PETER HERMAN: what changed
PETER HERMAN
Largest movements
- Tangible fixed assets +€44,317
up €44,317 (+95.3%), from €46,516 to €90,833
of which Leasing and similar rights: +€45,652
- Cash +€35,728
up €35,728 (+29.9%), from €119,538 to €155,266
mainly Debts after one year (+€35,055) and Depreciation (+€23,161)
- Receivables within one year -€16,648
down €16,648 (-69.4%), from €23,992 to €7,344
of which Trade receivables: -€9,098
- Debts after one year +€35,055
new in 2025: €35,055
- Reserves +€17,928
up €17,928 (+19.3%), from €93,131 to €111,059
- Current portion of long-term debt +€10,466
new in 2025: €10,466
- Other debts +€7,188
up €7,188 (+19,781%), from €36 to €7,225
- Trade debts -€4,842
down €4,842 (-17.0%), from €28,551 to €23,708
- Depreciation +€7,396
up €7,396 (+46.9%), from €15,765 to €23,161
- Taxes -€5,270
down €5,270 (-42.3%), from €12,466 to €7,196
- Financial charges +€1,275
up €1,275 (+3,260%), from €39 to €1,314
- Gross operating margin -€919
down €919 (-1.8%), from €52,330 to €51,410
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €191,367 | €255,978 | +€64,612 | +33.8% |
| Fixed assets | 21/28 | €46,516 | €90,833 | +€44,317 | +95.3% |
| Tangible fixed assets | 22/27 | €46,516 | €90,833 | +€44,317 | +95.3% |
| Land and buildings | 22 | - | €6,676 | +€6,676 | |
| Plant, machinery and equipment | 23 | €16,109 | €17,293 | +€1,184 | +7.3% |
| Furniture and vehicles | 24 | €30,407 | €21,212 | -€9,195 | -30.2% |
| Leasing and similar rights | 25 | - | €45,652 | +€45,652 | |
| Current assets | 29/58 | €144,850 | €165,145 | +€20,295 | +14.0% |
| Amounts receivable within one year | 40/41 | €23,992 | €7,344 | -€16,648 | -69.4% |
| Trade receivables | 40 | €15,097 | €5,999 | -€9,098 | -60.3% |
| Other amounts receivable | 41 | €8,895 | €1,345 | -€7,550 | -84.9% |
| Cash at bank and in hand | 54/58 | €119,538 | €155,266 | +€35,728 | +29.9% |
| Deferred charges and accrued income | 490/1 | €1,320 | €2,535 | +€1,215 | +92.0% |
| Total equity and liabilities | 10/49 | €191,367 | €255,978 | +€64,612 | +33.8% |
| Equity | 10/15 | €149,131 | €167,059 | +€17,928 | +12.0% |
| Contributions | 10/11 | €56,000 | €56,000 | = | 0.0% |
| Reserves | 13 | €93,131 | €111,059 | +€17,928 | +19.3% |
| Distributable reserves | 133 | €93,131 | €111,059 | +€17,928 | +19.3% |
| Amounts payable | 17/49 | €42,236 | €88,919 | +€46,683 | +111% |
| Amounts payable after more than one year | 17 | - | €35,055 | +€35,055 | |
| Financial debts | 170/4 | - | €35,055 | +€35,055 | |
| Amounts payable within one year | 42/48 | €42,236 | €53,865 | +€11,629 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,466 | +€10,466 | |
| Trade debts | 44 | €28,551 | €23,708 | -€4,842 | -17.0% |
| Suppliers | 440/4 | €28,551 | €23,708 | -€4,842 | -17.0% |
| Taxes, remuneration and social security | 45 | €13,649 | €12,466 | -€1,183 | -8.7% |
| Taxes | 450/3 | €13,649 | €12,466 | -€1,183 | -8.7% |
| Other amounts payable | 47/48 | €36 | €7,225 | +€7,188 | +19,781% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,765 | €23,161 | +€7,396 | +46.9% |
| Other operating charges | 640/8 | €1,390 | €1,892 | +€502 | +36.1% |
| Gross operating margin | 9900 | €52,330 | €51,410 | -€919 | -1.8% |
| Operating profit (loss) | 9901 | €35,174 | €26,357 | -€8,817 | -25.1% |
| Financial income | 75/76B | €435 | €82 | -€353 | -81.2% |
| Recurring financial income | 75 | €435 | €82 | -€353 | -81.2% |
| Financial charges | 65/66B | €39 | €1,314 | +€1,275 | +3,260% |
| Recurring financial charges | 65 | €39 | €1,314 | +€1,275 | +3,260% |
| Profit (loss) for the period before taxes | 9903 | €35,570 | €25,125 | -€10,446 | -29.4% |
| Income taxes | 67/77 | €12,466 | €7,196 | -€5,270 | -42.3% |
| Profit (loss) for the period | 9904 | €23,104 | €17,928 | -€5,176 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,104 | €17,928 | -€5,176 | -22.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.