SABINE HERMAN: what changed
SABINE HERMAN
Largest movements
- Cash +€94,025
up €94,025 (+74.6%), from €126,052 to €220,077
mainly Receivables within one year (+€68,122) and Stocks and contracts (+€34,962)
- Receivables within one year -€68,122
down €68,122 (-77.9%), from €87,415 to €19,292
of which Trade receivables: -€41,417
- Stocks and contracts -€34,962
down €34,962 (-25.8%), from €135,756 to €100,794
- Reserves -€14,370
down €14,370 (-12.1%), from €118,396 to €104,027
of which Distributable reserves: -€14,370
- Other debts +€8,716
up €8,716 (+161%), from €5,400 to €14,116
- Tax, wage and social debts -€6,598
down €6,598 (-64.6%), from €10,207 to €3,609
- Gross operating margin -€13,864
down €13,864 (-54.2%), from €25,572 to €11,708
- Depreciation -€9,753
down €9,753 (-88.0%), from €11,076 to €1,324
- Financial income -€2,872
down €2,872 (-99.9%), from €2,874 to €2
- Other operating charges -€1,064
down €1,064 (-41.6%), from €2,555 to €1,491
- Taxes +€824
up €824 (+56.7%), from €1,454 to €2,278
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 | €352,527 | €342,185 | -€10,342 | -2.9% |
| Fixed assets | 21/28 | €1,882 | €558 | -€1,324 | -70.3% |
| Tangible fixed assets | 22/27 | €1,832 | €508 | -€1,324 | -72.3% |
| Land and buildings | 22 | €323 | - | -€323 | |
| Plant, machinery and equipment | 23 | €786 | €186 | -€600 | -76.4% |
| Furniture and vehicles | 24 | €723 | €322 | -€401 | -55.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €350,645 | €341,627 | -€9,018 | -2.6% |
| Stocks and contracts in progress | 3 | €135,756 | €100,794 | -€34,962 | -25.8% |
| Stocks | 30/36 | €135,756 | €100,794 | -€34,962 | -25.8% |
| Amounts receivable within one year | 40/41 | €87,415 | €19,292 | -€68,122 | -77.9% |
| Trade receivables | 40 | €60,709 | €19,292 | -€41,417 | -68.2% |
| Other amounts receivable | 41 | €26,705 | - | -€26,705 | |
| Cash at bank and in hand | 54/58 | €126,052 | €220,077 | +€94,025 | +74.6% |
| Deferred charges and accrued income | 490/1 | €1,422 | €1,463 | +€41 | +2.9% |
| Total equity and liabilities | 10/49 | €352,527 | €342,185 | -€10,342 | -2.9% |
| Equity | 10/15 | €336,542 | €322,173 | -€14,370 | -4.3% |
| Contributions | 10/11 | €108,600 | €108,600 | = | 0.0% |
| Contributions outside capital | 11 | €108,600 | €108,600 | = | 0.0% |
| Other | 1109/19 | €108,600 | €108,600 | = | 0.0% |
| Reserves | 13 | €118,396 | €104,027 | -€14,370 | -12.1% |
| Tax-exempt reserves | 132 | €48,785 | €48,785 | = | 0.0% |
| Distributable reserves | 133 | €69,611 | €55,241 | -€14,370 | -20.6% |
| Profit (loss) carried forward | 14 | €109,546 | €109,546 | = | 0.0% |
| Amounts payable | 17/49 | €15,985 | €20,013 | +€4,028 | +25.2% |
| Amounts payable within one year | 42/48 | €15,985 | €18,450 | +€2,465 | +15.4% |
| Trade debts | 44 | €378 | €725 | +€347 | +91.8% |
| Suppliers | 440/4 | €378 | €725 | +€347 | +91.8% |
| Taxes, remuneration and social security | 45 | €10,207 | €3,609 | -€6,598 | -64.6% |
| Taxes | 450/3 | €10,207 | €3,609 | -€6,598 | -64.6% |
| Other amounts payable | 47/48 | €5,400 | €14,116 | +€8,716 | +161% |
| Accrued charges and deferred income | 492/3 | - | €1,563 | +€1,563 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,076 | €1,324 | -€9,753 | -88.0% |
| Other operating charges | 640/8 | €2,555 | €1,491 | -€1,064 | -41.6% |
| Gross operating margin | 9900 | €25,572 | €11,708 | -€13,864 | -54.2% |
| Operating profit (loss) | 9901 | €11,941 | €8,893 | -€3,048 | -25.5% |
| Financial income | 75/76B | €2,874 | €2 | -€2,872 | -99.9% |
| Recurring financial income | 75 | €2,874 | €2 | -€2,872 | -99.9% |
| Financial charges | 65/66B | €180 | €183 | +€3 | +1.7% |
| Recurring financial charges | 65 | €180 | €183 | +€3 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €14,635 | €8,712 | -€5,923 | -40.5% |
| Income taxes | 67/77 | €1,454 | €2,278 | +€824 | +56.7% |
| Profit (loss) for the period | 9904 | €13,181 | €6,434 | -€6,747 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,181 | €6,434 | -€6,747 | -51.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.