HERMAN Patrick: 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 Patrick
Largest movements
- Tangible fixed assets +€31,853
up €31,853 (+89.8%), from €35,477 to €67,331
of which Plant, machinery and equipment: +€27,209
- Receivables within one year +€6,328
up €6,328 (+40.5%), from €15,620 to €21,948
of which Trade receivables: +€6,194
- Trade debts +€34,091
up €34,091 (+67.8%), from €50,247 to €84,338
- Debts after one year -€26,129
no longer reported in 2025 (was €26,129)
- Short-term financial debts +€20,968
up €20,968 (+72.6%), from €28,893 to €49,860
- Profit (loss) carried forward +€14,035
up €14,035 (+12.3%), from -€113,786 to -€99,751
- Current portion of long-term debt -€11,279
no longer reported in 2025 (was €11,279)
- Depreciation -€21,090
down €21,090 (-47.6%), from €44,318 to €23,228
- Gross operating margin +€4,004
up €4,004 (+9.8%), from €41,053 to €45,057
- Financial charges -€1,015
down €1,015 (-21.4%), from €4,741 to €3,726
- Staff costs +€965
no longer reported in 2025 (was -€965)
- Other operating charges +€495
up €495 (+52.5%), from €944 to €1,439
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 | €74,815 | €114,264 | +€39,448 | +52.7% |
| Fixed assets | 21/28 | €35,881 | €67,734 | +€31,853 | +88.8% |
| Tangible fixed assets | 22/27 | €35,477 | €67,331 | +€31,853 | +89.8% |
| Plant, machinery and equipment | 23 | €6,274 | €33,483 | +€27,209 | +433.7% |
| Furniture and vehicles | 24 | €29,203 | €33,848 | +€4,644 | +15.9% |
| Financial fixed assets | 28 | €404 | €404 | = | 0.0% |
| Current assets | 29/58 | €38,935 | €46,529 | +€7,595 | +19.5% |
| Amounts receivable within one year | 40/41 | €15,620 | €21,948 | +€6,328 | +40.5% |
| Trade receivables | 40 | €15,620 | €21,814 | +€6,194 | +39.7% |
| Other amounts receivable | 41 | - | €134 | +€134 | |
| Cash at bank and in hand | 54/58 | €23,315 | €24,285 | +€970 | +4.2% |
| Deferred charges and accrued income | 490/1 | - | €297 | +€297 | |
| Total equity and liabilities | 10/49 | €74,815 | €114,264 | +€39,448 | +52.7% |
| Equity | 10/15 | -€101,386 | -€87,351 | +€14,035 | +13.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,786 | -€99,751 | +€14,035 | +12.3% |
| Amounts payable | 17/49 | €176,201 | €201,615 | +€25,414 | +14.4% |
| Amounts payable after more than one year | 17 | €26,129 | - | -€26,129 | |
| Financial debts | 170/4 | €26,129 | - | -€26,129 | |
| Amounts payable within one year | 42/48 | €150,072 | €201,057 | +€50,984 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €11,279 | - | -€11,279 | |
| Financial debts | 43 | €28,893 | €49,860 | +€20,968 | +72.6% |
| Credit institutions | 430/8 | €28,893 | €49,860 | +€20,968 | +72.6% |
| Trade debts | 44 | €50,247 | €84,338 | +€34,091 | +67.8% |
| Suppliers | 440/4 | €50,247 | €84,338 | +€34,091 | +67.8% |
| Taxes, remuneration and social security | 45 | €3,251 | €1,633 | -€1,618 | -49.8% |
| Taxes | 450/3 | €3,251 | €1,213 | -€2,038 | -62.7% |
| Remuneration and social security | 454/9 | - | €420 | +€420 | |
| Other amounts payable | 47/48 | €56,403 | €65,225 | +€8,823 | +15.6% |
| Accrued charges and deferred income | 492/3 | - | €558 | +€558 | |
| Remuneration, social security and pensions | 62 | -€965 | - | +€965 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,318 | €23,228 | -€21,090 | -47.6% |
| Other operating charges | 640/8 | €944 | €1,439 | +€495 | +52.5% |
| Non-recurring operating charges | 66A | €17,058 | - | -€17,058 | |
| Gross operating margin | 9900 | €41,053 | €45,057 | +€4,004 | +9.8% |
| Operating profit (loss) | 9901 | -€20,301 | €20,390 | +€40,691 | |
| Financial income | 75/76B | €131 | €394 | +€263 | +200.6% |
| Recurring financial income | 75 | €131 | €394 | +€263 | +200.6% |
| Financial charges | 65/66B | €4,741 | €3,726 | -€1,015 | -21.4% |
| Recurring financial charges | 65 | €4,741 | €3,726 | -€1,015 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,911 | €17,058 | +€41,969 | |
| Income taxes | 67/77 | €20 | €382 | +€363 | +1846.7% |
| Profit (loss) for the period | 9904 | -€24,931 | €16,675 | +€41,606 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,931 | €16,675 | +€41,606 |
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 6 October 2026 via checked.be.