Hermelijn: 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.
Hermelijn
Largest movements
- Cash -€66,471
down €66,471 (-85.8%), from €77,429 to €10,958
mainly Net result for the year (-€80,171) and Debts after one year (-€51,862)
- Stocks and contracts -€42,570
down €42,570 (-94.5%), from €45,044 to €2,475
- Tangible fixed assets -€27,187
down €27,187 (-2.4%), from €1.1m to €1.1m
of which Land and buildings: -€20,261
- Profit (loss) carried forward -€66,815
down €66,815 (-46.1%), from -€145,068 to -€211,883
- Debts after one year -€51,862
down €51,862 (-10.9%), from €475,207 to €423,345
of which Financial debts: -€89,262
- Trade debts +€16,873
up €16,873 (+50.6%), from €33,344 to €50,217
- Reserves -€13,356
down €13,356 (-2.1%), from €646,924 to €633,569
of which Tax-exempt reserves: -€13,356
- Gross operating margin -€800,711
down €800,711, from €770,878 to -€29,833
- Depreciation -€89,110
down €89,110 (-69.5%), from €128,296 to €39,186
- Staff costs -€18,185
no longer reported in 2025 (was €18,185)
- Financial charges -€16,232
down €16,232 (-57.8%), from €28,090 to €11,858
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 | €1,329,217 | €1,190,804 | -€138,413 | -10.4% |
| Fixed assets | 21/28 | €1,188,718 | €1,161,531 | -€27,187 | -2.3% |
| Tangible fixed assets | 22/27 | €1,113,718 | €1,086,531 | -€27,187 | -2.4% |
| Land and buildings | 22 | €1,097,008 | €1,076,747 | -€20,261 | -1.8% |
| Plant, machinery and equipment | 23 | €12,641 | €9,784 | -€2,857 | -22.6% |
| Furniture and vehicles | 24 | €3,466 | - | -€3,466 | |
| Leasing and similar rights | 25 | €179 | - | -€179 | |
| Other tangible fixed assets | 26 | €424 | - | -€424 | |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €140,499 | €29,273 | -€111,226 | -79.2% |
| Stocks and contracts in progress | 3 | €45,044 | €2,475 | -€42,570 | -94.5% |
| Stocks | 30/36 | €45,044 | €2,475 | -€42,570 | -94.5% |
| Amounts receivable within one year | 40/41 | €18,026 | €14,817 | -€3,209 | -17.8% |
| Trade receivables | 40 | €7,115 | €7,376 | +€261 | +3.7% |
| Other amounts receivable | 41 | €10,911 | €7,441 | -€3,470 | -31.8% |
| Cash at bank and in hand | 54/58 | €77,429 | €10,958 | -€66,471 | -85.8% |
| Deferred charges and accrued income | 490/1 | - | €1,024 | +€1,024 | |
| Total equity and liabilities | 10/49 | €1,329,217 | €1,190,804 | -€138,413 | -10.4% |
| Equity | 10/15 | €520,457 | €440,286 | -€80,171 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €646,924 | €633,569 | -€13,356 | -2.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €530,268 | €516,913 | -€13,356 | -2.5% |
| Distributable reserves | 133 | €114,796 | €114,796 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,068 | -€211,883 | -€66,815 | -46.1% |
| Provisions and deferred taxes | 16 | €176,756 | €172,304 | -€4,452 | -2.5% |
| Deferred taxes | 168 | €176,756 | €172,304 | -€4,452 | -2.5% |
| Amounts payable | 17/49 | €632,004 | €578,214 | -€53,790 | -8.5% |
| Amounts payable after more than one year | 17 | €475,207 | €423,345 | -€51,862 | -10.9% |
| Financial debts | 170/4 | €475,207 | €385,945 | -€89,262 | -18.8% |
| Other amounts payable | 178/9 | - | €37,400 | +€37,400 | |
| Amounts payable within one year | 42/48 | €153,888 | €154,869 | +€981 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €50,727 | €51,862 | +€1,135 | +2.2% |
| Trade debts | 44 | €33,344 | €50,217 | +€16,873 | +50.6% |
| Suppliers | 440/4 | €33,344 | €50,217 | +€16,873 | +50.6% |
| Taxes, remuneration and social security | 45 | €6,712 | - | -€6,712 | |
| Taxes | 450/3 | €6,712 | - | -€6,712 | |
| Other amounts payable | 47/48 | €63,105 | €52,790 | -€10,315 | -16.3% |
| Accrued charges and deferred income | 492/3 | €2,909 | - | -€2,909 | |
| Non-recurring operating income | 76A | €772,406 | - | -€772,406 | |
| Remuneration, social security and pensions | 62 | €18,185 | - | -€18,185 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,296 | €39,186 | -€89,110 | -69.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €57 | - | -€57 | |
| Other operating charges | 640/8 | €13,755 | €6,364 | -€7,391 | -53.7% |
| Non-recurring operating charges | 66A | - | €6,912 | +€6,912 | |
| Gross operating margin | 9900 | €770,878 | -€29,833 | -€800,711 | |
| Operating profit (loss) | 9901 | €610,585 | -€82,295 | -€692,880 | |
| Financial income | 75/76B | €4,430 | €9,531 | +€5,101 | +115.1% |
| Recurring financial income | 75 | €4,430 | €9,531 | +€5,101 | +115.1% |
| Financial charges | 65/66B | €28,090 | €11,858 | -€16,232 | -57.8% |
| Recurring financial charges | 65 | €28,090 | €11,858 | -€16,232 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | €586,924 | -€84,623 | -€671,547 | |
| Transfer from deferred taxes | 780 | €16,345 | €4,452 | -€11,893 | -72.8% |
| Transfer to deferred taxes | 680 | €193,101 | - | -€193,101 | |
| Income taxes | 67/77 | €44 | - | -€44 | |
| Profit (loss) for the period | 9904 | €410,124 | -€80,171 | -€490,295 | |
| Transfer from tax-exempt reserves | 789 | €49,036 | €13,356 | -€35,680 | -72.8% |
| Transfer to tax-exempt reserves | 689 | €579,304 | - | -€579,304 | |
| Profit (loss) for the period to be appropriated | 9905 | -€120,144 | -€66,815 | +€53,329 | +44.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.