HERMANS - VDM: 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 - VDM
Largest movements
- Tangible fixed assets +€26,486
up €26,486 (+135.7%), from €19,519 to €46,005
of which Plant, machinery and equipment: +€25,152
- Deferred charges and accrued income +€5,682
up €5,682 (+337.4%), from €1,684 to €7,366
- Cash +€1,747
up €1,747 (+14.0%), from €12,497 to €14,244
mainly Debts after one year (+€18,744) and Tax, wage and social debts (+€15,111)
- Stocks and contracts -€1,011
down €1,011 (-25.5%), from €3,962 to €2,951
- Receivables within one year +€750
up €750 (+21.9%), from €3,417 to €4,167
of which Trade receivables: +€1,613
- Debts after one year +€18,744
new in 2025: €18,744
- Other debts -€16,680
down €16,680 (-64.7%), from €25,800 to €9,120
- Tax, wage and social debts +€15,111
up €15,111 (+1095.8%), from €1,379 to €16,490
- Current portion of long-term debt +€9,679
new in 2025: €9,679
- Profit (loss) carried forward +€7,451
up €7,451 (+184.2%), from €4,044 to €11,495
- Gross operating margin +€11,108
up €11,108 (+160.2%), from €6,932 to €18,040
- Depreciation +€4,712
up €4,712 (+1352.6%), from €348 to €5,060
- Taxes +€2,063
up €2,063 (+149.6%), from €1,379 to €3,442
- Other operating charges +€875
up €875 (+123.4%), from €709 to €1,585
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 | €41,080 | €74,733 | +€33,654 | +81.9% |
| Fixed assets | 21/28 | €19,519 | €46,005 | +€26,486 | +135.7% |
| Tangible fixed assets | 22/27 | €19,519 | €46,005 | +€26,486 | +135.7% |
| Plant, machinery and equipment | 23 | €19,519 | €44,671 | +€25,152 | +128.9% |
| Furniture and vehicles | 24 | - | €1,334 | +€1,334 | |
| Current assets | 29/58 | €21,560 | €28,729 | +€7,168 | +33.2% |
| Stocks and contracts in progress | 3 | €3,962 | €2,951 | -€1,011 | -25.5% |
| Stocks | 30/36 | €3,962 | €2,951 | -€1,011 | -25.5% |
| Amounts receivable within one year | 40/41 | €3,417 | €4,167 | +€750 | +21.9% |
| Trade receivables | 40 | €442 | €2,055 | +€1,613 | +364.7% |
| Other amounts receivable | 41 | €2,975 | €2,112 | -€863 | -29.0% |
| Cash at bank and in hand | 54/58 | €12,497 | €14,244 | +€1,747 | +14.0% |
| Deferred charges and accrued income | 490/1 | €1,684 | €7,366 | +€5,682 | +337.4% |
| Total equity and liabilities | 10/49 | €41,080 | €74,733 | +€33,654 | +81.9% |
| Equity | 10/15 | €6,044 | €13,495 | +€7,451 | +123.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,044 | €11,495 | +€7,451 | +184.2% |
| Amounts payable | 17/49 | €35,035 | €61,238 | +€26,203 | +74.8% |
| Amounts payable after more than one year | 17 | - | €18,744 | +€18,744 | |
| Financial debts | 170/4 | - | €18,744 | +€18,744 | |
| Amounts payable within one year | 42/48 | €35,035 | €42,494 | +€7,459 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,679 | +€9,679 | |
| Trade debts | 44 | €7,856 | €7,205 | -€651 | -8.3% |
| Suppliers | 440/4 | €7,856 | €7,205 | -€651 | -8.3% |
| Taxes, remuneration and social security | 45 | €1,379 | €16,490 | +€15,111 | +1095.8% |
| Taxes | 450/3 | €1,379 | €16,490 | +€15,111 | +1095.8% |
| Other amounts payable | 47/48 | €25,800 | €9,120 | -€16,680 | -64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348 | €5,060 | +€4,712 | +1352.6% |
| Other operating charges | 640/8 | €709 | €1,585 | +€875 | +123.4% |
| Gross operating margin | 9900 | €6,932 | €18,040 | +€11,108 | +160.2% |
| Operating profit (loss) | 9901 | €5,874 | €11,395 | +€5,521 | +94.0% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | - | €32 | +€32 | |
| Financial charges | 65/66B | €451 | €535 | +€84 | +18.5% |
| Recurring financial charges | 65 | €451 | €535 | +€84 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €5,423 | €10,893 | +€5,469 | +100.8% |
| Income taxes | 67/77 | €1,379 | €3,442 | +€2,063 | +149.6% |
| Profit (loss) for the period | 9904 | €4,044 | €7,451 | +€3,406 | +84.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,044 | €7,451 | +€3,406 | +84.2% |
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 11 October 2026 via checked.be.