H.M.D.: 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.M.D.
Largest movements
- Cash -€3,536
down €3,536 (-98.2%), from €3,601 to €65
mainly Net result for the year (-€3,571) and Receivables within one year (-€1,010)
- Profit (loss) carried forward -€3,571
down €3,571 (-7.0%), from -€51,291 to -€54,862
- Gross operating margin -€15,640
down €15,640 (-60.5%), from €25,831 to €10,191
- Staff costs -€13,540
down €13,540 (-51.1%), from €26,503 to €12,963
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 | €200,146 | €197,620 | -€2,526 | -1.3% |
| Current assets | 29/58 | €200,146 | €197,620 | -€2,526 | -1.3% |
| Amounts receivable within one year | 40/41 | €196,545 | €197,555 | +€1,010 | +0.5% |
| Other amounts receivable | 41 | €196,545 | €197,555 | +€1,010 | +0.5% |
| Cash at bank and in hand | 54/58 | €3,601 | €65 | -€3,536 | -98.2% |
| Total equity and liabilities | 10/49 | €200,146 | €197,620 | -€2,526 | -1.3% |
| Equity | 10/15 | €196,386 | €192,816 | -€3,571 | -1.8% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €173,310 | €173,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €165,873 | €165,873 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,291 | -€54,862 | -€3,571 | -7.0% |
| Amounts payable | 17/49 | €3,760 | €4,805 | +€1,045 | +27.8% |
| Amounts payable within one year | 42/48 | €3,760 | €4,805 | +€1,045 | +27.8% |
| Trade debts | 44 | €1,970 | €3,920 | +€1,950 | +99.0% |
| Suppliers | 440/4 | €1,970 | €3,920 | +€1,950 | +99.0% |
| Taxes, remuneration and social security | 45 | €1,430 | €450 | -€980 | -68.5% |
| Remuneration and social security | 454/9 | €1,430 | €450 | -€980 | -68.5% |
| Other amounts payable | 47/48 | €360 | €435 | +€75 | +20.8% |
| Remuneration, social security and pensions | 62 | €26,503 | €12,963 | -€13,540 | -51.1% |
| Other operating charges | 640/8 | €534 | €771 | +€237 | +44.3% |
| Gross operating margin | 9900 | €25,831 | €10,191 | -€15,640 | -60.5% |
| Operating profit (loss) | 9901 | -€1,206 | -€3,543 | -€2,337 | -194% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €28 | €37 | +€9 | +33.3% |
| Recurring financial charges | 65 | €28 | €37 | +€9 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,234 | -€3,571 | -€2,337 | -189% |
| Profit (loss) for the period | 9904 | -€1,234 | -€3,571 | -€2,337 | -189% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,234 | -€3,571 | -€2,337 | -189% |
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 20 October 2026 via checked.be.