KOEN 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.
KOEN HERMANS
Largest movements
- Receivables within one year +€31,639
up €31,639 (+108.3%), from €29,217 to €60,856
of which Trade receivables: +€29,856
- Cash -€19,477
down €19,477 (-28.0%), from €69,473 to €49,995
mainly Receivables within one year (-€31,639) and Investment in fixed assets (net) (-€2,771)
- Deferred charges and accrued income -€1,611
down €1,611 (-16.2%), from €9,945 to €8,334
- Tangible fixed assets +€1,284
up €1,284 (+93.8%), from €1,369 to €2,653
of which Plant, machinery and equipment: +€2,305
- Reserves +€12,784
up €12,784 (+13.5%), from €94,404 to €107,189
- Other debts -€2,190
down €2,190 (-86.7%), from €2,525 to €335
- Gross operating margin -€4,097
down €4,097 (-15.6%), from €26,256 to €22,160
- Taxes -€1,994
down €1,994 (-27.6%), from €7,221 to €5,227
- Financial charges +€1,641
up €1,641 (+524.6%), from €313 to €1,954
- Depreciation +€345
up €345 (+30.2%), from €1,142 to €1,487
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 | €110,003 | €121,838 | +€11,834 | +10.8% |
| Fixed assets | 21/28 | €1,369 | €2,653 | +€1,284 | +93.8% |
| Tangible fixed assets | 22/27 | €1,369 | €2,653 | +€1,284 | +93.8% |
| Plant, machinery and equipment | 23 | - | €2,305 | +€2,305 | |
| Furniture and vehicles | 24 | €1,369 | €348 | -€1,021 | -74.6% |
| Current assets | 29/58 | €108,634 | €119,185 | +€10,550 | +9.7% |
| Amounts receivable within one year | 40/41 | €29,217 | €60,856 | +€31,639 | +108.3% |
| Trade receivables | 40 | €29,217 | €59,073 | +€29,856 | +102.2% |
| Other amounts receivable | 41 | - | €1,783 | +€1,783 | |
| Cash at bank and in hand | 54/58 | €69,473 | €49,995 | -€19,477 | -28.0% |
| Deferred charges and accrued income | 490/1 | €9,945 | €8,334 | -€1,611 | -16.2% |
| Total equity and liabilities | 10/49 | €110,003 | €121,838 | +€11,834 | +10.8% |
| Equity | 10/15 | €106,804 | €119,589 | +€12,784 | +12.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €94,404 | €107,189 | +€12,784 | +13.5% |
| Distributable reserves | 133 | €94,404 | €107,189 | +€12,784 | +13.5% |
| Amounts payable | 17/49 | €3,199 | €2,249 | -€950 | -29.7% |
| Amounts payable within one year | 42/48 | €3,199 | €2,183 | -€1,016 | -31.8% |
| Trade debts | 44 | €38 | €352 | +€314 | +820.8% |
| Suppliers | 440/4 | €38 | €352 | +€314 | +820.8% |
| Taxes, remuneration and social security | 45 | €636 | €1,496 | +€860 | +135.1% |
| Taxes | 450/3 | €636 | €1,496 | +€860 | +135.1% |
| Other amounts payable | 47/48 | €2,525 | €335 | -€2,190 | -86.7% |
| Accrued charges and deferred income | 492/3 | - | €66 | +€66 | |
| Non-recurring operating income | 76A | - | €2,314 | +€2,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,142 | €1,487 | +€345 | +30.2% |
| Other operating charges | 640/8 | €914 | €707 | -€207 | -22.6% |
| Gross operating margin | 9900 | €26,256 | €22,160 | -€4,097 | -15.6% |
| Operating profit (loss) | 9901 | €24,200 | €19,966 | -€4,235 | -17.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €313 | €1,954 | +€1,641 | +524.6% |
| Recurring financial charges | 65 | €313 | €1,954 | +€1,641 | +524.6% |
| Profit (loss) for the period before taxes | 9903 | €23,887 | €18,011 | -€5,876 | -24.6% |
| Income taxes | 67/77 | €7,221 | €5,227 | -€1,994 | -27.6% |
| Profit (loss) for the period | 9904 | €16,666 | €12,784 | -€3,882 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,666 | €12,784 | -€3,882 | -23.3% |
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.