HERMES: 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.
HERMES
Largest movements
- Receivables after one year -€72,000
no longer reported in 2025 (was €72,000)
- Receivables within one year -€24,945
down €24,945 (-43.7%), from €57,093 to €32,148
of which Other amounts receivable: -€25,023
- Cash -€10,551
down €10,551 (-28.7%), from €36,792 to €26,241
mainly Contributions, distributions and other (-€115,000) and Deferred charges and accrued income (-€1,480)
- Reserves -€106,143
down €106,143 (-72.9%), from €145,678 to €39,534
- Gross operating margin -€17,006
down €17,006 (-60.6%), from €28,055 to €11,049
- Taxes -€4,302
down €4,302 (-47.6%), from €9,035 to €4,733
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 | €193,410 | €87,394 | -€106,016 | -54.8% |
| Fixed assets | 21/28 | €27,268 | €27,268 | = | 0.0% |
| Tangible fixed assets | 22/27 | €27,268 | €27,268 | = | 0.0% |
| Land and buildings | 22 | €27,268 | €27,268 | = | 0.0% |
| Current assets | 29/58 | €166,142 | €60,126 | -€106,016 | -63.8% |
| Amounts receivable after more than one year | 29 | €72,000 | - | -€72,000 | |
| Other amounts receivable | 291 | €72,000 | - | -€72,000 | |
| Amounts receivable within one year | 40/41 | €57,093 | €32,148 | -€24,945 | -43.7% |
| Trade receivables | 40 | €30,173 | €30,250 | +€77 | +0.3% |
| Other amounts receivable | 41 | €26,921 | €1,898 | -€25,023 | -92.9% |
| Cash at bank and in hand | 54/58 | €36,792 | €26,241 | -€10,551 | -28.7% |
| Deferred charges and accrued income | 490/1 | €256 | €1,737 | +€1,480 | +578% |
| Total equity and liabilities | 10/49 | €193,410 | €87,394 | -€106,016 | -54.8% |
| Equity | 10/15 | €183,678 | €77,534 | -€106,143 | -57.8% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €145,678 | €39,534 | -€106,143 | -72.9% |
| Distributable reserves | 133 | €145,678 | €39,534 | -€106,143 | -72.9% |
| Amounts payable | 17/49 | €9,733 | €9,860 | +€127 | +1.3% |
| Amounts payable within one year | 42/48 | €9,731 | €9,860 | +€129 | +1.3% |
| Trade debts | 44 | €353 | €602 | +€250 | +70.8% |
| Suppliers | 440/4 | €353 | €602 | +€250 | +70.8% |
| Taxes, remuneration and social security | 45 | €9,378 | €9,258 | -€120 | -1.3% |
| Taxes | 450/3 | €9,378 | €9,258 | -€120 | -1.3% |
| Accrued charges and deferred income | 492/3 | €2 | - | -€2 | |
| Other operating charges | 640/8 | €1,014 | €1,045 | +€31 | +3.1% |
| Gross operating margin | 9900 | €28,055 | €11,049 | -€17,006 | -60.6% |
| Operating profit (loss) | 9901 | €27,041 | €10,004 | -€17,037 | -63.0% |
| Financial income | 75/76B | €3,506 | €3,645 | +€139 | +4.0% |
| Recurring financial income | 75 | €3,506 | €3,645 | +€139 | +4.0% |
| Financial charges | 65/66B | €132 | €60 | -€72 | -54.4% |
| Recurring financial charges | 65 | €132 | €60 | -€72 | -54.4% |
| Profit (loss) for the period before taxes | 9903 | €30,416 | €13,590 | -€16,826 | -55.3% |
| Income taxes | 67/77 | €9,035 | €4,733 | -€4,302 | -47.6% |
| Profit (loss) for the period | 9904 | €21,381 | €8,857 | -€12,524 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,381 | €8,857 | -€12,524 | -58.6% |
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 29 October 2026 via checked.be.