Hermeias: 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.
What changed
Hermeias
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €31,333+€1.2m
Equity
€18.1m
2024 · €16.6m+€1.5m
Cash
€2.1m
2024 · €344,606+€1.8m
Balance sheet total
€23.0m
2024 · €19.6m+€3.4m
Largest movements
Assets
- Receivables after one year +€6.9m
new in 2025: €6.9m
- Receivables within one year -€5.1m
down €5.1m (-88.6%), from €5.7m to €653,245
of which Other amounts receivable: -€5.1m
- Cash +€1.8m
up €1.8m (+520%), from €344,606 to €2.1m
mainly Receivables within one year (+€5.1m) and Debts after one year (+€3.5m)
- Tangible fixed assets -€253,165
down €253,165 (-4.0%), from €6.3m to €6.1m
of which Land and buildings: -€225,029
Equity and liabilities
- Debts after one year +€3.5m
new in 2025: €3.5m
- Reserves +€1.5m
up €1.5m (+32.5%), from €4.6m to €6.1m
of which Tax-exempt reserves: +€1.3m
- Other debts -€1.5m
down €1.5m (-99.1%), from €1.5m to €13,162
Income statement
- Gross operating margin +€1.7m
up €1.7m (+305%), from €548,257 to €2.2m
- Taxes +€137,091
up €137,091 (+556%), from €24,646 to €161,737
- Financial charges +€48,187
up €48,187 (+45.6%), from €105,571 to €153,758
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.
Result 2024
€31,333
Gross operating margin
+€1.7m
Staff costs
-€4,826
Depreciation
-€14,918
Other operating charges
-€5,797
Financial income
-€15,771
Financial charges
-€48,187
Taxes
-€137,091
Deferred taxes and other
-€290,719
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.9m
Investment
-€85,156
Financing
+€3.8m
Cash 2024
€344,606
From operations (derived)
-€1.9m
Net result for the year
+€1.2m
Depreciation
+€338,322
Receivables after one year
-€6.9m
Receivables within one year
+€5.1m
Deferred charges and accrued income
-€17,688
Provisions
-€67,412
Trade debts
-€87,852
Smaller working-capital items
+€27,483
Other debts
-€1.5m
Investment (derived)
-€85,156
Investment in fixed assets (net)
-€85,156
Financing
+€3.8m
Debts after one year
+€3.5m
Contributions, distributions and other
+€311,166
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,641,454 | €23,023,776 | +€3.4m | +17.2% |
| Fixed assets | 21/28 | €13,570,662 | €13,317,496 | -€253,166 | -1.9% |
| Tangible fixed assets | 22/27 | €6,337,686 | €6,084,521 | -€253,165 | -4.0% |
| Land and buildings | 22 | €6,305,029 | €6,080,000 | -€225,029 | -3.6% |
| Furniture and vehicles | 24 | €0 | €4,521 | +€4,521 | |
| Assets under construction and advance payments | 27 | €32,657 | €0 | -€32,657 | -100% |
| Financial fixed assets | 28 | €7,232,975 | €7,232,975 | -€0 | 0.0% |
| Current assets | 29/58 | €6,070,792 | €9,706,280 | +€3.6m | +59.9% |
| Amounts receivable after more than one year | 29 | - | €6,880,000 | +€6.9m | |
| Other amounts receivable | 291 | - | €6,880,000 | +€6.9m | |
| Amounts receivable within one year | 40/41 | €5,708,449 | €653,245 | -€5.1m | -88.6% |
| Trade receivables | 40 | €593,014 | €637,741 | +€44,727 | +7.5% |
| Other amounts receivable | 41 | €5,115,435 | €15,503 | -€5.1m | -99.7% |
| Cash at bank and in hand | 54/58 | €344,606 | €2,137,611 | +€1.8m | +520% |
| Deferred charges and accrued income | 490/1 | €17,737 | €35,425 | +€17,688 | +99.7% |
