H.M.M.: 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.M.
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4,640
2024 · €27,942-€32,582
Equity
€126,362
2024 · €131,002-€4,640
Cash
€28,855
2024 · €39,694-€10,839
Balance sheet total
€3.5m
2024 · €165,340+€3.3m
Largest movements
Assets
- Financial fixed assets +€3.1m
new in 2025: €3.1m
- Receivables after one year +€230,000
up €230,000 (+184%), from €125,000 to €355,000
Equity and liabilities
- Debts after one year +€2.3m
new in 2025: €2.3m
- Other debts +€1.1m
new in 2025: €1.1m
Income statement
- Gross operating margin -€47,545
down €47,545, from €45,125 to -€2,420
- Taxes -€13,835
down €13,835 (-100.0%), from €13,835 to €0
- Depreciation -€3,419
down €3,419 (-93.3%), from €3,664 to €245
- Financial charges +€1,357
up €1,357 (+608%), from €223 to €1,580
- Financial income -€1,191
no longer reported in 2025 (was €1,191)
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
€27,942
Gross operating margin
-€47,545
Depreciation
+€3,419
Other operating charges
+€257
Financial income
-€1,191
Financial charges
-€1,357
Taxes
+€13,835
Result 2025
-€4,640
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
+€797,626
Investment
-€3.1m
Financing
+€2.3m
Cash 2024
€39,694
From operations (derived)
+€797,626
Net result for the year
-€4,640
Depreciation
+€245
Receivables after one year
-€230,000
Smaller working-capital items
-€6,732
Trade debts
+€16,553
Tax, wage and social debts
-€27,799
Other debts
+€1.1m
Investment (derived)
-€3.1m
Investment in fixed assets (net)
-€3.1m
Financing
+€2.3m
Debts after one year
+€2.3m
Cash 2025
€28,855
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,340 | €3,485,039 | +€3.3m | +2,008% |
| Fixed assets | 21/28 | €245 | €3,100,000 | +€3.1m | +1,266,136% |
| Tangible fixed assets | 22/27 | €245 | - | -€245 | |
| Furniture and vehicles | 24 | €245 | - | -€245 | |
| Financial fixed assets | 28 | - | €3,100,000 | +€3.1m | |
| Current assets | 29/58 | €165,095 | €385,039 | +€219,944 | +133% |
| Amounts receivable after more than one year | 29 | €125,000 | €355,000 | +€230,000 | +184% |
| Other amounts receivable | 291 | €125,000 | €355,000 | +€230,000 | +184% |
| Amounts receivable within one year | 40/41 | €1 | €1,032 | +€1,032 | +194,634% |
| Trade receivables | 40 | €1 | €1,032 | +€1,032 | +194,634% |
| Cash at bank and in hand | 54/58 | €39,694 | €28,855 | -€10,839 | -27.3% |
| Deferred charges and accrued income | 490/1 | €400 | €152 | -€248 | -62.1% |
| Total equity and liabilities | 10/49 | €165,340 | €3,485,039 | +€3.3m | +2,008% |
| Equity | 10/15 | €131,002 | €126,362 | -€4,640 | -3.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €124,450 | €124,450 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €124,450 | +€124,450 | |
| Distributable reserves | 133 | €124,450 | - | -€124,450 | |
| Profit (loss) carried forward | 14 | €1,552 | -€3,088 | -€4,640 | |
| Provisions and deferred taxes | 16 | €1 | - | -€1 | |
| Provisions for liabilities and charges | 160/5 | €1 | - | -€1 | |
| Other liabilities and charges | 164/5 | €1 | - | -€1 | |
| Amounts payable | 17/49 | €34,337 | €3,358,677 | +€3.3m | +9,682% |
| Amounts payable after more than one year | 17 | - | €2,291,534 | +€2.3m | |
| Other amounts payable | 178/9 | - | €2,291,534 | +€2.3m | |
| Amounts payable within one year | 42/48 | €27,837 | €1,066,591 | +€1.0m | +3,732% |
| Trade debts | 44 | - | €16,553 | +€16,553 | |
| Suppliers | 440/4 | - | €16,553 | +€16,553 | |
| Taxes, remuneration and social security | 45 | €27,837 | €38 | -€27,799 | -99.9% |
| Taxes | 450/3 | €27,837 | €38 | -€27,799 | -99.9% |
| Other amounts payable | 47/48 | - | €1,050,000 | +€1.1m | |
| Accrued charges and deferred income | 492/3 | €6,500 | €552 | -€5,948 | -91.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,664 | €245 | -€3,419 | -93.3% |
| Other operating charges | 640/8 | €652 | €395 | -€257 | -39.4% |
| Gross operating margin | 9900 | €45,125 | -€2,420 | -€47,545 | |
| Operating profit (loss) | 9901 | €40,809 | -€3,060 | -€43,869 | |
| Financial income | 75/76B | €1,191 | - | -€1,191 | |
| Recurring financial income | 75 | €1,191 | - | -€1,191 | |
| Financial charges | 65/66B | €223 | €1,580 | +€1,357 | +608% |
| Recurring financial charges | 65 | €223 | €1,580 | +€1,357 | +608% |
| Profit (loss) for the period before taxes | 9903 | €41,777 | -€4,640 | -€46,417 | |
| Income taxes | 67/77 | €13,835 | €0 | -€13,835 | -100.0% |
| Profit (loss) for the period | 9904 | €27,942 | -€4,640 | -€32,582 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,942 | -€4,640 | -€32,582 |
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 30 October 2026 via checked.be.