |
| Other amounts receivable | 41 | €8,028 | €51 | -€7,977 | -99.4% |
| Cash at bank and in hand | 54/58 | €124,665 | €182,010 | +€57,346 | +46.0% |
| Deferred charges and accrued income | 490/1 | €10,989 | €2,178 | -€8,811 | -80.2% |
| Total equity and liabilities | 10/49 | €569,706 | €616,584 | +€46,878 | +8.2% |
| Equity | 10/15 | €357,421 | €453,822 | +€96,400 | +27.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €338,829 | €435,230 | +€96,400 | +28.5% |
| Tax-exempt reserves | 132 | €18,414 | €15,072 | -€3,342 | -18.1% |
| Distributable reserves | 133 | €320,415 | €420,157 | +€99,742 | +31.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €9,482 | €7,761 | -€1,721 | -18.1% |
| Deferred taxes | 168 | €9,482 | €7,761 | -€1,721 | -18.1% |
| Amounts payable | 17/49 | €202,803 | €155,001 | -€47,801 | -23.6% |
| Amounts payable after more than one year | 17 | €93,607 | €58,136 | -€35,471 | -37.9% |
| Financial debts | 170/4 | €93,607 | €58,136 | -€35,471 | -37.9% |
| Amounts payable within one year | 42/48 | €106,637 | €95,094 | -€11,543 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €40,372 | €35,471 | -€4,900 | -12.1% |
| Trade debts | 44 | €21,057 | €16,431 | -€4,625 | -22.0% |
| Suppliers | 440/4 | €21,057 | €16,431 | -€4,625 | -22.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,235 | €20,733 | +€2,498 | +13.7% |
| Taxes | 450/3 | €14,986 | €18,209 | +€3,223 | +21.5% |
| Remuneration and social security | 454/9 | €3,248 | €2,524 | -€725 | -22.3% |
| Other amounts payable | 47/48 | €26,974 | €22,459 | -€4,515 | -16.7% |
| Accrued charges and deferred income | 492/3 | €2,559 | €1,772 | -€787 | -30.8% |
| Remuneration, social security and pensions | 62 | €45,918 | €43,875 | -€2,043 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,563 | €91,072 | -€4,491 | -4.7% |
| Other operating charges | 640/8 | €4,960 | €5,570 | +€610 | +12.3% |
| Gross operating margin | 9900 | €216,419 | €284,136 | +€67,717 | +31.3% |
| Operating profit (loss) | 9901 | €69,978 | €143,620 | +€73,642 | +105.2% |
| Financial income | 75/76B | €3 | €85 | +€82 | +3221.6% |
| Recurring financial income | 75 | €3 | €85 | +€82 | +3221.6% |
| Financial charges | 65/66B | €8,292 | €6,720 | -€1,572 | -19.0% |
| Recurring financial charges | 65 | €8,292 | €6,720 | -€1,572 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €61,689 | €136,986 | +€75,297 | +122.1% |
| Transfer from deferred taxes | 780 | €1,721 | €1,721 | = | 0.0% |
| Income taxes | 67/77 | €18,060 | €42,306 | +€24,246 | +134.3% |
| Profit (loss) for the period | 9904 | €45,350 | €96,400 | +€51,051 | +112.6% |
| Transfer from tax-exempt reserves | 789 | €3,342 | €3,342 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,691 | €99,742 | +€51,051 | +104.8% |
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 5 October 2026 via checked.be.