H & M Project: 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 Project
Largest movements
- Receivables within one year +€120,102
up €120,102 (+141%), from €85,061 to €205,163
of which Trade receivables: +€111,845
- Cash +€62,866
up €62,866 (+491%), from €12,813 to €75,679
mainly Debts after one year (+€143,112) and Current portion of long-term debt (+€121,195)
- Stocks and contracts +€32,329
up €32,329 (+27.3%), from €118,595 to €150,924
- Tangible fixed assets -€11,162
down €11,162 (-3.6%), from €308,067 to €296,905
of which Land and buildings: -€11,295
- Debts after one year +€143,112
up €143,112 (+114%), from €125,000 to €268,112
- Other debts -€137,271
down €137,271 (-74.8%), from €183,463 to €46,192
- Current portion of long-term debt +€121,195
up €121,195 (+1,513%), from €8,011 to €129,206
- Trade debts +€73,026
up €73,026 (+85.1%), from €85,846 to €158,872
- Gross operating margin +€38,580
up €38,580 (+16.1%), from €239,882 to €278,462
- Staff costs +€12,940
up €12,940 (+5.8%), from €222,829 to €235,769
- Financial charges +€5,149
up €5,149 (+43.0%), from €11,964 to €17,113
of which Financial charges: +€6,207
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 | €527,317 | €730,730 | +€203,413 | +38.6% |
| Fixed assets | 21/28 | €308,067 | €296,905 | -€11,162 | -3.6% |
| Tangible fixed assets | 22/27 | €308,067 | €296,905 | -€11,162 | -3.6% |
| Land and buildings | 22 | €303,926 | €292,631 | -€11,295 | -3.7% |
| Plant, machinery and equipment | 23 | - | €1,872 | +€1,872 | |
| Furniture and vehicles | 24 | €4,141 | €2,402 | -€1,739 | -42.0% |
| Current assets | 29/58 | €219,250 | €433,825 | +€214,575 | +97.9% |
| Stocks and contracts in progress | 3 | €118,595 | €150,924 | +€32,329 | +27.3% |
| Stocks | 30/36 | €118,595 | €150,924 | +€32,329 | +27.3% |
| Amounts receivable within one year | 40/41 | €85,061 | €205,163 | +€120,102 | +141% |
| Trade receivables | 40 | €51,763 | €163,609 | +€111,845 | +216% |
| Other amounts receivable | 41 | €33,298 | €41,554 | +€8,256 | +24.8% |
| Cash at bank and in hand | 54/58 | €12,813 | €75,679 | +€62,866 | +491% |
| Deferred charges and accrued income | 490/1 | €2,781 | €2,059 | -€721 | -25.9% |
| Total equity and liabilities | 10/49 | €527,317 | €730,730 | +€203,413 | +38.6% |
| Equity | 10/15 | €106,191 | €104,205 | -€1,986 | -1.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €55,974 | €55,974 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,674 | €4,674 | = | 0.0% |
| Legal reserve | 130 | €4,674 | €4,674 | = | 0.0% |
| Distributable reserves | 133 | €51,300 | €51,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,286 | -€16,111 | +€175 | +1.1% |
| Investment grants | 15 | €4,504 | €2,342 | -€2,162 | -48.0% |
| Amounts payable | 17/49 | €421,126 | €626,525 | +€205,399 | +48.8% |
| Amounts payable after more than one year | 17 | €125,000 | €268,112 | +€143,112 | +114% |
| Financial debts | 170/4 | €125,000 | €268,112 | +€143,112 | +114% |
| Amounts payable within one year | 42/48 | €296,126 | €358,413 | +€62,288 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €8,011 | €129,206 | +€121,195 | +1,513% |
| Trade debts | 44 | €85,846 | €158,872 | +€73,026 | +85.1% |
| Suppliers | 440/4 | €85,846 | €158,872 | +€73,026 | +85.1% |
| Taxes, remuneration and social security | 45 | €18,806 | €24,144 | +€5,338 | +28.4% |
| Taxes | 450/3 | €341 | €487 | +€146 | +42.7% |
| Remuneration and social security | 454/9 | €18,464 | €23,656 | +€5,192 | +28.1% |
| Other amounts payable | 47/48 | €183,463 | €46,192 | -€137,271 | -74.8% |
| Remuneration, social security and pensions | 62 | €222,829 | €235,769 | +€12,940 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,481 | €17,616 | -€1,865 | -9.6% |
| Other operating charges | 640/8 | €7,298 | €9,805 | +€2,507 | +34.3% |
| Gross operating margin | 9900 | €239,882 | €278,462 | +€38,580 | +16.1% |
| Operating profit (loss) | 9901 | -€9,726 | €15,273 | +€24,999 | |
| Financial income | 75/76B | €2,377 | €2,162 | -€215 | -9.1% |
| Recurring financial income | 75 | €2,377 | €2,162 | -€215 | -9.1% |
| Financial charges | 65/66B | €11,964 | €17,113 | +€5,149 | +43.0% |
| Recurring financial charges | 65 | €10,907 | €17,113 | +€6,207 | +56.9% |
| Non-recurring financial charges | 66B | €1,057 | - | -€1,057 | |
| Profit (loss) for the period before taxes | 9903 | -€19,313 | €321 | +€19,634 | |
| Income taxes | 67/77 | €92 | €146 | +€53 | +57.8% |
| Profit (loss) for the period | 9904 | -€19,405 | €175 | +€19,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,405 | €175 | +€19,581 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.