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 +€120,147
up €120,147 (+27.0%), from €444,595 to €564,741
mainly Receivables within one year (+€57,450) and Net result for the year (+€53,567)
- Receivables within one year -€57,450
down €57,450 (-84.8%), from €67,735 to €10,285
of which Trade receivables: -€51,391
- Tangible fixed assets -€36,510
down €36,510 (-8.6%), from €426,507 to €389,997
of which Land and buildings: -€28,743
- Deferred charges and accrued income +€11,637
up €11,637 (+375.4%), from €3,100 to €14,737
- Reserves +€53,567
up €53,567 (+9.1%), from €587,694 to €641,261
- Other debts -€10,317
down €10,317 (-3.3%), from €312,784 to €302,467
- Turnover +€103,410
new in 2025: €103,410
- Purchases and services +€26,534
new in 2025: €26,534
- Gross operating margin -€15,687
down €15,687 (-10.6%), from €147,731 to €132,044
- Taxes -€4,451
down €4,451 (-13.7%), from €32,503 to €28,051
- Financial income +€2,316
up €2,316 (+47.8%), from €4,848 to €7,164
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 | €941,937 | €979,760 | +€37,824 | +4.0% |
| Fixed assets | 21/28 | €426,507 | €389,997 | -€36,510 | -8.6% |
| Tangible fixed assets | 22/27 | €426,507 | €389,997 | -€36,510 | -8.6% |
| Land and buildings | 22 | €412,326 | €383,583 | -€28,743 | -7.0% |
| Furniture and vehicles | 24 | €14,181 | €6,414 | -€7,767 | -54.8% |
| Current assets | 29/58 | €515,429 | €589,763 | +€74,334 | +14.4% |
| Amounts receivable within one year | 40/41 | €67,735 | €10,285 | -€57,450 | -84.8% |
| Trade receivables | 40 | €61,676 | €10,285 | -€51,391 | -83.3% |
| Other amounts receivable | 41 | €6,059 | - | -€6,059 | |
| Cash at bank and in hand | 54/58 | €444,595 | €564,741 | +€120,147 | +27.0% |
| Deferred charges and accrued income | 490/1 | €3,100 | €14,737 | +€11,637 | +375.4% |
| Total equity and liabilities | 10/49 | €941,937 | €979,760 | +€37,824 | +4.0% |
| Equity | 10/15 | €607,694 | €661,261 | +€53,567 | +8.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €587,694 | €641,261 | +€53,567 | +9.1% |
| Distributable reserves | 133 | €587,694 | €641,261 | +€53,567 | +9.1% |
| Amounts payable | 17/49 | €334,243 | €318,500 | -€15,743 | -4.7% |
| Amounts payable within one year | 42/48 | €313,809 | €306,480 | -€7,329 | -2.3% |
| Trade debts | 44 | €25 | €135 | +€110 | +442.7% |
| Suppliers | 440/4 | €25 | €135 | +€110 | +442.7% |
| Taxes, remuneration and social security | 45 | €1,000 | €3,878 | +€2,878 | +287.8% |
| Taxes | 450/3 | €1,000 | €3,878 | +€2,878 | +287.8% |
| Other amounts payable | 47/48 | €312,784 | €302,467 | -€10,317 | -3.3% |
| Accrued charges and deferred income | 492/3 | €20,434 | €12,020 | -€8,414 | -41.2% |
| Turnover | 70 | - | €103,410 | +€103,410 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €26,534 | +€26,534 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,915 | €39,157 | +€242 | +0.6% |
| Other operating charges | 640/8 | €6,599 | €6,349 | -€250 | -3.8% |
| Gross operating margin | 9900 | €147,731 | €132,044 | -€15,687 | -10.6% |
| Operating profit (loss) | 9901 | €102,217 | €86,538 | -€15,679 | -15.3% |
| Financial income | 75/76B | €4,848 | €7,164 | +€2,316 | +47.8% |
| Recurring financial income | 75 | €4,848 | €7,164 | +€2,316 | +47.8% |
| Financial charges | 65/66B | €12,069 | €12,084 | +€15 | +0.1% |
| Recurring financial charges | 65 | €12,069 | €12,084 | +€15 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €94,996 | €81,618 | -€13,378 | -14.1% |
| Income taxes | 67/77 | €32,503 | €28,051 | -€4,451 | -13.7% |
| Profit (loss) for the period | 9904 | €62,493 | €53,567 | -€8,926 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,493 | €53,567 | -€8,926 | -14.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.