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
- Cash +€146,333
up €146,333 (+100.5%), from €145,537 to €291,870
mainly Other debts (+€223,541) and Debts after one year (+€201,247)
- Tangible fixed assets -€60,102
down €60,102 (-21.0%), from €285,813 to €225,711
of which Furniture and vehicles: -€30,326
- Receivables within one year -€24,701
down €24,701 (-7.9%), from €310,964 to €286,264
of which Trade receivables: -€70,585
- Other debts +€223,541
up €223,541 (+2518.1%), from €8,877 to €232,418
- Debts after one year +€201,247
up €201,247 (+181.7%), from €110,773 to €312,020
- Reserves -€148,762
down €148,762 (-52.3%), from €284,642 to €135,880
- Profit (loss) carried forward -€115,349
down €115,349 (-83.5%), from €138,098 to €22,748
- Tax, wage and social debts -€52,716
down €52,716 (-83.7%), from €62,959 to €10,243
of which Taxes: -€54,785
- Gross operating margin -€60,951
down €60,951 (-32.5%), from €187,414 to €126,463
- Write-downs +€16,029
up €16,029 (+665.7%), from €2,408 to €18,437
- Depreciation +€13,878
up €13,878 (+29.0%), from €47,830 to €61,708
- Taxes -€11,236
down €11,236 (-95.6%), from €11,748 to €512
- Staff costs -€5,104
down €5,104 (-6.2%), from €82,597 to €77,493
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 | €863,279 | €937,316 | +€74,037 | +8.6% |
| Fixed assets | 21/28 | €287,381 | €228,324 | -€59,057 | -20.5% |
| Intangible fixed assets | 21 | - | €1,045 | +€1,045 | |
| Tangible fixed assets | 22/27 | €285,813 | €225,711 | -€60,102 | -21.0% |
| Land and buildings | 22 | €119,641 | €109,920 | -€9,722 | -8.1% |
| Plant, machinery and equipment | 23 | €20,270 | €7,400 | -€12,870 | -63.5% |
| Furniture and vehicles | 24 | €134,524 | €104,198 | -€30,326 | -22.5% |
| Leasing and similar rights | 25 | €11,378 | €4,193 | -€7,185 | -63.1% |
| Financial fixed assets | 28 | €1,568 | €1,568 | = | 0.0% |
| Current assets | 29/58 | €575,898 | €708,992 | +€133,094 | +23.1% |
| Stocks and contracts in progress | 3 | €119,397 | €126,231 | +€6,834 | +5.7% |
| Stocks | 30/36 | €119,397 | €126,231 | +€6,834 | +5.7% |
| Amounts receivable within one year | 40/41 | €310,964 | €286,264 | -€24,701 | -7.9% |
| Trade receivables | 40 | €270,466 | €199,880 | -€70,585 | -26.1% |
| Other amounts receivable | 41 | €40,499 | €86,383 | +€45,884 | +113.3% |
| Cash at bank and in hand | 54/58 | €145,537 | €291,870 | +€146,333 | +100.5% |
| Deferred charges and accrued income | 490/1 | - | €4,628 | +€4,628 | |
| Total equity and liabilities | 10/49 | €863,279 | €937,316 | +€74,037 | +8.6% |
| Equity | 10/15 | €428,948 | €164,836 | -€264,112 | -61.6% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €284,642 | €135,880 | -€148,762 | -52.3% |
| Distributable reserves | 133 | €284,642 | €135,880 | -€148,762 | -52.3% |
| Profit (loss) carried forward | 14 | €138,098 | €22,748 | -€115,349 | -83.5% |
| Amounts payable | 17/49 | €434,331 | €772,479 | +€338,148 | +77.9% |
| Amounts payable after more than one year | 17 | €110,773 | €312,020 | +€201,247 | +181.7% |
| Financial debts | 170/4 | €110,773 | €312,020 | +€201,247 | +181.7% |
| Amounts payable within one year | 42/48 | €323,400 | €460,460 | +€137,060 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €40,292 | €41,455 | +€1,163 | +2.9% |
| Trade debts | 44 | €211,271 | €176,343 | -€34,928 | -16.5% |
| Suppliers | 440/4 | €211,271 | €176,343 | -€34,928 | -16.5% |
| Taxes, remuneration and social security | 45 | €62,959 | €10,243 | -€52,716 | -83.7% |
| Taxes | 450/3 | €54,785 | - | -€54,785 | |
| Remuneration and social security | 454/9 | €8,174 | €10,243 | +€2,069 | +25.3% |
| Other amounts payable | 47/48 | €8,877 | €232,418 | +€223,541 | +2518.1% |
| Accrued charges and deferred income | 492/3 | €158 | - | -€158 | |
| Remuneration, social security and pensions | 62 | €82,597 | €77,493 | -€5,104 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,830 | €61,708 | +€13,878 | +29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,408 | €18,437 | +€16,029 | +665.7% |
| Other operating charges | 640/8 | €8,200 | €5,297 | -€2,903 | -35.4% |
| Gross operating margin | 9900 | €187,414 | €126,463 | -€60,951 | -32.5% |
| Operating profit (loss) | 9901 | €46,378 | -€36,473 | -€82,851 | |
| Financial income | 75/76B | €855 | €5,523 | +€4,667 | +545.6% |
| Recurring financial income | 75 | €855 | €5,523 | +€4,667 | +545.6% |
| Financial charges | 65/66B | €3,780 | €6,149 | +€2,369 | +62.7% |
| Recurring financial charges | 65 | €3,780 | €6,149 | +€2,369 | +62.7% |
| Profit (loss) for the period before taxes | 9903 | €43,454 | -€37,099 | -€80,553 | |
| Income taxes | 67/77 | €11,748 | €512 | -€11,236 | -95.6% |
| Profit (loss) for the period | 9904 | €31,706 | -€37,612 | -€69,318 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,706 | -€37,612 | -€69,318 |
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 7 October 2026 via checked.be.