HERMANS MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€24,306
up €24,306 (+738%), from €3,293 to €27,599
of which Trade receivables: +€24,299
- Cash +€21,577
up €21,577 (+442%), from €4,881 to €26,459
mainly Trade debts (+€28,801) and Other debts (+€23,146)
- Tangible fixed assets -€14,629
down €14,629 (-5.3%), from €273,599 to €258,970
of which Land and buildings: -€10,864
- Deferred charges and accrued income +€8,670
up €8,670 (+755%), from €1,148 to €9,818
- Trade debts +€28,801
up €28,801 (+238%), from €12,102 to €40,903
- Other debts +€23,146
up €23,146 (+131%), from €17,607 to €40,753
- Tax, wage and social debts -€10,797
down €10,797 (-66.4%), from €16,263 to €5,466
of which Remuneration and social security: -€9,428
- Debts after one year -€4,210
down €4,210 (-5.3%), from €79,187 to €74,977
- Gross operating margin -€24,103
down €24,103 (-50.5%), from €47,692 to €23,590
- Provisions +€3,289
no longer reported in 2025 (was -€3,289)
- Taxes -€2,720
down €2,720 (-81.9%), from €3,320 to €600
- Other operating charges -€2,244
down €2,244 (-34.4%), from €6,524 to €4,280
- Write-downs -€1,130
no longer reported in 2025 (was €1,130)
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.
Derived cash bridge
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 | €283,378 | €322,846 | +€39,468 | +13.9% |
| Fixed assets | 21/28 | €274,055 | €258,970 | -€15,085 | -5.5% |
| Intangible fixed assets | 21 | €456 | - | -€456 | |
| Tangible fixed assets | 22/27 | €273,599 | €258,970 | -€14,629 | -5.3% |
| Land and buildings | 22 | €269,227 | €258,362 | -€10,864 | -4.0% |
| Plant, machinery and equipment | 23 | €3,437 | - | -€3,437 | |
| Furniture and vehicles | 24 | €935 | €608 | -€328 | -35.0% |
| Current assets | 29/58 | €9,323 | €63,876 | +€54,553 | +585% |
| Amounts receivable within one year | 40/41 | €3,293 | €27,599 | +€24,306 | +738% |
| Trade receivables | 40 | €1,227 | €25,526 | +€24,299 | +1,980% |
| Other amounts receivable | 41 | €2,066 | €2,073 | +€7 | +0.3% |
| Cash at bank and in hand | 54/58 | €4,881 | €26,459 | +€21,577 | +442% |
| Deferred charges and accrued income | 490/1 | €1,148 | €9,818 | +€8,670 | +755% |
| Total equity and liabilities | 10/49 | €283,378 | €322,846 | +€39,468 | +13.9% |
| Equity | 10/15 | €111,939 | €110,988 | -€951 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,490 | €19,490 | = | 0.0% |
| Distributable reserves | 133 | €19,490 | €19,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,849 | €72,898 | -€951 | -1.3% |
| Provisions and deferred taxes | 16 | €9,571 | €9,571 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €9,571 | €9,571 | = | 0.0% |
| Major repairs and maintenance | 162 | €9,571 | €9,571 | = | 0.0% |
| Amounts payable | 17/49 | €161,869 | €202,287 | +€40,418 | +25.0% |
| Amounts payable after more than one year | 17 | €79,187 | €74,977 | -€4,210 | -5.3% |
| Financial debts | 170/4 | €79,187 | €74,977 | -€4,210 | -5.3% |
| Amounts payable within one year | 42/48 | €82,114 | €125,950 | +€43,836 | +53.4% |
| Current portion of amounts payable after more than one year | 42 | €26,141 | €28,827 | +€2,686 | +10.3% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €12,102 | €40,903 | +€28,801 | +238% |
| Suppliers | 440/4 | €12,102 | €40,903 | +€28,801 | +238% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €16,263 | €5,466 | -€10,797 | -66.4% |
| Taxes | 450/3 | €6,835 | €5,466 | -€1,369 | -20.0% |
| Remuneration and social security | 454/9 | €9,428 | - | -€9,428 | |
| Other amounts payable | 47/48 | €17,607 | €40,753 | +€23,146 | +131% |
| Accrued charges and deferred income | 492/3 | €568 | €1,360 | +€792 | +139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,044 | €15,085 | -€959 | -6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,130 | - | -€1,130 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,289 | - | +€3,289 | |
| Other operating charges | 640/8 | €6,524 | €4,280 | -€2,244 | -34.4% |
| Gross operating margin | 9900 | €47,692 | €23,590 | -€24,103 | -50.5% |
| Operating profit (loss) | 9901 | €27,283 | €4,225 | -€23,059 | -84.5% |
| Financial income | 75/76B | €20 | €390 | +€369 | +1,802% |
| Recurring financial income | 75 | €20 | €390 | +€369 | +1,802% |
| Financial charges | 65/66B | €5,835 | €4,965 | -€870 | -14.9% |
| Recurring financial charges | 65 | €5,835 | €4,965 | -€870 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €21,469 | -€350 | -€21,820 | |
| Income taxes | 67/77 | €3,320 | €600 | -€2,720 | -81.9% |
| Profit (loss) for the period | 9904 | €18,150 | -€951 | -€19,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,150 | -€951 | -€19,100 |
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 14 October 2026 via checked.be.