HERMAX: 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.
HERMAX
Largest movements
- Tangible fixed assets -€190,739
down €190,739 (-29.1%), from €655,338 to €464,599
of which Plant, machinery and equipment: -€175,515
- Stocks and contracts +€27,943
up €27,943 (+150.3%), from €18,594 to €46,538
- Deferred charges and accrued income -€16,723
down €16,723 (-30.7%), from €54,476 to €37,753
- Cash -€10,381
down €10,381 (-5.6%), from €185,485 to €175,104
mainly Debts after one year (-€137,133) and Net result for the year (-€78,419)
- Debts after one year -€137,133
down €137,133 (-36.1%), from €379,772 to €242,638
- Profit (loss) carried forward -€78,419
down €78,419 (-25.7%), from -€304,712 to -€383,132
- Tax, wage and social debts +€41,653
up €41,653 (+30.5%), from €136,758 to €178,411
of which Remuneration and social security: +€37,610
- Trade debts -€20,656
down €20,656 (-7.5%), from €276,160 to €255,504
- Staff costs +€387,246
up €387,246 (+37.4%), from €1.0m to €1.4m
- Gross operating margin +€357,972
up €357,972 (+29.2%), from €1.2m to €1.6m
- Financial charges -€19,100
down €19,100 (-69.1%), from €27,641 to €8,541
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 | €1,002,089 | €809,328 | -€192,761 | -19.2% |
| Formation expenses | 20 | €586 | €259 | -€327 | -55.9% |
| Fixed assets | 21/28 | €670,129 | €471,634 | -€198,495 | -29.6% |
| Intangible fixed assets | 21 | €14,196 | €6,440 | -€7,756 | -54.6% |
| Tangible fixed assets | 22/27 | €655,338 | €464,599 | -€190,739 | -29.1% |
| Plant, machinery and equipment | 23 | €618,212 | €442,697 | -€175,515 | -28.4% |
| Furniture and vehicles | 24 | €37,126 | €21,902 | -€15,224 | -41.0% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €331,374 | €337,436 | +€6,061 | +1.8% |
| Stocks and contracts in progress | 3 | €18,594 | €46,538 | +€27,943 | +150.3% |
| Stocks | 30/36 | €18,594 | €46,538 | +€27,943 | +150.3% |
| Amounts receivable within one year | 40/41 | €72,819 | €78,041 | +€5,222 | +7.2% |
| Trade receivables | 40 | €570 | €0 | -€570 | -100.0% |
| Other amounts receivable | 41 | €72,249 | €78,041 | +€5,792 | +8.0% |
| Cash at bank and in hand | 54/58 | €185,485 | €175,104 | -€10,381 | -5.6% |
| Deferred charges and accrued income | 490/1 | €54,476 | €37,753 | -€16,723 | -30.7% |
| Total equity and liabilities | 10/49 | €1,002,089 | €809,328 | -€192,761 | -19.2% |
| Equity | 10/15 | €60,288 | -€18,132 | -€78,419 | |
| Contributions | 10/11 | €365,000 | €365,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€304,712 | -€383,132 | -€78,419 | -25.7% |
| Amounts payable | 17/49 | €941,802 | €827,460 | -€114,342 | -12.1% |
| Amounts payable after more than one year | 17 | €379,772 | €242,638 | -€137,133 | -36.1% |
| Financial debts | 170/4 | €379,772 | €242,638 | -€137,133 | -36.1% |
| Amounts payable within one year | 42/48 | €561,679 | €584,561 | +€22,882 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €147,329 | €148,512 | +€1,183 | +0.8% |
| Trade debts | 44 | €276,160 | €255,504 | -€20,656 | -7.5% |
| Suppliers | 440/4 | €276,160 | €255,504 | -€20,656 | -7.5% |
| Taxes, remuneration and social security | 45 | €136,758 | €178,411 | +€41,653 | +30.5% |
| Taxes | 450/3 | €4,045 | €8,088 | +€4,043 | +100.0% |
| Remuneration and social security | 454/9 | €132,713 | €170,323 | +€37,610 | +28.3% |
| Other amounts payable | 47/48 | €1,432 | €2,134 | +€702 | +49.1% |
| Accrued charges and deferred income | 492/3 | €351 | €261 | -€91 | -25.8% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €1,036,652 | €1,423,898 | +€387,246 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €215,198 | €209,128 | -€6,071 | -2.8% |
| Other operating charges | 640/8 | €11,117 | €19,732 | +€8,615 | +77.5% |
| Gross operating margin | 9900 | €1,224,956 | €1,582,927 | +€357,972 | +29.2% |
| Operating profit (loss) | 9901 | -€38,011 | -€69,830 | -€31,819 | -83.7% |
| Financial income | 75/76B | €256 | €0 | -€256 | -100.0% |
| Recurring financial income | 75 | €256 | €0 | -€256 | -100.0% |
| Financial charges | 65/66B | €27,641 | €8,541 | -€19,100 | -69.1% |
| Recurring financial charges | 65 | €27,641 | €8,541 | -€19,100 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | -€65,397 | -€78,371 | -€12,975 | -19.8% |
| Income taxes | 67/77 | €410 | €48 | -€362 | -88.3% |
| Profit (loss) for the period | 9904 | -€65,807 | -€78,419 | -€12,612 | -19.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,807 | -€78,419 | -€12,612 | -19.2% |
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 30 September 2026 via checked.be.