HERMATH: what changed
Two fiscal 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.
HERMATH
Largest movements
- Current investments +€39,701
up €39,701 (+115.7%), from €34,299 to €74,000
- Cash +€20,159
up €20,159 (+97.1%), from €20,767 to €40,926
mainly Other debts (+€101,374) and Net result for the year (+€50,501)
- Receivables within one year -€14,400
down €14,400 (-29.9%), from €48,117 to €33,716
of which Trade receivables: -€13,631
- Tangible fixed assets -€10,454
down €10,454 (-31.9%), from €32,723 to €22,269
of which Furniture and vehicles: -€10,966
- Deferred charges and accrued income +€6,431
up €6,431 (+128.5%), from €5,004 to €11,435
- Other debts +€101,374
up €101,374 (+502.0%), from €20,193 to €121,567
- Profit (loss) carried forward -€62,862
no longer reported in 2025 (was €62,862)
- Tax, wage and social debts +€9,780
new in 2025: €9,780
- Reserves -€6,907
down €6,907 (-12.7%), from €54,283 to €47,375
- Gross operating margin -€14,616
down €14,616 (-16.1%), from €90,602 to €75,985
- Taxes -€3,395
down €3,395 (-19.0%), from €17,913 to €14,518
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 | €141,910 | €183,347 | +€41,437 | +29.2% |
| Fixed assets | 21/28 | €33,723 | €23,269 | -€10,454 | -31.0% |
| Tangible fixed assets | 22/27 | €32,723 | €22,269 | -€10,454 | -31.9% |
| Plant, machinery and equipment | 23 | €439 | €289 | -€150 | -34.1% |
| Furniture and vehicles | 24 | €32,283 | €21,317 | -€10,966 | -34.0% |
| Other tangible fixed assets | 26 | - | €663 | +€663 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €108,187 | €160,078 | +€51,891 | +48.0% |
| Amounts receivable within one year | 40/41 | €48,117 | €33,716 | -€14,400 | -29.9% |
| Trade receivables | 40 | €45,769 | €32,137 | -€13,631 | -29.8% |
| Other amounts receivable | 41 | €2,348 | €1,579 | -€769 | -32.8% |
| Current investments | 50/53 | €34,299 | €74,000 | +€39,701 | +115.7% |
| Cash at bank and in hand | 54/58 | €20,767 | €40,926 | +€20,159 | +97.1% |
| Deferred charges and accrued income | 490/1 | €5,004 | €11,435 | +€6,431 | +128.5% |
| Total equity and liabilities | 10/49 | €141,910 | €183,347 | +€41,437 | +29.2% |
| Equity | 10/15 | €120,145 | €50,375 | -€69,769 | -58.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €54,283 | €47,375 | -€6,907 | -12.7% |
| Distributable reserves | 133 | €54,283 | €47,375 | -€6,907 | -12.7% |
| Profit (loss) carried forward | 14 | €62,862 | - | -€62,862 | |
| Amounts payable | 17/49 | €21,765 | €132,972 | +€111,206 | +510.9% |
| Amounts payable within one year | 42/48 | €21,765 | €132,962 | +€111,197 | +510.9% |
| Trade debts | 44 | €1,573 | €1,615 | +€42 | +2.7% |
| Suppliers | 440/4 | €1,573 | €1,615 | +€42 | +2.7% |
| Taxes, remuneration and social security | 45 | - | €9,780 | +€9,780 | |
| Taxes | 450/3 | - | €9,780 | +€9,780 | |
| Other amounts payable | 47/48 | €20,193 | €121,567 | +€101,374 | +502.0% |
| Accrued charges and deferred income | 492/3 | - | €10 | +€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,905 | €9,694 | +€790 | +8.9% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Non-recurring operating charges | 66A | - | €811 | +€811 | |
| Gross operating margin | 9900 | €90,602 | €75,985 | -€14,616 | -16.1% |
| Operating profit (loss) | 9901 | €81,697 | €65,080 | -€16,617 | -20.3% |
| Financial income | 75/76B | €73 | €92 | +€18 | +24.7% |
| Recurring financial income | 75 | €73 | €92 | +€18 | +24.7% |
| Financial charges | 65/66B | €163 | €153 | -€10 | -5.9% |
| Recurring financial charges | 65 | €163 | €153 | -€10 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €81,608 | €65,019 | -€16,589 | -20.3% |
| Income taxes | 67/77 | €17,913 | €14,518 | -€3,395 | -19.0% |
| Profit (loss) for the period | 9904 | €63,695 | €50,501 | -€13,194 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,695 | €50,501 | -€13,194 | -20.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.