Hermes Infrastructure: 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.
What changed
Hermes Infrastructure
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€447,814
2024 · €402,080+€45,734
Equity
€1.5m
2024 · €1.1m+€447,814
Cash
€1.7m
2024 · €8.4m-€6.7m
Balance sheet total
€81.2m
2024 · €69.0m+€12.2m
Largest movements
Assets
- Receivables after one year +€20.1m
up €20.1m (+41.7%), from €48.1m to €68.2m
- Cash -€6.7m
down €6.7m (-79.6%), from €8.4m to €1.7m
mainly Receivables after one year (-€20.1m) and Receivables within one year (-€4.8m)
- Stocks and contracts -€6.5m
down €6.5m (-99.8%), from €6.5m to €13,995
- Receivables within one year +€4.8m
up €4.8m (+116%), from €4.2m to €9.0m
of which Trade receivables: +€4.8m
Equity and liabilities
- Debts after one year +€8.1m
up €8.1m (+13.0%), from €62.2m to €70.3m
- Trade debts +€2.6m
up €2.6m (+177%), from €1.4m to €4.0m
- Current portion of long-term debt +€887,185
up €887,185 (+40.7%), from €2.2m to €3.1m
Income statement
- Turnover +€27.8m
up €27.8m (+887%), from €3.1m to €30.9m
- Goods and materials +€15.0m
up €15.0m (+246%), from €6.1m to €21.0m
- Financial income +€592,344
up €592,344 (+29.8%), from €2.0m to €2.6m
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.
Result 2024
€402,080
Turnover
+€27.8m
Other operating income
+€17,976
Goods and materials
-€15.0m
Services and other goods
-€262,611
Other operating charges
-€6,612
Other operating items
-€13.3m
Financial income
+€592,344
Financial charges
+€171,464
Taxes
-€15,245
Result 2025
€447,814
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€15.1m
Investment
-€500,000
Financing
+€9.0m
Cash 2024
€8.4m
From operations (derived)
-€15.1m
Net result for the year
+€447,814
Receivables after one year
-€20.1m
Stocks and contracts
+€6.5m
Receivables within one year
-€4.8m
Smaller working-capital items
+€39,097
Trade debts
+€2.6m
Accrued charges and deferred income
+€150,933
Investment (derived)
-€500,000
Current investments
-€500,000
Financing
+€9.0m
Debts after one year
+€8.1m
Current portion of long-term debt
+€887,185
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,029,111 | €81,208,588 | +€12.2m | +17.6% |
| Fixed assets | 21/28 | €1 | €1 | = | 0.0% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Affiliated companies | 280/1 | €1 | €1 | = | 0.0% |
| Participating interests | 280 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €69,029,110 | €81,208,587 | +€12.2m | +17.6% |
| Amounts receivable after more than one year | 29 | €48,110,498 | €68,185,432 | +€20.1m | +41.7% |
| Trade receivables | 290 | €48,110,498 | €68,185,432 | +€20.1m | +41.7% |
| Stocks and contracts in progress | 3 | €6,542,761 | €13,995 | -€6.5m | -99.8% |
| Contracts in progress | 37 | €6,542,761 | €13,995 | -€6.5m | -99.8% |
| Amounts receivable within one year | 40/41 | €4,154,899 | €8,956,755 | +€4.8m | +116% |
| Trade receivables | 40 | €4,152,102 | €8,956,755 | +€4.8m | +116% |
| Other amounts receivable | 41 | €2,797 | - | -€2,797 | |
| Current investments | 50/53 | €1,800,000 | €2,300,000 | +€500,000 | +27.8% |
| Other investments | 51/53 | €1,800,000 | €2,300,000 | +€500,000 | +27.8% |
| Cash at bank and in hand | 54/58 | €8,353,167 | €1,701,913 | -€6.7m | -79.6% |
