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
- Receivables within one year +€47,890
up €47,890 (+25.4%), from €188,360 to €236,249
of which Trade receivables: +€48,202
- Tangible fixed assets -€37,441
down €37,441 (-9.9%), from €377,381 to €339,940
of which Land and buildings: -€35,751
- Financial fixed assets +€9,800
up €9,800 (+3.0%), from €321,500 to €331,300
- Debts after one year -€237,953
down €237,953 (-85.5%), from €278,315 to €40,361
- Reserves +€155,244
up €155,244 (+41.1%), from €378,027 to €533,271
of which Distributable reserves: +€155,244
- Trade debts +€108,106
up €108,106 (+77.0%), from €140,483 to €248,589
of which Bills of exchange payable: +€108,110
- Other debts +€56,317
up €56,317 (+1999.9%), from €2,816 to €59,133
- Current portion of long-term debt -€36,927
down €36,927 (-84.6%), from €43,627 to €6,700
- Taxes -€40,735
down €40,735 (-73.1%), from €55,735 to €15,000
- Financial charges -€6,008
down €6,008 (-39.1%), from €15,373 to €9,365
- Depreciation -€5,683
down €5,683 (-13.2%), from €43,124 to €37,441
- Other operating charges +€2,320
up €2,320 (+27.5%), from €8,448 to €10,768
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 | €905,244 | €925,949 | +€20,706 | +2.3% |
| Fixed assets | 21/28 | €698,881 | €671,240 | -€27,641 | -4.0% |
| Tangible fixed assets | 22/27 | €377,381 | €339,940 | -€37,441 | -9.9% |
| Land and buildings | 22 | €369,604 | €333,853 | -€35,751 | -9.7% |
| Plant, machinery and equipment | 23 | €328 | €36 | -€292 | -89.0% |
| Furniture and vehicles | 24 | €395 | - | -€395 | |
| Other tangible fixed assets | 26 | €7,054 | €6,051 | -€1,003 | -14.2% |
| Financial fixed assets | 28 | €321,500 | €331,300 | +€9,800 | +3.0% |
| Current assets | 29/58 | €206,362 | €254,709 | +€48,347 | +23.4% |
| Amounts receivable within one year | 40/41 | €188,360 | €236,249 | +€47,890 | +25.4% |
| Trade receivables | 40 | €188,029 | €236,231 | +€48,202 | +25.6% |
| Other amounts receivable | 41 | €331 | €19 | -€313 | -94.4% |
| Cash at bank and in hand | 54/58 | €18,003 | €15,380 | -€2,623 | -14.6% |
| Deferred charges and accrued income | 490/1 | - | €3,080 | +€3,080 | |
| Total equity and liabilities | 10/49 | €905,244 | €925,949 | +€20,706 | +2.3% |
| Equity | 10/15 | €396,627 | €551,871 | +€155,244 | +39.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €378,027 | €533,271 | +€155,244 | +41.1% |
| Tax-exempt reserves | 132 | €6,346 | €6,346 | = | 0.0% |
| Distributable reserves | 133 | €371,681 | €526,925 | +€155,244 | +41.8% |
| Amounts payable | 17/49 | €508,617 | €374,078 | -€134,538 | -26.5% |
| Amounts payable after more than one year | 17 | €278,315 | €40,361 | -€237,953 | -85.5% |
| Financial debts | 170/4 | €278,315 | €40,361 | -€237,953 | -85.5% |
| Amounts payable within one year | 42/48 | €225,940 | €323,133 | +€97,193 | +43.0% |
| Current portion of amounts payable after more than one year | 42 | €43,627 | €6,700 | -€36,927 | -84.6% |
| Trade debts | 44 | €140,483 | €248,589 | +€108,106 | +77.0% |
| Suppliers | 440/4 | €10,263 | €10,259 | -€4 | 0.0% |
| Bills of exchange payable | 441 | €130,220 | €238,330 | +€108,110 | +83.0% |
| Taxes, remuneration and social security | 45 | €39,015 | €8,711 | -€30,304 | -77.7% |
| Taxes | 450/3 | €39,015 | €8,711 | -€30,304 | -77.7% |
| Other amounts payable | 47/48 | €2,816 | €59,133 | +€56,317 | +1999.9% |
| Accrued charges and deferred income | 492/3 | €4,362 | €10,585 | +€6,222 | +142.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,124 | €37,441 | -€5,683 | -13.2% |
| Other operating charges | 640/8 | €8,448 | €10,768 | +€2,320 | +27.5% |
| Gross operating margin | 9900 | €230,024 | €227,818 | -€2,205 | -1.0% |
| Operating profit (loss) | 9901 | €178,452 | €179,609 | +€1,158 | +0.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +800.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +800.0% |
| Financial charges | 65/66B | €15,373 | €9,365 | -€6,008 | -39.1% |
| Recurring financial charges | 65 | €15,373 | €9,365 | -€6,008 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €163,079 | €170,244 | +€7,166 | +4.4% |
| Income taxes | 67/77 | €55,735 | €15,000 | -€40,735 | -73.1% |
| Profit (loss) for the period | 9904 | €107,343 | €155,244 | +€47,901 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,343 | €155,244 | +€47,901 | +44.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.