HERMANO: 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.
HERMANO
Largest movements
- Tangible fixed assets +€870,401
up €870,401 (+4766.9%), from €18,259 to €888,660
of which Land and buildings: +€875,167
- Receivables within one year -€348,994
down €348,994 (-91.3%), from €382,260 to €33,266
of which Other amounts receivable: -€349,009
- Receivables after one year +€235,174
new in 2025: €235,174
- Cash -€25,176
down €25,176 (-91.8%), from €27,435 to €2,259
mainly Investment in fixed assets (net) (-€900,032) and Receivables after one year (-€235,174)
- Debts after one year +€644,472
up €644,472 (+22965.4%), from €2,806 to €647,278
- Other debts +€115,409
up €115,409 (+1442.6%), from €8,000 to €123,409
- Short-term financial debts -€23,440
down €23,440 (-93.8%), from €25,000 to €1,560
- Current portion of long-term debt +€18,505
up €18,505 (+227.3%), from €8,141 to €26,647
- Tax, wage and social debts -€16,878
down €16,878 (-40.1%), from €42,101 to €25,223
- Gross operating margin -€55,305
down €55,305 (-52.5%), from €105,313 to €50,007
- Taxes -€31,834
down €31,834 (-90.3%), from €35,257 to €3,423
- Depreciation +€25,833
up €25,833 (+680.1%), from €3,798 to €29,632
- Other operating charges +€4,729
up €4,729 (+198.3%), from €2,384 to €7,113
- Financial income -€4,672
down €4,672 (-99.9%), from €4,678 to €6
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 | €427,955 | €1,159,359 | +€731,404 | +170.9% |
| Fixed assets | 21/28 | €18,259 | €888,660 | +€870,401 | +4766.9% |
| Tangible fixed assets | 22/27 | €18,259 | €888,660 | +€870,401 | +4766.9% |
| Land and buildings | 22 | - | €875,167 | +€875,167 | |
| Furniture and vehicles | 24 | €18,259 | €13,493 | -€4,766 | -26.1% |
| Current assets | 29/58 | €409,696 | €270,699 | -€138,996 | -33.9% |
| Amounts receivable after more than one year | 29 | - | €235,174 | +€235,174 | |
| Trade receivables | 290 | - | €235,174 | +€235,174 | |
| Amounts receivable within one year | 40/41 | €382,260 | €33,266 | -€348,994 | -91.3% |
| Trade receivables | 40 | €33,251 | €33,266 | +€15 | 0.0% |
| Other amounts receivable | 41 | €349,009 | €0 | -€349,009 | -100.0% |
| Cash at bank and in hand | 54/58 | €27,435 | €2,259 | -€25,176 | -91.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €427,955 | €1,159,359 | +€731,404 | +170.9% |
| Equity | 10/15 | €307,374 | €308,635 | +€1,260 | +0.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €288,595 | €288,595 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €286,735 | €286,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | €229 | €1,490 | +€1,260 | +549.5% |
| Amounts payable | 17/49 | €120,581 | €850,724 | +€730,144 | +605.5% |
| Amounts payable after more than one year | 17 | €2,806 | €647,278 | +€644,472 | +22965.4% |
| Financial debts | 170/4 | €2,806 | €647,278 | +€644,472 | +22965.4% |
| Amounts payable within one year | 42/48 | €94,774 | €192,646 | +€97,872 | +103.3% |
| Current portion of amounts payable after more than one year | 42 | €8,141 | €26,647 | +€18,505 | +227.3% |
| Financial debts | 43 | €25,000 | €1,560 | -€23,440 | -93.8% |
| Credit institutions | 430/8 | €25,000 | €1,560 | -€23,440 | -93.8% |
| Trade debts | 44 | €11,532 | €15,808 | +€4,276 | +37.1% |
| Suppliers | 440/4 | €11,532 | €15,808 | +€4,276 | +37.1% |
| Taxes, remuneration and social security | 45 | €42,101 | €25,223 | -€16,878 | -40.1% |
| Taxes | 450/3 | €42,101 | €25,223 | -€16,878 | -40.1% |
| Other amounts payable | 47/48 | €8,000 | €123,409 | +€115,409 | +1442.6% |
| Accrued charges and deferred income | 492/3 | €23,000 | €10,800 | -€12,200 | -53.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,798 | €29,632 | +€25,833 | +680.1% |
| Other operating charges | 640/8 | €2,384 | €7,113 | +€4,729 | +198.3% |
| Gross operating margin | 9900 | €105,313 | €50,007 | -€55,305 | -52.5% |
| Operating profit (loss) | 9901 | €99,130 | €13,263 | -€85,867 | -86.6% |
| Financial income | 75/76B | €4,678 | €6 | -€4,672 | -99.9% |
| Recurring financial income | 75 | €4,678 | €6 | -€4,672 | -99.9% |
| Financial charges | 65/66B | €5,071 | €8,586 | +€3,514 | +69.3% |
| Recurring financial charges | 65 | €5,071 | €8,586 | +€3,514 | +69.3% |
| Profit (loss) for the period before taxes | 9903 | €98,737 | €4,683 | -€94,054 | -95.3% |
| Income taxes | 67/77 | €35,257 | €3,423 | -€31,834 | -90.3% |
| Profit (loss) for the period | 9904 | €63,481 | €1,260 | -€62,220 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,481 | €1,260 | -€62,220 | -98.0% |
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.