H&M ENTERPRISE: 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 ENTERPRISE
Largest movements
- Stocks and contracts -€6,115
down €6,115 (-15.2%), from €40,313 to €34,198
- Cash -€1,901
down €1,901 (-6.7%), from €28,582 to €26,680
mainly Trade debts (-€22,023)
- Receivables within one year -€1,764
no longer reported in 2025 (was €1,764)
of which Other amounts receivable: -€1,256
- Trade debts -€22,023
down €22,023 (-44.8%), from €49,199 to €27,176
- Profit (loss) carried forward +€5,561
up €5,561 (+16.2%), from -€34,332 to -€28,771
- Other debts +€5,153
new in 2025: €5,153
- Staff costs -€18,442
down €18,442 (-20.3%), from €90,653 to €72,211
- Gross operating margin -€14,539
down €14,539 (-14.3%), from €101,988 to €87,449
- Financial charges -€1,512
down €1,512 (-15.0%), from €10,078 to €8,566
- Depreciation -€1,141
down €1,141 (-62.4%), from €1,829 to €688
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 | €89,172 | €78,704 | -€10,468 | -11.7% |
| Fixed assets | 21/28 | €18,514 | €17,826 | -€688 | -3.7% |
| Tangible fixed assets | 22/27 | €1,617 | €929 | -€688 | -42.6% |
| Plant, machinery and equipment | 23 | €1,617 | €929 | -€688 | -42.6% |
| Financial fixed assets | 28 | €16,897 | €16,897 | = | 0.0% |
| Current assets | 29/58 | €70,658 | €60,878 | -€9,780 | -13.8% |
| Stocks and contracts in progress | 3 | €40,313 | €34,198 | -€6,115 | -15.2% |
| Stocks | 30/36 | €40,313 | €34,198 | -€6,115 | -15.2% |
| Amounts receivable within one year | 40/41 | €1,764 | - | -€1,764 | |
| Trade receivables | 40 | €508 | - | -€508 | |
| Other amounts receivable | 41 | €1,256 | - | -€1,256 | |
| Cash at bank and in hand | 54/58 | €28,582 | €26,680 | -€1,901 | -6.7% |
| Total equity and liabilities | 10/49 | €89,172 | €78,704 | -€10,468 | -11.7% |
| Equity | 10/15 | €15,848 | €21,409 | +€5,561 | +35.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €43,980 | €43,980 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €42,125 | €42,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,332 | -€28,771 | +€5,561 | +16.2% |
| Amounts payable | 17/49 | €73,324 | €57,295 | -€16,029 | -21.9% |
| Amounts payable within one year | 42/48 | €73,324 | €57,295 | -€16,029 | -21.9% |
| Trade debts | 44 | €49,199 | €27,176 | -€22,023 | -44.8% |
| Suppliers | 440/4 | €49,199 | €27,176 | -€22,023 | -44.8% |
| Taxes, remuneration and social security | 45 | €24,124 | €24,966 | +€841 | +3.5% |
| Taxes | 450/3 | €10,890 | €13,921 | +€3,032 | +27.8% |
| Remuneration and social security | 454/9 | €13,235 | €11,044 | -€2,191 | -16.6% |
| Other amounts payable | 47/48 | - | €5,153 | +€5,153 | |
| Non-recurring operating income | 76A | - | €1,086 | +€1,086 | |
| Remuneration, social security and pensions | 62 | €90,653 | €72,211 | -€18,442 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,829 | €688 | -€1,141 | -62.4% |
| Other operating charges | 640/8 | €1,457 | €886 | -€570 | -39.2% |
| Gross operating margin | 9900 | €101,988 | €87,449 | -€14,539 | -14.3% |
| Operating profit (loss) | 9901 | €8,049 | €13,664 | +€5,614 | +69.7% |
| Financial income | 75/76B | €121 | €463 | +€342 | +283% |
| Recurring financial income | 75 | €121 | €463 | +€342 | +283% |
| Financial charges | 65/66B | €10,078 | €8,566 | -€1,512 | -15.0% |
| Recurring financial charges | 65 | €10,078 | €8,566 | -€1,512 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,908 | €5,561 | +€7,469 | |
| Profit (loss) for the period | 9904 | -€1,908 | €5,561 | +€7,469 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,908 | €5,561 | +€7,469 |
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 26 October 2026 via checked.be.