Hermans Vitello: 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 Vitello
Largest movements
- Tangible fixed assets +€241,603
up €241,603 (+9.7%), from €2.5m to €2.7m
of which Land and buildings: +€129,165
- Receivables within one year -€115,996
down €115,996 (-62.5%), from €185,667 to €69,671
of which Trade receivables: -€105,228
- Cash -€106,020
down €106,020 (-68.2%), from €155,341 to €49,321
mainly Investment in fixed assets (net) (-€471,894) and Debts after one year (-€125,167)
- Reserves +€225,285
up €225,285 (+42.6%), from €529,185 to €754,470
of which Distributable reserves: +€225,285
- Debts after one year -€125,167
down €125,167 (-8.7%), from €1.4m to €1.3m
- Short-term financial debts -€40,000
down €40,000 (-36.4%), from €110,000 to €70,000
- Current portion of long-term debt -€32,921
down €32,921 (-12.6%), from €260,254 to €227,333
- Gross operating margin +€67,877
up €67,877 (+10.6%), from €639,688 to €707,565
- Other operating charges +€27,617
up €27,617 (+234%), from €11,781 to €39,399
- Depreciation +€18,484
up €18,484 (+8.7%), from €213,577 to €232,061
- Financial charges -€10,655
down €10,655 (-12.4%), from €86,184 to €75,529
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 | €3,062,587 | €3,081,490 | +€18,903 | +0.6% |
| Fixed assets | 21/28 | €2,704,463 | €2,944,296 | +€239,833 | +8.9% |
| Intangible fixed assets | 21 | €1,770 | €0 | -€1,770 | -100% |
| Tangible fixed assets | 22/27 | €2,502,693 | €2,744,296 | +€241,603 | +9.7% |
| Land and buildings | 22 | €2,068,979 | €2,198,143 | +€129,165 | +6.2% |
| Plant, machinery and equipment | 23 | €93,734 | €80,158 | -€13,576 | -14.5% |
| Furniture and vehicles | 24 | €53,511 | €90,743 | +€37,233 | +69.6% |
| Leasing and similar rights | 25 | €59,488 | €185,603 | +€126,115 | +212% |
| Other tangible fixed assets | 26 | €226,982 | €189,649 | -€37,333 | -16.4% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €358,124 | €137,194 | -€220,930 | -61.7% |
| Amounts receivable after more than one year | 29 | €6,000 | €6,000 | = | 0.0% |
| Other amounts receivable | 291 | €6,000 | €6,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,000 | €9,000 | = | 0.0% |
| Stocks | 30/36 | €9,000 | €9,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €185,667 | €69,671 | -€115,996 | -62.5% |
| Trade receivables | 40 | €170,206 | €64,978 | -€105,228 | -61.8% |
| Other amounts receivable | 41 | €15,461 | €4,693 | -€10,768 | -69.6% |
| Cash at bank and in hand | 54/58 | €155,341 | €49,321 | -€106,020 | -68.2% |
| Deferred charges and accrued income | 490/1 | €2,117 | €3,203 | +€1,086 | +51.3% |
| Total equity and liabilities | 10/49 | €3,062,587 | €3,081,490 | +€18,903 | +0.6% |
| Equity | 10/15 | €869,585 | €1,094,870 | +€225,285 | +25.9% |
| Contributions | 10/11 | €340,400 | €340,400 | = | 0.0% |
| Reserves | 13 | €529,185 | €754,470 | +€225,285 | +42.6% |
| Non-distributable reserves | 130/1 | €1,418 | €1,418 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,418 | €1,418 | = | 0.0% |
| Distributable reserves | 133 | €527,767 | €753,052 | +€225,285 | +42.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,193,002 | €1,986,620 | -€206,382 | -9.4% |
| Amounts payable after more than one year | 17 | €1,443,589 | €1,318,422 | -€125,167 | -8.7% |
| Financial debts | 170/4 | €1,443,589 | €1,318,422 | -€125,167 | -8.7% |
| Amounts payable within one year | 42/48 | €749,413 | €668,198 | -€81,215 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €260,254 | €227,333 | -€32,921 | -12.6% |
| Financial debts | 43 | €110,000 | €70,000 | -€40,000 | -36.4% |
| Credit institutions | 430/8 | €110,000 | €70,000 | -€40,000 | -36.4% |
| Trade debts | 44 | €329,522 | €303,260 | -€26,261 | -8.0% |
| Suppliers | 440/4 | €329,522 | €303,260 | -€26,261 | -8.0% |
| Taxes, remuneration and social security | 45 | €25,287 | €44,903 | +€19,616 | +77.6% |
| Taxes | 450/3 | €19,493 | €34,697 | +€15,204 | +78.0% |
| Remuneration and social security | 454/9 | €5,794 | €10,205 | +€4,411 | +76.1% |
| Other amounts payable | 47/48 | €24,351 | €22,702 | -€1,648 | -6.8% |
| Non-recurring operating income | 76A | €37,500 | €10,112 | -€27,388 | -73.0% |
| Remuneration, social security and pensions | 62 | €31,307 | €36,551 | +€5,243 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,577 | €232,061 | +€18,484 | +8.7% |
| Other operating charges | 640/8 | €11,781 | €39,399 | +€27,617 | +234% |
| Gross operating margin | 9900 | €639,688 | €707,565 | +€67,877 | +10.6% |
| Operating profit (loss) | 9901 | €383,023 | €399,555 | +€16,532 | +4.3% |
| Financial income | 75/76B | €0 | €87 | +€87 | |
| Recurring financial income | 75 | €0 | €87 | +€87 | |
| Financial charges | 65/66B | €86,184 | €75,529 | -€10,655 | -12.4% |
| Recurring financial charges | 65 | €86,184 | €75,529 | -€10,655 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €296,839 | €324,113 | +€27,274 | +9.2% |
| Income taxes | 67/77 | €93,422 | €98,828 | +€5,406 | +5.8% |
| Profit (loss) for the period | 9904 | €203,417 | €225,285 | +€21,868 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €203,417 | €225,285 | +€21,868 | +10.8% |
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 26 October 2026 via checked.be.