H.M.I.: 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.I.
Largest movements
- Cash -€160,252
down €160,252 (-82.0%), from €195,463 to €35,211
mainly Receivables within one year (-€67,740) and Tax, wage and social debts (-€58,044)
- Receivables within one year +€67,740
up €67,740 (+284%), from €23,828 to €91,568
of which Other amounts receivable: +€71,632
- Tangible fixed assets +€17,963
up €17,963 (+15.0%), from €119,506 to €137,469
of which Land and buildings: +€17,963
- Tax, wage and social debts -€58,044
down €58,044 (-99.8%), from €58,185 to €141
of which Taxes: -€52,300
- Profit (loss) carried forward -€19,018
down €19,018, from €105 to -€18,913
- Other debts +€4,450
up €4,450 (+8,900%), from €50 to €4,500
- Gross operating margin -€99,001
down €99,001, from €97,970 to -€1,031
- Staff costs -€32,143
no longer reported in 2025 (was €32,143)
- Taxes -€11,812
down €11,812 (-79.5%), from €14,861 to €3,049
- Depreciation +€2,166
up €2,166 (+44.5%), from €4,868 to €7,034
- Other operating charges -€1,553
down €1,553 (-20.0%), from €7,780 to €6,227
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 | €339,399 | €265,198 | -€74,201 | -21.9% |
| Fixed assets | 21/28 | €119,686 | €137,649 | +€17,963 | +15.0% |
| Tangible fixed assets | 22/27 | €119,506 | €137,469 | +€17,963 | +15.0% |
| Land and buildings | 22 | €119,506 | €137,469 | +€17,963 | +15.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €219,713 | €127,549 | -€92,164 | -41.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €23,828 | €91,568 | +€67,740 | +284% |
| Trade receivables | 40 | €19,014 | €15,121 | -€3,893 | -20.5% |
| Other amounts receivable | 41 | €4,815 | €76,447 | +€71,632 | +1,488% |
| Cash at bank and in hand | 54/58 | €195,463 | €35,211 | -€160,252 | -82.0% |
| Deferred charges and accrued income | 490/1 | €422 | €770 | +€348 | +82.6% |
| Total equity and liabilities | 10/49 | €339,399 | €265,198 | -€74,201 | -21.9% |
| Equity | 10/15 | €273,966 | €254,948 | -€19,018 | -6.9% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €273,861 | €273,861 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €257,001 | €257,001 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €105 | -€18,913 | -€19,018 | |
| Amounts payable | 17/49 | €65,433 | €10,250 | -€55,183 | -84.3% |
| Amounts payable within one year | 42/48 | €65,433 | €10,250 | -€55,183 | -84.3% |
| Current portion of amounts payable after more than one year | 42 | €1,289 | - | -€1,289 | |
| Trade debts | 44 | €5,908 | €5,609 | -€299 | -5.1% |
| Suppliers | 440/4 | €5,908 | €5,609 | -€299 | -5.1% |
| Taxes, remuneration and social security | 45 | €58,185 | €141 | -€58,044 | -99.8% |
| Taxes | 450/3 | €52,441 | €141 | -€52,300 | -99.7% |
| Remuneration and social security | 454/9 | €5,744 | - | -€5,744 | |
| Other amounts payable | 47/48 | €50 | €4,500 | +€4,450 | +8,900% |
| Remuneration, social security and pensions | 62 | €32,143 | - | -€32,143 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,868 | €7,034 | +€2,166 | +44.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,340 | +€1,340 | |
| Other operating charges | 640/8 | €7,780 | €6,227 | -€1,553 | -20.0% |
| Gross operating margin | 9900 | €97,970 | -€1,031 | -€99,001 | |
| Operating profit (loss) | 9901 | €53,178 | -€15,632 | -€68,810 | |
| Financial income | 75/76B | €485 | - | -€485 | |
| Recurring financial income | 75 | €485 | - | -€485 | |
| Financial charges | 65/66B | €416 | €337 | -€79 | -18.9% |
| Recurring financial charges | 65 | €416 | €337 | -€79 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | €53,248 | -€15,969 | -€69,217 | |
| Income taxes | 67/77 | €14,861 | €3,049 | -€11,812 | -79.5% |
| Profit (loss) for the period | 9904 | €38,387 | -€19,018 | -€57,405 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,387 | -€19,018 | -€57,405 |
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 19 October 2026 via checked.be.