| Deferred charges and accrued income | 490/1 | €67,785 | €50,493 | -€17,292 | -25.5% |
| Total equity and liabilities | 10/49 | €69,029,111 | €81,208,588 | +€12.2m | +17.6% |
| Equity | 10/15 | €1,054,453 | €1,502,267 | +€447,814 | +42.5% |
| 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 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €986,803 | €1,434,617 | +€447,814 | +45.4% |
| Amounts payable | 17/49 | €67,974,658 | €79,706,321 | +€11.7m | +17.3% |
| Amounts payable after more than one year | 17 | €62,151,839 | €70,258,697 | +€8.1m | +13.0% |
| Financial debts | 170/4 | €62,151,839 | €70,258,697 | +€8.1m | +13.0% |
| Subordinated loans | 170 | €8,548,868 | €8,686,130 | +€137,262 | +1.6% |
| Credit institutions | 173 | €53,602,971 | €61,572,567 | +€8.0m | +14.9% |
| Amounts payable within one year | 42/48 | €3,634,701 | €7,108,573 | +€3.5m | +95.6% |
| Current portion of amounts payable after more than one year | 42 | €2,178,019 | €3,065,204 | +€887,185 | +40.7% |
| Trade debts | 44 | €1,448,602 | €4,013,484 | +€2.6m | +177% |
| Suppliers | 440/4 | €1,448,602 | €4,013,484 | +€2.6m | +177% |
| Taxes, remuneration and social security | 45 | €8,080 | €29,886 | +€21,805 | +270% |
| Taxes | 450/3 | €8,080 | €29,886 | +€21,805 | +270% |
| Accrued charges and deferred income | 492/3 | €2,188,118 | €2,339,052 | +€150,933 | +6.9% |
| Operating income | 70/76A | €9,466,827 | €23,998,158 | +€14.5m | +153% |
| Turnover | 70 | €3,136,013 | €30,942,335 | +€27.8m | +887% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €6,321,083 | -€6,971,885 | -€13.3m | |
| Other operating income | 74 | €9,732 | €27,707 | +€17,976 | +185% |
| Operating charges | 60/66A | €8,472,025 | €23,706,184 | +€15.2m | +180% |
| Goods for resale, raw materials and consumables | 60 | €6,075,850 | €21,040,786 | +€15.0m | +246% |
| Purchases | 600/8 | €6,075,850 | €21,040,786 | +€15.0m | +246% |
| Services and other goods | 61 | €2,395,208 | €2,657,819 | +€262,611 | +11.0% |
| Other operating charges | 640/8 | €968 | €7,579 | +€6,612 | +683% |
| Operating profit (loss) | 9901 | €994,802 | €291,974 | -€702,829 | -70.7% |
| Financial income | 75/76B | €1,989,506 | €2,581,849 | +€592,344 | +29.8% |
| Recurring financial income | 75 | €1,989,506 | €2,581,849 | +€592,344 | +29.8% |
| Income from current assets | 751 | €1,989,365 | €2,581,816 | +€592,450 | +29.8% |
| Other financial income | 752/9 | €140 | €34 | -€107 | -76.0% |
| Financial charges | 65/66B | €2,448,201 | €2,276,737 | -€171,464 | -7.0% |
| Recurring financial charges | 65 | €2,448,201 | €2,276,737 | -€171,464 | -7.0% |
| Debt charges | 650 | €1,633,563 | €2,194,875 | +€561,312 | +34.4% |
| Other financial charges | 652/9 | €814,638 | €81,862 | -€732,776 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €536,107 | €597,086 | +€60,979 | +11.4% |
| Income taxes | 67/77 | €134,027 | €149,271 | +€15,245 | +11.4% |
| Taxes | 670/3 | €134,027 | €149,271 | +€15,245 | +11.4% |
| Profit (loss) for the period | 9904 | €402,080 | €447,814 | +€45,734 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €402,080 | €447,814 | +€45,734 | +11.4% |
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 20 October 2026 via checked.be.