HERMES: 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.
HERMES
Largest movements
- Cash +€17,414
up €17,414 (+9.0%), from €193,103 to €210,517
mainly Net result for the year (+€8,755) and Trade debts (+€7,192)
- Receivables within one year -€4,264
down €4,264 (-27.2%), from €15,691 to €11,427
of which Trade receivables: -€3,531
- Reserves +€8,000
up €8,000 (+11.4%), from €70,209 to €78,209
of which Distributable reserves: +€8,000
- Trade debts +€7,192
up €7,192 (+361%), from €1,994 to €9,186
- Other debts -€3,271
down €3,271 (-8.8%), from €37,202 to €33,931
- Gross operating margin +€11,946
up €11,946, from -€198 to €11,748
- Taxes +€1,531
new in 2025: €1,531
- Other operating charges -€383
down €383 (-34.3%), from €1,116 to €733
- Depreciation -€260
down €260 (-28.7%), from €905 to €645
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 | €219,406 | €231,853 | +€12,447 | +5.7% |
| Fixed assets | 21/28 | €645 | - | -€645 | |
| Tangible fixed assets | 22/27 | €645 | - | -€645 | |
| Furniture and vehicles | 24 | €645 | - | -€645 | |
| Current assets | 29/58 | €218,761 | €231,853 | +€13,092 | +6.0% |
| Stocks and contracts in progress | 3 | €9,967 | €9,910 | -€57 | -0.6% |
| Stocks | 30/36 | €9,967 | €9,910 | -€57 | -0.6% |
| Amounts receivable within one year | 40/41 | €15,691 | €11,427 | -€4,264 | -27.2% |
| Trade receivables | 40 | €14,597 | €11,065 | -€3,531 | -24.2% |
| Other amounts receivable | 41 | €1,094 | €361 | -€733 | -67.0% |
| Cash at bank and in hand | 54/58 | €193,103 | €210,517 | +€17,414 | +9.0% |
| Total equity and liabilities | 10/49 | €219,406 | €231,853 | +€12,447 | +5.7% |
| Equity | 10/15 | €178,233 | €186,989 | +€8,755 | +4.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €70,209 | €78,209 | +€8,000 | +11.4% |
| Tax-exempt reserves | 132 | €1,350 | €1,350 | = | 0.0% |
| Distributable reserves | 133 | €68,859 | €76,859 | +€8,000 | +11.6% |
| Profit (loss) carried forward | 14 | €89,432 | €90,187 | +€755 | +0.8% |
| Amounts payable | 17/49 | €41,173 | €44,865 | +€3,692 | +9.0% |
| Amounts payable within one year | 42/48 | €41,173 | €44,865 | +€3,692 | +9.0% |
| Trade debts | 44 | €1,994 | €9,186 | +€7,192 | +361% |
| Suppliers | 440/4 | €1,994 | €9,186 | +€7,192 | +361% |
| Taxes, remuneration and social security | 45 | €1,977 | €1,748 | -€229 | -11.6% |
| Taxes | 450/3 | €1,977 | €1,748 | -€229 | -11.6% |
| Other amounts payable | 47/48 | €37,202 | €33,931 | -€3,271 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €905 | €645 | -€260 | -28.7% |
| Other operating charges | 640/8 | €1,116 | €733 | -€383 | -34.3% |
| Gross operating margin | 9900 | -€198 | €11,748 | +€11,946 | |
| Operating profit (loss) | 9901 | -€2,218 | €10,370 | +€12,588 | |
| Financial income | 75/76B | €22 | - | -€22 | |
| Recurring financial income | 75 | €22 | - | -€22 | |
| Financial charges | 65/66B | €96 | €84 | -€12 | -13.0% |
| Recurring financial charges | 65 | €96 | €84 | -€12 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,292 | €10,286 | +€12,579 | |
| Income taxes | 67/77 | - | €1,531 | +€1,531 | |
| Profit (loss) for the period | 9904 | -€2,292 | €8,755 | +€11,048 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,292 | €8,755 | +€11,048 |
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 18 October 2026 via checked.be.