HerrMax: 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.
HerrMax
Largest movements
- Receivables within one year -€389,273
down €389,273 (-58.5%), from €665,839 to €276,566
of which Trade receivables: -€380,183
- Cash -€24,818
down €24,818 (-99.4%), from €24,968 to €151
mainly Trade debts (-€411,421) and Investment in fixed assets (net) (-€4,791)
- Trade debts -€411,421
down €411,421 (-93.2%), from €441,444 to €30,023
of which Bills of exchange payable: -€389,876
- Gross operating margin -€60,125
down €60,125 (-87.0%), from €69,108 to €8,983
- Taxes -€19,513
down €19,513 (-93.4%), from €20,884 to €1,371
- Financial income -€12,953
no longer reported in 2025 (was €12,953)
- Depreciation -€3,116
down €3,116 (-34.9%), from €8,940 to €5,824
- Other operating charges +€1,173
new in 2025: €1,173
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 | €698,054 | €282,931 | -€415,124 | -59.5% |
| Fixed assets | 21/28 | €7,247 | €6,213 | -€1,033 | -14.3% |
| Tangible fixed assets | 22/27 | €7,247 | €6,213 | -€1,033 | -14.3% |
| Plant, machinery and equipment | 23 | €955 | €477 | -€477 | -50.0% |
| Furniture and vehicles | 24 | €6,292 | €5,736 | -€556 | -8.8% |
| Current assets | 29/58 | €690,808 | €276,717 | -€414,091 | -59.9% |
| Amounts receivable within one year | 40/41 | €665,839 | €276,566 | -€389,273 | -58.5% |
| Trade receivables | 40 | €403,911 | €23,728 | -€380,183 | -94.1% |
| Other amounts receivable | 41 | €261,929 | €252,839 | -€9,090 | -3.5% |
| Cash at bank and in hand | 54/58 | €24,968 | €151 | -€24,818 | -99.4% |
| Total equity and liabilities | 10/49 | €698,054 | €282,931 | -€415,124 | -59.5% |
| Equity | 10/15 | €226,726 | €226,873 | +€147 | +0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €42,860 | €42,860 | = | 0.0% |
| Distributable reserves | 133 | €42,860 | €42,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177,666 | €177,813 | +€147 | +0.1% |
| Provisions and deferred taxes | 16 | €9,000 | €9,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €9,000 | €9,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable | 17/49 | €462,328 | €47,057 | -€415,271 | -89.8% |
| Amounts payable within one year | 42/48 | €462,328 | €47,057 | -€415,271 | -89.8% |
| Trade debts | 44 | €441,444 | €30,023 | -€411,421 | -93.2% |
| Suppliers | 440/4 | €46,624 | €25,080 | -€21,544 | -46.2% |
| Bills of exchange payable | 441 | €394,819 | €4,943 | -€389,876 | -98.7% |
| Taxes, remuneration and social security | 45 | €20,884 | €17,034 | -€3,850 | -18.4% |
| Taxes | 450/3 | €20,884 | €17,034 | -€3,850 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,940 | €5,824 | -€3,116 | -34.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€53 | - | +€53 | |
| Other operating charges | 640/8 | - | €1,173 | +€1,173 | |
| Gross operating margin | 9900 | €69,108 | €8,983 | -€60,125 | -87.0% |
| Operating profit (loss) | 9901 | €60,221 | €1,986 | -€58,235 | -96.7% |
| Financial income | 75/76B | €12,953 | - | -€12,953 | |
| Recurring financial income | 75 | €12,953 | - | -€12,953 | |
| Financial charges | 65/66B | €468 | €468 | = | 0.0% |
| Recurring financial charges | 65 | €468 | €468 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €72,706 | €1,518 | -€71,188 | -97.9% |
| Income taxes | 67/77 | €20,884 | €1,371 | -€19,513 | -93.4% |
| Profit (loss) for the period | 9904 | €51,822 | €147 | -€51,675 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,822 | €147 | -€51,675 | -99.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.