HERMAN FINANCE: 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 FINANCE
Largest movements
- Current investments +€1.3m
up €1.3m (+51.1%), from €2.5m to €3.8m
- Receivables within one year +€868,797
up €868,797 (+548%), from €158,463 to €1.0m
of which Trade receivables: +€872,172
- Cash -€387,760
down €387,760 (-78.0%), from €497,012 to €109,252
mainly Current investments (-€1.3m) and Receivables within one year (-€868,797)
- Tangible fixed assets -€230,214
down €230,214 (-11.5%), from €2.0m to €1.8m
- Reserves +€1.8m
up €1.8m (+28.0%), from €6.3m to €8.0m
- Debts after one year -€170,135
down €170,135 (-35.3%), from €481,950 to €311,814
- Gross operating margin +€1.9m
up €1.9m (+224%), from €832,290 to €2.7m
- Taxes +€533,488
up €533,488 (+361%), from €147,760 to €681,248
- Financial income +€144,251
up €144,251 (+307%), from €46,974 to €191,225
- Financial charges +€35,003
up €35,003 (+43.4%), from €80,601 to €115,604
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 | €8,041,313 | €9,651,818 | +€1.6m | +20.0% |
| Fixed assets | 21/28 | €4,346,804 | €4,178,287 | -€168,517 | -3.9% |
| Tangible fixed assets | 22/27 | €2,002,297 | €1,772,083 | -€230,214 | -11.5% |
| Land and buildings | 22 | €1,407,689 | €1,331,732 | -€75,957 | -5.4% |
| Plant, machinery and equipment | 23 | €307,654 | €209,162 | -€98,492 | -32.0% |
| Furniture and vehicles | 24 | €286,953 | €231,189 | -€55,764 | -19.4% |
| Financial fixed assets | 28 | €2,344,507 | €2,406,204 | +€61,697 | +2.6% |
| Current assets | 29/58 | €3,694,509 | €5,473,531 | +€1.8m | +48.2% |
| Stocks and contracts in progress | 3 | €472,271 | €556,498 | +€84,227 | +17.8% |
| Stocks | 30/36 | €472,271 | €556,498 | +€84,227 | +17.8% |
| Amounts receivable within one year | 40/41 | €158,463 | €1,027,260 | +€868,797 | +548% |
| Trade receivables | 40 | €155,055 | €1,027,227 | +€872,172 | +562% |
| Other amounts receivable | 41 | €3,408 | €33 | -€3,375 | -99.0% |
| Current investments | 50/53 | €2,500,596 | €3,777,883 | +€1.3m | +51.1% |
| Cash at bank and in hand | 54/58 | €497,012 | €109,252 | -€387,760 | -78.0% |
| Deferred charges and accrued income | 490/1 | €66,168 | €2,639 | -€63,529 | -96.0% |
| Total equity and liabilities | 10/49 | €8,041,313 | €9,651,818 | +€1.6m | +20.0% |
| Equity | 10/15 | €6,417,130 | €8,172,615 | +€1.8m | +27.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €6,267,130 | €8,022,615 | +€1.8m | +28.0% |
| Distributable reserves | 133 | €6,267,130 | €8,022,615 | +€1.8m | +28.0% |
| Amounts payable | 17/49 | €1,624,183 | €1,479,203 | -€144,980 | -8.9% |
| Amounts payable after more than one year | 17 | €481,950 | €311,814 | -€170,135 | -35.3% |
| Financial debts | 170/4 | €481,950 | €311,814 | -€170,135 | -35.3% |
| Amounts payable within one year | 42/48 | €1,074,393 | €1,105,412 | +€31,019 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €169,230 | €170,135 | +€906 | +0.5% |
| Trade debts | 44 | €2,307 | €8,614 | +€6,308 | +273% |
| Suppliers | 440/4 | €2,307 | €8,614 | +€6,308 | +273% |
| Taxes, remuneration and social security | 45 | €68,247 | €107,461 | +€39,213 | +57.5% |
| Taxes | 450/3 | €58,591 | €97,059 | +€38,467 | +65.7% |
| Remuneration and social security | 454/9 | €9,656 | €10,402 | +€746 | +7.7% |
| Other amounts payable | 47/48 | €834,609 | €819,201 | -€15,408 | -1.8% |
| Accrued charges and deferred income | 492/3 | €67,840 | €61,977 | -€5,863 | -8.6% |
| Non-recurring operating income | 76A | €92,948 | €30,763 | -€62,185 | -66.9% |
| Remuneration, social security and pensions | 62 | €80,859 | €84,162 | +€3,303 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,008 | €160,547 | +€2,539 | +1.6% |
| Other operating charges | 640/8 | €4,672 | €5,191 | +€519 | +11.1% |
| Non-recurring operating charges | 66A | €10,000 | €85,997 | +€75,997 | +760% |
| Gross operating margin | 9900 | €832,290 | €2,698,674 | +€1.9m | +224% |
| Operating profit (loss) | 9901 | €578,751 | €2,362,777 | +€1.8m | +308% |
| Financial income | 75/76B | €46,974 | €191,225 | +€144,251 | +307% |
| Recurring financial income | 75 | €46,974 | €191,225 | +€144,251 | +307% |
| Financial charges | 65/66B | €80,601 | €115,604 | +€35,003 | +43.4% |
| Recurring financial charges | 65 | €80,601 | €115,604 | +€35,003 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €545,124 | €2,438,398 | +€1.9m | +347% |
| Income taxes | 67/77 | €147,760 | €681,248 | +€533,488 | +361% |
| Profit (loss) for the period | 9904 | €397,364 | €1,757,151 | +€1.4m | +342% |
| Profit (loss) for the period to be appropriated | 9905 | €397,364 | €1,757,151 | +€1.4m | +342% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.