H.M. Group: 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.
What changed
H.M. Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€136,769
2024 · €136,359+€410
Equity
€38.8m
2024 · €38.6m+€136,769
Cash
€11,242
2024 · €16,200-€4,957
Balance sheet total
€41.1m
2024 · €41.0m+€127,167
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€1.2m
down €1.2m (-76.1%), from €1.5m to €366,667
- Current portion of long-term debt +€1.1m
up €1.1m (+900%), from €116,667 to €1.2m
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€136,359
Gross operating margin
+€191
Staff costs
+€1,427
Other operating charges
+€125
Financial income
+€684
Financial charges
-€1,949
Taxes
-€68
Result 2025
€136,769
raises the resultlowers the result
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.
From operations
+€115,088
Investment
+€8,006
Financing
-€128,051
Cash 2024
€16,200
From operations (derived)
+€115,088
Net result for the year
+€136,769
Receivables after one year
-€3,150
Receivables within one year
-€136,980
Trade debts
-€13,673
Tax, wage and social debts
-€125
Other debts
+€112,993
Accrued charges and deferred income
+€19,254
Investment (derived)
+€8,006
Investment in fixed assets (net)
+€8,006
Financing
-€128,051
Debts after one year
-€1.2m
Current portion of long-term debt
+€1.1m
Short-term financial debts
-€11,384
Cash 2025
€11,242
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,984,987 | €41,112,154 | +€127,167 | +0.3% |
| Fixed assets | 21/28 | €40,243,246 | €40,235,241 | -€8,006 | 0.0% |
| Financial fixed assets | 28 | €40,243,246 | €40,235,241 | -€8,006 | 0.0% |
| Current assets | 29/58 | €741,741 | €876,914 | +€135,173 | +18.2% |
| Amounts receivable after more than one year | 29 | €157,275 | €160,425 | +€3,150 | +2.0% |
| Other amounts receivable | 291 | €157,275 | €160,425 | +€3,150 | +2.0% |
| Amounts receivable within one year | 40/41 | €568,266 | €705,246 | +€136,980 | +24.1% |
| Trade receivables | 40 | €50,028 | €147,598 | +€97,570 | +195% |
| Other amounts receivable | 41 | €518,239 | €557,648 | +€39,409 | +7.6% |
| Cash at bank and in hand | 54/58 | €16,200 | €11,242 | -€4,957 | -30.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €40,984,987 | €41,112,154 | +€127,167 | +0.3% |
| Equity | 10/15 | €38,636,520 | €38,773,290 | +€136,769 | +0.4% |
| Contributions | 10/11 | €37,960,000 | €37,960,000 | = | 0.0% |
| Reserves | 13 | €676,520 | €813,290 | +€136,769 | +20.2% |
| Distributable reserves | 133 | €676,520 | €813,290 | +€136,769 | +20.2% |
| Amounts payable | 17/49 | €2,348,467 | €2,338,865 | -€9,602 | -0.4% |
| Amounts payable after more than one year | 17 | €1,533,333 | €366,667 | -€1.2m | -76.1% |
| Financial debts | 170/4 | €1,533,333 | €366,667 | -€1.2m | -76.1% |
| Amounts payable within one year | 42/48 | €752,413 | €1,890,223 | +€1.1m | +151% |
| Current portion of amounts payable after more than one year | 42 | €116,667 | €1,166,667 | +€1.1m | +900% |
| Financial debts | 43 | €14,718 | €3,333 | -€11,384 | -77.4% |
| Credit institutions | 430/8 | €14,718 | €3,333 | -€11,384 | -77.4% |
| Trade debts | 44 | €37,567 | €23,894 | -€13,673 | -36.4% |
| Suppliers | 440/4 | €37,567 | €23,894 | -€13,673 | -36.4% |
| Taxes, remuneration and social security | 45 | €49,905 | €49,780 | -€125 | -0.3% |
| Taxes | 450/3 | €18,308 | €17,593 | -€715 | -3.9% |
| Remuneration and social security | 454/9 | €31,597 | €32,187 | +€590 | +1.9% |
| Other amounts payable | 47/48 | €533,557 | €646,549 | +€112,993 | +21.2% |
| Accrued charges and deferred income | 492/3 | €62,721 | €81,975 | +€19,254 | +30.7% |
| Remuneration, social security and pensions | 62 | €187,301 | €185,874 | -€1,427 | -0.8% |
| Other operating charges | 640/8 | €1,124 | €998 | -€125 | -11.1% |
| Gross operating margin | 9900 | €266,146 | €266,336 | +€191 | +0.1% |
| Operating profit (loss) | 9901 | €77,721 | €79,464 | +€1,743 | +2.2% |
| Financial income | 75/76B | €143,813 | €144,497 | +€684 | +0.5% |
| Recurring financial income | 75 | €143,813 | €144,497 | +€684 | +0.5% |
| Financial charges | 65/66B | €74,038 | €75,986 | +€1,949 | +2.6% |
| Recurring financial charges | 65 | €74,038 | €75,986 | +€1,949 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €147,497 | €147,975 | +€478 | +0.3% |
| Income taxes | 67/77 | €11,137 | €11,205 | +€68 | +0.6% |
| Profit (loss) for the period | 9904 | €136,359 | €136,769 | +€410 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €136,359 | €136,769 | +€410 | +0.3% |
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.