H & M HOLDING: 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 HOLDING
Largest movements
- Current investments -€173,126
down €173,126 (-9.5%), from €1.8m to €1.7m
- Cash +€51,552
up €51,552 (+23.4%), from €219,926 to €271,478
mainly Current investments (+€173,126) and Net result for the year (+€45,976)
- Reserves -€107,743
down €107,743 (-5.4%), from €2.0m to €1.9m
of which Distributable reserves: -€107,743
- Profit (loss) carried forward -€24,853
down €24,853 (-40.1%), from €61,919 to €37,067
- Gross operating margin +€5,516
up €5,516 (+11.3%), from €48,901 to €54,417
- Other operating charges -€3,648
down €3,648 (-58.6%), from €6,224 to €2,576
- Financial charges +€2,092
up €2,092 (+17.3%), from €12,062 to €14,154
- Taxes +€1,392
up €1,392 (+6.3%), from €22,194 to €23,586
- Financial income +€785
up €785 (+1.5%), from €53,214 to €53,999
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 | €2,145,732 | €1,995,997 | -€149,734 | -7.0% |
| Fixed assets | 21/28 | €76,107 | €57,000 | -€19,107 | -25.1% |
| Tangible fixed assets | 22/27 | €76,107 | €57,000 | -€19,107 | -25.1% |
| Land and buildings | 22 | €7,351 | €6,126 | -€1,225 | -16.7% |
| Plant, machinery and equipment | 23 | - | €2,990 | +€2,990 | |
| Furniture and vehicles | 24 | €27,102 | €13,173 | -€13,929 | -51.4% |
| Other tangible fixed assets | 26 | €41,654 | €34,712 | -€6,942 | -16.7% |
| Current assets | 29/58 | €2,069,625 | €1,938,997 | -€130,627 | -6.3% |
| Amounts receivable within one year | 40/41 | €10,999 | €3,068 | -€7,931 | -72.1% |
| Trade receivables | 40 | €6,050 | - | -€6,050 | |
| Other amounts receivable | 41 | €4,949 | €3,068 | -€1,881 | -38.0% |
| Current investments | 50/53 | €1,831,529 | €1,658,403 | -€173,126 | -9.5% |
| Cash at bank and in hand | 54/58 | €219,926 | €271,478 | +€51,552 | +23.4% |
| Deferred charges and accrued income | 490/1 | €7,171 | €6,048 | -€1,122 | -15.7% |
| Total equity and liabilities | 10/49 | €2,145,732 | €1,995,997 | -€149,734 | -7.0% |
| Equity | 10/15 | €2,081,798 | €1,949,202 | -€132,596 | -6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,013,678 | €1,905,935 | -€107,743 | -5.4% |
| Tax-exempt reserves | 132 | €119 | €119 | = | 0.0% |
| Distributable reserves | 133 | €2,013,559 | €1,905,816 | -€107,743 | -5.4% |
| Profit (loss) carried forward | 14 | €61,919 | €37,067 | -€24,853 | -40.1% |
| Amounts payable | 17/49 | €63,934 | €46,796 | -€17,138 | -26.8% |
| Amounts payable after more than one year | 17 | €20,221 | €13,156 | -€7,065 | -34.9% |
| Financial debts | 170/4 | €20,221 | €13,156 | -€7,065 | -34.9% |
| Amounts payable within one year | 42/48 | €37,883 | €31,824 | -€6,059 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €6,754 | €7,065 | +€311 | +4.6% |
| Trade debts | 44 | €336 | €454 | +€118 | +35.2% |
| Suppliers | 440/4 | €336 | €454 | +€118 | +35.2% |
| Taxes, remuneration and social security | 45 | €987 | €2,802 | +€1,815 | +184% |
| Taxes | 450/3 | €987 | €2,802 | +€1,815 | +184% |
| Other amounts payable | 47/48 | €29,806 | €21,503 | -€8,303 | -27.9% |
| Accrued charges and deferred income | 492/3 | €5,831 | €1,816 | -€4,014 | -68.8% |
| Non-recurring operating income | 76A | €3,662 | - | -€3,662 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,891 | €22,125 | +€234 | +1.1% |
| Other operating charges | 640/8 | €6,224 | €2,576 | -€3,648 | -58.6% |
| Gross operating margin | 9900 | €48,901 | €54,417 | +€5,516 | +11.3% |
| Operating profit (loss) | 9901 | €20,786 | €29,716 | +€8,929 | +43.0% |
| Financial income | 75/76B | €53,214 | €53,999 | +€785 | +1.5% |
| Recurring financial income | 75 | €53,214 | €53,999 | +€785 | +1.5% |
| Financial charges | 65/66B | €12,062 | €14,154 | +€2,092 | +17.3% |
| Recurring financial charges | 65 | €12,062 | €14,154 | +€2,092 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €61,939 | €69,562 | +€7,622 | +12.3% |
| Income taxes | 67/77 | €22,194 | €23,586 | +€1,392 | +6.3% |
| Profit (loss) for the period | 9904 | €39,745 | €45,976 | +€6,230 | +15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,745 | €45,976 | +€6,230 | +15.7% |
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 25 October 2026 via checked.be.