Patrick Hermans: what changed
Two fiscal 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.
Patrick Hermans
Largest movements
- Tangible fixed assets +€96,253
up €96,253 (+131.1%), from €73,437 to €169,690
of which Land and buildings: +€115,324
- Current investments -€17,034
down €17,034 (-26.2%), from €65,075 to €48,041
- Receivables within one year +€4,511
up €4,511 (+225.4%), from €2,001 to €6,512
- Other debts +€33,614
up €33,614 (+359.8%), from €9,343 to €42,957
- Debts after one year +€33,388
up €33,388 (+120.2%), from €27,775 to €61,163
- Current portion of long-term debt +€10,291
up €10,291 (+81.1%), from €12,696 to €22,987
- Reserves +€6,318
up €6,318 (+13.2%), from €47,727 to €54,045
- Other operating charges +€14,119
up €14,119 (+935.7%), from €1,509 to €15,628
- Gross operating margin +€8,964
up €8,964 (+24.0%), from €37,414 to €46,378
- Depreciation +€915
up €915 (+5.6%), from €16,413 to €17,328
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 | €145,915 | €229,526 | +€83,611 | +57.3% |
| Fixed assets | 21/28 | €73,437 | €169,690 | +€96,253 | +131.1% |
| Tangible fixed assets | 22/27 | €73,437 | €169,690 | +€96,253 | +131.1% |
| Land and buildings | 22 | - | €115,324 | +€115,324 | |
| Plant, machinery and equipment | 23 | €14,023 | €11,208 | -€2,815 | -20.1% |
| Furniture and vehicles | 24 | €58,305 | €42,207 | -€16,098 | -27.6% |
| Other tangible fixed assets | 26 | €1,109 | €951 | -€158 | -14.2% |
| Current assets | 29/58 | €72,478 | €59,836 | -€12,642 | -17.4% |
| Amounts receivable within one year | 40/41 | €2,001 | €6,512 | +€4,511 | +225.4% |
| Other amounts receivable | 41 | €2,001 | €6,512 | +€4,511 | +225.4% |
| Current investments | 50/53 | €65,075 | €48,041 | -€17,034 | -26.2% |
| Cash at bank and in hand | 54/58 | €1,572 | €2,693 | +€1,121 | +71.3% |
| Deferred charges and accrued income | 490/1 | €3,830 | €2,590 | -€1,240 | -32.4% |
| Total equity and liabilities | 10/49 | €145,915 | €229,526 | +€83,611 | +57.3% |
| Equity | 10/15 | €94,101 | €100,419 | +€6,318 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,727 | €54,045 | +€6,318 | +13.2% |
| Distributable reserves | 133 | €47,727 | €54,045 | +€6,318 | +13.2% |
| Profit (loss) carried forward | 14 | €27,774 | €27,774 | = | 0.0% |
| Amounts payable | 17/49 | €51,814 | €129,107 | +€77,293 | +149.2% |
| Amounts payable after more than one year | 17 | €27,775 | €61,163 | +€33,388 | +120.2% |
| Financial debts | 170/4 | €27,775 | €61,163 | +€33,388 | +120.2% |
| Amounts payable within one year | 42/48 | €24,039 | €67,944 | +€43,905 | +182.6% |
| Current portion of amounts payable after more than one year | 42 | €12,696 | €22,987 | +€10,291 | +81.1% |
| Taxes, remuneration and social security | 45 | €2,000 | €2,000 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €9,343 | €42,957 | +€33,614 | +359.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,413 | €17,328 | +€915 | +5.6% |
| Other operating charges | 640/8 | €1,509 | €15,628 | +€14,119 | +935.7% |
| Gross operating margin | 9900 | €37,414 | €46,378 | +€8,964 | +24.0% |
| Operating profit (loss) | 9901 | €19,492 | €13,422 | -€6,070 | -31.1% |
| Financial income | 75/76B | €199 | €353 | +€154 | +77.4% |
| Recurring financial income | 75 | €199 | €272 | +€73 | +36.7% |
| Non-recurring financial income | 76B | - | €81 | +€81 | |
| Financial charges | 65/66B | €1,578 | €1,886 | +€308 | +19.5% |
| Recurring financial charges | 65 | €1,578 | €1,886 | +€308 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €18,113 | €11,889 | -€6,224 | -34.4% |
| Income taxes | 67/77 | €5,499 | €5,571 | +€72 | +1.3% |
| Profit (loss) for the period | 9904 | €12,614 | €6,318 | -€6,296 | -49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,614 | €6,318 | -€6,296 | -49.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.