Olivier Hermand: 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.
Olivier Hermand
Largest movements
- Receivables after one year -€151,317
down €151,317 (-36.5%), from €414,473 to €263,156
- Current investments +€143,395
up €143,395 (+11.0%), from €1.3m to €1.5m
- Cash +€90,228
up €90,228 (+46.9%), from €192,411 to €282,639
mainly Other debts (+€1.4m) and Net result for the year (+€547,785)
- Other debts +€1.4m
up €1.4m (+563%), from €240,000 to €1.6m
- Reserves -€1.0m
down €1.0m (-47.3%), from €2.2m to €1.2m
of which Distributable reserves: -€1.0m
- Debts after one year -€153,800
down €153,800 (-8.3%), from €1.8m to €1.7m
- Gross operating margin -€189,759
down €189,759 (-18.9%), from €1.0m to €813,250
- Financial income +€187,910
up €187,910 (+904%), from €20,797 to €208,707
of which Non-recurring financial income: +€170,639
- Financial charges +€102,718
up €102,718 (+280%), from €36,622 to €139,341
- Taxes -€88,061
down €88,061 (-37.1%), from €237,654 to €149,593
- Depreciation -€55,694
down €55,694 (-24.2%), from €229,844 to €174,150
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 | €4,704,129 | €4,810,926 | +€106,796 | +2.3% |
| Fixed assets | 21/28 | €2,745,446 | €2,764,558 | +€19,112 | +0.7% |
| Tangible fixed assets | 22/27 | €2,745,446 | €2,764,558 | +€19,112 | +0.7% |
| Land and buildings | 22 | €2,588,052 | €2,619,387 | +€31,335 | +1.2% |
| Furniture and vehicles | 24 | €52,495 | €38,440 | -€14,055 | -26.8% |
| Other tangible fixed assets | 26 | €104,899 | €106,731 | +€1,832 | +1.7% |
| Current assets | 29/58 | €1,958,684 | €2,046,368 | +€87,684 | +4.5% |
| Amounts receivable after more than one year | 29 | €414,473 | €263,156 | -€151,317 | -36.5% |
| Other amounts receivable | 291 | €414,473 | €263,156 | -€151,317 | -36.5% |
| Amounts receivable within one year | 40/41 | €20,127 | €41,111 | +€20,984 | +104% |
| Trade receivables | 40 | €5,216 | €7,811 | +€2,595 | +49.8% |
| Other amounts receivable | 41 | €14,911 | €33,300 | +€18,389 | +123% |
| Current investments | 50/53 | €1,307,735 | €1,451,130 | +€143,395 | +11.0% |
| Cash at bank and in hand | 54/58 | €192,411 | €282,639 | +€90,228 | +46.9% |
| Deferred charges and accrued income | 490/1 | €23,938 | €8,332 | -€15,606 | -65.2% |
| Total equity and liabilities | 10/49 | €4,704,129 | €4,810,926 | +€106,796 | +2.3% |
| Equity | 10/15 | €2,304,495 | €1,260,280 | -€1.0m | -45.3% |
| Contributions | 10/11 | €92,400 | €92,400 | = | 0.0% |
| Reserves | 13 | €2,209,860 | €1,164,860 | -€1.0m | -47.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,208,000 | €1,163,000 | -€1.0m | -47.3% |
| Profit (loss) carried forward | 14 | €2,235 | €3,020 | +€785 | +35.1% |
| Amounts payable | 17/49 | €2,399,634 | €3,550,645 | +€1.2m | +48.0% |
| Amounts payable after more than one year | 17 | €1,843,457 | €1,689,657 | -€153,800 | -8.3% |
| Financial debts | 170/4 | €1,843,457 | €1,689,657 | -€153,800 | -8.3% |
| Amounts payable within one year | 42/48 | €554,585 | €1,856,800 | +€1.3m | +235% |
| Current portion of amounts payable after more than one year | 42 | €202,511 | €206,073 | +€3,562 | +1.8% |
| Trade debts | 44 | €25,773 | €12,880 | -€12,893 | -50.0% |
| Suppliers | 440/4 | €25,773 | €12,880 | -€12,893 | -50.0% |
| Taxes, remuneration and social security | 45 | €86,301 | €45,847 | -€40,453 | -46.9% |
| Taxes | 450/3 | €86,301 | €45,847 | -€40,453 | -46.9% |
| Other amounts payable | 47/48 | €240,000 | €1,592,000 | +€1.4m | +563% |
| Accrued charges and deferred income | 492/3 | €1,592 | €4,188 | +€2,596 | +163% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229,844 | €174,150 | -€55,694 | -24.2% |
| Other operating charges | 640/8 | €17,497 | €11,088 | -€6,409 | -36.6% |
| Non-recurring operating charges | 66A | €10,931 | - | -€10,931 | |
| Gross operating margin | 9900 | €1,003,010 | €813,250 | -€189,759 | -18.9% |
| Operating profit (loss) | 9901 | €744,738 | €628,012 | -€116,726 | -15.7% |
| Financial income | 75/76B | €20,797 | €208,707 | +€187,910 | +904% |
| Recurring financial income | 75 | €20,659 | €37,930 | +€17,271 | +83.6% |
| Non-recurring financial income | 76B | €138 | €170,777 | +€170,639 | +123,401% |
| Financial charges | 65/66B | €36,622 | €139,341 | +€102,718 | +280% |
| Recurring financial charges | 65 | €36,622 | €139,341 | +€102,718 | +280% |
| Profit (loss) for the period before taxes | 9903 | €728,912 | €697,378 | -€31,534 | -4.3% |
| Income taxes | 67/77 | €237,654 | €149,593 | -€88,061 | -37.1% |
| Profit (loss) for the period | 9904 | €491,258 | €547,785 | +€56,527 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €491,258 | €547,785 | +€56,527 | +11.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.