HERMAN-AGE: what changed
What changed
HERMAN-AGE
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€525,002
2024 · €76,611+€448,391
Equity
€2.0m
2024 · €1.5m+€525,002
Cash
€418,512
2024 · €111,334+€307,178
Balance sheet total
€2.7m
2024 · €2.2m+€531,318
Largest movements
Assets
- Cash +€307,178
up €307,178 (+276%), from €111,334 to €418,512
mainly Net result for the year (+€525,002) and Depreciation (+€32,472)
- Current investments +€250,314
up €250,314 (+66.6%), from €376,035 to €626,349
Equity and liabilities
- Reserves +€525,002
up €525,002 (+35.3%), from €1.5m to €2.0m
of which Distributable reserves: +€525,002
- Debts after one year -€44,656
down €44,656 (-10.0%), from €446,509 to €401,853
Income statement
- Financial income +€464,073
up €464,073 (+564%), from €82,314 to €546,387
- Taxes +€56,302
up €56,302 (+447%), from €12,599 to €68,901
- Depreciation -€50,901
down €50,901 (-61.1%), from €83,373 to €32,472
- Financial charges +€18,755
up €18,755 (+114%), from €16,415 to €35,170
- Gross operating margin +€15,174
up €15,174 (+13.6%), from €111,360 to €126,534
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€76,611
Gross operating margin
+€15,174
Depreciation
+€50,901
Other operating charges
-€6,700
Financial income
+€464,073
Financial charges
-€18,755
Taxes
-€56,302
Result 2025
€525,002
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€609,074
Investment
-€257,955
Financing
-€43,941
Cash 2024
€111,334
From operations (derived)
+€609,074
Net result for the year
+€525,002
Depreciation
+€32,472
Receivables within one year
-€974
Deferred charges and accrued income
+€2,318
Trade debts
+€14,120
Tax, wage and social debts
+€23,104
Other debts
+€9,961
Accrued charges and deferred income
+€3,071
Investment (derived)
-€257,955
Investment in fixed assets (net)
-€7,641
Current investments
-€250,314
Financing
-€43,941
Debts after one year
-€44,656
Current portion of long-term debt
+€715
Cash 2025
€418,512
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,203,698 | €2,735,016 | +€531,318 | +24.1% |
| Fixed assets | 21/28 | €1,682,530 | €1,657,699 | -€24,831 | -1.5% |
| Tangible fixed assets | 22/27 | €787,495 | €762,664 | -€24,831 | -3.2% |
| Land and buildings | 22 | €691,692 | €676,245 | -€15,447 | -2.2% |
| Other tangible fixed assets | 26 | €95,803 | €86,419 | -€9,384 | -9.8% |
| Financial fixed assets | 28 | €895,035 | €895,035 | = | 0.0% |
| Current assets | 29/58 | €521,169 | €1,077,317 | +€556,148 | +107% |
| Amounts receivable within one year | 40/41 | €30,455 | €31,429 | +€974 | +3.2% |
| Trade receivables | 40 | €859 | €1,833 | +€974 | +113% |
| Other amounts receivable | 41 | €29,595 | €29,595 | = | 0.0% |
| Current investments | 50/53 | €376,035 | €626,349 | +€250,314 | +66.6% |
| Cash at bank and in hand | 54/58 | €111,334 | €418,512 | +€307,178 | +276% |
| Deferred charges and accrued income | 490/1 | €3,345 | €1,027 | -€2,318 | -69.3% |
| Total equity and liabilities | 10/49 | €2,203,698 | €2,735,016 | +€531,318 | +24.1% |
| Equity | 10/15 | €1,508,287 | €2,033,289 | +€525,002 | +34.8% |
| Contributions | 10/11 | €19,125 | €19,125 | = | 0.0% |
| Reserves | 13 | €1,488,148 | €2,013,150 | +€525,002 | +35.3% |
| Non-distributable reserves | 130/1 | €1,913 | €1,913 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,913 | €1,913 | = | 0.0% |
| Distributable reserves | 133 | €1,486,235 | €2,011,237 | +€525,002 | +35.3% |
| Profit (loss) carried forward | 14 | €1,015 | €1,015 | = | 0.0% |
| Amounts payable | 17/49 | €695,411 | €701,726 | +€6,315 | +0.9% |
| Amounts payable after more than one year | 17 | €446,509 | €401,853 | -€44,656 | -10.0% |
| Financial debts | 170/4 | €446,509 | €401,853 | -€44,656 | -10.0% |
| Amounts payable within one year | 42/48 | €237,452 | €285,352 | +€47,900 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €43,941 | €44,656 | +€715 | +1.6% |
| Trade debts | 44 | €1,052 | €15,172 | +€14,120 | +1,342% |
| Suppliers | 440/4 | €1,052 | €15,172 | +€14,120 | +1,342% |
| Taxes, remuneration and social security | 45 | €13,351 | €36,455 | +€23,104 | +173% |
| Taxes | 450/3 | €13,351 | €36,455 | +€23,104 | +173% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €179,107 | €189,068 | +€9,961 | +5.6% |
| Accrued charges and deferred income | 492/3 | €11,450 | €14,521 | +€3,071 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,373 | €32,472 | -€50,901 | -61.1% |
| Other operating charges | 640/8 | €4,676 | €11,376 | +€6,700 | +143% |
| Gross operating margin | 9900 | €111,360 | €126,534 | +€15,174 | +13.6% |
| Operating profit (loss) | 9901 | €23,312 | €82,687 | +€59,375 | +255% |
| Financial income | 75/76B | €82,314 | €546,387 | +€464,073 | +564% |
| Recurring financial income | 75 | €82,314 | €546,387 | +€464,073 | +564% |
| Financial charges | 65/66B | €16,415 | €35,170 | +€18,755 | +114% |
| Recurring financial charges | 65 | €16,415 | €35,170 | +€18,755 | +114% |
| Profit (loss) for the period before taxes | 9903 | €89,210 | €593,903 | +€504,693 | +566% |
| Income taxes | 67/77 | €12,599 | €68,901 | +€56,302 | +447% |
| Profit (loss) for the period | 9904 | €76,611 | €525,002 | +€448,391 | +585% |
| Profit (loss) for the period to be appropriated | 9905 | €76,611 | €525,002 | +€448,391 | +585% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.