| Total equity and liabilities | 10/49 | €19,641,454 | €23,023,776 | +€3.4m | +17.2% |
| Equity | 10/15 | €16,610,796 | €18,107,738 | +€1.5m | +9.0% |
| Contributions | 10/11 | €11,975,000 | €11,975,000 | = | 0.0% |
| Capital | 10 | €11,975,000 | €11,975,000 | = | 0.0% |
| Issued capital | 100 | €11,975,000 | €11,975,000 | = | 0.0% |
| Reserves | 13 | €4,627,008 | €6,131,937 | +€1.5m | +32.5% |
| Non-distributable reserves | 130/1 | €316,508 | €316,508 | +€0 | 0.0% |
| Legal reserve | 130 | €316,508 | €316,508 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €1,341,974 | €2,594,903 | +€1.3m | +93.4% |
| Distributable reserves | 133 | €2,968,525 | €3,220,525 | +€252,000 | +8.5% |
| Profit (loss) carried forward | 14 | €8,788 | €801 | -€7,987 | -90.9% |
| Provisions and deferred taxes | 16 | €855,963 | €788,551 | -€67,412 | -7.9% |
| Deferred taxes | 168 | €855,963 | €788,551 | -€67,412 | -7.9% |
| Amounts payable | 17/49 | €2,174,695 | €4,127,488 | +€2.0m | +89.8% |
| Amounts payable after more than one year | 17 | - | €3,500,000 | +€3.5m | |
| Financial debts | 170/4 | - | €3,500,000 | +€3.5m | |
| Amounts payable within one year | 42/48 | €2,164,767 | €601,996 | -€1.6m | -72.2% |
| Trade debts | 44 | €575,245 | €487,393 | -€87,852 | -15.3% |
| Suppliers | 440/4 | €575,245 | €487,393 | -€87,852 | -15.3% |
| Taxes, remuneration and social security | 45 | €89,522 | €101,441 | +€11,919 | +13.3% |
| Taxes | 450/3 | €68,171 | €79,735 | +€11,564 | +17.0% |
| Remuneration and social security | 454/9 | €21,350 | €21,706 | +€356 | +1.7% |
| Other amounts payable | 47/48 | €1,500,000 | €13,162 | -€1.5m | -99.1% |
| Accrued charges and deferred income | 492/3 | €9,928 | €25,492 | +€15,564 | +157% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €203,260 | €208,086 | +€4,826 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €323,404 | €338,322 | +€14,918 | +4.6% |
| Other operating charges | 640/8 | €8,792 | €14,589 | +€5,797 | +65.9% |
| Gross operating margin | 9900 | €548,257 | €2,220,009 | +€1.7m | +305% |
| Operating profit (loss) | 9901 | €12,801 | €1,659,012 | +€1.6m | +12,860% |
| Financial income | 75/76B | €101,783 | €86,012 | -€15,771 | -15.5% |
| Recurring financial income | 75 | €101,783 | €86,012 | -€15,771 | -15.5% |
| Financial charges | 65/66B | €105,571 | €153,758 | +€48,187 | +45.6% |
| Recurring financial charges | 65 | €105,571 | €153,758 | +€48,187 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €9,014 | €1,591,266 | +€1.6m | +17,554% |
| Transfer from deferred taxes | 780 | €46,966 | €22,729 | -€24,237 | -51.6% |
| Transfer to deferred taxes | 680 | €0 | €266,483 | +€266,483 | |
| Income taxes | 67/77 | €24,646 | €161,737 | +€137,091 | +556% |
| Profit (loss) for the period | 9904 | €31,333 | €1,185,776 | +€1.2m | +3,684% |
| Transfer from tax-exempt reserves | 789 | €140,898 | €68,186 | -€72,712 | -51.6% |
| Transfer to tax-exempt reserves | 689 | €0 | €1,009,949 | +€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €172,231 | €244,013 | +€71,782 | +41.7% |
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 17 October 2026 via checked.be.