HERMES: 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.
HERMES
Largest movements
- Cash -€12,485
down €12,485 (-67.4%), from €18,531 to €6,046
mainly Investment in fixed assets (net) (-€12,333) and Current portion of long-term debt (-€11,210)
- Stocks and contracts +€2,226
up €2,226 (+2.7%), from €81,672 to €83,898
- Current portion of long-term debt -€11,210
down €11,210 (-66.9%), from €16,748 to €5,538
- Debts after one year -€5,538
down €5,538 (-13.6%), from €40,765 to €35,227
- Tax, wage and social debts +€3,610
up €3,610 (+59.8%), from €6,040 to €9,650
of which Taxes: +€2,164
- Reserves +€2,380
up €2,380 (+4.8%), from €49,119 to €51,499
- Accrued charges and deferred income -€2,184
down €2,184 (-46.6%), from €4,689 to €2,505
- Staff costs +€5,176
up €5,176 (+102.6%), from €5,044 to €10,220
- Write-downs +€3,719
up €3,719 (+255.7%), from €1,455 to €5,173
- Taxes -€2,512
down €2,512 (-59.8%), from €4,201 to €1,689
- Financial charges -€789
down €789 (-11.5%), from €6,850 to €6,060
- Other operating charges +€372
up €372 (+14.5%), from €2,569 to €2,942
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 | €182,381 | €171,537 | -€10,844 | -5.9% |
| Fixed assets | 21/28 | €73,436 | €73,361 | -€75 | -0.1% |
| Tangible fixed assets | 22/27 | €71,240 | €71,164 | -€75 | -0.1% |
| Land and buildings | 22 | €5,232 | €10,493 | +€5,260 | +100.5% |
| Plant, machinery and equipment | 23 | €383 | €152 | -€231 | -60.3% |
| Furniture and vehicles | 24 | €104 | €5,307 | +€5,203 | +4996.9% |
| Leasing and similar rights | 25 | €65,520 | €55,212 | -€10,308 | -15.7% |
| Financial fixed assets | 28 | €2,197 | €2,197 | = | 0.0% |
| Current assets | 29/58 | €108,944 | €98,176 | -€10,768 | -9.9% |
| Stocks and contracts in progress | 3 | €81,672 | €83,898 | +€2,226 | +2.7% |
| Stocks | 30/36 | €81,672 | €83,898 | +€2,226 | +2.7% |
| Amounts receivable within one year | 40/41 | €3,009 | €2,722 | -€287 | -9.5% |
| Trade receivables | 40 | €3,009 | €2,722 | -€287 | -9.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €18,531 | €6,046 | -€12,485 | -67.4% |
| Deferred charges and accrued income | 490/1 | €5,731 | €5,509 | -€222 | -3.9% |
| Total equity and liabilities | 10/49 | €182,381 | €171,537 | -€10,844 | -5.9% |
| Equity | 10/15 | €73,593 | €75,973 | +€2,380 | +3.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €49,119 | €51,499 | +€2,380 | +4.8% |
| Distributable reserves | 133 | €49,119 | €51,499 | +€2,380 | +4.8% |
| Profit (loss) carried forward | 14 | €5,474 | €5,474 | +€0 | 0.0% |
| Amounts payable | 17/49 | €108,788 | €95,563 | -€13,224 | -12.2% |
| Amounts payable after more than one year | 17 | €40,765 | €35,227 | -€5,538 | -13.6% |
| Financial debts | 170/4 | €40,765 | €35,227 | -€5,538 | -13.6% |
| Amounts payable within one year | 42/48 | €63,334 | €57,831 | -€5,503 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €16,748 | €5,538 | -€11,210 | -66.9% |
| Trade debts | 44 | €5,493 | €7,116 | +€1,623 | +29.5% |
| Suppliers | 440/4 | €5,493 | €7,116 | +€1,623 | +29.5% |
| Taxes, remuneration and social security | 45 | €6,040 | €9,650 | +€3,610 | +59.8% |
| Taxes | 450/3 | €4,189 | €6,352 | +€2,164 | +51.6% |
| Remuneration and social security | 454/9 | €1,851 | €3,298 | +€1,447 | +78.2% |
| Other amounts payable | 47/48 | €35,053 | €35,527 | +€474 | +1.4% |
| Accrued charges and deferred income | 492/3 | €4,689 | €2,505 | -€2,184 | -46.6% |
| Remuneration, social security and pensions | 62 | €5,044 | €10,220 | +€5,176 | +102.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,775 | €12,408 | -€367 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,455 | €5,173 | +€3,719 | +255.7% |
| Other operating charges | 640/8 | €2,569 | €2,942 | +€372 | +14.5% |
| Gross operating margin | 9900 | €35,978 | €35,682 | -€296 | -0.8% |
| Operating profit (loss) | 9901 | €14,136 | €4,940 | -€9,196 | -65.1% |
| Financial income | 75/76B | €5,419 | €5,190 | -€229 | -4.2% |
| Recurring financial income | 75 | €5,419 | €5,190 | -€229 | -4.2% |
| Financial charges | 65/66B | €6,850 | €6,060 | -€789 | -11.5% |
| Recurring financial charges | 65 | €6,850 | €6,060 | -€789 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €12,705 | €4,070 | -€8,636 | -68.0% |
| Income taxes | 67/77 | €4,201 | €1,689 | -€2,512 | -59.8% |
| Profit (loss) for the period | 9904 | €8,504 | €2,380 | -€6,124 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,504 | €2,380 | -€6,124 | -72.0% |
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 1 October 2026 via checked.be.