Hermansen: 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.
Hermansen
Largest movements
- Tangible fixed assets +€356,078
up €356,078 (+21,492%), from €1,657 to €357,734
of which Land and buildings: +€260,000
- Cash -€308,300
down €308,300 (-55.0%), from €560,499 to €252,200
mainly Investment in fixed assets (net) (-€370,522) and Receivables within one year (-€48,897)
- Receivables within one year +€48,897
up €48,897 (+43.3%), from €112,815 to €161,712
of which Other amounts receivable: +€87,857
- Reserves +€112,285
up €112,285 (+35.6%), from €315,788 to €428,073
- Trade debts -€9,372
down €9,372 (-38.7%), from €24,219 to €14,846
- Gross operating margin +€34,897
up €34,897 (+20.5%), from €169,996 to €204,893
- Other operating charges +€32,423
up €32,423 (+1,401%), from €2,315 to €34,738
- Depreciation +€13,218
up €13,218 (+1,356%), from €975 to €14,193
- Taxes -€2,815
down €2,815 (-5.6%), from €50,438 to €47,623
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 | €697,881 | €795,960 | +€98,080 | +14.1% |
| Fixed assets | 21/28 | €21,918 | €378,247 | +€356,329 | +1,626% |
| Tangible fixed assets | 22/27 | €1,657 | €357,734 | +€356,078 | +21,492% |
| Land and buildings | 22 | - | €260,000 | +€260,000 | |
| Plant, machinery and equipment | 23 | €702 | €33,291 | +€32,589 | +4,643% |
| Furniture and vehicles | 24 | €955 | €62,819 | +€61,864 | +6,478% |
| Other tangible fixed assets | 26 | - | €1,624 | +€1,624 | |
| Financial fixed assets | 28 | €20,261 | €20,512 | +€251 | +1.2% |
| Current assets | 29/58 | €675,963 | €417,714 | -€258,249 | -38.2% |
| Amounts receivable within one year | 40/41 | €112,815 | €161,712 | +€48,897 | +43.3% |
| Trade receivables | 40 | €38,959 | - | -€38,959 | |
| Other amounts receivable | 41 | €73,856 | €161,712 | +€87,857 | +119% |
| Cash at bank and in hand | 54/58 | €560,499 | €252,200 | -€308,300 | -55.0% |
| Deferred charges and accrued income | 490/1 | €2,648 | €3,801 | +€1,153 | +43.6% |
| Total equity and liabilities | 10/49 | €697,881 | €795,960 | +€98,080 | +14.1% |
| Equity | 10/15 | €622,399 | €734,684 | +€112,285 | +18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €315,788 | €428,073 | +€112,285 | +35.6% |
| Distributable reserves | 133 | €315,788 | €428,073 | +€112,285 | +35.6% |
| Profit (loss) carried forward | 14 | €288,011 | €288,011 | = | 0.0% |
| Amounts payable | 17/49 | €75,482 | €61,276 | -€14,206 | -18.8% |
| Amounts payable within one year | 42/48 | €70,227 | €60,026 | -€10,201 | -14.5% |
| Financial debts | 43 | €20,170 | €20,141 | -€29 | -0.1% |
| Credit institutions | 430/8 | €20,170 | €20,141 | -€29 | -0.1% |
| Trade debts | 44 | €24,219 | €14,846 | -€9,372 | -38.7% |
| Suppliers | 440/4 | €24,219 | €14,846 | -€9,372 | -38.7% |
| Taxes, remuneration and social security | 45 | €25,838 | €23,023 | -€2,815 | -10.9% |
| Taxes | 450/3 | €25,838 | €23,023 | -€2,815 | -10.9% |
| Other amounts payable | 47/48 | - | €2,016 | +€2,016 | |
| Accrued charges and deferred income | 492/3 | €5,255 | €1,250 | -€4,005 | -76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €975 | €14,193 | +€13,218 | +1,356% |
| Other operating charges | 640/8 | €2,315 | €34,738 | +€32,423 | +1,401% |
| Gross operating margin | 9900 | €169,996 | €204,893 | +€34,897 | +20.5% |
| Operating profit (loss) | 9901 | €166,706 | €155,962 | -€10,744 | -6.4% |
| Financial income | 75/76B | €3,098 | €4,713 | +€1,615 | +52.1% |
| Recurring financial income | 75 | €3,098 | €4,713 | +€1,615 | +52.1% |
| Financial charges | 65/66B | €844 | €766 | -€77 | -9.2% |
| Recurring financial charges | 65 | €844 | €766 | -€77 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €168,960 | €159,909 | -€9,051 | -5.4% |
| Income taxes | 67/77 | €50,438 | €47,623 | -€2,815 | -5.6% |
| Profit (loss) for the period | 9904 | €118,522 | €112,285 | -€6,237 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €118,522 | €112,285 | -€6,237 | -5.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.