Dr. Milad Hammal: 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.
Dr. Milad Hammal
Largest movements
- Cash +€60,689
up €60,689 (+64.3%), from €94,407 to €155,096
mainly Net result for the year (+€71,322) and Investment in fixed assets (net) (+€3,500)
- Receivables within one year +€8,643
up €8,643 (+97.5%), from €8,865 to €17,508
of which Trade receivables: +€5,299
- Tangible fixed assets -€4,209
down €4,209 (-85.5%), from €4,921 to €712
- Current investments +€3,403
up €3,403 (+340.3%), from €1,000 to €4,403
- Reserves +€71,322
up €71,322 (+68.1%), from €104,763 to €176,085
- Tax, wage and social debts -€2,110
down €2,110 (-100.0%), from €2,110 to €0
- Gross operating margin -€26,726
down €26,726 (-22.4%), from €119,435 to €92,709
- Taxes -€5,170
down €5,170 (-21.3%), from €24,259 to €19,088
- Depreciation -€4,554
down €4,554 (-86.5%), from €5,263 to €709
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 | €110,520 | €178,840 | +€68,320 | +61.8% |
| Fixed assets | 21/28 | €4,921 | €712 | -€4,209 | -85.5% |
| Tangible fixed assets | 22/27 | €4,921 | €712 | -€4,209 | -85.5% |
| Furniture and vehicles | 24 | €4,921 | €712 | -€4,209 | -85.5% |
| Current assets | 29/58 | €105,599 | €178,128 | +€72,529 | +68.7% |
| Amounts receivable within one year | 40/41 | €8,865 | €17,508 | +€8,643 | +97.5% |
| Trade receivables | 40 | €8,689 | €13,989 | +€5,299 | +61.0% |
| Other amounts receivable | 41 | €176 | €3,520 | +€3,344 | +1902.0% |
| Current investments | 50/53 | €1,000 | €4,403 | +€3,403 | +340.3% |
| Cash at bank and in hand | 54/58 | €94,407 | €155,096 | +€60,689 | +64.3% |
| Deferred charges and accrued income | 490/1 | €1,327 | €1,121 | -€207 | -15.6% |
| Total equity and liabilities | 10/49 | €110,520 | €178,840 | +€68,320 | +61.8% |
| Equity | 10/15 | €106,263 | €177,585 | +€71,322 | +67.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €104,763 | €176,085 | +€71,322 | +68.1% |
| Distributable reserves | 133 | €104,763 | €176,085 | +€71,322 | +68.1% |
| Amounts payable | 17/49 | €4,257 | €1,256 | -€3,001 | -70.5% |
| Amounts payable within one year | 42/48 | €4,257 | €1,256 | -€3,001 | -70.5% |
| Trade debts | 44 | €778 | €858 | +€80 | +10.3% |
| Suppliers | 440/4 | €778 | €858 | +€80 | +10.3% |
| Taxes, remuneration and social security | 45 | €2,110 | €0 | -€2,110 | -100.0% |
| Taxes | 450/3 | €2,110 | €0 | -€2,110 | -100.0% |
| Other amounts payable | 47/48 | €1,369 | €397 | -€972 | -71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,263 | €709 | -€4,554 | -86.5% |
| Other operating charges | 640/8 | €613 | €472 | -€141 | -23.0% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | €119,435 | €92,709 | -€26,726 | -22.4% |
| Operating profit (loss) | 9901 | €113,559 | €90,528 | -€23,031 | -20.3% |
| Financial income | 75/76B | €2 | €360 | +€358 | +17566.2% |
| Recurring financial income | 75 | €2 | €360 | +€358 | +17566.2% |
| Financial charges | 65/66B | €63 | €479 | +€416 | +666.3% |
| Recurring financial charges | 65 | €63 | €479 | +€416 | +666.3% |
| Profit (loss) for the period before taxes | 9903 | €113,499 | €90,410 | -€23,089 | -20.3% |
| Income taxes | 67/77 | €24,259 | €19,088 | -€5,170 | -21.3% |
| Profit (loss) for the period | 9904 | €89,240 | €71,322 | -€17,919 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €89,240 | €71,322 | -€17,919 | -20.1% |
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 9 October 2026 via checked.be.