HERMANIA: 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.
HERMANIA
Largest movements
- Cash -€161,536
down €161,536 (-26.2%), from €615,521 to €453,985
mainly Investment in fixed assets (net) (-€244,167) and Receivables within one year (-€118,556)
- Intangible fixed assets +€126,857
up €126,857 (+48.0%), from €264,067 to €390,924
- Receivables within one year +€118,556
up €118,556 (+118.0%), from €100,458 to €219,013
of which Trade receivables: +€108,146
- Deferred charges and accrued income +€11,855
up €11,855 (+928.9%), from €1,276 to €13,132
- Reserves +€93,975
up €93,975 (+67.5%), from €139,169 to €233,144
- Debts after one year -€54,989
down €54,989 (-17.7%), from €310,804 to €255,815
- Advances received +€45,033
up €45,033 (+12.8%), from €351,312 to €396,346
- Trade debts -€31,928
down €31,928 (-64.7%), from €49,361 to €17,433
- Tax, wage and social debts +€26,745
up €26,745 (+55.4%), from €48,244 to €74,988
of which Remuneration and social security: +€15,622
- Staff costs +€128,206
up €128,206 (+53.9%), from €238,016 to €366,222
- Gross operating margin +€117,020
up €117,020 (+22.6%), from €517,344 to €634,364
- Depreciation +€63,417
up €63,417 (+116.5%), from €54,415 to €117,832
- Taxes -€10,905
down €10,905 (-23.4%), from €46,655 to €35,750
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 | €998,502 | €1,093,711 | +€95,209 | +9.5% |
| Fixed assets | 21/28 | €281,247 | €407,582 | +€126,335 | +44.9% |
| Intangible fixed assets | 21 | €264,067 | €390,924 | +€126,857 | +48.0% |
| Tangible fixed assets | 22/27 | €17,180 | €16,658 | -€522 | -3.0% |
| Plant, machinery and equipment | 23 | €2,311 | €5,569 | +€3,258 | +141.0% |
| Furniture and vehicles | 24 | €5,185 | €4,670 | -€515 | -9.9% |
| Leasing and similar rights | 25 | €9,684 | €5,320 | -€4,364 | -45.1% |
| Other tangible fixed assets | 26 | - | €1,099 | +€1,099 | |
| Current assets | 29/58 | €717,255 | €686,129 | -€31,125 | -4.3% |
| Amounts receivable within one year | 40/41 | €100,458 | €219,013 | +€118,556 | +118.0% |
| Trade receivables | 40 | €84,012 | €192,158 | +€108,146 | +128.7% |
| Other amounts receivable | 41 | €16,445 | €26,855 | +€10,410 | +63.3% |
| Cash at bank and in hand | 54/58 | €615,521 | €453,985 | -€161,536 | -26.2% |
| Deferred charges and accrued income | 490/1 | €1,276 | €13,132 | +€11,855 | +928.9% |
| Total equity and liabilities | 10/49 | €998,502 | €1,093,711 | +€95,209 | +9.5% |
| Equity | 10/15 | €154,169 | €248,144 | +€93,975 | +61.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €139,169 | €233,144 | +€93,975 | +67.5% |
| Distributable reserves | 133 | €139,169 | €233,144 | +€93,975 | +67.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €844,333 | €845,567 | +€1,235 | +0.1% |
| Amounts payable after more than one year | 17 | €310,804 | €255,815 | -€54,989 | -17.7% |
| Financial debts | 170/4 | €310,804 | €255,815 | -€54,989 | -17.7% |
| Amounts payable within one year | 42/48 | €533,528 | €589,752 | +€56,224 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €83,652 | €96,461 | +€12,809 | +15.3% |
| Trade debts | 44 | €49,361 | €17,433 | -€31,928 | -64.7% |
| Suppliers | 440/4 | €49,361 | €17,433 | -€31,928 | -64.7% |
| Advances received on contracts in progress | 46 | €351,312 | €396,346 | +€45,033 | +12.8% |
| Taxes, remuneration and social security | 45 | €48,244 | €74,988 | +€26,745 | +55.4% |
| Taxes | 450/3 | €18,063 | €29,185 | +€11,122 | +61.6% |
| Remuneration and social security | 454/9 | €30,181 | €45,803 | +€15,622 | +51.8% |
| Other amounts payable | 47/48 | €959 | €4,525 | +€3,565 | +371.8% |
| Remuneration, social security and pensions | 62 | €238,016 | €366,222 | +€128,206 | +53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,415 | €117,832 | +€63,417 | +116.5% |
| Other operating charges | 640/8 | €5,175 | €1,714 | -€3,461 | -66.9% |
| Gross operating margin | 9900 | €517,344 | €634,364 | +€117,020 | +22.6% |
| Operating profit (loss) | 9901 | €219,738 | €148,596 | -€71,143 | -32.4% |
| Financial income | 75/76B | €135 | €857 | +€722 | +536.7% |
| Recurring financial income | 75 | €135 | €857 | +€722 | +536.7% |
| Financial charges | 65/66B | €14,316 | €19,728 | +€5,411 | +37.8% |
| Recurring financial charges | 65 | €14,316 | €19,728 | +€5,411 | +37.8% |
| Profit (loss) for the period before taxes | 9903 | €205,556 | €129,725 | -€75,831 | -36.9% |
| Income taxes | 67/77 | €46,655 | €35,750 | -€10,905 | -23.4% |
| Profit (loss) for the period | 9904 | €158,901 | €93,975 | -€64,926 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €158,901 | €93,975 | -€64,926 | -40.9% |
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 9 October 2026 via checked.be.