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
- Receivables after one year +€95,391
new in 2025: €95,391
- Receivables within one year -€46,298
down €46,298 (-98.7%), from €46,919 to €621
of which Other amounts receivable: -€27,930
- Cash -€15,383
down €15,383 (-53.4%), from €28,786 to €13,403
mainly Receivables after one year (-€95,391) and Trade debts (-€16,310)
- Reserves +€25,740
up €25,740 (+78.7%), from €32,694 to €58,434
- Tax, wage and social debts +€23,308
up €23,308 (+112%), from €20,899 to €44,207
of which Taxes: +€25,905
- Trade debts -€16,310
down €16,310 (-64.3%), from €25,384 to €9,074
- Financial income +€38,253
up €38,253 (+466%), from €8,215 to €46,468
of which Non-recurring financial income: +€38,667
- Taxes +€20,436
up €20,436 (+366%), from €5,583 to €26,019
- Other operating charges -€2,110
down €2,110 (-26.2%), from €8,050 to €5,940
- Gross operating margin -€1,391
down €1,391 (-2.1%), from €66,179 to €64,788
- Staff costs +€1,306
up €1,306 (+2.6%), from €50,966 to €52,272
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 | €109,924 | €142,662 | +€32,738 | +29.8% |
| Fixed assets | 21/28 | €1,820 | €989 | -€831 | -45.7% |
| Tangible fixed assets | 22/27 | €1,820 | €989 | -€831 | -45.7% |
| Plant, machinery and equipment | 23 | €1,820 | €989 | -€831 | -45.7% |
| Current assets | 29/58 | €108,104 | €141,673 | +€33,569 | +31.1% |
| Amounts receivable after more than one year | 29 | - | €95,391 | +€95,391 | |
| Other amounts receivable | 291 | - | €95,391 | +€95,391 | |
| Stocks and contracts in progress | 3 | €30,214 | €31,297 | +€1,083 | +3.6% |
| Stocks | 30/36 | €30,214 | €31,297 | +€1,083 | +3.6% |
| Amounts receivable within one year | 40/41 | €46,919 | €621 | -€46,298 | -98.7% |
| Trade receivables | 40 | €18,368 | - | -€18,368 | |
| Other amounts receivable | 41 | €28,551 | €621 | -€27,930 | -97.8% |
| Cash at bank and in hand | 54/58 | €28,786 | €13,403 | -€15,383 | -53.4% |
| Deferred charges and accrued income | 490/1 | €2,185 | €961 | -€1,224 | -56.0% |
| Total equity and liabilities | 10/49 | €109,924 | €142,662 | +€32,738 | +29.8% |
| Equity | 10/15 | €63,641 | €89,381 | +€25,740 | +40.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,694 | €58,434 | +€25,740 | +78.7% |
| Distributable reserves | 133 | €32,694 | €58,434 | +€25,740 | +78.7% |
| Profit (loss) carried forward | 14 | €12,347 | €12,347 | = | 0.0% |
| Amounts payable | 17/49 | €46,283 | €53,281 | +€6,998 | +15.1% |
| Amounts payable within one year | 42/48 | €46,283 | €53,281 | +€6,998 | +15.1% |
| Trade debts | 44 | €25,384 | €9,074 | -€16,310 | -64.3% |
| Suppliers | 440/4 | €25,384 | €9,074 | -€16,310 | -64.3% |
| Taxes, remuneration and social security | 45 | €20,899 | €44,207 | +€23,308 | +112% |
| Taxes | 450/3 | €8,107 | €34,012 | +€25,905 | +320% |
| Remuneration and social security | 454/9 | €12,792 | €10,195 | -€2,597 | -20.3% |
| Remuneration, social security and pensions | 62 | €50,966 | €52,272 | +€1,306 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €810 | €831 | +€21 | +2.6% |
| Other operating charges | 640/8 | €8,050 | €5,940 | -€2,110 | -26.2% |
| Gross operating margin | 9900 | €66,179 | €64,788 | -€1,391 | -2.1% |
| Operating profit (loss) | 9901 | €6,353 | €5,745 | -€608 | -9.6% |
| Financial income | 75/76B | €8,215 | €46,468 | +€38,253 | +466% |
| Recurring financial income | 75 | €8,215 | €7,801 | -€414 | -5.0% |
| Non-recurring financial income | 76B | - | €38,667 | +€38,667 | |
| Financial charges | 65/66B | €26 | €454 | +€428 | +1,646% |
| Recurring financial charges | 65 | €26 | €454 | +€428 | +1,646% |
| Profit (loss) for the period before taxes | 9903 | €14,542 | €51,759 | +€37,217 | +256% |
| Income taxes | 67/77 | €5,583 | €26,019 | +€20,436 | +366% |
| Profit (loss) for the period | 9904 | €8,959 | €25,740 | +€16,781 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €8,959 | €25,740 | +€16,781 | +187% |
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 21 October 2026 via checked.be.