SHERMANN: 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.
SHERMANN
Largest movements
- Receivables within one year +€7,801
up €7,801 (+105.9%), from €7,363 to €15,164
of which Other amounts receivable: +€5,411
- Tangible fixed assets -€7,589
down €7,589 (-23.2%), from €32,650 to €25,061
- Reserves +€11,251
up €11,251 (+6.2%), from €180,432 to €191,683
- Tax, wage and social debts -€6,712
down €6,712 (-100.0%), from €6,712 to €0
- Debts after one year -€5,463
down €5,463 (-19.6%), from €27,918 to €22,455
- Financial income -€3,509
down €3,509 (-93.6%), from €3,748 to €238
- Taxes -€1,584
down €1,584 (-11.9%), from €13,304 to €11,720
- Financial charges -€1,076
down €1,076 (-35.1%), from €3,066 to €1,990
- Depreciation +€1,004
up €1,004 (+13.3%), from €7,576 to €8,580
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 | €238,931 | €238,236 | -€694 | -0.3% |
| Fixed assets | 21/28 | €34,150 | €26,561 | -€7,589 | -22.2% |
| Tangible fixed assets | 22/27 | €32,650 | €25,061 | -€7,589 | -23.2% |
| Furniture and vehicles | 24 | €32,650 | €25,061 | -€7,589 | -23.2% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €204,781 | €211,676 | +€6,895 | +3.4% |
| Amounts receivable within one year | 40/41 | €7,363 | €15,164 | +€7,801 | +105.9% |
| Trade receivables | 40 | €5,696 | €8,086 | +€2,390 | +42.0% |
| Other amounts receivable | 41 | €1,667 | €7,078 | +€5,411 | +324.5% |
| Current investments | 50/53 | €124,088 | €124,088 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,329 | €72,160 | -€1,169 | -1.6% |
| Deferred charges and accrued income | 490/1 | €0 | €263 | +€263 | |
| Total equity and liabilities | 10/49 | €238,931 | €238,236 | -€694 | -0.3% |
| Equity | 10/15 | €199,024 | €210,275 | +€11,251 | +5.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €180,432 | €191,683 | +€11,251 | +6.2% |
| Distributable reserves | 133 | €180,432 | €191,683 | +€11,251 | +6.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €39,907 | €27,962 | -€11,945 | -29.9% |
| Amounts payable after more than one year | 17 | €27,918 | €22,455 | -€5,463 | -19.6% |
| Financial debts | 170/4 | €27,918 | €22,455 | -€5,463 | -19.6% |
| Amounts payable within one year | 42/48 | €11,989 | €5,507 | -€6,482 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €5,154 | €5,463 | +€309 | +6.0% |
| Trade debts | 44 | €123 | €44 | -€79 | -64.4% |
| Suppliers | 440/4 | €123 | €44 | -€79 | -64.4% |
| Taxes, remuneration and social security | 45 | €6,712 | €0 | -€6,712 | -100.0% |
| Taxes | 450/3 | €6,712 | €0 | -€6,712 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,576 | €8,580 | +€1,004 | +13.3% |
| Other operating charges | 640/8 | €1,448 | €1,127 | -€321 | -22.2% |
| Gross operating margin | 9900 | €34,309 | €34,430 | +€121 | +0.4% |
| Operating profit (loss) | 9901 | €25,285 | €24,723 | -€561 | -2.2% |
| Financial income | 75/76B | €3,748 | €238 | -€3,509 | -93.6% |
| Recurring financial income | 75 | €3,748 | €238 | -€3,509 | -93.6% |
| Financial charges | 65/66B | €3,066 | €1,990 | -€1,076 | -35.1% |
| Recurring financial charges | 65 | €3,066 | €1,990 | -€1,076 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €25,966 | €22,972 | -€2,995 | -11.5% |
| Income taxes | 67/77 | €13,304 | €11,720 | -€1,584 | -11.9% |
| Profit (loss) for the period | 9904 | €12,662 | €11,251 | -€1,411 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,662 | €11,251 | -€1,411 | -11.1% |
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 4 October 2026 via checked.be.