H.M.G.: 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.G.
Largest movements
- Receivables within one year +€15,411
up €15,411 (+29.4%), from €52,330 to €67,741
of which Trade receivables: +€12,700
- Stocks and contracts -€10,000
down €10,000 (-22.2%), from €45,000 to €35,000
- Cash -€2,862
down €2,862 (-18.7%), from €15,286 to €12,424
mainly Receivables within one year (-€15,411) and Tax, wage and social debts (-€2,285)
- Profit (loss) carried forward +€4,372
up €4,372 (+5.2%), from €84,114 to €88,485
- Tax, wage and social debts -€2,285
down €2,285 (-52.9%), from €4,319 to €2,034
- Gross operating margin +€1,994
up €1,994 (+44.7%), from €4,466 to €6,460
- Taxes +€582
up €582 (+94.4%), from €616 to €1,198
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 | €112,616 | €115,165 | +€2,549 | +2.3% |
| Current assets | 29/58 | €112,616 | €115,165 | +€2,549 | +2.3% |
| Stocks and contracts in progress | 3 | €45,000 | €35,000 | -€10,000 | -22.2% |
| Contracts in progress | 37 | €45,000 | €35,000 | -€10,000 | -22.2% |
| Amounts receivable within one year | 40/41 | €52,330 | €67,741 | +€15,411 | +29.4% |
| Trade receivables | 40 | - | €12,700 | +€12,700 | |
| Other amounts receivable | 41 | €52,330 | €55,041 | +€2,711 | +5.2% |
| Cash at bank and in hand | 54/58 | €15,286 | €12,424 | -€2,862 | -18.7% |
| Total equity and liabilities | 10/49 | €112,616 | €115,165 | +€2,549 | +2.3% |
| Equity | 10/15 | €104,114 | €108,485 | +€4,372 | +4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,114 | €88,485 | +€4,372 | +5.2% |
| Amounts payable | 17/49 | €8,502 | €6,679 | -€1,823 | -21.4% |
| Amounts payable within one year | 42/48 | €8,502 | €6,679 | -€1,823 | -21.4% |
| Trade debts | 44 | €4,183 | €4,646 | +€462 | +11.0% |
| Suppliers | 440/4 | €4,183 | €4,646 | +€462 | +11.0% |
| Taxes, remuneration and social security | 45 | €4,319 | €2,034 | -€2,285 | -52.9% |
| Taxes | 450/3 | €4,319 | €2,034 | -€2,285 | -52.9% |
| Other operating charges | 640/8 | €620 | €642 | +€22 | +3.6% |
| Gross operating margin | 9900 | €4,466 | €6,460 | +€1,994 | +44.7% |
| Operating profit (loss) | 9901 | €3,846 | €5,818 | +€1,972 | +51.3% |
| Financial charges | 65/66B | €253 | €248 | -€4 | -1.7% |
| Recurring financial charges | 65 | €253 | €248 | -€4 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €3,593 | €5,570 | +€1,976 | +55.0% |
| Income taxes | 67/77 | €616 | €1,198 | +€582 | +94.4% |
| Profit (loss) for the period | 9904 | €2,977 | €4,372 | +€1,395 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,977 | €4,372 | +€1,395 | +46.8% |
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 21 October 2026 via checked.be.