PUYPE-HERMAN: 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.
PUYPE-HERMAN
Largest movements
- Receivables within one year +€20,351
up €20,351 (+24.8%), from €81,960 to €102,311
of which Trade receivables: +€14,151
- Cash -€16,152
down €16,152 (-40.5%), from €39,925 to €23,772
mainly Contributions, distributions and other (-€251,100) and Debts after one year (-€94,607)
- Other debts +€201,328
up €201,328 (+552%), from €36,448 to €237,776
- Debts after one year -€94,607
down €94,607 (-12.6%), from €752,604 to €657,997
- Reserves -€93,470
down €93,470 (-22.3%), from €418,743 to €325,274
- Tax, wage and social debts -€13,543
down €13,543 (-69.6%), from €19,464 to €5,922
of which Taxes: -€15,521
- Gross operating margin +€22,294
up €22,294 (+11.2%), from €198,877 to €221,172
- Taxes -€6,662
down €6,662 (-11.0%), from €60,615 to €53,954
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 | €1,344,776 | €1,347,955 | +€3,180 | +0.2% |
| Fixed assets | 21/28 | €1,222,891 | €1,221,785 | -€1,106 | -0.1% |
| Tangible fixed assets | 22/27 | €4,906 | €3,800 | -€1,106 | -22.6% |
| Furniture and vehicles | 24 | €4,906 | €3,800 | -€1,106 | -22.6% |
| Financial fixed assets | 28 | €1,217,985 | €1,217,985 | = | 0.0% |
| Current assets | 29/58 | €121,885 | €126,171 | +€4,286 | +3.5% |
| Amounts receivable within one year | 40/41 | €81,960 | €102,311 | +€20,351 | +24.8% |
| Trade receivables | 40 | €81,960 | €96,111 | +€14,151 | +17.3% |
| Other amounts receivable | 41 | - | €6,200 | +€6,200 | |
| Cash at bank and in hand | 54/58 | €39,925 | €23,772 | -€16,152 | -40.5% |
| Deferred charges and accrued income | 490/1 | - | €87 | +€87 | |
| Total equity and liabilities | 10/49 | €1,344,776 | €1,347,955 | +€3,180 | +0.2% |
| Equity | 10/15 | €438,743 | €345,274 | -€93,470 | -21.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €418,743 | €325,274 | -€93,470 | -22.3% |
| Distributable reserves | 133 | €418,743 | €325,274 | -€93,470 | -22.3% |
| Amounts payable | 17/49 | €906,032 | €1,002,682 | +€96,649 | +10.7% |
| Amounts payable after more than one year | 17 | €752,604 | €657,997 | -€94,607 | -12.6% |
| Financial debts | 170/4 | €752,604 | €657,997 | -€94,607 | -12.6% |
| Amounts payable within one year | 42/48 | €152,641 | €344,056 | +€191,415 | +125% |
| Current portion of amounts payable after more than one year | 42 | €93,891 | €94,607 | +€716 | +0.8% |
| Trade debts | 44 | €2,838 | €5,751 | +€2,914 | +103% |
| Suppliers | 440/4 | €2,838 | €5,751 | +€2,914 | +103% |
| Taxes, remuneration and social security | 45 | €19,464 | €5,922 | -€13,543 | -69.6% |
| Taxes | 450/3 | €19,464 | €3,943 | -€15,521 | -79.7% |
| Remuneration and social security | 454/9 | - | €1,978 | +€1,978 | |
| Other amounts payable | 47/48 | €36,448 | €237,776 | +€201,328 | +552% |
| Accrued charges and deferred income | 492/3 | €788 | €628 | -€159 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €626 | €1,106 | +€481 | +76.8% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | €198,877 | €221,172 | +€22,294 | +11.2% |
| Operating profit (loss) | 9901 | €197,158 | €218,939 | +€21,781 | +11.0% |
| Financial income | 75/76B | €168 | €298 | +€129 | +76.9% |
| Recurring financial income | 75 | €168 | €298 | +€129 | +76.9% |
| Financial charges | 65/66B | €7,663 | €7,653 | -€10 | -0.1% |
| Recurring financial charges | 65 | €7,663 | €7,653 | -€10 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €189,664 | €211,584 | +€21,920 | +11.6% |
| Income taxes | 67/77 | €60,615 | €53,954 | -€6,662 | -11.0% |
| Profit (loss) for the period | 9904 | €129,048 | €157,630 | +€28,582 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €129,048 | €157,630 | +€28,582 | +22.1% |
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 15 October 2026 via checked.be.