HERMANS: 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.
HERMANS
Largest movements
- Stocks and contracts -€404,683
down €404,683 (-97.9%), from €413,553 to €8,870
- Cash +€58,642
up €58,642 (+1877.6%), from €3,123 to €61,765
mainly Stocks and contracts (+€404,683) and Deferred charges and accrued income (+€2,217)
- Receivables within one year +€5,426
up €5,426 (+15.8%), from €34,397 to €39,823
of which Other amounts receivable: +€3,921
- Profit (loss) carried forward -€324,164
down €324,164 (-85.8%), from -€377,644 to -€701,808
- Debts after one year -€12,127
down €12,127 (-4.0%), from €302,734 to €290,607
- Trade debts -€6,842
down €6,842 (-73.2%), from €9,354 to €2,511
- Gross operating margin -€294,913
down €294,913 (-2497.9%), from -€11,806 to -€306,719
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 | €516,760 | €172,672 | -€344,088 | -66.6% |
| Fixed assets | 21/28 | €62,281 | €61,026 | -€1,255 | -2.0% |
| Intangible fixed assets | 21 | €390 | €0 | -€390 | -100.0% |
| Tangible fixed assets | 22/27 | €61,878 | €61,013 | -€865 | -1.4% |
| Land and buildings | 22 | €61,813 | €61,013 | -€799 | -1.3% |
| Plant, machinery and equipment | 23 | €66 | €0 | -€66 | -100.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €12 | €12 | = | 0.0% |
| Current assets | 29/58 | €454,479 | €111,646 | -€342,833 | -75.4% |
| Stocks and contracts in progress | 3 | €413,553 | €8,870 | -€404,683 | -97.9% |
| Stocks | 30/36 | €413,553 | €8,870 | -€404,683 | -97.9% |
| Amounts receivable within one year | 40/41 | €34,397 | €39,823 | +€5,426 | +15.8% |
| Trade receivables | 40 | €10,495 | €12,000 | +€1,505 | +14.3% |
| Other amounts receivable | 41 | €23,902 | €27,823 | +€3,921 | +16.4% |
| Cash at bank and in hand | 54/58 | €3,123 | €61,765 | +€58,642 | +1877.6% |
| Deferred charges and accrued income | 490/1 | €3,406 | €1,188 | -€2,217 | -65.1% |
| Total equity and liabilities | 10/49 | €516,760 | €172,672 | -€344,088 | -66.6% |
| Equity | 10/15 | €202,495 | -€121,670 | -€324,164 | |
| Contributions | 10/11 | €92,000 | €92,000 | = | 0.0% |
| Capital | 10 | €92,000 | €92,000 | = | 0.0% |
| Issued capital | 100 | €92,000 | €92,000 | = | 0.0% |
| Reserves | 13 | €488,139 | €488,139 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,200 | €9,200 | = | 0.0% |
| Legal reserve | 130 | €9,200 | €9,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,432 | €43,432 | = | 0.0% |
| Distributable reserves | 133 | €435,506 | €435,506 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€377,644 | -€701,808 | -€324,164 | -85.8% |
| Amounts payable | 17/49 | €314,265 | €294,341 | -€19,924 | -6.3% |
| Amounts payable after more than one year | 17 | €302,734 | €290,607 | -€12,127 | -4.0% |
| Other amounts payable | 178/9 | €302,734 | €290,607 | -€12,127 | -4.0% |
| Amounts payable within one year | 42/48 | €11,531 | €3,734 | -€7,797 | -67.6% |
| Trade debts | 44 | €9,354 | €2,511 | -€6,842 | -73.2% |
| Suppliers | 440/4 | €9,354 | €2,511 | -€6,842 | -73.2% |
| Taxes, remuneration and social security | 45 | €2,177 | €1,223 | -€954 | -43.8% |
| Taxes | 450/3 | €2,177 | €1,223 | -€954 | -43.8% |
| Non-recurring operating income | 76A | - | €2,030 | +€2,030 | |
| Remuneration, social security and pensions | 62 | €0 | €468 | +€468 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,640 | €865 | -€774 | -47.2% |
| Other operating charges | 640/8 | €6,608 | €6,546 | -€62 | -0.9% |
| Non-recurring operating charges | 66A | €220 | €10,282 | +€10,062 | +4578.8% |
| Gross operating margin | 9900 | -€11,806 | -€306,719 | -€294,913 | -2497.9% |
| Operating profit (loss) | 9901 | -€20,273 | -€324,880 | -€304,607 | -1502.5% |
| Financial income | 75/76B | €1,164 | €1,385 | +€221 | +19.0% |
| Recurring financial income | 75 | €1,164 | €1,385 | +€221 | +19.0% |
| Financial charges | 65/66B | €141 | €244 | +€103 | +73.1% |
| Recurring financial charges | 65 | €141 | €244 | +€103 | +73.1% |
| Profit (loss) for the period before taxes | 9903 | -€19,250 | -€323,739 | -€304,489 | -1581.7% |
| Income taxes | 67/77 | €493 | €426 | -€68 | -13.7% |
| Profit (loss) for the period | 9904 | -€19,743 | -€324,164 | -€304,421 | -1541.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,743 | -€324,164 | -€304,421 | -1541.9% |
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 3 October 2026 via checked.be.