HERMANS: what changed
HERMANS
Largest movements
- Cash -€20,402
down €20,402 (-89.0%), from €22,915 to €2,514
mainly Net result for the year (-€29,100) and Investment in fixed assets (net) (-€13,104)
- Tangible fixed assets -€7,147
down €7,147 (-13.5%), from €52,856 to €45,709
of which Furniture and vehicles: -€12,178
- Stocks and contracts +€2,279
up €2,279 (+5.8%), from €39,482 to €41,761
- Receivables within one year -€1,676
no longer reported in 2025 (was €1,676)
of which Other amounts receivable: -€979
- Profit (loss) carried forward -€29,100
down €29,100, from €127 to -€28,973
- Tax, wage and social debts +€6,563
up €6,563 (+45.6%), from €14,405 to €20,968
of which Taxes: +€3,533
- Debts after one year -€5,667
down €5,667 (-25.2%), from €22,494 to €16,826
- Short-term financial debts -€4,840
no longer reported in 2025 (was €4,840)
- Trade debts +€3,422
up €3,422 (+19.7%), from €17,359 to €20,782
- Staff costs +€26,790
up €26,790 (+24.3%), from €110,394 to €137,184
- Gross operating margin -€18,216
down €18,216 (-11.7%), from €155,512 to €137,297
- Taxes -€4,305
down €4,305 (-94.8%), from €4,541 to €237
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €118,428 | €91,523 | -€26,905 | -22.7% |
| Fixed assets | 21/28 | €53,456 | €46,309 | -€7,147 | -13.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €52,856 | €45,709 | -€7,147 | -13.5% |
| Plant, machinery and equipment | 23 | €8,863 | €15,942 | +€7,079 | +79.9% |
| Furniture and vehicles | 24 | €37,011 | €24,833 | -€12,178 | -32.9% |
| Other tangible fixed assets | 26 | €6,981 | €4,934 | -€2,048 | -29.3% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €64,972 | €45,214 | -€19,758 | -30.4% |
| Stocks and contracts in progress | 3 | €39,482 | €41,761 | +€2,279 | +5.8% |
| Stocks | 30/36 | €39,482 | €41,761 | +€2,279 | +5.8% |
| Amounts receivable within one year | 40/41 | €1,676 | - | -€1,676 | |
| Trade receivables | 40 | €697 | - | -€697 | |
| Other amounts receivable | 41 | €979 | - | -€979 | |
| Cash at bank and in hand | 54/58 | €22,915 | €2,514 | -€20,402 | -89.0% |
| Deferred charges and accrued income | 490/1 | €898 | €939 | +€40 | +4.5% |
| Total equity and liabilities | 10/49 | €118,428 | €91,523 | -€26,905 | -22.7% |
| Equity | 10/15 | €43,129 | €14,029 | -€29,100 | -67.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €36,803 | €36,803 | = | 0.0% |
| Distributable reserves | 133 | €36,803 | €36,803 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127 | -€28,973 | -€29,100 | |
| Amounts payable | 17/49 | €75,298 | €77,494 | +€2,195 | +2.9% |
| Amounts payable after more than one year | 17 | €22,494 | €16,826 | -€5,667 | -25.2% |
| Financial debts | 170/4 | €22,494 | €16,826 | -€5,667 | -25.2% |
| Amounts payable within one year | 42/48 | €52,739 | €60,600 | +€7,861 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €9,926 | €12,416 | +€2,491 | +25.1% |
| Financial debts | 43 | €4,840 | - | -€4,840 | |
| Credit institutions | 430/8 | €4,840 | - | -€4,840 | |
| Trade debts | 44 | €17,359 | €20,782 | +€3,422 | +19.7% |
| Suppliers | 440/4 | €17,359 | €20,782 | +€3,422 | +19.7% |
| Taxes, remuneration and social security | 45 | €14,405 | €20,968 | +€6,563 | +45.6% |
| Taxes | 450/3 | €2,140 | €5,673 | +€3,533 | +165% |
| Remuneration and social security | 454/9 | €12,265 | €15,295 | +€3,030 | +24.7% |
| Other amounts payable | 47/48 | €6,209 | €6,434 | +€225 | +3.6% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €7,443 | €7,652 | +€209 | +2.8% |
| Remuneration, social security and pensions | 62 | €110,394 | €137,184 | +€26,790 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,921 | €20,251 | +€1,330 | +7.0% |
| Other operating charges | 640/8 | €5,318 | €4,988 | -€330 | -6.2% |
| Gross operating margin | 9900 | €155,512 | €137,297 | -€18,216 | -11.7% |
| Operating profit (loss) | 9901 | €20,880 | -€25,126 | -€46,006 | |
| Financial income | 75/76B | €69 | €93 | +€24 | +35.5% |
| Recurring financial income | 75 | €69 | €93 | +€24 | +35.5% |
| Financial charges | 65/66B | €4,214 | €3,830 | -€384 | -9.1% |
| Recurring financial charges | 65 | €4,214 | €3,830 | -€384 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €16,734 | -€28,863 | -€45,598 | |
| Income taxes | 67/77 | €4,541 | €237 | -€4,305 | -94.8% |
| Profit (loss) for the period | 9904 | €12,193 | -€29,100 | -€41,293 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,193 | -€29,100 | -€41,293 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.