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 +€56,514
up €56,514 (+13.0%), from €434,530 to €491,044
mainly Other debts (+€167,147) and Net result for the year (+€134,634)
- Tangible fixed assets -€17,532
down €17,532 (-24.5%), from €71,502 to €53,969
of which Furniture and vehicles: -€14,034
- Receivables within one year -€13,574
down €13,574 (-15.5%), from €87,596 to €74,022
of which Trade receivables: -€12,364
- Other debts +€167,147
up €167,147 (+162.3%), from €102,973 to €270,121
- Reserves -€123,805
down €123,805 (-35.4%), from €350,225 to €226,420
of which Distributable reserves: -€123,805
- Debts after one year -€8,800
down €8,800 (-34.3%), from €25,667 to €16,867
- Tax, wage and social debts -€7,495
down €7,495 (-11.2%), from €66,884 to €59,389
of which Taxes: -€12,384
- Staff costs +€24,260
up €24,260 (+20.7%), from €117,313 to €141,573
- Financial income +€5,820
up €5,820 (+275.5%), from €2,113 to €7,933
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 | €594,083 | €620,342 | +€26,260 | +4.4% |
| Fixed assets | 21/28 | €71,539 | €54,006 | -€17,532 | -24.5% |
| Tangible fixed assets | 22/27 | €71,502 | €53,969 | -€17,532 | -24.5% |
| Plant, machinery and equipment | 23 | €5,405 | €2,952 | -€2,453 | -45.4% |
| Furniture and vehicles | 24 | €45,027 | €30,993 | -€14,034 | -31.2% |
| Other tangible fixed assets | 26 | €21,070 | €20,024 | -€1,046 | -5.0% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €522,544 | €566,336 | +€43,792 | +8.4% |
| Amounts receivable within one year | 40/41 | €87,596 | €74,022 | -€13,574 | -15.5% |
| Trade receivables | 40 | €85,592 | €73,228 | -€12,364 | -14.4% |
| Other amounts receivable | 41 | €2,004 | €794 | -€1,210 | -60.4% |
| Cash at bank and in hand | 54/58 | €434,530 | €491,044 | +€56,514 | +13.0% |
| Deferred charges and accrued income | 490/1 | €417 | €1,270 | +€852 | +204.3% |
| Total equity and liabilities | 10/49 | €594,083 | €620,342 | +€26,260 | +4.4% |
| Equity | 10/15 | €368,825 | €245,020 | -€123,805 | -33.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €350,225 | €226,420 | -€123,805 | -35.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €348,365 | €224,560 | -€123,805 | -35.5% |
| Amounts payable | 17/49 | €225,258 | €375,322 | +€150,065 | +66.6% |
| Amounts payable after more than one year | 17 | €25,667 | €16,867 | -€8,800 | -34.3% |
| Financial debts | 170/4 | €25,667 | €16,867 | -€8,800 | -34.3% |
| Amounts payable within one year | 42/48 | €199,591 | €358,350 | +€158,759 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €8,800 | €8,800 | = | 0.0% |
| Trade debts | 44 | €8,807 | €11,583 | +€2,776 | +31.5% |
| Suppliers | 440/4 | €8,807 | €11,583 | +€2,776 | +31.5% |
| Advances received on contracts in progress | 46 | €12,126 | €8,457 | -€3,669 | -30.3% |
| Taxes, remuneration and social security | 45 | €66,884 | €59,389 | -€7,495 | -11.2% |
| Taxes | 450/3 | €49,570 | €37,186 | -€12,384 | -25.0% |
| Remuneration and social security | 454/9 | €17,314 | €22,203 | +€4,889 | +28.2% |
| Other amounts payable | 47/48 | €102,973 | €270,121 | +€167,147 | +162.3% |
| Accrued charges and deferred income | 492/3 | - | €106 | +€106 | |
| Remuneration, social security and pensions | 62 | €117,313 | €141,573 | +€24,260 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,670 | €20,143 | -€1,527 | -7.0% |
| Other operating charges | 640/8 | €1,439 | €2,144 | +€705 | +49.0% |
| Gross operating margin | 9900 | €364,120 | €365,348 | +€1,228 | +0.3% |
| Operating profit (loss) | 9901 | €223,698 | €201,489 | -€22,209 | -9.9% |
| Financial income | 75/76B | €2,113 | €7,933 | +€5,820 | +275.5% |
| Recurring financial income | 75 | €2,113 | €7,933 | +€5,820 | +275.5% |
| Financial charges | 65/66B | €6,247 | €6,670 | +€424 | +6.8% |
| Recurring financial charges | 65 | €2,829 | €2,908 | +€78 | +2.8% |
| Non-recurring financial charges | 66B | €3,417 | €3,763 | +€346 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €219,564 | €202,751 | -€16,813 | -7.7% |
| Income taxes | 67/77 | €65,526 | €68,117 | +€2,591 | +4.0% |
| Profit (loss) for the period | 9904 | €154,038 | €134,634 | -€19,404 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €154,038 | €134,634 | -€19,404 | -12.6% |
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 3 October 2026 via checked.be.