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
- Financial fixed assets +€4.2m
up €4.2m (+71.8%), from €5.9m to €10.1m
- Tangible fixed assets +€201,753
up €201,753 (+35.1%), from €575,516 to €777,269
of which Land and buildings: +€185,883
- Receivables within one year -€161,411
down €161,411 (-64.0%), from €252,182 to €90,771
of which Other amounts receivable: -€151,688
- Stocks and contracts +€126,470
up €126,470 (+47.8%), from €264,549 to €391,019
- Revaluation surpluses +€4.6m
up €4.6m (+89.1%), from €5.1m to €9.7m
- Debts after one year -€333,288
down €333,288 (-29.4%), from €1.1m to €802,001
of which Other amounts payable: -€660,000
- Profit (loss) carried forward +€186,730
up €186,730 (+24.5%), from €762,154 to €948,884
- Financial income +€78,429
up €78,429 (+32.3%), from €242,536 to €320,965
- Gross operating margin +€33,008
up €33,008, from -€26,709 to €6,300
- Depreciation +€21,934
up €21,934 (+56.7%), from €38,691 to €60,625
- Other operating charges +€7,499
up €7,499 (+191%), from €3,924 to €11,423
- Staff costs +€3,515
up €3,515 (+7.8%), from €45,215 to €48,730
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 | €7,145,532 | €11,550,109 | +€4.4m | +61.6% |
| Fixed assets | 21/28 | €6,475,177 | €10,910,991 | +€4.4m | +68.5% |
| Intangible fixed assets | 21 | €4,662 | €3,723 | -€939 | -20.1% |
| Tangible fixed assets | 22/27 | €575,516 | €777,269 | +€201,753 | +35.1% |
| Land and buildings | 22 | €481,852 | €667,735 | +€185,883 | +38.6% |
| Plant, machinery and equipment | 23 | €19,987 | €22,093 | +€2,106 | +10.5% |
| Furniture and vehicles | 24 | €41,278 | €55,880 | +€14,602 | +35.4% |
| Other tangible fixed assets | 26 | €32,398 | €31,560 | -€839 | -2.6% |
| Financial fixed assets | 28 | €5,895,000 | €10,130,000 | +€4.2m | +71.8% |
| Current assets | 29/58 | €670,355 | €639,118 | -€31,237 | -4.7% |
| Amounts receivable after more than one year | 29 | €28,300 | €32,772 | +€4,472 | +15.8% |
| Other amounts receivable | 291 | €28,300 | €32,772 | +€4,472 | +15.8% |
| Stocks and contracts in progress | 3 | €264,549 | €391,019 | +€126,470 | +47.8% |
| Stocks | 30/36 | €264,549 | €391,019 | +€126,470 | +47.8% |
| Amounts receivable within one year | 40/41 | €252,182 | €90,771 | -€161,411 | -64.0% |
| Trade receivables | 40 | €17,767 | €8,044 | -€9,723 | -54.7% |
| Other amounts receivable | 41 | €234,415 | €82,727 | -€151,688 | -64.7% |
| Current investments | 50/53 | €8,000 | €8,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €97,734 | €98,551 | +€817 | +0.8% |
| Deferred charges and accrued income | 490/1 | €19,589 | €18,004 | -€1,585 | -8.1% |
| Total equity and liabilities | 10/49 | €7,145,532 | €11,550,109 | +€4.4m | +61.6% |
| Equity | 10/15 | €5,907,559 | €10,659,289 | +€4.8m | +80.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €5,125,000 | €9,690,000 | +€4.6m | +89.1% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €762,154 | €948,884 | +€186,730 | +24.5% |
| Amounts payable | 17/49 | €1,237,973 | €890,820 | -€347,153 | -28.0% |
| Amounts payable after more than one year | 17 | €1,135,288 | €802,001 | -€333,288 | -29.4% |
| Financial debts | 170/4 | €235,288 | €562,001 | +€326,713 | +139% |
| Other amounts payable | 178/9 | €900,000 | €240,000 | -€660,000 | -73.3% |
| Amounts payable within one year | 42/48 | €102,685 | €88,820 | -€13,865 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €34,786 | €38,066 | +€3,280 | +9.4% |
| Trade debts | 44 | €46,482 | €28,164 | -€18,318 | -39.4% |
| Suppliers | 440/4 | €46,482 | €28,164 | -€18,318 | -39.4% |
| Taxes, remuneration and social security | 45 | €14,444 | €20,698 | +€6,254 | +43.3% |
| Taxes | 450/3 | €5,978 | €7,567 | +€1,590 | +26.6% |
| Remuneration and social security | 454/9 | €8,467 | €13,131 | +€4,664 | +55.1% |
| Other amounts payable | 47/48 | €6,973 | €1,892 | -€5,081 | -72.9% |
| Non-recurring operating income | 76A | €44 | - | -€44 | |
| Remuneration, social security and pensions | 62 | €45,215 | €48,730 | +€3,515 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,691 | €60,625 | +€21,934 | +56.7% |
| Other operating charges | 640/8 | €3,924 | €11,423 | +€7,499 | +191% |
| Gross operating margin | 9900 | -€26,709 | €6,300 | +€33,008 | |
| Operating profit (loss) | 9901 | -€114,539 | -€114,478 | +€61 | +0.1% |
| Financial income | 75/76B | €242,536 | €320,965 | +€78,429 | +32.3% |
| Recurring financial income | 75 | €242,536 | €320,965 | +€78,429 | +32.3% |
| Financial charges | 65/66B | €21,645 | €19,757 | -€1,888 | -8.7% |
| Recurring financial charges | 65 | €21,645 | €19,757 | -€1,888 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €106,352 | €186,730 | +€80,377 | +75.6% |
| Profit (loss) for the period | 9904 | €106,352 | €186,730 | +€80,377 | +75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €106,352 | €186,730 | +€80,377 | +75.6% |
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 25 October 2026 via checked.be.