Hermes capital: 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 capital
Largest movements
- Stocks and contracts -€683,697
down €683,697 (-71.9%), from €950,653 to €266,956
- Cash +€70,381
up €70,381 (+190%), from €36,999 to €107,381
mainly Stocks and contracts (+€683,697) and Net result for the year (+€22,679)
- Receivables within one year +€19,236
up €19,236 (+2,610%), from €737 to €19,973
of which Other amounts receivable: +€11,269
- Debts after one year -€530,552
down €530,552 (-99.6%), from €532,497 to €1,945
- Trade debts -€54,029
down €54,029 (-23.9%), from €226,343 to €172,313
- Reserves +€22,403
up €22,403 (+19.5%), from €114,747 to €137,150
of which Distributable reserves: +€22,000
- Tax, wage and social debts -€18,679
down €18,679 (-47.0%), from €39,721 to €21,042
- Other debts -€13,750
down €13,750 (-99.9%), from €13,762 to €12
- Gross operating margin -€72,825
down €72,825 (-68.6%), from €106,169 to €33,344
- Financial charges -€56,011
down €56,011 (-98.7%), from €56,745 to €734
- Taxes -€4,531
down €4,531 (-35.4%), from €12,787 to €8,256
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 | €988,764 | €394,432 | -€594,332 | -60.1% |
| Formation expenses | 20 | €375 | €123 | -€252 | -67.2% |
| Current assets | 29/58 | €988,389 | €394,309 | -€594,080 | -60.1% |
| Stocks and contracts in progress | 3 | €950,653 | €266,956 | -€683,697 | -71.9% |
| Stocks | 30/36 | €950,653 | €266,956 | -€683,697 | -71.9% |
| Amounts receivable within one year | 40/41 | €737 | €19,973 | +€19,236 | +2,610% |
| Trade receivables | 40 | - | €7,966 | +€7,966 | |
| Other amounts receivable | 41 | €737 | €12,006 | +€11,269 | +1,529% |
| Cash at bank and in hand | 54/58 | €36,999 | €107,381 | +€70,381 | +190% |
| Total equity and liabilities | 10/49 | €988,764 | €394,432 | -€594,332 | -60.1% |
| Equity | 10/15 | €176,441 | €199,120 | +€22,679 | +12.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €114,747 | €137,150 | +€22,403 | +19.5% |
| Non-distributable reserves | 130/1 | €5,747 | €6,150 | +€403 | +7.0% |
| Financial assistance | 1313 | €5,747 | €6,150 | +€403 | +7.0% |
| Distributable reserves | 133 | €109,000 | €131,000 | +€22,000 | +20.2% |
| Profit (loss) carried forward | 14 | €194 | €470 | +€276 | +142% |
| Amounts payable | 17/49 | €812,323 | €195,312 | -€617,011 | -76.0% |
| Amounts payable after more than one year | 17 | €532,497 | €1,945 | -€530,552 | -99.6% |
| Other amounts payable | 178/9 | €532,497 | €1,945 | -€530,552 | -99.6% |
| Amounts payable within one year | 42/48 | €279,826 | €193,367 | -€86,458 | -30.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €226,343 | €172,313 | -€54,029 | -23.9% |
| Suppliers | 440/4 | €226,343 | €172,313 | -€54,029 | -23.9% |
| Taxes, remuneration and social security | 45 | €39,721 | €21,042 | -€18,679 | -47.0% |
| Taxes | 450/3 | €39,721 | €21,042 | -€18,679 | -47.0% |
| Other amounts payable | 47/48 | €13,762 | €12 | -€13,750 | -99.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252 | €252 | = | 0.0% |
| Other operating charges | 640/8 | €2,253 | €1,423 | -€829 | -36.8% |
| Gross operating margin | 9900 | €106,169 | €33,344 | -€72,825 | -68.6% |
| Operating profit (loss) | 9901 | €103,665 | €31,668 | -€71,996 | -69.5% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €56,745 | €734 | -€56,011 | -98.7% |
| Recurring financial charges | 65 | €56,745 | €734 | -€56,011 | -98.7% |
| Profit (loss) for the period before taxes | 9903 | €46,924 | €30,934 | -€15,989 | -34.1% |
| Income taxes | 67/77 | €12,787 | €8,256 | -€4,531 | -35.4% |
| Profit (loss) for the period | 9904 | €34,137 | €22,679 | -€11,458 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,137 | €22,679 | -€11,458 | -33.6% |
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 15 October 2026 via checked.be.