H.M.H.: 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.H.
Largest movements
- Receivables within one year +€54,550
up €54,550 (+69.1%), from €78,956 to €133,506
- Financial fixed assets -€40,070
down €40,070 (-14.7%), from €272,425 to €232,355
- Tangible fixed assets -€14,565
down €14,565 (-6.2%), from €233,840 to €219,275
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€5,114
down €5,114 (-27.1%), from €18,900 to €13,786
- Financial charges -€4,649
down €4,649 (-94.7%), from €4,911 to €262
- Financial income -€4,644
down €4,644 (-67.2%), from €6,912 to €2,268
- Taxes -€4,565
no longer reported in 2025 (was €4,565)
- Depreciation -€2,914
down €2,914 (-16.7%), from €17,479 to €14,565
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 | €587,774 | €587,556 | -€218 | 0.0% |
| Fixed assets | 21/28 | €506,265 | €451,630 | -€54,635 | -10.8% |
| Tangible fixed assets | 22/27 | €233,840 | €219,275 | -€14,565 | -6.2% |
| Land and buildings | 22 | €233,840 | €219,275 | -€14,565 | -6.2% |
| Financial fixed assets | 28 | €272,425 | €232,355 | -€40,070 | -14.7% |
| Current assets | 29/58 | €81,509 | €135,926 | +€54,417 | +66.8% |
| Amounts receivable within one year | 40/41 | €78,956 | €133,506 | +€54,550 | +69.1% |
| Other amounts receivable | 41 | €78,956 | €133,506 | +€54,550 | +69.1% |
| Cash at bank and in hand | 54/58 | €2,553 | €2,420 | -€133 | -5.2% |
| Total equity and liabilities | 10/49 | €587,774 | €587,556 | -€218 | 0.0% |
| Equity | 10/15 | €587,774 | €587,556 | -€218 | 0.0% |
| Contributions | 10/11 | €396,250 | €396,250 | = | 0.0% |
| Reserves | 13 | €36,379 | €36,379 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,379 | €36,379 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,379 | €36,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,145 | €154,927 | -€218 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,479 | €14,565 | -€2,914 | -16.7% |
| Other operating charges | 640/8 | €2,170 | €1,445 | -€725 | -33.4% |
| Gross operating margin | 9900 | €18,900 | €13,786 | -€5,114 | -27.1% |
| Operating profit (loss) | 9901 | -€749 | -€2,224 | -€1,475 | -197% |
| Financial income | 75/76B | €6,912 | €2,268 | -€4,644 | -67.2% |
| Recurring financial income | 75 | €6,912 | €2,268 | -€4,644 | -67.2% |
| Financial charges | 65/66B | €4,911 | €262 | -€4,649 | -94.7% |
| Recurring financial charges | 65 | €4,911 | €262 | -€4,649 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | €1,252 | -€218 | -€1,470 | |
| Income taxes | 67/77 | €4,565 | - | -€4,565 | |
| Profit (loss) for the period | 9904 | -€3,313 | -€218 | +€3,095 | +93.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,313 | -€218 | +€3,095 | +93.4% |
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 31 October 2026 via checked.be.