L'HERMITAGE: 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.
L'HERMITAGE
Largest movements
- Receivables within one year -€30,926
down €30,926 (-18.7%), from €165,560 to €134,634
of which Trade receivables: -€30,611
- Stocks and contracts +€13,583
up €13,583 (+2.3%), from €580,409 to €593,992
- Reserves +€32,831
up €32,831 (+80.6%), from €40,727 to €73,559
of which Distributable reserves: +€32,831
- Trade debts -€27,884
down €27,884 (-33.6%), from €82,888 to €55,004
- Write-downs -€48,272
no longer reported in 2025 (was €48,272)
- Taxes +€14,672
up €14,672 (+1,220%), from €1,203 to €15,875
- Gross operating margin -€4,931
down €4,931 (-6.8%), from €73,018 to €68,087
- Other operating charges -€3,355
down €3,355 (-76.2%), from €4,401 to €1,046
- Financial charges -€2,652
down €2,652 (-12.8%), from €20,687 to €18,035
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 | €803,430 | €790,390 | -€13,040 | -1.6% |
| Fixed assets | 21/28 | €6,004 | €5,645 | -€359 | -6.0% |
| Tangible fixed assets | 22/27 | €704 | €345 | -€359 | -51.0% |
| Furniture and vehicles | 24 | €704 | €345 | -€359 | -51.0% |
| Financial fixed assets | 28 | €5,300 | €5,300 | = | 0.0% |
| Current assets | 29/58 | €797,426 | €784,745 | -€12,681 | -1.6% |
| Stocks and contracts in progress | 3 | €580,409 | €593,992 | +€13,583 | +2.3% |
| Stocks | 30/36 | €580,409 | €593,992 | +€13,583 | +2.3% |
| Amounts receivable within one year | 40/41 | €165,560 | €134,634 | -€30,926 | -18.7% |
| Trade receivables | 40 | €156,448 | €125,837 | -€30,611 | -19.6% |
| Other amounts receivable | 41 | €9,112 | €8,797 | -€315 | -3.5% |
| Cash at bank and in hand | 54/58 | €48,952 | €53,449 | +€4,497 | +9.2% |
| Deferred charges and accrued income | 490/1 | €2,505 | €2,669 | +€164 | +6.6% |
| Total equity and liabilities | 10/49 | €803,430 | €790,390 | -€13,040 | -1.6% |
| Equity | 10/15 | €396,865 | €429,696 | +€32,831 | +8.3% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €40,727 | €73,559 | +€32,831 | +80.6% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,916 | €9,916 | = | 0.0% |
| Distributable reserves | 133 | €30,811 | €63,643 | +€32,831 | +107% |
| Profit (loss) carried forward | 14 | €256,980 | €256,980 | = | 0.0% |
| Amounts payable | 17/49 | €406,565 | €360,693 | -€45,872 | -11.3% |
| Amounts payable after more than one year | 17 | €60,000 | €55,000 | -€5,000 | -8.3% |
| Other amounts payable | 178/9 | €60,000 | €55,000 | -€5,000 | -8.3% |
| Amounts payable within one year | 42/48 | €336,325 | €299,625 | -€36,699 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €857 | €854 | -€3 | -0.3% |
| Financial debts | 43 | €208,000 | €208,000 | = | 0.0% |
| Credit institutions | 430/8 | €208,000 | €208,000 | = | 0.0% |
| Trade debts | 44 | €82,888 | €55,004 | -€27,884 | -33.6% |
| Suppliers | 440/4 | €82,888 | €55,004 | -€27,884 | -33.6% |
| Taxes, remuneration and social security | 45 | €35,281 | €33,667 | -€1,614 | -4.6% |
| Taxes | 450/3 | €35,281 | €33,667 | -€1,614 | -4.6% |
| Other amounts payable | 47/48 | €9,298 | €2,100 | -€7,198 | -77.4% |
| Accrued charges and deferred income | 492/3 | €10,241 | €6,068 | -€4,172 | -40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €548 | €359 | -€189 | -34.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,272 | - | -€48,272 | |
| Other operating charges | 640/8 | €4,401 | €1,046 | -€3,355 | -76.2% |
| Gross operating margin | 9900 | €73,018 | €68,087 | -€4,931 | -6.8% |
| Operating profit (loss) | 9901 | €19,797 | €66,681 | +€46,884 | +237% |
| Financial income | 75/76B | €238 | €60 | -€178 | -74.8% |
| Recurring financial income | 75 | €238 | €60 | -€178 | -74.8% |
| Financial charges | 65/66B | €20,687 | €18,035 | -€2,652 | -12.8% |
| Recurring financial charges | 65 | €20,687 | €18,035 | -€2,652 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | -€652 | €48,706 | +€49,358 | |
| Income taxes | 67/77 | €1,203 | €15,875 | +€14,672 | +1,220% |
| Profit (loss) for the period | 9904 | -€1,855 | €32,831 | +€34,686 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,855 | €32,831 | +€34,686 |
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 18 October 2026 via checked.be.