GROUP HQM: what changed
GROUP HQM
Largest movements
- Tangible fixed assets +€82,700
up €82,700 (+7.5%), from €1.1m to €1.2m
of which Land and buildings: +€233,669
- Receivables within one year -€42,114
down €42,114 (-20.4%), from €206,432 to €164,318
of which Trade receivables: -€37,320
- Stocks and contracts +€16,764
new in 2025: €16,764
- Profit (loss) carried forward -€136,428
down €136,428 (-53.9%), from €253,189 to €116,761
- Debts after one year +€125,498
up €125,498 (+18.5%), from €679,074 to €804,572
- Trade debts +€58,851
up €58,851 (+73.7%), from €79,862 to €138,713
- Tax, wage and social debts -€21,569
down €21,569 (-45.7%), from €47,214 to €25,645
of which Taxes: -€18,388
- Other debts +€14,769
up €14,769 (+55.0%), from €26,862 to €41,632
- Depreciation +€102,521
up €102,521 (+47.4%), from €216,400 to €318,921
- Financial charges +€17,257
up €17,257 (+52.8%), from €32,686 to €49,944
of which Financial charges: +€24,572
- Other operating charges -€8,385
down €8,385 (-71.0%), from €11,816 to €3,431
- Staff costs +€6,812
up €6,812 (+4.2%), from €163,119 to €169,931
- Gross operating margin -€5,386
down €5,386 (-1.3%), from €412,166 to €406,780
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
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,321,376 | €1,372,210 | +€50,834 | +3.8% |
| Fixed assets | 21/28 | €1,101,908 | €1,184,608 | +€82,700 | +7.5% |
| Tangible fixed assets | 22/27 | €1,101,908 | €1,184,608 | +€82,700 | +7.5% |
| Land and buildings | 22 | €90,000 | €323,669 | +€233,669 | +260% |
| Plant, machinery and equipment | 23 | €40,427 | €111,202 | +€70,775 | +175% |
| Furniture and vehicles | 24 | €332,896 | €244,750 | -€88,146 | -26.5% |
| Leasing and similar rights | 25 | €622,034 | €494,061 | -€127,972 | -20.6% |
| Other tangible fixed assets | 26 | €16,552 | €10,926 | -€5,625 | -34.0% |
| Current assets | 29/58 | €219,467 | €187,601 | -€31,866 | -14.5% |
| Stocks and contracts in progress | 3 | - | €16,764 | +€16,764 | |
| Stocks | 30/36 | - | €16,764 | +€16,764 | |
| Amounts receivable within one year | 40/41 | €206,432 | €164,318 | -€42,114 | -20.4% |
| Trade receivables | 40 | €179,098 | €141,778 | -€37,320 | -20.8% |
| Other amounts receivable | 41 | €27,334 | €22,541 | -€4,793 | -17.5% |
| Deferred charges and accrued income | 490/1 | €13,036 | €6,519 | -€6,517 | -50.0% |
| Total equity and liabilities | 10/49 | €1,321,376 | €1,372,210 | +€50,834 | +3.8% |
| Equity | 10/15 | €273,649 | €137,221 | -€136,428 | -49.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €253,189 | €116,761 | -€136,428 | -53.9% |
| Amounts payable | 17/49 | €1,047,726 | €1,234,989 | +€187,262 | +17.9% |
| Amounts payable after more than one year | 17 | €679,074 | €804,572 | +€125,498 | +18.5% |
| Financial debts | 170/4 | €679,074 | €804,572 | +€125,498 | +18.5% |
| Amounts payable within one year | 42/48 | €368,652 | €430,416 | +€61,764 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €182,320 | €190,163 | +€7,844 | +4.3% |
| Financial debts | 43 | €32,394 | €34,264 | +€1,870 | +5.8% |
| Credit institutions | 430/8 | €32,394 | €34,264 | +€1,870 | +5.8% |
| Trade debts | 44 | €79,862 | €138,713 | +€58,851 | +73.7% |
| Suppliers | 440/4 | €79,862 | €138,713 | +€58,851 | +73.7% |
| Taxes, remuneration and social security | 45 | €47,214 | €25,645 | -€21,569 | -45.7% |
| Taxes | 450/3 | €19,194 | €806 | -€18,388 | -95.8% |
| Remuneration and social security | 454/9 | €28,020 | €24,839 | -€3,181 | -11.4% |
| Other amounts payable | 47/48 | €26,862 | €41,632 | +€14,769 | +55.0% |
| Non-recurring operating income | 76A | €826 | - | -€826 | |
| Remuneration, social security and pensions | 62 | €163,119 | €169,931 | +€6,812 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,400 | €318,921 | +€102,521 | +47.4% |
| Other operating charges | 640/8 | €11,816 | €3,431 | -€8,385 | -71.0% |
| Gross operating margin | 9900 | €412,166 | €406,780 | -€5,386 | -1.3% |
| Operating profit (loss) | 9901 | €20,831 | -€85,503 | -€106,334 | |
| Financial income | 75/76B | €34 | €2 | -€32 | -94.0% |
| Recurring financial income | 75 | €34 | €2 | -€32 | -94.0% |
| Financial charges | 65/66B | €32,686 | €49,944 | +€17,257 | +52.8% |
| Recurring financial charges | 65 | €25,372 | €49,944 | +€24,572 | +96.8% |
| Non-recurring financial charges | 66B | €7,314 | - | -€7,314 | |
| Profit (loss) for the period before taxes | 9903 | -€11,821 | -€135,444 | -€123,623 | -1,046% |
| Income taxes | 67/77 | €351 | €984 | +€633 | +180% |
| Profit (loss) for the period | 9904 | -€12,172 | -€136,428 | -€124,256 | -1,021% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,172 | -€136,428 | -€124,256 | -1,021% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.