Jeff Hermans: 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.
Jeff Hermans
Largest movements
- Tangible fixed assets +€33,693
up €33,693 (+532%), from €6,329 to €40,022
of which Furniture and vehicles: +€33,693
- Cash +€25,581
up €25,581 (+280%), from €9,143 to €34,724
mainly Net result for the year (+€132,751) and Short-term financial debts (+€40,000)
- Deferred charges and accrued income -€12,000
down €12,000 (-100%), from €12,000 to €0
- Receivables within one year -€11,376
down €11,376 (-59.5%), from €19,115 to €7,739
- Short-term financial debts +€40,000
new in 2025: €40,000
- Other debts -€17,423
down €17,423 (-80.5%), from €21,653 to €4,230
- Profit (loss) carried forward +€7,751
up €7,751 (+935%), from €829 to €8,580
- Trade debts +€2,863
new in 2025: €2,863
- Tax, wage and social debts +€2,707
up €2,707 (+73.2%), from €3,700 to €6,407
- Gross operating margin +€23,676
up €23,676 (+14.9%), from €158,385 to €182,061
- Taxes +€3,918
up €3,918 (+9.4%), from €41,714 to €45,632
- Depreciation +€2,184
up €2,184 (+389%), from €561 to €2,745
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 | €46,587 | €82,484 | +€35,898 | +77.1% |
| Fixed assets | 21/28 | €6,329 | €40,022 | +€33,693 | +532% |
| Tangible fixed assets | 22/27 | €6,329 | €40,022 | +€33,693 | +532% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €6,329 | €40,022 | +€33,693 | +532% |
| Current assets | 29/58 | €40,258 | €42,463 | +€2,205 | +5.5% |
| Amounts receivable within one year | 40/41 | €19,115 | €7,739 | -€11,376 | -59.5% |
| Other amounts receivable | 41 | €19,115 | €7,739 | -€11,376 | -59.5% |
| Cash at bank and in hand | 54/58 | €9,143 | €34,724 | +€25,581 | +280% |
| Deferred charges and accrued income | 490/1 | €12,000 | €0 | -€12,000 | -100% |
| Total equity and liabilities | 10/49 | €46,587 | €82,484 | +€35,898 | +77.1% |
| Equity | 10/15 | €21,234 | €28,985 | +€7,751 | +36.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €829 | €8,580 | +€7,751 | +935% |
| Amounts payable | 17/49 | €25,353 | €53,500 | +€28,147 | +111% |
| Amounts payable within one year | 42/48 | €25,353 | €53,500 | +€28,147 | +111% |
| Financial debts | 43 | - | €40,000 | +€40,000 | |
| Other loans | 439 | - | €40,000 | +€40,000 | |
| Trade debts | 44 | - | €2,863 | +€2,863 | |
| Suppliers | 440/4 | - | €2,863 | +€2,863 | |
| Taxes, remuneration and social security | 45 | €3,700 | €6,407 | +€2,707 | +73.2% |
| Taxes | 450/3 | €3,700 | €6,407 | +€2,707 | +73.2% |
| Other amounts payable | 47/48 | €21,653 | €4,230 | -€17,423 | -80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €561 | €2,745 | +€2,184 | +389% |
| Other operating charges | 640/8 | €899 | €928 | +€30 | +3.3% |
| Gross operating margin | 9900 | €158,385 | €182,061 | +€23,676 | +14.9% |
| Operating profit (loss) | 9901 | €156,926 | €178,388 | +€21,462 | +13.7% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €183 | €5 | -€178 | -97.1% |
| Recurring financial charges | 65 | €183 | €5 | -€178 | -97.1% |
| Profit (loss) for the period before taxes | 9903 | €156,743 | €178,383 | +€21,639 | +13.8% |
| Income taxes | 67/77 | €41,714 | €45,632 | +€3,918 | +9.4% |
| Profit (loss) for the period | 9904 | €115,029 | €132,751 | +€17,722 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €115,029 | €132,751 | +€17,722 | +15.4% |
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 13 October 2026 via checked.be.