Herman: 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.
Herman
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+149.4%), from €1.2m to €3.1m
of which Assets under construction and advance payments: +€1.9m
- Financial fixed assets +€761,551
new in 2025: €761,551
- Receivables after one year +€172,952
new in 2025: €172,952
- Receivables within one year +€150,351
up €150,351 (+2779.1%), from €5,410 to €155,761
of which Other amounts receivable: +€146,701
- Other debts +€1.8m
up €1.8m (+467.2%), from €390,169 to €2.2m
- Accrued charges and deferred income +€871,814
new in 2025: €871,814
- Trade debts +€409,335
up €409,335 (+5497.4%), from €7,446 to €416,781
- Profit (loss) carried forward -€107,597
down €107,597 (-60.9%), from -€176,643 to -€284,240
- Debts after one year -€52,529
down €52,529 (-5.4%), from €968,046 to €915,517
- Other operating charges +€14,924
up €14,924 (+112.7%), from €13,243 to €28,167
- Financial charges +€4,710
up €4,710 (+6.1%), from €77,553 to €82,263
of which Financial charges: +€10,910
- Gross operating margin -€4,384
down €4,384 (-44.9%), from €9,764 to €5,380
- Financial income +€1,003
new in 2025: €1,003
- Purchases and services -€866
down €866 (-6.6%), from €13,114 to €12,248
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,262,008 | €4,205,935 | +€2.9m | +233.3% |
| Fixed assets | 21/28 | €1,244,563 | €3,865,714 | +€2.6m | +210.6% |
| Tangible fixed assets | 22/27 | €1,244,563 | €3,104,163 | +€1.9m | +149.4% |
| Land and buildings | 22 | €392,774 | €389,224 | -€3,550 | -0.9% |
| Assets under construction and advance payments | 27 | €851,789 | €2,714,939 | +€1.9m | +218.7% |
| Financial fixed assets | 28 | - | €761,551 | +€761,551 | |
| Current assets | 29/58 | €17,445 | €340,221 | +€322,776 | +1850.2% |
| Amounts receivable after more than one year | 29 | - | €172,952 | +€172,952 | |
| Other amounts receivable | 291 | - | €172,952 | +€172,952 | |
| Amounts receivable within one year | 40/41 | €5,410 | €155,761 | +€150,351 | +2779.1% |
| Trade receivables | 40 | - | €3,650 | +€3,650 | |
| Other amounts receivable | 41 | €5,410 | €152,111 | +€146,701 | +2711.7% |
| Cash at bank and in hand | 54/58 | €12,035 | €9,959 | -€2,076 | -17.2% |
| Deferred charges and accrued income | 490/1 | - | €1,549 | +€1,549 | |
| Total equity and liabilities | 10/49 | €1,262,008 | €4,205,935 | +€2.9m | +233.3% |
| Equity | 10/15 | -€156,183 | -€263,780 | -€107,597 | -68.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€176,643 | -€284,240 | -€107,597 | -60.9% |
| Amounts payable | 17/49 | €1,418,191 | €4,469,715 | +€3.1m | +215.2% |
| Amounts payable after more than one year | 17 | €968,046 | €915,517 | -€52,529 | -5.4% |
| Financial debts | 170/4 | €968,046 | €915,517 | -€52,529 | -5.4% |
| Amounts payable within one year | 42/48 | €450,145 | €2,682,384 | +€2.2m | +495.9% |
| Current portion of amounts payable after more than one year | 42 | €52,530 | €52,530 | = | 0.0% |
| Trade debts | 44 | €7,446 | €416,781 | +€409,335 | +5497.4% |
| Suppliers | 440/4 | €7,446 | €416,781 | +€409,335 | +5497.4% |
| Other amounts payable | 47/48 | €390,169 | €2,213,073 | +€1.8m | +467.2% |
| Accrued charges and deferred income | 492/3 | - | €871,814 | +€871,814 | |
| Goods, raw materials, services and sundry goods | 60/61 | €13,114 | €12,248 | -€866 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,550 | €3,550 | = | 0.0% |
| Other operating charges | 640/8 | €13,243 | €28,167 | +€14,924 | +112.7% |
| Gross operating margin | 9900 | €9,764 | €5,380 | -€4,384 | -44.9% |
| Operating profit (loss) | 9901 | -€7,029 | -€26,337 | -€19,308 | -274.7% |
| Financial income | 75/76B | - | €1,003 | +€1,003 | |
| Recurring financial income | 75 | - | €1,003 | +€1,003 | |
| Financial charges | 65/66B | €77,553 | €82,263 | +€4,710 | +6.1% |
| Recurring financial charges | 65 | €71,353 | €82,263 | +€10,910 | +15.3% |
| Non-recurring financial charges | 66B | €6,200 | - | -€6,200 | |
| Profit (loss) for the period before taxes | 9903 | -€84,582 | -€107,597 | -€23,015 | -27.2% |
| Profit (loss) for the period | 9904 | -€84,582 | -€107,597 | -€23,015 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€84,582 | -€107,597 | -€23,015 | -27.2% |
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 30 September 2026 via checked.be.