H-M-S: 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-S
Largest movements
- Receivables within one year +€211,757
up €211,757 (+652%), from €32,499 to €244,256
of which Other amounts receivable: +€234,257
- Receivables after one year -€150,000
down €150,000 (-25.0%), from €600,000 to €450,000
- Stocks and contracts -€18,000
no longer reported in 2025 (was €18,000)
- Tangible fixed assets -€15,612
down €15,612 (-1.8%), from €846,172 to €830,560
- Other debts +€100,000
up €100,000, from €0 to €100,000
- Profit (loss) carried forward -€85,595
down €85,595 (-51.8%), from -€165,117 to -€250,713
- Gross operating margin -€148,713
down €148,713, from €117,658 to -€31,055
- Other operating charges +€22,583
up €22,583 (+474%), from €4,765 to €27,348
- Taxes -€20,457
no longer reported in 2025 (was €20,457)
- Depreciation -€11,918
down €11,918 (-43.3%), from €27,530 to €15,612
- Financial charges -€5,508
down €5,508 (-9.7%), from €56,681 to €51,173
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 | €1,507,593 | €1,525,373 | +€17,779 | +1.2% |
| Fixed assets | 21/28 | €846,172 | €830,560 | -€15,612 | -1.8% |
| Tangible fixed assets | 22/27 | €846,172 | €830,560 | -€15,612 | -1.8% |
| Land and buildings | 22 | €846,172 | €830,560 | -€15,612 | -1.8% |
| Current assets | 29/58 | €661,422 | €694,813 | +€33,391 | +5.0% |
| Amounts receivable after more than one year | 29 | €600,000 | €450,000 | -€150,000 | -25.0% |
| Other amounts receivable | 291 | €600,000 | €450,000 | -€150,000 | -25.0% |
| Stocks and contracts in progress | 3 | €18,000 | - | -€18,000 | |
| Stocks | 30/36 | €18,000 | - | -€18,000 | |
| Amounts receivable within one year | 40/41 | €32,499 | €244,256 | +€211,757 | +652% |
| Trade receivables | 40 | €22,500 | - | -€22,500 | |
| Other amounts receivable | 41 | €9,999 | €244,256 | +€234,257 | +2,343% |
| Cash at bank and in hand | 54/58 | €10,715 | €557 | -€10,158 | -94.8% |
| Deferred charges and accrued income | 490/1 | €207 | - | -€207 | |
| Total equity and liabilities | 10/49 | €1,507,593 | €1,525,373 | +€17,779 | +1.2% |
| Equity | 10/15 | €220,700 | €135,104 | -€85,595 | -38.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €273,093 | €273,093 | = | 0.0% |
| Reserves | 13 | €12,724 | €12,724 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €2,724 | €2,724 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,117 | -€250,713 | -€85,595 | -51.8% |
| Amounts payable | 17/49 | €1,286,894 | €1,390,268 | +€103,375 | +8.0% |
| Amounts payable after more than one year | 17 | €1,219,660 | €1,219,660 | = | 0.0% |
| Financial debts | 170/4 | €1,219,660 | €1,219,660 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,234 | €170,609 | +€103,375 | +154% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €175 | €117 | -€57 | -32.8% |
| Suppliers | 440/4 | €175 | €117 | -€57 | -32.8% |
| Taxes, remuneration and social security | 45 | €17,059 | €20,491 | +€3,432 | +20.1% |
| Taxes | 450/3 | €17,059 | €20,491 | +€3,432 | +20.1% |
| Other amounts payable | 47/48 | €0 | €100,000 | +€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,530 | €15,612 | -€11,918 | -43.3% |
| Other operating charges | 640/8 | €4,765 | €27,348 | +€22,583 | +474% |
| Gross operating margin | 9900 | €117,658 | -€31,055 | -€148,713 | |
| Operating profit (loss) | 9901 | €85,362 | -€74,016 | -€159,378 | |
| Financial income | 75/76B | €39,053 | €39,594 | +€541 | +1.4% |
| Recurring financial income | 75 | €39,053 | €39,594 | +€541 | +1.4% |
| Financial charges | 65/66B | €56,681 | €51,173 | -€5,508 | -9.7% |
| Recurring financial charges | 65 | €56,681 | €51,173 | -€5,508 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €67,734 | -€85,595 | -€153,329 | |
| Income taxes | 67/77 | €20,457 | - | -€20,457 | |
| Profit (loss) for the period | 9904 | €47,277 | -€85,595 | -€132,872 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,277 | -€85,595 | -€132,872 |
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 22 October 2026 via checked.be.