HERMO: 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
HERMO
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,973
2024 · -€191,096+€215,069
Equity
€836,684
2024 · €812,711+€23,973
Cash
€95,689
2024 · €107,598-€11,910
Balance sheet total
€2.5m
2024 · €2.3m+€201,304
Largest movements
Assets
- Tangible fixed assets +€179,461
up €179,461 (+10.2%), from €1.8m to €1.9m
of which Land and buildings: +€196,077
- Receivables within one year +€81,473
up €81,473 (+58.1%), from €140,302 to €221,775
of which Trade receivables: +€50,344
- Receivables after one year -€48,204
down €48,204 (-19.4%), from €248,204 to €200,000
Equity and liabilities
- Debts after one year +€177,042
up €177,042 (+14.6%), from €1.2m to €1.4m
- Trade debts -€39,639
down €39,639 (-53.6%), from €73,919 to €34,280
Income statement
- Depreciation -€145,955
down €145,955 (-62.8%), from €232,375 to €86,420
- Gross operating margin +€108,798
up €108,798 (+189%), from €57,635 to €166,434
- Financial charges +€23,733
up €23,733 (+76.7%), from €30,947 to €54,679
- Other operating charges +€13,470
up €13,470 (+945%), from €1,426 to €14,896
- Taxes +€3,276
up €3,276 (+363%), from €903 to €4,179
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
-€191,096
Gross operating margin
+€108,798
Depreciation
+€145,955
Other operating charges
-€13,470
Financial income
-€1,930
Financial charges
-€23,733
Taxes
-€3,276
Deferred taxes and other
+€2,725
Result 2025
€23,973
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
+€54,285
Investment
-€265,881
Financing
+€199,686
Cash 2024
€107,598
From operations (derived)
+€54,285
Net result for the year
+€23,973
Depreciation
+€86,420
Receivables after one year
+€48,204
Receivables within one year
-€81,473
Deferred charges and accrued income
-€484
Provisions
-€4,686
Trade debts
-€39,639
Tax, wage and social debts
+€16,596
Other debts
+€5,375
Investment (derived)
-€265,881
Investment in fixed assets (net)
-€265,881
Financing
+€199,686
Debts after one year
+€177,042
Current portion of long-term debt
+€22,644
Cash 2025
€95,689
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,267,633 | €2,468,938 | +€201,304 | +8.9% |
| Fixed assets | 21/28 | €1,759,501 | €1,938,962 | +€179,461 | +10.2% |
| Tangible fixed assets | 22/27 | €1,759,203 | €1,938,664 | +€179,461 | +10.2% |
| Land and buildings | 22 | €1,695,328 | €1,891,405 | +€196,077 | +11.6% |
| Plant, machinery and equipment | 23 | €57,939 | €43,302 | -€14,637 | -25.3% |
| Furniture and vehicles | 24 | €5,936 | €3,957 | -€1,979 | -33.3% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €508,133 | €529,976 | +€21,843 | +4.3% |
| Amounts receivable after more than one year | 29 | €248,204 | €200,000 | -€48,204 | -19.4% |
| Other amounts receivable | 291 | €248,204 | €200,000 | -€48,204 | -19.4% |
| Amounts receivable within one year | 40/41 | €140,302 | €221,775 | +€81,473 | +58.1% |
| Trade receivables | 40 | €24,000 | €74,344 | +€50,344 | +210% |
| Other amounts receivable | 41 | €116,302 | €147,430 | +€31,128 | +26.8% |
| Cash at bank and in hand | 54/58 | €107,598 | €95,689 | -€11,910 | -11.1% |
| Deferred charges and accrued income | 490/1 | €12,028 | €12,512 | +€484 | +4.0% |
| Total equity and liabilities | 10/49 | €2,267,633 | €2,468,938 | +€201,304 | +8.9% |
| Equity | 10/15 | €812,711 | €836,684 | +€23,973 | +2.9% |
| Contributions | 10/11 | €406,297 | €406,297 | = | 0.0% |
| Capital | 10 | €406,297 | €406,297 | = | 0.0% |
| Issued capital | 100 | €406,297 | €406,297 | = | 0.0% |
| Reserves | 13 | €406,414 | €430,387 | +€23,973 | +5.9% |
| Non-distributable reserves | 130/1 | €40,630 | €40,630 | = | 0.0% |
| Legal reserve | 130 | €40,630 | €40,630 | = | 0.0% |
| Tax-exempt reserves | 132 | €275,293 | €261,234 | -€14,059 | -5.1% |
| Distributable reserves | 133 | €90,491 | €128,523 | +€38,032 | +42.0% |
| Provisions and deferred taxes | 16 | €91,764 | €87,078 | -€4,686 | -5.1% |
| Deferred taxes | 168 | €91,764 | €87,078 | -€4,686 | -5.1% |
| Amounts payable | 17/49 | €1,363,158 | €1,545,175 | +€182,018 | +13.4% |
| Amounts payable after more than one year | 17 | €1,209,384 | €1,386,427 | +€177,042 | +14.6% |
| Financial debts | 170/4 | €1,209,384 | €1,386,427 | +€177,042 | +14.6% |
| Amounts payable within one year | 42/48 | €153,773 | €158,749 | +€4,975 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €74,178 | €96,822 | +€22,644 | +30.5% |
| Trade debts | 44 | €73,919 | €34,280 | -€39,639 | -53.6% |
| Suppliers | 440/4 | €73,919 | €34,280 | -€39,639 | -53.6% |
| Taxes, remuneration and social security | 45 | €5,676 | €22,272 | +€16,596 | +292% |
| Taxes | 450/3 | €5,676 | €22,272 | +€16,596 | +292% |
| Other amounts payable | 47/48 | - | €5,375 | +€5,375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €232,375 | €86,420 | -€145,955 | -62.8% |
| Other operating charges | 640/8 | €1,426 | €14,896 | +€13,470 | +945% |
| Gross operating margin | 9900 | €57,635 | €166,434 | +€108,798 | +189% |
| Operating profit (loss) | 9901 | -€176,165 | €65,118 | +€241,283 | |
| Financial income | 75/76B | €14,957 | €13,027 | -€1,930 | -12.9% |
| Recurring financial income | 75 | €14,957 | €13,027 | -€1,930 | -12.9% |
| Financial charges | 65/66B | €30,947 | €54,679 | +€23,733 | +76.7% |
| Recurring financial charges | 65 | €30,947 | €54,679 | +€23,733 | +76.7% |
| Profit (loss) for the period before taxes | 9903 | -€192,155 | €23,465 | +€215,620 | |
| Transfer from deferred taxes | 780 | €1,962 | €4,686 | +€2,725 | +139% |
| Income taxes | 67/77 | €903 | €4,179 | +€3,276 | +363% |
| Profit (loss) for the period | 9904 | -€191,096 | €23,973 | +€215,069 | |
| Transfer from tax-exempt reserves | 789 | €5,885 | €14,059 | +€8,175 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | -€185,211 | €38,032 | +€223,244 |
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.