HERMANS STEFAN: 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 STEFAN
Largest movements
- Current investments -€36,800
down €36,800 (-41.0%), from €89,800 to €53,000
- Cash +€6,852
up €6,852 (+23.4%), from €29,330 to €36,182
mainly Current investments (+€36,800) and Net result for the year (+€25,135)
- Tangible fixed assets +€5,817
up €5,817 (+12.8%), from €45,606 to €51,423
of which Furniture and vehicles: +€11,140
- Deferred charges and accrued income -€1,735
down €1,735 (-100%), from €1,735 to €0
- Reserves -€19,793
down €19,793 (-14.4%), from €136,977 to €117,184
- Tax, wage and social debts -€4,330
down €4,330 (-87.6%), from €4,944 to €615
- Trade debts -€2,885
down €2,885 (-58.4%), from €4,939 to €2,053
- Gross operating margin -€7,021
down €7,021 (-13.2%), from €53,390 to €46,369
- Taxes -€1,835
down €1,835 (-15.4%), from €11,938 to €10,103
- Financial income +€1,351
up €1,351 (+465%), from €291 to €1,641
- Depreciation +€782
up €782 (+9.2%), from €8,511 to €9,293
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 | €167,543 | €140,605 | -€26,938 | -16.1% |
| Fixed assets | 21/28 | €45,606 | €51,423 | +€5,817 | +12.8% |
| Tangible fixed assets | 22/27 | €45,606 | €51,423 | +€5,817 | +12.8% |
| Plant, machinery and equipment | 23 | €12,960 | €9,329 | -€3,631 | -28.0% |
| Furniture and vehicles | 24 | €2,841 | €13,981 | +€11,140 | +392% |
| Other tangible fixed assets | 26 | €29,804 | €28,113 | -€1,691 | -5.7% |
| Current assets | 29/58 | €121,937 | €89,182 | -€32,756 | -26.9% |
| Amounts receivable within one year | 40/41 | €1,072 | €0 | -€1,072 | -100% |
| Trade receivables | 40 | €1,072 | €0 | -€1,072 | -100% |
| Current investments | 50/53 | €89,800 | €53,000 | -€36,800 | -41.0% |
| Cash at bank and in hand | 54/58 | €29,330 | €36,182 | +€6,852 | +23.4% |
| Deferred charges and accrued income | 490/1 | €1,735 | €0 | -€1,735 | -100% |
| Total equity and liabilities | 10/49 | €167,543 | €140,605 | -€26,938 | -16.1% |
| Equity | 10/15 | €155,577 | €135,784 | -€19,793 | -12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,977 | €117,184 | -€19,793 | -14.4% |
| Distributable reserves | 133 | €136,977 | €117,184 | -€19,793 | -14.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €11,966 | €4,820 | -€7,146 | -59.7% |
| Amounts payable within one year | 42/48 | €10,791 | €3,207 | -€7,584 | -70.3% |
| Trade debts | 44 | €4,939 | €2,053 | -€2,885 | -58.4% |
| Suppliers | 440/4 | €4,939 | €2,053 | -€2,885 | -58.4% |
| Taxes, remuneration and social security | 45 | €4,944 | €615 | -€4,330 | -87.6% |
| Taxes | 450/3 | €4,944 | €615 | -€4,330 | -87.6% |
| Other amounts payable | 47/48 | €908 | €539 | -€369 | -40.6% |
| Accrued charges and deferred income | 492/3 | €1,175 | €1,613 | +€438 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,511 | €9,293 | +€782 | +9.2% |
| Other operating charges | 640/8 | €2,616 | €2,689 | +€73 | +2.8% |
| Gross operating margin | 9900 | €53,390 | €46,369 | -€7,021 | -13.2% |
| Operating profit (loss) | 9901 | €42,263 | €34,386 | -€7,877 | -18.6% |
| Financial income | 75/76B | €291 | €1,641 | +€1,351 | +465% |
| Recurring financial income | 75 | €291 | €1,641 | +€1,351 | +465% |
| Financial charges | 65/66B | €296 | €790 | +€494 | +167% |
| Recurring financial charges | 65 | €296 | €790 | +€494 | +167% |
| Profit (loss) for the period before taxes | 9903 | €42,257 | €35,238 | -€7,020 | -16.6% |
| Income taxes | 67/77 | €11,938 | €10,103 | -€1,835 | -15.4% |
| Profit (loss) for the period | 9904 | €30,319 | €25,135 | -€5,185 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,319 | €25,135 | -€5,185 | -17.1% |
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 24 October 2026 via checked.be.