HERMES TRADING: 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 TRADING
Largest movements
- Cash -€245,070
down €245,070 (-33.1%), from €739,674 to €494,604
mainly Contributions, distributions and other (-€260,007) and Receivables within one year (-€75,460)
- Receivables within one year +€75,460
up €75,460 (+294%), from €25,688 to €101,148
of which Trade receivables: +€39,176
- Tangible fixed assets -€41,469
down €41,469 (-9.3%), from €447,951 to €406,482
of which Land and buildings: -€24,763
- Stocks and contracts +€23,183
up €23,183 (+3.0%), from €770,969 to €794,152
- Reserves -€189,807
down €189,807 (-14.0%), from €1.4m to €1.2m
- Gross operating margin -€219,102
down €219,102 (-49.0%), from €447,340 to €228,238
- Staff costs -€65,017
down €65,017 (-64.0%), from €101,593 to €36,576
- Taxes -€48,405
down €48,405 (-64.3%), from €75,222 to €26,817
- Depreciation +€4,749
up €4,749 (+8.1%), from €58,990 to €63,739
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 | €1,984,332 | €1,797,688 | -€186,643 | -9.4% |
| Fixed assets | 21/28 | €448,001 | €406,532 | -€41,469 | -9.3% |
| Tangible fixed assets | 22/27 | €447,951 | €406,482 | -€41,469 | -9.3% |
| Land and buildings | 22 | €367,372 | €342,609 | -€24,763 | -6.7% |
| Plant, machinery and equipment | 23 | €17,699 | €10,134 | -€7,565 | -42.7% |
| Furniture and vehicles | 24 | €62,880 | €53,739 | -€9,141 | -14.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,536,331 | €1,391,156 | -€145,175 | -9.4% |
| Stocks and contracts in progress | 3 | €770,969 | €794,152 | +€23,183 | +3.0% |
| Stocks | 30/36 | €770,969 | €794,152 | +€23,183 | +3.0% |
| Amounts receivable within one year | 40/41 | €25,688 | €101,148 | +€75,460 | +294% |
| Trade receivables | 40 | €14,431 | €53,607 | +€39,176 | +271% |
| Other amounts receivable | 41 | €11,257 | €47,542 | +€36,285 | +322% |
| Cash at bank and in hand | 54/58 | €739,674 | €494,604 | -€245,070 | -33.1% |
| Deferred charges and accrued income | 490/1 | - | €1,252 | +€1,252 | |
| Total equity and liabilities | 10/49 | €1,984,332 | €1,797,688 | -€186,643 | -9.4% |
| Equity | 10/15 | €1,553,902 | €1,364,137 | -€189,765 | -12.2% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €1,357,607 | €1,167,800 | -€189,807 | -14.0% |
| Distributable reserves | 133 | €1,357,607 | €1,167,800 | -€189,807 | -14.0% |
| Profit (loss) carried forward | 14 | €66,295 | €66,337 | +€42 | +0.1% |
| Amounts payable | 17/49 | €430,430 | €433,552 | +€3,122 | +0.7% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €330,430 | €333,552 | +€3,122 | +0.9% |
| Trade debts | 44 | €18,099 | €20,455 | +€2,355 | +13.0% |
| Suppliers | 440/4 | €18,099 | €20,455 | +€2,355 | +13.0% |
| Advances received on contracts in progress | 46 | €2,555 | €11,742 | +€9,186 | +359% |
| Taxes, remuneration and social security | 45 | €56,289 | €37,321 | -€18,968 | -33.7% |
| Taxes | 450/3 | €20,310 | €9,835 | -€10,475 | -51.6% |
| Remuneration and social security | 454/9 | €35,979 | €27,486 | -€8,493 | -23.6% |
| Other amounts payable | 47/48 | €253,486 | €264,035 | +€10,549 | +4.2% |
| Remuneration, social security and pensions | 62 | €101,593 | €36,576 | -€65,017 | -64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,990 | €63,739 | +€4,749 | +8.1% |
| Other operating charges | 640/8 | €2,718 | €2,724 | +€6 | +0.2% |
| Gross operating margin | 9900 | €447,340 | €228,238 | -€219,102 | -49.0% |
| Operating profit (loss) | 9901 | €284,039 | €125,200 | -€158,840 | -55.9% |
| Financial income | 75/76B | €1 | €20 | +€19 | +2,033% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +2,033% |
| Financial charges | 65/66B | €30,201 | €28,161 | -€2,041 | -6.8% |
| Recurring financial charges | 65 | €30,201 | €28,161 | -€2,041 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €253,839 | €97,059 | -€156,780 | -61.8% |
| Income taxes | 67/77 | €75,222 | €26,817 | -€48,405 | -64.3% |
| Profit (loss) for the period | 9904 | €178,617 | €70,242 | -€108,375 | -60.7% |
| Profit (loss) for the period to be appropriated | 9905 | €178,617 | €70,242 | -€108,375 | -60.7% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.