IMMO HERMES: 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
IMMO HERMES
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€942
2024 · -€14,469+€13,527
Equity
€1.5m
2024 · €1.5m-€942
Cash
€23,605
2024 · €27,506-€3,901
Balance sheet total
€3.4m
2024 · €3.2m+€120,512
Largest movements
Assets
- Tangible fixed assets +€212,677
up €212,677 (+11.5%), from €1.8m to €2.1m
- Receivables within one year -€88,921
down €88,921 (-7.9%), from €1.1m to €1.0m
Equity and liabilities
- Debts after one year +€145,671
up €145,671 (+11.0%), from €1.3m to €1.5m
Income statement
- Gross operating margin +€24,460
up €24,460 (+21.3%), from €114,877 to €139,337
- Taxes +€5,317
up €5,317 (+79.4%), from €6,694 to €12,011
- Depreciation +€4,160
up €4,160 (+4.4%), from €93,906 to €98,066
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
-€14,469
Gross operating margin
+€24,460
Staff costs
-€31
Depreciation
-€4,160
Other operating charges
-€356
Other operating items
+€8,381
Financial income
-€856
Financial charges
-€699
Taxes
-€5,317
Deferred taxes and other
-€7,894
Result 2025
-€942
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.
From operations
+€191,580
Investment
-€310,744
Financing
+€115,262
Cash 2024
€27,506
From operations (derived)
+€191,580
Net result for the year
-€942
Depreciation
+€98,066
Receivables within one year
+€88,921
Deferred charges and accrued income
-€657
Provisions
-€17,335
Tax, wage and social debts
+€5,345
Other debts
+€20,236
Accrued charges and deferred income
-€2,055
Investment (derived)
-€310,744
Investment in fixed assets (net)
-€310,744
Financing
+€115,262
Debts after one year
+€145,671
Current portion of long-term debt
-€30,409
Cash 2025
€23,605
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,232,930 | €3,353,442 | +€120,512 | +3.7% |
| Fixed assets | 21/28 | €2,068,929 | €2,281,607 | +€212,677 | +10.3% |
| Tangible fixed assets | 22/27 | €1,842,848 | €2,055,525 | +€212,677 | +11.5% |
| Land and buildings | 22 | €1,842,848 | €2,055,525 | +€212,677 | +11.5% |
| Financial fixed assets | 28 | €226,081 | €226,081 | = | 0.0% |
| Current assets | 29/58 | €1,164,001 | €1,071,836 | -€92,165 | -7.9% |
| Amounts receivable within one year | 40/41 | €1,125,004 | €1,036,083 | -€88,921 | -7.9% |
| Other amounts receivable | 41 | €1,125,004 | €1,036,083 | -€88,921 | -7.9% |
| Cash at bank and in hand | 54/58 | €27,506 | €23,605 | -€3,901 | -14.2% |
| Deferred charges and accrued income | 490/1 | €11,491 | €12,148 | +€657 | +5.7% |
| Total equity and liabilities | 10/49 | €3,232,930 | €3,353,442 | +€120,512 | +3.7% |
| Equity | 10/15 | €1,492,077 | €1,491,135 | -€942 | -0.1% |
| Contributions | 10/11 | €611,000 | €611,000 | = | 0.0% |
| Capital | 10 | €611,000 | €611,000 | = | 0.0% |
| Issued capital | 100 | €611,000 | €611,000 | = | 0.0% |
| Reserves | 13 | €881,077 | €880,135 | -€942 | -0.1% |
| Non-distributable reserves | 130/1 | €61,100 | €61,100 | = | 0.0% |
| Legal reserve | 130 | €61,100 | €61,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €652,924 | €619,498 | -€33,427 | -5.1% |
| Distributable reserves | 133 | €167,053 | €199,537 | +€32,485 | +19.4% |
| Provisions and deferred taxes | 16 | €302,934 | €285,599 | -€17,335 | -5.7% |
| Deferred taxes | 168 | €302,934 | €285,599 | -€17,335 | -5.7% |
| Amounts payable | 17/49 | €1,437,919 | €1,576,708 | +€138,789 | +9.7% |
| Amounts payable after more than one year | 17 | €1,322,447 | €1,468,118 | +€145,671 | +11.0% |
| Financial debts | 170/4 | €1,322,447 | €1,468,118 | +€145,671 | +11.0% |
| Amounts payable within one year | 42/48 | €102,276 | €97,449 | -€4,828 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €79,523 | €49,114 | -€30,409 | -38.2% |
| Taxes, remuneration and social security | 45 | €6,903 | €12,249 | +€5,345 | +77.4% |
| Taxes | 450/3 | €6,694 | €12,011 | +€5,317 | +79.4% |
| Remuneration and social security | 454/9 | €209 | €238 | +€29 | +13.7% |
| Other amounts payable | 47/48 | €15,850 | €36,086 | +€20,236 | +127.7% |
| Accrued charges and deferred income | 492/3 | €13,196 | €11,141 | -€2,055 | -15.6% |
| Non-recurring operating income | 76A | €4,706 | €0 | -€4,706 | -100.0% |
| Remuneration, social security and pensions | 62 | -€12 | €19 | +€31 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,906 | €98,066 | +€4,160 | +4.4% |
| Other operating charges | 640/8 | €21,224 | €21,580 | +€356 | +1.7% |
| Non-recurring operating charges | 66A | €8,381 | €0 | -€8,381 | -100.0% |
| Gross operating margin | 9900 | €114,877 | €139,337 | +€24,460 | +21.3% |
| Operating profit (loss) | 9901 | -€8,621 | €19,672 | +€28,293 | |
| Financial income | 75/76B | €856 | €0 | -€856 | -100.0% |
| Recurring financial income | 75 | €856 | €0 | -€856 | -100.0% |
| Financial charges | 65/66B | €25,238 | €25,937 | +€699 | +2.8% |
| Recurring financial charges | 65 | €25,238 | €25,937 | +€699 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€33,004 | -€6,265 | +€26,738 | +81.0% |
| Transfer from deferred taxes | 780 | €25,229 | €17,335 | -€7,894 | -31.3% |
| Income taxes | 67/77 | €6,694 | €12,011 | +€5,317 | +79.4% |
| Profit (loss) for the period | 9904 | -€14,469 | -€942 | +€13,527 | +93.5% |
| Transfer from tax-exempt reserves | 789 | €31,768 | €33,427 | +€1,659 | +5.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €17,299 | €32,485 | +€15,186 | +87.8% |
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 9 October 2026 via checked.be.