HERMAN: 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.
HERMAN
Largest movements
- Stocks and contracts -€153,449
down €153,449 (-72.8%), from €210,803 to €57,353
- Receivables within one year +€35,191
up €35,191 (+33.3%), from €105,792 to €140,983
of which Other amounts receivable: +€50,287
- Tangible fixed assets -€25,249
down €25,249 (-14.9%), from €169,334 to €144,085
of which Land and buildings: -€16,461
- Cash +€19,022
up €19,022 (+27.4%), from €69,380 to €88,402
mainly Stocks and contracts (+€153,449) and Depreciation (+€21,122)
- Profit (loss) carried forward -€83,836
down €83,836 (-102.2%), from -€82,012 to -€165,849
- Debts after one year -€41,451
down €41,451 (-20.9%), from €198,244 to €156,793
- Short-term financial debts +€18,783
up €18,783 (+616.5%), from €3,047 to €21,830
of which Credit institutions: +€18,785
- Tax, wage and social debts -€15,312
down €15,312 (-82.6%), from €18,546 to €3,234
of which Remuneration and social security: -€10,100
- Staff costs -€79,840
down €79,840 (-87.3%), from €91,494 to €11,654
- Gross operating margin -€19,554
down €19,554, from €5,917 to -€13,637
- Other operating charges -€3,084
down €3,084 (-22.5%), from €13,683 to €10,598
- Financial charges -€3,051
down €3,051 (-16.2%), from €18,838 to €15,786
- Depreciation -€1,883
down €1,883 (-8.2%), from €23,005 to €21,122
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 | €561,286 | €434,418 | -€126,868 | -22.6% |
| Fixed assets | 21/28 | €170,028 | €144,779 | -€25,249 | -14.8% |
| Tangible fixed assets | 22/27 | €169,334 | €144,085 | -€25,249 | -14.9% |
| Land and buildings | 22 | €152,380 | €135,919 | -€16,461 | -10.8% |
| Plant, machinery and equipment | 23 | €4,835 | €3,473 | -€1,361 | -28.2% |
| Furniture and vehicles | 24 | €7,992 | €4,693 | -€3,300 | -41.3% |
| Leasing and similar rights | 25 | €4,127 | - | -€4,127 | |
| Financial fixed assets | 28 | €694 | €694 | = | 0.0% |
| Current assets | 29/58 | €391,258 | €289,638 | -€101,619 | -26.0% |
| Stocks and contracts in progress | 3 | €210,803 | €57,353 | -€153,449 | -72.8% |
| Stocks | 30/36 | €210,803 | €57,353 | -€153,449 | -72.8% |
| Amounts receivable within one year | 40/41 | €105,792 | €140,983 | +€35,191 | +33.3% |
| Trade receivables | 40 | €53,430 | €38,333 | -€15,096 | -28.3% |
| Other amounts receivable | 41 | €52,363 | €102,650 | +€50,287 | +96.0% |
| Cash at bank and in hand | 54/58 | €69,380 | €88,402 | +€19,022 | +27.4% |
| Deferred charges and accrued income | 490/1 | €5,283 | €2,900 | -€2,383 | -45.1% |
| Total equity and liabilities | 10/49 | €561,286 | €434,418 | -€126,868 | -22.6% |
| Equity | 10/15 | -€2,375 | -€86,211 | -€83,836 | -3530.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,038 | €61,038 | = | 0.0% |
| Distributable reserves | 133 | €61,038 | €61,038 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,012 | -€165,849 | -€83,836 | -102.2% |
| Amounts payable | 17/49 | €563,661 | €520,629 | -€43,032 | -7.6% |
| Amounts payable after more than one year | 17 | €198,244 | €156,793 | -€41,451 | -20.9% |
| Financial debts | 170/4 | €198,244 | €156,793 | -€41,451 | -20.9% |
| Amounts payable within one year | 42/48 | €365,417 | €363,836 | -€1,581 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €38,611 | €37,656 | -€955 | -2.5% |
| Financial debts | 43 | €3,047 | €21,830 | +€18,783 | +616.5% |
| Credit institutions | 430/8 | - | €18,785 | +€18,785 | |
| Other loans | 439 | €3,047 | €3,044 | -€2 | -0.1% |
| Trade debts | 44 | €256,565 | €255,637 | -€927 | -0.4% |
| Suppliers | 440/4 | €256,565 | €255,637 | -€927 | -0.4% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €18,546 | €3,234 | -€15,312 | -82.6% |
| Taxes | 450/3 | €7,891 | €2,679 | -€5,212 | -66.0% |
| Remuneration and social security | 454/9 | €10,655 | €555 | -€10,100 | -94.8% |
| Other amounts payable | 47/48 | €48,649 | €44,479 | -€4,169 | -8.6% |
| Non-recurring operating income | 76A | - | €13,839 | +€13,839 | |
| Remuneration, social security and pensions | 62 | €91,494 | €11,654 | -€79,840 | -87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,005 | €21,122 | -€1,883 | -8.2% |
| Other operating charges | 640/8 | €13,683 | €10,598 | -€3,084 | -22.5% |
| Non-recurring operating charges | 66A | - | €13,202 | +€13,202 | |
| Gross operating margin | 9900 | €5,917 | -€13,637 | -€19,554 | |
| Operating profit (loss) | 9901 | -€122,265 | -€70,214 | +€52,051 | +42.6% |
| Financial income | 75/76B | €1,703 | €2,164 | +€461 | +27.1% |
| Recurring financial income | 75 | €1,703 | €2,164 | +€461 | +27.1% |
| Financial charges | 65/66B | €18,838 | €15,786 | -€3,051 | -16.2% |
| Recurring financial charges | 65 | €18,838 | €15,786 | -€3,051 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | -€139,400 | -€83,836 | +€55,563 | +39.9% |
| Profit (loss) for the period | 9904 | -€139,400 | -€83,836 | +€55,563 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,400 | -€83,836 | +€55,563 | +39.9% |
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 11 October 2026 via checked.be.