HMV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-12-2025 PDF all 3 filings
Turnover
€308,421▲ 2.9%
2024 · €299,705
EBIT margin
29.5%▲ 3.8pp
2024 · 25.6%
Net result
€55,098▲ 11.2%
2024 · €49,541
Working capital
€431,247▲ 31.3%
2024 · €328,564
Multi-year overview
2023 to 2025, 3 financial yearsTurnover
€308,421
▲ 2.9%
2025
20232025
Operating result
€90,859
▲ 18.4%
2025
20232025
Net result
€55,098
▲ 11.2%
2025
middle half of the sector
20232025
EBIT margin
29.5%
▲ 3.8pp
2025
20232025
Equity
€102,417
▲ 116%
2025
middle half of the sector
20232025
Total assets
€506,673
▲ 29.7%
2025
highest quarter of the sector
20232025
Debt
€404,256
▲ 17.8%
2025
20232025
Working capital
€431,247
▲ 31.3%
2025
highest quarter of the sector
20232025
Solvency
20.2%
▲ 8.1pp
2025
lowest quarter of the sector
20232025
Current ratio
6.91
▲ 0.39
2025
highest quarter of the sector
20232025
Return on assets (ROA)
10.9%
▼ 1.8pp
2025
middle half of the sector
20232025
Staff (FTE)
2
▲ 33.3%
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Turnover€299,705€308,421▲ 2.9%
Operating result-€7,222-€76,771€90,859▲ 18.4%
Net result-€7,222below the sector's middle half-€49,541within the sector's middle half€55,098within the sector's middle half▲ 11.2%
EBIT margin25.6%29.5%▲ 3.8pp
Equity-€2,222below the sector's middle half-€47,319within the sector's middle half€102,417within the sector's middle half▲ 116%
Total assets€24,405below the sector's middle half-€390,579within the sector's middle half▲ 16×€506,673above the sector's middle half▲ 29.7%
Debt€26,627-€343,259▲ 13×€404,256▲ 17.8%
Working capital€10,006within the sector's middle half-€328,564above the sector's middle half▲ 33×€431,247above the sector's middle half▲ 31.3%
Solvency-9.1%below the sector's middle half-12.1%below the sector's middle half▲ 21.2pp20.2%below the sector's middle half▲ 8.1pp
Current ratio1.86within the sector's middle half-6.52above the sector's middle half▲ 4.666.91above the sector's middle half▲ 0.39
Return on assets (ROA)-29.6%below the sector's middle half-12.7%within the sector's middle half▲ 42.3pp10.9%within the sector's middle half▼ 1.8pp
Staff (FTE)1.52▲ 33.3%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 18% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €506,673
Fixed assets
€2,500 =
Current assets
€504,173 ▲ 29.9%
Equity and liabilities €506,673
Equity
€102,417 ▲ 116%
Debt
€404,256 ▲ 17.8%
Debt's share of the balance-sheet total falls from 87.9% to 79.8%. Equity and debt are higher.
Key figures and ratios
Debt to equity
3.95▼
2024 · 7.25
ROE
53.8%▼
2024 · 104.7%
Debt ≤ 1 year
€72,926▲
2024 · €59,515
Debt > 1 year
€313,465▲
2024 · €273,465
Income taxes
€18,456▲
2024 · €17,683
Customer credit
396 days▲
2024 · 355 days
Supplier credit
39 days▼
2024 · 46 days
Staff costs
€82,535▲
2024 · €65,963
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2024 | 30-09-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 2 |
| part-time | 1 | 2 |
| in full-time equivalents | 0.6 | 1.3 |
| Average over the year, in full-time equivalents | 0.9 | 1.3 |
| On a permanent contract | 1 | 2 |
| Joined | 2 | - |
| Left | 2 | - |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|
| Financial fixed assets | €2,500 | - | - |
| Depreciation and write-downs of the year | €583 | €272 | - |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | - | €299,705 | €308,421 | ▲ 2.9% |
| Goods, raw materials, services and sundry goods60/61 | €5,303 | €155,717 | €134,417 | ▼ 13.7% |
| Remuneration, social security and pensions62 | - | €65,963 | €82,535 | ▲ 25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €583 | €272 | - | - |
