H.L.M.: 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.
H.L.M.
Largest movements
- Cash +€120,017
up €120,017 (+39.1%), from €306,647 to €426,664
mainly Net result for the year (+€118,699) and Depreciation (+€58,427)
- Tangible fixed assets -€58,427
down €58,427 (-10.5%), from €558,568 to €500,140
of which Land and buildings: -€54,470
- Reserves +€118,699
up €118,699 (+16.0%), from €740,922 to €859,621
- Debts after one year -€55,427
no longer reported in 2025 (was €55,427)
- Financial charges -€5,753
down €5,753 (-82.4%), from €6,980 to €1,227
- Financial income -€3,319
down €3,319 (-64.7%), from €5,129 to €1,811
- Gross operating margin +€3,003
up €3,003 (+1.3%), from €224,805 to €227,808
- Taxes +€2,310
up €2,310 (+4.9%), from €47,320 to €49,630
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 | €878,581 | €939,680 | +€61,099 | +7.0% |
| Fixed assets | 21/28 | €558,568 | €500,140 | -€58,427 | -10.5% |
| Tangible fixed assets | 22/27 | €558,568 | €500,140 | -€58,427 | -10.5% |
| Land and buildings | 22 | €554,610 | €500,140 | -€54,470 | -9.8% |
| Furniture and vehicles | 24 | €3,957 | - | -€3,957 | |
| Current assets | 29/58 | €320,014 | €439,540 | +€119,526 | +37.4% |
| Amounts receivable within one year | 40/41 | €10,642 | €10,642 | = | 0.0% |
| Trade receivables | 40 | €10,642 | €10,642 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €306,647 | €426,664 | +€120,017 | +39.1% |
| Deferred charges and accrued income | 490/1 | €2,725 | €2,234 | -€491 | -18.0% |
| Total equity and liabilities | 10/49 | €878,581 | €939,680 | +€61,099 | +7.0% |
| Equity | 10/15 | €740,922 | €859,621 | +€118,699 | +16.0% |
| Reserves | 13 | €740,922 | €859,621 | +€118,699 | +16.0% |
| Distributable reserves | 133 | €740,922 | €859,621 | +€118,699 | +16.0% |
| Amounts payable | 17/49 | €137,659 | €80,059 | -€57,600 | -41.8% |
| Amounts payable after more than one year | 17 | €55,427 | - | -€55,427 | |
| Financial debts | 170/4 | €55,427 | - | -€55,427 | |
| Amounts payable within one year | 42/48 | €81,506 | €79,310 | -€2,195 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €54,755 | €55,427 | +€672 | +1.2% |
| Trade debts | 44 | €3,726 | €1,892 | -€1,835 | -49.2% |
| Suppliers | 440/4 | €3,726 | €1,892 | -€1,835 | -49.2% |
| Taxes, remuneration and social security | 45 | €23,024 | €21,991 | -€1,033 | -4.5% |
| Taxes | 450/3 | €19,362 | €21,991 | +€2,629 | +13.6% |
| Remuneration and social security | 454/9 | €3,662 | - | -€3,662 | |
| Accrued charges and deferred income | 492/3 | €726 | €749 | +€23 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,926 | €58,427 | -€1,499 | -2.5% |
| Other operating charges | 640/8 | €2,309 | €1,635 | -€674 | -29.2% |
| Gross operating margin | 9900 | €224,805 | €227,808 | +€3,003 | +1.3% |
| Operating profit (loss) | 9901 | €162,571 | €167,745 | +€5,175 | +3.2% |
| Financial income | 75/76B | €5,129 | €1,811 | -€3,319 | -64.7% |
| Recurring financial income | 75 | €5,129 | €1,811 | -€3,319 | -64.7% |
| Financial charges | 65/66B | €6,980 | €1,227 | -€5,753 | -82.4% |
| Recurring financial charges | 65 | €6,980 | €1,227 | -€5,753 | -82.4% |
| Profit (loss) for the period before taxes | 9903 | €160,720 | €168,329 | +€7,610 | +4.7% |
| Income taxes | 67/77 | €47,320 | €49,630 | +€2,310 | +4.9% |
| Profit (loss) for the period | 9904 | €113,399 | €118,699 | +€5,300 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,399 | €118,699 | +€5,300 | +4.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.