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 -€26,992
down €26,992 (-98.9%), from €27,296 to €304
of which Trade receivables: -€27,296
- Tangible fixed assets +€18,181
up €18,181 (+52.6%), from €34,586 to €52,766
of which Furniture and vehicles: +€23,544
- Cash -€4,357
down €4,357 (-73.4%), from €5,933 to €1,577
mainly Trade debts (-€30,657) and Investment in fixed assets (net) (-€20,969)
- Trade debts -€30,657
down €30,657 (-63.4%), from €48,357 to €17,700
- Other debts +€24,866
up €24,866 (+1,224%), from €2,032 to €26,898
- Tax, wage and social debts -€18,887
down €18,887 (-88.1%), from €21,437 to €2,549
of which Taxes: -€12,920
- Current portion of long-term debt +€6,250
up €6,250 (+141%), from €4,431 to €10,681
- Short-term financial debts +€2,441
new in 2025: €2,441
- Turnover -€77,013
down €77,013 (-30.3%), from €254,100 to €177,087
- Purchases and services -€69,563
down €69,563 (-40.2%), from €172,880 to €103,317
- Gross operating margin -€46,263
down €46,263 (-53.9%), from €85,840 to €39,577
- Staff costs -€15,680
down €15,680 (-31.4%), from €49,884 to €34,204
- Depreciation -€6,409
down €6,409 (-67.6%), from €9,482 to €3,074
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 | €85,721 | €72,160 | -€13,560 | -15.8% |
| Fixed assets | 21/28 | €37,444 | €55,340 | +€17,896 | +47.8% |
| Intangible fixed assets | 21 | €2,158 | €1,873 | -€285 | -13.2% |
| Tangible fixed assets | 22/27 | €34,586 | €52,766 | +€18,181 | +52.6% |
| Land and buildings | 22 | €24,679 | €23,088 | -€1,591 | -6.4% |
| Plant, machinery and equipment | 23 | €1,908 | €2,220 | +€313 | +16.4% |
| Furniture and vehicles | 24 | €1,544 | €25,088 | +€23,544 | +1,525% |
| Leasing and similar rights | 25 | €6,151 | €2,065 | -€4,085 | -66.4% |
| Other tangible fixed assets | 26 | €305 | €305 | = | 0.0% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €48,277 | €16,821 | -€31,456 | -65.2% |
| Stocks and contracts in progress | 3 | €15,047 | €14,941 | -€107 | -0.7% |
| Stocks | 30/36 | €15,047 | €14,941 | -€107 | -0.7% |
| Amounts receivable within one year | 40/41 | €27,296 | €304 | -€26,992 | -98.9% |
| Trade receivables | 40 | €27,296 | - | -€27,296 | |
| Other amounts receivable | 41 | - | €304 | +€304 | |
| Cash at bank and in hand | 54/58 | €5,933 | €1,577 | -€4,357 | -73.4% |
| Total equity and liabilities | 10/49 | €85,721 | €72,160 | -€13,560 | -15.8% |
| Equity | 10/15 | €9,464 | €11,891 | +€2,426 | +25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,996 | -€8,569 | +€2,426 | +22.1% |
| Amounts payable | 17/49 | €76,256 | €60,270 | -€15,986 | -21.0% |
| Amounts payable within one year | 42/48 | €76,256 | €60,270 | -€15,986 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €4,431 | €10,681 | +€6,250 | +141% |
| Financial debts | 43 | - | €2,441 | +€2,441 | |
| Credit institutions | 430/8 | - | €2,441 | +€2,441 | |
| Trade debts | 44 | €48,357 | €17,700 | -€30,657 | -63.4% |
| Suppliers | 440/4 | €48,357 | €17,700 | -€30,657 | -63.4% |
| Taxes, remuneration and social security | 45 | €21,437 | €2,549 | -€18,887 | -88.1% |
| Taxes | 450/3 | €15,470 | €2,549 | -€12,920 | -83.5% |
| Remuneration and social security | 454/9 | €5,967 | - | -€5,967 | |
| Other amounts payable | 47/48 | €2,032 | €26,898 | +€24,866 | +1,224% |
| Turnover | 70 | €254,100 | €177,087 | -€77,013 | -30.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €172,880 | €103,317 | -€69,563 | -40.2% |
| Remuneration, social security and pensions | 62 | €49,884 | €34,204 | -€15,680 | -31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,482 | €3,074 | -€6,409 | -67.6% |
| Other operating charges | 640/8 | €3,611 | €883 | -€2,728 | -75.6% |
| Non-recurring operating charges | 66A | €30,467 | - | -€30,467 | |
| Gross operating margin | 9900 | €85,840 | €39,577 | -€46,263 | -53.9% |
| Operating profit (loss) | 9901 | -€7,604 | €1,417 | +€9,021 | |
| Financial income | 75/76B | €220 | €3,068 | +€2,849 | +1,297% |
| Recurring financial income | 75 | €220 | €120 | -€100 | -45.5% |
| Non-recurring financial income | 76B | - | €2,949 | +€2,949 | |
| Financial charges | 65/66B | €4,286 | €1,310 | -€2,976 | -69.4% |
| Recurring financial charges | 65 | €4,244 | €1,268 | -€2,976 | -70.1% |
| Non-recurring financial charges | 66B | €42 | €42 | -€0 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,671 | €3,176 | +€14,846 | |
| Income taxes | 67/77 | €472 | €749 | +€277 | +58.7% |
| Profit (loss) for the period | 9904 | -€12,143 | €2,426 | +€14,569 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,143 | €2,426 | +€14,569 |
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 17 October 2026 via checked.be.