H.M.C.: what changed
Two fiscal 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.M.C.
Largest movements
- Cash -€148,153
down €148,153 (-50.9%), from €290,983 to €142,830
mainly Tax, wage and social debts (-€108,207) and Trade debts (-€99,262)
- Receivables within one year -€136,577
down €136,577 (-58.3%), from €234,387 to €97,809
of which Trade receivables: -€142,746
- Tangible fixed assets +€33,611
up €33,611 (+51.9%), from €64,774 to €98,385
of which Land and buildings: +€66,421
- Tax, wage and social debts -€108,207
down €108,207 (-87.5%), from €123,632 to €15,425
of which Remuneration and social security: -€55,041
- Trade debts -€99,262
down €99,262 (-80.2%), from €123,697 to €24,436
- Accrued charges and deferred income -€57,445
down €57,445 (-99.4%), from €57,804 to €359
- Reserves +€10,007
up €10,007 (+3.6%), from €279,365 to €289,372
- Gross operating margin -€224,376
down €224,376 (-58.1%), from €386,049 to €161,673
- Staff costs -€99,814
down €99,814 (-45.5%), from €219,489 to €119,675
- Taxes -€36,666
down €36,666 (-79.3%), from €46,265 to €9,599
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 | €594,931 | €342,309 | -€252,621 | -42.5% |
| Fixed assets | 21/28 | €64,774 | €98,385 | +€33,611 | +51.9% |
| Tangible fixed assets | 22/27 | €64,774 | €98,385 | +€33,611 | +51.9% |
| Land and buildings | 22 | - | €66,421 | +€66,421 | |
| Plant, machinery and equipment | 23 | €12,909 | €10,953 | -€1,956 | -15.2% |
| Furniture and vehicles | 24 | €51,865 | €21,011 | -€30,854 | -59.5% |
| Current assets | 29/58 | €530,157 | €243,924 | -€286,232 | -54.0% |
| Amounts receivable within one year | 40/41 | €234,387 | €97,809 | -€136,577 | -58.3% |
| Trade receivables | 40 | €197,912 | €55,166 | -€142,746 | -72.1% |
| Other amounts receivable | 41 | €36,474 | €42,643 | +€6,169 | +16.9% |
| Cash at bank and in hand | 54/58 | €290,983 | €142,830 | -€148,153 | -50.9% |
| Deferred charges and accrued income | 490/1 | €4,787 | €3,285 | -€1,502 | -31.4% |
| Total equity and liabilities | 10/49 | €594,931 | €342,309 | -€252,621 | -42.5% |
| Equity | 10/15 | €285,562 | €295,570 | +€10,007 | +3.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €279,365 | €289,372 | +€10,007 | +3.6% |
| Distributable reserves | 133 | €279,365 | €289,372 | +€10,007 | +3.6% |
| Amounts payable | 17/49 | €309,368 | €46,740 | -€262,629 | -84.9% |
| Amounts payable within one year | 42/48 | €251,564 | €46,381 | -€205,183 | -81.6% |
| Trade debts | 44 | €123,697 | €24,436 | -€99,262 | -80.2% |
| Suppliers | 440/4 | €123,697 | €24,436 | -€99,262 | -80.2% |
| Taxes, remuneration and social security | 45 | €123,632 | €15,425 | -€108,207 | -87.5% |
| Taxes | 450/3 | €68,591 | €15,425 | -€53,166 | -77.5% |
| Remuneration and social security | 454/9 | €55,041 | - | -€55,041 | |
| Other amounts payable | 47/48 | €4,235 | €6,520 | +€2,285 | +54.0% |
| Accrued charges and deferred income | 492/3 | €57,804 | €359 | -€57,445 | -99.4% |
| Non-recurring operating income | 76A | - | €465 | +€465 | |
| Remuneration, social security and pensions | 62 | €219,489 | €119,675 | -€99,814 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,509 | €16,848 | +€2,339 | +16.1% |
| Other operating charges | 640/8 | €3,435 | €3,640 | +€205 | +6.0% |
| Gross operating margin | 9900 | €386,049 | €161,673 | -€224,376 | -58.1% |
| Operating profit (loss) | 9901 | €148,615 | €21,509 | -€127,106 | -85.5% |
| Financial income | 75/76B | €145 | €0 | -€145 | -100.0% |
| Recurring financial income | 75 | €145 | €0 | -€145 | -100.0% |
| Financial charges | 65/66B | €1,086 | €1,903 | +€817 | +75.3% |
| Recurring financial charges | 65 | €1,086 | €1,903 | +€817 | +75.3% |
| Profit (loss) for the period before taxes | 9903 | €147,674 | €19,606 | -€128,068 | -86.7% |
| Income taxes | 67/77 | €46,265 | €9,599 | -€36,666 | -79.3% |
| Profit (loss) for the period | 9904 | €101,409 | €10,007 | -€91,402 | -90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €101,409 | €10,007 | -€91,402 | -90.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.