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
- Tangible fixed assets -€78,869
down €78,869 (-18.0%), from €438,364 to €359,495
of which Land and buildings: -€87,030
- Cash +€16,526
up €16,526 (+12.9%), from €127,625 to €144,151
mainly Depreciation (+€118,674) and Other debts (+€61,911)
- Current investments +€14,000
new in 2025: €14,000
- Deferred charges and accrued income +€7,909
up €7,909 (+105%), from €7,500 to €15,409
- Other debts +€61,911
up €61,911 (+117%), from €52,760 to €114,671
- Debts after one year -€59,522
down €59,522 (-23.2%), from €256,186 to €196,664
- Reserves -€50,857
down €50,857 (-21.6%), from €235,734 to €184,877
- Tax, wage and social debts +€22,050
up €22,050 (+73.6%), from €29,949 to €51,999
of which Taxes: +€12,354
- Trade debts -€21,558
down €21,558 (-76.4%), from €28,213 to €6,656
- Gross operating margin +€60,282
up €60,282 (+14.4%), from €417,851 to €478,134
- Staff costs +€24,262
up €24,262 (+9.0%), from €268,390 to €292,651
- Taxes +€11,350
up €11,350 (+124%), from €9,189 to €20,540
- Depreciation -€6,943
down €6,943 (-5.5%), from €125,617 to €118,674
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 | €721,442 | €677,499 | -€43,943 | -6.1% |
| Fixed assets | 21/28 | €439,084 | €360,215 | -€78,869 | -18.0% |
| Tangible fixed assets | 22/27 | €438,364 | €359,495 | -€78,869 | -18.0% |
| Land and buildings | 22 | €383,626 | €296,596 | -€87,030 | -22.7% |
| Plant, machinery and equipment | 23 | €41,427 | €55,589 | +€14,162 | +34.2% |
| Furniture and vehicles | 24 | €13,311 | €7,310 | -€6,001 | -45.1% |
| Financial fixed assets | 28 | €720 | €720 | = | 0.0% |
| Current assets | 29/58 | €282,358 | €317,284 | +€34,926 | +12.4% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €12,862 | €8,371 | -€4,491 | -34.9% |
| Stocks | 30/36 | €12,862 | €8,371 | -€4,491 | -34.9% |
| Amounts receivable within one year | 40/41 | €14,371 | €15,352 | +€982 | +6.8% |
| Trade receivables | 40 | €9,861 | €12,992 | +€3,131 | +31.8% |
| Other amounts receivable | 41 | €4,510 | €2,360 | -€2,150 | -47.7% |
| Current investments | 50/53 | - | €14,000 | +€14,000 | |
| Cash at bank and in hand | 54/58 | €127,625 | €144,151 | +€16,526 | +12.9% |
| Deferred charges and accrued income | 490/1 | €7,500 | €15,409 | +€7,909 | +105% |
| Total equity and liabilities | 10/49 | €721,442 | €677,499 | -€43,943 | -6.1% |
| Equity | 10/15 | €295,173 | €244,316 | -€50,857 | -17.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €235,734 | €184,877 | -€50,857 | -21.6% |
| Distributable reserves | 133 | €235,734 | €184,877 | -€50,857 | -21.6% |
| Profit (loss) carried forward | 14 | €29,439 | €29,439 | = | 0.0% |
| Amounts payable | 17/49 | €426,269 | €433,183 | +€6,914 | +1.6% |
| Amounts payable after more than one year | 17 | €256,186 | €196,664 | -€59,522 | -23.2% |
| Financial debts | 170/4 | €256,186 | €196,664 | -€59,522 | -23.2% |
| Amounts payable within one year | 42/48 | €169,082 | €236,519 | +€67,436 | +39.9% |
| Current portion of amounts payable after more than one year | 42 | €58,160 | €63,193 | +€5,033 | +8.7% |
| Trade debts | 44 | €28,213 | €6,656 | -€21,558 | -76.4% |
| Suppliers | 440/4 | €28,213 | €6,656 | -€21,558 | -76.4% |
| Taxes, remuneration and social security | 45 | €29,949 | €51,999 | +€22,050 | +73.6% |
| Taxes | 450/3 | €3,690 | €16,044 | +€12,354 | +335% |
| Remuneration and social security | 454/9 | €26,259 | €35,955 | +€9,696 | +36.9% |
| Other amounts payable | 47/48 | €52,760 | €114,671 | +€61,911 | +117% |
| Accrued charges and deferred income | 492/3 | €1,000 | - | -€1,000 | |
| Non-recurring operating income | 76A | €6,045 | - | -€6,045 | |
| Remuneration, social security and pensions | 62 | €268,390 | €292,651 | +€24,262 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,617 | €118,674 | -€6,943 | -5.5% |
| Other operating charges | 640/8 | €630 | €1,020 | +€390 | +61.9% |
| Gross operating margin | 9900 | €417,851 | €478,134 | +€60,282 | +14.4% |
| Operating profit (loss) | 9901 | €23,214 | €65,788 | +€42,574 | +183% |
| Financial income | 75/76B | €7,865 | €7,000 | -€865 | -11.0% |
| Recurring financial income | 75 | €7,865 | €7,000 | -€865 | -11.0% |
| Financial charges | 65/66B | €8,477 | €7,198 | -€1,279 | -15.1% |
| Recurring financial charges | 65 | €8,477 | €7,198 | -€1,279 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €22,602 | €65,590 | +€42,989 | +190% |
| Income taxes | 67/77 | €9,189 | €20,540 | +€11,350 | +124% |
| Profit (loss) for the period | 9904 | €13,412 | €45,051 | +€31,638 | +236% |
| Profit (loss) for the period to be appropriated | 9905 | €13,412 | €45,051 | +€31,638 | +236% |
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 15 October 2026 via checked.be.