HERMAN DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Receivables within one year -€193,889
down €193,889 (-71.0%), from €273,072 to €79,183
of which Trade receivables: -€145,592
- Cash -€35,468
down €35,468 (-16.6%), from €213,990 to €178,522
mainly Trade debts (-€257,236) and Other debts (-€27,198)
- Intangible fixed assets -€18,539
down €18,539 (-18.5%), from €100,000 to €81,461
- Tangible fixed assets -€13,525
down €13,525 (-12.7%), from €106,821 to €93,296
of which Leasing and similar rights: -€12,308
- Stocks and contracts +€13,520
up €13,520 (+3.9%), from €344,954 to €358,474
- Trade debts -€257,236
down €257,236 (-50.8%), from €506,758 to €249,522
- Short-term financial debts +€43,000
up €43,000 (+20.8%), from €207,000 to €250,000
- Other debts -€27,198
down €27,198 (-47.6%), from €57,198 to €29,999
- Profit (loss) carried forward +€27,056
up €27,056 (+16.6%), from €163,233 to €190,289
- Debts after one year -€20,853
down €20,853 (-28.6%), from €72,921 to €52,068
- Depreciation +€4,740
up €4,740 (+12.3%), from €38,559 to €43,299
- Other operating charges +€3,259
up €3,259 (+33.9%), from €9,626 to €12,885
- Taxes +€2,687
up €2,687 (+39.8%), from €6,754 to €9,441
- Financial charges -€1,560
down €1,560 (-7.4%), from €21,104 to €19,544
- Gross operating margin +€1,193
up €1,193 (+1.1%), from €110,877 to €112,071
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 | €1,045,794 | €797,928 | -€247,867 | -23.7% |
| Fixed assets | 21/28 | €207,184 | €175,121 | -€32,063 | -15.5% |
| Intangible fixed assets | 21 | €100,000 | €81,461 | -€18,539 | -18.5% |
| Tangible fixed assets | 22/27 | €106,821 | €93,296 | -€13,525 | -12.7% |
| Plant, machinery and equipment | 23 | €7,133 | €5,086 | -€2,048 | -28.7% |
| Furniture and vehicles | 24 | €4,453 | €5,068 | +€615 | +13.8% |
| Leasing and similar rights | 25 | €48,655 | €36,347 | -€12,308 | -25.3% |
| Other tangible fixed assets | 26 | €46,580 | €46,796 | +€216 | +0.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €838,610 | €622,807 | -€215,803 | -25.7% |
| Stocks and contracts in progress | 3 | €344,954 | €358,474 | +€13,520 | +3.9% |
| Stocks | 30/36 | €344,954 | €358,474 | +€13,520 | +3.9% |
| Amounts receivable within one year | 40/41 | €273,072 | €79,183 | -€193,889 | -71.0% |
| Trade receivables | 40 | €221,603 | €76,011 | -€145,592 | -65.7% |
| Other amounts receivable | 41 | €51,469 | €3,172 | -€48,297 | -93.8% |
| Cash at bank and in hand | 54/58 | €213,990 | €178,522 | -€35,468 | -16.6% |
| Deferred charges and accrued income | 490/1 | €6,595 | €6,628 | +€33 | +0.5% |
| Total equity and liabilities | 10/49 | €1,045,794 | €797,928 | -€247,867 | -23.7% |
| Equity | 10/15 | €168,233 | €195,289 | +€27,056 | +16.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,233 | €190,289 | +€27,056 | +16.6% |
| Amounts payable | 17/49 | €877,561 | €602,638 | -€274,922 | -31.3% |
| Amounts payable after more than one year | 17 | €72,921 | €52,068 | -€20,853 | -28.6% |
| Financial debts | 170/4 | €72,921 | €52,068 | -€20,853 | -28.6% |
| Amounts payable within one year | 42/48 | €804,640 | €550,571 | -€254,069 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €30,326 | €21,027 | -€9,299 | -30.7% |
| Financial debts | 43 | €207,000 | €250,000 | +€43,000 | +20.8% |
| Credit institutions | 430/8 | €207,000 | €250,000 | +€43,000 | +20.8% |
| Trade debts | 44 | €506,758 | €249,522 | -€257,236 | -50.8% |
| Suppliers | 440/4 | €506,758 | €249,522 | -€257,236 | -50.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,357 | €22 | -€3,335 | -99.3% |
| Taxes | 450/3 | €1,357 | €22 | -€1,335 | -98.4% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €57,198 | €29,999 | -€27,198 | -47.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €3,278 | +€3,278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,559 | €43,299 | +€4,740 | +12.3% |
| Other operating charges | 640/8 | €9,626 | €12,885 | +€3,259 | +33.9% |
| Gross operating margin | 9900 | €110,877 | €112,071 | +€1,193 | +1.1% |
| Operating profit (loss) | 9901 | €62,693 | €55,887 | -€6,805 | -10.9% |
| Financial income | 75/76B | €57 | €153 | +€96 | +167.2% |
| Recurring financial income | 75 | €57 | €153 | +€96 | +167.2% |
| Financial charges | 65/66B | €21,104 | €19,544 | -€1,560 | -7.4% |
| Recurring financial charges | 65 | €21,104 | €19,544 | -€1,560 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €41,646 | €36,496 | -€5,150 | -12.4% |
| Income taxes | 67/77 | €6,754 | €9,441 | +€2,687 | +39.8% |
| Profit (loss) for the period | 9904 | €34,892 | €27,056 | -€7,837 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,892 | €27,056 | -€7,837 | -22.5% |
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 7 October 2026 via checked.be.