HERMANS - ARNAUTS: 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.
HERMANS - ARNAUTS
Largest movements
- Current investments +€67,226
up €67,226 (+16.9%), from €398,009 to €465,235
- Tangible fixed assets +€46,258
up €46,258 (+2.2%), from €2.1m to €2.2m
of which Land and buildings: +€51,734
- Cash +€46,036
up €46,036 (+36.1%), from €127,380 to €173,416
mainly Net result for the year (+€269,681) and Depreciation (+€104,057)
- Profit (loss) carried forward +€269,681
up €269,681 (+7.3%), from €3.7m to €4.0m
- Other debts -€104,481
down €104,481 (-91.2%), from €114,606 to €10,125
- Taxes -€944,595
down €944,595 (-90.5%), from €1.0m to €98,710
- Financial income -€19,125
down €19,125 (-17.0%), from €112,294 to €93,169
- Financial charges +€17,133
up €17,133 (+366%), from €4,679 to €21,812
- Depreciation +€10,693
up €10,693 (+11.5%), from €93,364 to €104,057
- Gross operating margin +€4,934
up €4,934 (+1.2%), from €421,943 to €426,877
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,018,725 | €4,173,194 | +€154,469 | +3.8% |
| Fixed assets | 21/28 | €2,130,961 | €2,177,219 | +€46,258 | +2.2% |
| Tangible fixed assets | 22/27 | €2,130,961 | €2,177,219 | +€46,258 | +2.2% |
| Land and buildings | 22 | €2,104,824 | €2,156,558 | +€51,734 | +2.5% |
| Furniture and vehicles | 24 | €26,137 | €20,660 | -€5,476 | -21.0% |
| Current assets | 29/58 | €1,887,764 | €1,995,976 | +€108,212 | +5.7% |
| Amounts receivable within one year | 40/41 | €1,352,720 | €1,353,809 | +€1,089 | +0.1% |
| Other amounts receivable | 41 | €1,352,720 | €1,353,809 | +€1,089 | +0.1% |
| Current investments | 50/53 | €398,009 | €465,235 | +€67,226 | +16.9% |
| Cash at bank and in hand | 54/58 | €127,380 | €173,416 | +€46,036 | +36.1% |
| Deferred charges and accrued income | 490/1 | €9,655 | €3,515 | -€6,140 | -63.6% |
| Total equity and liabilities | 10/49 | €4,018,725 | €4,173,194 | +€154,469 | +3.8% |
| Equity | 10/15 | €3,872,494 | €4,142,175 | +€269,681 | +7.0% |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €17,353 | €17,353 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €17,353 | €17,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €3,681,616 | €3,951,297 | +€269,681 | +7.3% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €146,230 | €31,019 | -€115,211 | -78.8% |
| Amounts payable within one year | 42/48 | €142,772 | €29,250 | -€113,522 | -79.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €5,199 | €2,055 | -€3,144 | -60.5% |
| Suppliers | 440/4 | €5,199 | €2,055 | -€3,144 | -60.5% |
| Taxes, remuneration and social security | 45 | €22,966 | €17,070 | -€5,896 | -25.7% |
| Taxes | 450/3 | €22,966 | €17,070 | -€5,896 | -25.7% |
| Other amounts payable | 47/48 | €114,606 | €10,125 | -€104,481 | -91.2% |
| Accrued charges and deferred income | 492/3 | €3,458 | €1,769 | -€1,689 | -48.8% |
| Non-recurring operating income | 76A | €8,886 | €0 | -€8,886 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,364 | €104,057 | +€10,693 | +11.5% |
| Other operating charges | 640/8 | €25,069 | €25,786 | +€717 | +2.9% |
| Gross operating margin | 9900 | €421,943 | €426,877 | +€4,934 | +1.2% |
| Operating profit (loss) | 9901 | €303,510 | €297,034 | -€6,477 | -2.1% |
| Financial income | 75/76B | €112,294 | €93,169 | -€19,125 | -17.0% |
| Recurring financial income | 75 | €112,294 | €93,169 | -€19,125 | -17.0% |
| Financial charges | 65/66B | €4,679 | €21,812 | +€17,133 | +366% |
| Recurring financial charges | 65 | €4,679 | €21,812 | +€17,133 | +366% |
| Profit (loss) for the period before taxes | 9903 | €411,125 | €368,390 | -€42,735 | -10.4% |
| Transfer from deferred taxes | 780 | €928,155 | €0 | -€928,155 | -100% |
| Income taxes | 67/77 | €1,043,305 | €98,710 | -€944,595 | -90.5% |
| Profit (loss) for the period | 9904 | €295,976 | €269,681 | -€26,295 | -8.9% |
| Transfer from tax-exempt reserves | 789 | €2,784,466 | €0 | -€2.8m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €3,080,441 | €269,681 | -€2.8m | -91.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.