HERMADIS: 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.
HERMADIS
Largest movements
- Deferred charges and accrued income +€456,267
up €456,267 (+994.5%), from €45,877 to €502,144
- Cash +€309,891
up €309,891 (+40.5%), from €765,271 to €1.1m
mainly Accrued charges and deferred income (+€575,233) and Net result for the year (+€257,979)
- Tangible fixed assets -€165,102
down €165,102 (-7.6%), from €2.2m to €2.0m
of which Plant, machinery and equipment: -€158,997
- Receivables within one year -€130,633
down €130,633 (-74.8%), from €174,648 to €44,015
of which Other amounts receivable: -€132,671
- Stocks and contracts +€63,041
up €63,041 (+16.8%), from €376,263 to €439,305
- Accrued charges and deferred income +€575,233
up €575,233 (+325.7%), from €176,625 to €751,858
- Trade debts -€481,055
down €481,055 (-54.7%), from €878,808 to €397,754
- Profit (loss) carried forward +€247,104
up €247,104, from -€40,495 to €206,609
- Debts after one year -€213,390
down €213,390 (-10.1%), from €2.1m to €1.9m
- Current portion of long-term debt +€212,856
up €212,856 (+3447.7%), from €6,174 to €219,030
- Gross operating margin +€1.4m
up €1.4m (+1092.0%), from €125,489 to €1.5m
- Staff costs +€731,762
up €731,762 (+706.9%), from €103,515 to €835,278
- Depreciation +€174,689
up €174,689 (+385.5%), from €45,315 to €220,005
- Financial charges +€135,968
up €135,968 (+601.8%), from €22,595 to €158,563
of which Financial charges: +€125,959
- Other operating charges +€29,413
up €29,413 (+2590.3%), from €1,135 to €30,548
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 | €3,547,842 | €4,115,961 | +€568,120 | +16.0% |
| Formation expenses | 20 | €4,691 | €39,346 | +€34,655 | +738.7% |
| Fixed assets | 21/28 | €2,181,092 | €2,015,990 | -€165,102 | -7.6% |
| Tangible fixed assets | 22/27 | €2,181,092 | €2,015,990 | -€165,102 | -7.6% |
| Land and buildings | 22 | €602,541 | €579,796 | -€22,745 | -3.8% |
| Plant, machinery and equipment | 23 | €1,555,053 | €1,396,056 | -€158,997 | -10.2% |
| Furniture and vehicles | 24 | €23,498 | €40,138 | +€16,640 | +70.8% |
| Current assets | 29/58 | €1,362,059 | €2,060,626 | +€698,567 | +51.3% |
| Stocks and contracts in progress | 3 | €376,263 | €439,305 | +€63,041 | +16.8% |
| Stocks | 30/36 | €376,263 | €439,305 | +€63,041 | +16.8% |
| Amounts receivable within one year | 40/41 | €174,648 | €44,015 | -€130,633 | -74.8% |
| Trade receivables | 40 | €10,897 | €12,935 | +€2,038 | +18.7% |
| Other amounts receivable | 41 | €163,750 | €31,080 | -€132,671 | -81.0% |
| Cash at bank and in hand | 54/58 | €765,271 | €1,075,162 | +€309,891 | +40.5% |
| Deferred charges and accrued income | 490/1 | €45,877 | €502,144 | +€456,267 | +994.5% |
| Total equity and liabilities | 10/49 | €3,547,842 | €4,115,961 | +€568,120 | +16.0% |
| Equity | 10/15 | €309,505 | €567,484 | +€257,979 | +83.4% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | - | €10,875 | +€10,875 | |
| Non-distributable reserves | 130/1 | - | €10,875 | +€10,875 | |
| Legal reserve | 130 | - | €10,875 | +€10,875 | |
| Profit (loss) carried forward | 14 | -€40,495 | €206,609 | +€247,104 | |
| Amounts payable | 17/49 | €3,238,336 | €3,548,477 | +€310,141 | +9.6% |
| Amounts payable after more than one year | 17 | €2,121,302 | €1,907,911 | -€213,390 | -10.1% |
| Financial debts | 170/4 | €2,121,302 | €1,907,911 | -€213,390 | -10.1% |
| Amounts payable within one year | 42/48 | €940,410 | €888,708 | -€51,702 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €6,174 | €219,030 | +€212,856 | +3447.7% |
| Trade debts | 44 | €878,808 | €397,754 | -€481,055 | -54.7% |
| Suppliers | 440/4 | €878,808 | €397,754 | -€481,055 | -54.7% |
| Taxes, remuneration and social security | 45 | €41,431 | €127,940 | +€86,509 | +208.8% |
| Taxes | 450/3 | €27 | €13,676 | +€13,649 | +50550.3% |
| Remuneration and social security | 454/9 | €41,404 | €114,264 | +€72,860 | +176.0% |
| Other amounts payable | 47/48 | €13,997 | €143,985 | +€129,988 | +928.7% |
| Accrued charges and deferred income | 492/3 | €176,625 | €751,858 | +€575,233 | +325.7% |
| Non-recurring operating income | 76A | - | €109,429 | +€109,429 | |
| Remuneration, social security and pensions | 62 | €103,515 | €835,278 | +€731,762 | +706.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,315 | €220,005 | +€174,689 | +385.5% |
| Other operating charges | 640/8 | €1,135 | €30,548 | +€29,413 | +2590.3% |
| Non-recurring operating charges | 66A | €63 | €1,933 | +€1,870 | +2963.8% |
| Gross operating margin | 9900 | €125,489 | €1,495,866 | +€1.4m | +1092.0% |
| Operating profit (loss) | 9901 | -€24,540 | €408,102 | +€432,643 | |
| Financial income | 75/76B | €6,668 | €17,939 | +€11,271 | +169.0% |
| Recurring financial income | 75 | €6,668 | €17,339 | +€10,672 | +160.0% |
| Non-recurring financial income | 76B | - | €599 | +€599 | |
| Financial charges | 65/66B | €22,595 | €158,563 | +€135,968 | +601.8% |
| Recurring financial charges | 65 | €22,595 | €148,554 | +€125,959 | +557.5% |
| Non-recurring financial charges | 66B | - | €10,009 | +€10,009 | |
| Profit (loss) for the period before taxes | 9903 | -€40,468 | €267,478 | +€307,946 | |
| Income taxes | 67/77 | €27 | €9,500 | +€9,473 | +35084.9% |
| Profit (loss) for the period | 9904 | -€40,495 | €257,979 | +€298,473 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,495 | €257,979 | +€298,473 |
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.