HERMELINE: 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.
HERMELINE
Largest movements
- Receivables within one year +€180,996
up €180,996 (+14.4%), from €1.3m to €1.4m
- Reserves +€119,194
up €119,194 (+2.8%), from €4.3m to €4.4m
of which Non-distributable reserves: +€119,194
- Financial income -€141,435
down €141,435 (-42.7%), from €330,981 to €189,546
- Taxes -€13,043
down €13,043 (-52.3%), from €24,963 to €11,919
- Financial charges +€1,538
up €1,538 (+3.0%), from €50,557 to €52,096
- Gross operating margin +€983
up €983 (+15.6%), from -€6,321 to -€5,338
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,986,918 | €6,180,594 | +€193,676 | +3.2% |
| Fixed assets | 21/28 | €4,699,865 | €4,699,865 | = | 0.0% |
| Financial fixed assets | 28 | €4,699,865 | €4,699,865 | = | 0.0% |
| Current assets | 29/58 | €1,287,053 | €1,480,729 | +€193,676 | +15.0% |
| Amounts receivable within one year | 40/41 | €1,256,019 | €1,437,015 | +€180,996 | +14.4% |
| Other amounts receivable | 41 | €1,256,019 | €1,437,015 | +€180,996 | +14.4% |
| Cash at bank and in hand | 54/58 | €23 | €4,157 | +€4,134 | +18,052% |
| Deferred charges and accrued income | 490/1 | €31,011 | €39,558 | +€8,547 | +27.6% |
| Total equity and liabilities | 10/49 | €5,986,918 | €6,180,594 | +€193,676 | +3.2% |
| Equity | 10/15 | €4,363,650 | €4,482,843 | +€119,194 | +2.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €4,302,150 | €4,421,343 | +€119,194 | +2.8% |
| Non-distributable reserves | 130/1 | €4,239,589 | €4,358,783 | +€119,194 | +2.8% |
| Other | 1319 | €4,239,589 | €4,358,783 | +€119,194 | +2.8% |
| Distributable reserves | 133 | €62,560 | €62,560 | = | 0.0% |
| Amounts payable | 17/49 | €1,623,268 | €1,697,751 | +€74,483 | +4.6% |
| Amounts payable within one year | 42/48 | €1,572,853 | €1,645,716 | +€72,863 | +4.6% |
| Trade debts | 44 | €3,354 | €4,347 | +€993 | +29.6% |
| Suppliers | 440/4 | €3,354 | €4,347 | +€993 | +29.6% |
| Taxes, remuneration and social security | 45 | €24,787 | €36,707 | +€11,919 | +48.1% |
| Taxes | 450/3 | €24,787 | €36,707 | +€11,919 | +48.1% |
| Other amounts payable | 47/48 | €1,544,712 | €1,604,663 | +€59,951 | +3.9% |
| Accrued charges and deferred income | 492/3 | €50,415 | €52,034 | +€1,620 | +3.2% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | -€6,321 | -€5,338 | +€983 | +15.6% |
| Operating profit (loss) | 9901 | -€7,589 | -€6,337 | +€1,252 | +16.5% |
| Financial income | 75/76B | €330,981 | €189,546 | -€141,435 | -42.7% |
| Recurring financial income | 75 | €330,981 | €189,546 | -€141,435 | -42.7% |
| Financial charges | 65/66B | €50,557 | €52,096 | +€1,538 | +3.0% |
| Recurring financial charges | 65 | €50,557 | €52,096 | +€1,538 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €272,834 | €131,113 | -€141,721 | -51.9% |
| Income taxes | 67/77 | €24,963 | €11,919 | -€13,043 | -52.3% |
| Profit (loss) for the period | 9904 | €247,872 | €119,194 | -€128,678 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €247,872 | €119,194 | -€128,678 | -51.9% |
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 15 October 2026 via checked.be.