Hermusco: 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.
Hermusco
Largest movements
- Cash -€274,358
down €274,358 (-55.7%), from €492,710 to €218,352
mainly Investment in fixed assets (net) (-€197,974) and Net result for the year (-€89,749)
- Tangible fixed assets +€103,179
up €103,179 (+7.2%), from €1.4m to €1.5m
of which Land and buildings: +€121,338
- Reserves -€661,763
down €661,763 (-53.7%), from €1.2m to €571,038
of which Distributable reserves: -€618,374
- Profit (loss) carried forward +€572,014
new in 2025: €572,014
- Other debts -€50,769
down €50,769 (-24.1%), from €210,842 to €160,073
- Current portion of long-term debt -€23,100
down €23,100 (-100%), from €23,100 to €0
- Depreciation +€21,715
up €21,715 (+29.7%), from €73,080 to €94,795
- Financial income +€10,225
up €10,225 (+678%), from €1,508 to €11,733
- Gross operating margin +€9,630
up €9,630, from -€291 to €9,340
- Taxes +€3,715
up €3,715 (+2,032%), from €183 to €3,897
- Financial charges +€1,137
up €1,137 (+7.4%), from €15,442 to €16,579
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 | €1,925,685 | €1,754,415 | -€171,270 | -8.9% |
| Fixed assets | 21/28 | €1,432,584 | €1,535,763 | +€103,179 | +7.2% |
| Tangible fixed assets | 22/27 | €1,432,584 | €1,535,763 | +€103,179 | +7.2% |
| Land and buildings | 22 | €1,336,260 | €1,457,598 | +€121,338 | +9.1% |
| Plant, machinery and equipment | 23 | €7,758 | €9,268 | +€1,511 | +19.5% |
| Furniture and vehicles | 24 | €88,567 | €68,897 | -€19,670 | -22.2% |
| Current assets | 29/58 | €493,101 | €218,652 | -€274,449 | -55.7% |
| Amounts receivable within one year | 40/41 | €91 | €0 | -€91 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €91 | €0 | -€91 | -100% |
| Cash at bank and in hand | 54/58 | €492,710 | €218,352 | -€274,358 | -55.7% |
| Deferred charges and accrued income | 490/1 | €300 | €300 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,925,685 | €1,754,415 | -€171,270 | -8.9% |
| Equity | 10/15 | €1,252,802 | €1,163,053 | -€89,749 | -7.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,232,802 | €571,038 | -€661,763 | -53.7% |
| Tax-exempt reserves | 132 | €614,428 | €571,038 | -€43,390 | -7.1% |
| Distributable reserves | 133 | €618,374 | €0 | -€618,374 | -100% |
| Profit (loss) carried forward | 14 | - | €572,014 | +€572,014 | |
| Provisions and deferred taxes | 16 | €204,784 | €190,320 | -€14,463 | -7.1% |
| Deferred taxes | 168 | €204,784 | €190,320 | -€14,463 | -7.1% |
| Amounts payable | 17/49 | €468,100 | €401,042 | -€67,058 | -14.3% |
| Amounts payable after more than one year | 17 | €229,820 | €230,838 | +€1,018 | +0.4% |
| Financial debts | 170/4 | €229,820 | €230,838 | +€1,018 | +0.4% |
| Amounts payable within one year | 42/48 | €238,280 | €170,204 | -€68,076 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €23,100 | €0 | -€23,100 | -100% |
| Trade debts | 44 | €4,156 | €4,799 | +€643 | +15.5% |
| Suppliers | 440/4 | €4,156 | €4,799 | +€643 | +15.5% |
| Taxes, remuneration and social security | 45 | €183 | €5,332 | +€5,150 | +2,817% |
| Taxes | 450/3 | €183 | €5,332 | +€5,150 | +2,817% |
| Other amounts payable | 47/48 | €210,842 | €160,073 | -€50,769 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,080 | €94,795 | +€21,715 | +29.7% |
| Other operating charges | 640/8 | €9,642 | €10,014 | +€372 | +3.9% |
| Gross operating margin | 9900 | -€291 | €9,340 | +€9,630 | |
| Operating profit (loss) | 9901 | -€83,013 | -€95,469 | -€12,457 | -15.0% |
| Financial income | 75/76B | €1,508 | €11,733 | +€10,225 | +678% |
| Recurring financial income | 75 | €1,508 | €11,733 | +€10,225 | +678% |
| Financial charges | 65/66B | €15,442 | €16,579 | +€1,137 | +7.4% |
| Recurring financial charges | 65 | €15,442 | €16,579 | +€1,137 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | -€96,946 | -€100,315 | -€3,369 | -3.5% |
| Transfer from deferred taxes | 780 | €11,858 | €14,463 | +€2,605 | +22.0% |
| Income taxes | 67/77 | €183 | €3,897 | +€3,715 | +2,032% |
| Profit (loss) for the period | 9904 | -€85,271 | -€89,749 | -€4,478 | -5.3% |
| Transfer from tax-exempt reserves | 789 | €35,574 | €43,390 | +€7,816 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,697 | -€46,359 | +€3,338 | +6.7% |
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 19 October 2026 via checked.be.