| Other operating charges640/8 | €110 | €982 | €610 | ▼ 37.9% |
| Non-recurring operating charges66A | €1,227 | - | - | - |
| Gross operating margin9900 | -€5,303 | €143,988 | €174,005 | ▲ 20.8% |
| Operating profit (loss)9901 | -€7,222 | €76,771 | €90,859 | ▲ 18.4% |
| Financial income75/76B | - | €1 | €1 | ▼ 17.0% |
| Recurring financial income75 | - | €1 | €1 | ▼ 17.0% |
| Financial charges65/66B | - | €9,547 | €17,306 | ▲ 81.3% |
| Recurring financial charges65 | - | €9,547 | €17,306 | ▲ 81.3% |
| Profit (loss) for the period before taxes9903 | -€7,222 | €67,225 | €73,554 | ▲ 9.4% |
| Income taxes67/77 | - | €17,683 | €18,456 | ▲ 4.4% |
| Profit (loss) for the period9904 | -€7,222 | €49,541 | €55,098 | ▲ 11.2% |
| Profit (loss) for the period to be appropriated9905 | -€7,222 | €49,541 | €55,098 | ▲ 11.2% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €24,405 | €390,579 | €506,673 | ▲ 29.7% |
| Formation expenses20 | €272 | €0 | - | - |
| Fixed assets21/28 | €2,500 | €2,500 | €2,500 | = |
| Financial fixed assets28 | €2,500 | €2,500 | €2,500 | = |
| Current assets29/58 | €21,633 | €388,079 | €504,173 | ▲ 29.9% |
| Amounts receivable within one year40/41 | €1,694 | €295,417 | €335,411 | ▲ 13.5% |
| Trade receivables40 | - | €291,853 | €334,724 | ▲ 14.7% |
| Other amounts receivable41 | €1,694 | €3,564 | €687 | ▼ 80.7% |
| Cash at bank and in hand54/58 | €18,815 | €89,162 | €162,525 | ▲ 82.3% |
| Deferred charges and accrued income490/1 | €1,124 | €3,499 | €6,238 | ▲ 78.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €24,405 | €390,579 | €506,673 | ▲ 29.7% |
| Equity10/15 | -€2,222 | €47,319 | €102,417 | ▲ 116% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | €41,000 | €90,000 | ▲ 120% |
| Distributable reserves133 | - | €41,000 | €90,000 | ▲ 120% |
| Profit (loss) carried forward14 | -€7,222 | €1,319 | €7,417 | ▲ 462% |
| Amounts payable17/49 | €26,627 | €343,259 | €404,256 | ▲ 17.8% |
| Amounts payable after more than one year17 | €15,000 | €273,465 | €313,465 | ▲ 14.6% |
| Other amounts payable178/9 | €15,000 | €273,465 | €313,465 | ▲ 14.6% |
| Amounts payable within one year42/48 | €11,627 | €59,515 | €72,926 | ▲ 22.5% |
| Trade debts44 | €8,388 | €19,808 | €14,185 | ▼ 28.4% |
| Suppliers440/4 | €8,388 | €19,808 | €14,185 | ▼ 28.4% |
| Taxes, remuneration and social security45 | - | €37,005 | €34,612 | ▼ 6.5% |
| Taxes450/3 | - | €21,802 | €21,378 | ▼ 1.9% |
| Remuneration and social security454/9 | - | €15,202 | €13,235 | ▼ 12.9% |
| Other amounts payable47/48 | €3,239 | €2,703 | €24,129 | ▲ 793% |
| Accrued charges and deferred income492/3 | - | €10,280 | €17,865 | ▲ 73.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,222 | €49,541 | €55,098 | ▲ 11.2% |
| + Depreciation and write-downs630 | €583 | €272 | - | - |
| Operating cash flow (approximation) | -€6,639 | €49,813 | €55,098 | ▲ 10.6% |
| Investment in fixed assets (approximation) | - | -€272 | €0 | - |
| Change in cash | - | €70,347 | €73,362 | ▲ 4.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 7,976 companies had the same profile as HMV has now. Two years later, 94.3% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
94.3%
was still going
1.8%
stopped otherwise
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HMV itself is lower: 0.1% within 12 months. It rests on far more data about HMV than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,976 companies, not a prediction for HMV. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.