HERMAX PROJECTS: 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.
HERMAX PROJECTS
Largest movements
- Cash +€117,402
up €117,402 (+317.4%), from €36,985 to €154,386
mainly Trade debts (+€108,060) and Other debts (+€104,678)
- Stocks and contracts +€99,316
new in 2025: €99,316
- Receivables within one year +€85,539
up €85,539 (+86.2%), from €99,221 to €184,760
of which Trade receivables: +€67,783
- Financial fixed assets +€15,782
new in 2025: €15,782
- Tangible fixed assets -€9,412
down €9,412 (-75.7%), from €12,440 to €3,028
of which Leasing and similar rights: -€6,124
- Trade debts +€108,060
up €108,060 (+402.1%), from €26,874 to €134,934
- Other debts +€104,678
new in 2025: €104,678
- Reserves +€66,291
up €66,291 (+119.7%), from €55,393 to €121,684
- Tax, wage and social debts +€21,116
up €21,116 (+278.6%), from €7,579 to €28,694
- Current portion of long-term debt +€10,586
up €10,586 (+19.8%), from €53,453 to €64,039
- Gross operating margin +€65,576
up €65,576 (+133.7%), from €49,059 to €114,635
- Taxes +€17,817
up €17,817 (+225.2%), from €7,912 to €25,729
- Financial charges +€4,450
up €4,450 (+56.9%), from €7,828 to €12,278
- Depreciation -€3,030
down €3,030 (-24.4%), from €12,442 to €9,412
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 | €150,952 | €459,234 | +€308,282 | +204.2% |
| Fixed assets | 21/28 | €12,440 | €18,810 | +€6,369 | +51.2% |
| Tangible fixed assets | 22/27 | €12,440 | €3,028 | -€9,412 | -75.7% |
| Plant, machinery and equipment | 23 | €65 | €0 | -€65 | -100.0% |
| Furniture and vehicles | 24 | €3,382 | €159 | -€3,223 | -95.3% |
| Leasing and similar rights | 25 | €8,994 | €2,869 | -€6,124 | -68.1% |
| Financial fixed assets | 28 | - | €15,782 | +€15,782 | |
| Current assets | 29/58 | €138,511 | €440,424 | +€301,912 | +218.0% |
| Stocks and contracts in progress | 3 | - | €99,316 | +€99,316 | |
| Stocks | 30/36 | - | €99,316 | +€99,316 | |
| Amounts receivable within one year | 40/41 | €99,221 | €184,760 | +€85,539 | +86.2% |
| Trade receivables | 40 | €80,175 | €147,958 | +€67,783 | +84.5% |
| Other amounts receivable | 41 | €19,046 | €36,802 | +€17,756 | +93.2% |
| Cash at bank and in hand | 54/58 | €36,985 | €154,386 | +€117,402 | +317.4% |
| Deferred charges and accrued income | 490/1 | €2,306 | €1,962 | -€344 | -14.9% |
| Total equity and liabilities | 10/49 | €150,952 | €459,234 | +€308,282 | +204.2% |
| Equity | 10/15 | €60,393 | €126,684 | +€66,291 | +109.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,393 | €121,684 | +€66,291 | +119.7% |
| Distributable reserves | 133 | €55,393 | €121,684 | +€66,291 | +119.7% |
| Amounts payable | 17/49 | €90,558 | €332,549 | +€241,991 | +267.2% |
| Amounts payable after more than one year | 17 | €2,653 | €0 | -€2,653 | -100.0% |
| Financial debts | 170/4 | €2,653 | €0 | -€2,653 | -100.0% |
| Amounts payable within one year | 42/48 | €87,906 | €332,345 | +€244,440 | +278.1% |
| Current portion of amounts payable after more than one year | 42 | €53,453 | €64,039 | +€10,586 | +19.8% |
| Trade debts | 44 | €26,874 | €134,934 | +€108,060 | +402.1% |
| Suppliers | 440/4 | €26,874 | €134,934 | +€108,060 | +402.1% |
| Taxes, remuneration and social security | 45 | €7,579 | €28,694 | +€21,116 | +278.6% |
| Taxes | 450/3 | €7,579 | €28,694 | +€21,116 | +278.6% |
| Other amounts payable | 47/48 | - | €104,678 | +€104,678 | |
| Accrued charges and deferred income | 492/3 | - | €204 | +€204 | |
| Non-recurring operating income | 76A | €1,624 | - | -€1,624 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,442 | €9,412 | -€3,030 | -24.4% |
| Other operating charges | 640/8 | €2,133 | €2,229 | +€96 | +4.5% |
| Gross operating margin | 9900 | €49,059 | €114,635 | +€65,576 | +133.7% |
| Operating profit (loss) | 9901 | €34,485 | €102,994 | +€68,509 | +198.7% |
| Financial income | 75/76B | €785 | €1,304 | +€520 | +66.2% |
| Recurring financial income | 75 | €785 | €1,304 | +€520 | +66.2% |
| Financial charges | 65/66B | €7,828 | €12,278 | +€4,450 | +56.9% |
| Recurring financial charges | 65 | €7,828 | €12,278 | +€4,450 | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €27,442 | €92,020 | +€64,578 | +235.3% |
| Income taxes | 67/77 | €7,912 | €25,729 | +€17,817 | +225.2% |
| Profit (loss) for the period | 9904 | €19,530 | €66,291 | +€46,761 | +239.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,530 | €66,291 | +€46,761 | +239.4% |
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 12 October 2026 via checked.be.