HERMITAGE: what changed
Two fiscal 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.
HERMITAGE
Largest movements
- Tangible fixed assets +€130,194
up €130,194 (+79.9%), from €162,971 to €293,165
of which Furniture and vehicles: +€106,112
- Receivables within one year +€63,488
up €63,488 (+36.9%), from €172,244 to €235,731
of which Other amounts receivable: +€52,933
- Cash -€33,708
down €33,708 (-13.1%), from €257,862 to €224,155
mainly Investment in fixed assets (net) (-€203,585) and Receivables within one year (-€63,488)
- Reserves +€115,102
up €115,102 (+22.1%), from €519,913 to €635,015
- Debts after one year +€52,907
up €52,907 (+247.6%), from €21,366 to €74,273
- Staff costs +€42,952
up €42,952 (+27.2%), from €157,751 to €200,703
- Gross operating margin +€22,417
up €22,417 (+5.4%), from €416,040 to €438,457
- Taxes -€16,207
down €16,207 (-24.6%), from €65,905 to €49,698
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.
Cash bridge derived
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 | €669,694 | €831,552 | +€161,858 | +24.2% |
| Fixed assets | 21/28 | €162,971 | €293,165 | +€130,194 | +79.9% |
| Tangible fixed assets | 22/27 | €162,971 | €293,165 | +€130,194 | +79.9% |
| Plant, machinery and equipment | 23 | €42,492 | €69,463 | +€26,971 | +63.5% |
| Furniture and vehicles | 24 | €111,088 | €217,200 | +€106,112 | +95.5% |
| Other tangible fixed assets | 26 | €9,391 | €6,502 | -€2,889 | -30.8% |
| Current assets | 29/58 | €506,723 | €538,387 | +€31,664 | +6.2% |
| Stocks and contracts in progress | 3 | €49,155 | €48,540 | -€615 | -1.3% |
| Stocks | 30/36 | €49,155 | €48,540 | -€615 | -1.3% |
| Amounts receivable within one year | 40/41 | €172,244 | €235,731 | +€63,488 | +36.9% |
| Trade receivables | 40 | €11,484 | €22,039 | +€10,555 | +91.9% |
| Other amounts receivable | 41 | €160,760 | €213,692 | +€52,933 | +32.9% |
| Cash at bank and in hand | 54/58 | €257,862 | €224,155 | -€33,708 | -13.1% |
| Deferred charges and accrued income | 490/1 | €27,462 | €29,961 | +€2,499 | +9.1% |
| Total equity and liabilities | 10/49 | €669,694 | €831,552 | +€161,858 | +24.2% |
| Equity | 10/15 | €526,113 | €641,215 | +€115,102 | +21.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €519,913 | €635,015 | +€115,102 | +22.1% |
| Distributable reserves | 133 | €519,913 | €635,015 | +€115,102 | +22.1% |
| Amounts payable | 17/49 | €143,581 | €190,337 | +€46,756 | +32.6% |
| Amounts payable after more than one year | 17 | €21,366 | €74,273 | +€52,907 | +247.6% |
| Financial debts | 170/4 | €21,366 | €74,273 | +€52,907 | +247.6% |
| Amounts payable within one year | 42/48 | €122,215 | €116,064 | -€6,152 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €24,343 | €31,445 | +€7,102 | +29.2% |
| Financial debts | 43 | €10,247 | €10,247 | = | 0.0% |
| Credit institutions | 430/8 | €10,247 | €10,247 | = | 0.0% |
| Trade debts | 44 | €31,214 | €25,517 | -€5,697 | -18.3% |
| Suppliers | 440/4 | €31,214 | €25,517 | -€5,697 | -18.3% |
| Taxes, remuneration and social security | 45 | €56,411 | €48,854 | -€7,557 | -13.4% |
| Taxes | 450/3 | €41,894 | €28,038 | -€13,856 | -33.1% |
| Remuneration and social security | 454/9 | €14,517 | €20,816 | +€6,299 | +43.4% |
| Remuneration, social security and pensions | 62 | €157,751 | €200,703 | +€42,952 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,015 | €73,392 | +€2,376 | +3.3% |
| Other operating charges | 640/8 | €3,259 | €2,388 | -€871 | -26.7% |
| Gross operating margin | 9900 | €416,040 | €438,457 | +€22,417 | +5.4% |
| Operating profit (loss) | 9901 | €184,015 | €161,975 | -€22,040 | -12.0% |
| Financial income | 75/76B | €7,857 | €10,596 | +€2,739 | +34.9% |
| Recurring financial income | 75 | €7,857 | €10,596 | +€2,739 | +34.9% |
| Financial charges | 65/66B | €5,870 | €7,771 | +€1,901 | +32.4% |
| Recurring financial charges | 65 | €5,870 | €7,771 | +€1,901 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €186,002 | €164,800 | -€21,202 | -11.4% |
| Income taxes | 67/77 | €65,905 | €49,698 | -€16,207 | -24.6% |
| Profit (loss) for the period | 9904 | €120,097 | €115,102 | -€4,995 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €120,097 | €115,102 | -€4,995 | -4.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.