H.M.V.: 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.V.
NACE 56.111, Full-service restaurants
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€78,869
2024 · €37,297-€116,166
Equity
-€66,798
2024 · €14,040-€80,838
Cash
€15,554
2024 · €15,874-€320
Balance sheet total
€451,852
2024 · €490,004-€38,152
Largest movements
Assets
- Tangible fixed assets -€29,711
down €29,711 (-6.7%), from €443,316 to €413,606
of which Land and buildings: -€38,642
- Receivables within one year -€8,834
down €8,834 (-95.4%), from €9,263 to €429
of which Trade receivables: -€7,926
Equity and liabilities
- Profit (loss) carried forward -€78,869
down €78,869 (-41.7%), from -€189,140 to -€268,009
- Debts after one year -€36,940
down €36,940 (-9.8%), from €377,959 to €341,019
- Trade debts +€24,661
up €24,661 (+375%), from €6,572 to €31,233
- Other debts +€20,509
up €20,509 (+220%), from €9,330 to €29,838
- Tax, wage and social debts +€16,946
up €16,946 (+88.1%), from €19,227 to €36,172
of which Remuneration and social security: +€19,624
Income statement
- Gross operating margin -€107,423
down €107,423 (-51.5%), from €208,428 to €101,005
- Staff costs +€7,025
up €7,025 (+7.1%), from €99,158 to €106,183
- Depreciation +€2,933
up €2,933 (+5.3%), from €55,429 to €58,363
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
€37,297
Gross operating margin
-€107,423
Staff costs
-€7,025
Depreciation
-€2,933
Other operating charges
-€253
Other operating items
+€1,000
Financial income
+€6
Financial charges
+€462
Result 2025
-€78,869
raises the resultlowers the resultnot broken down further in the accounts
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
+€48,732
Investment
-€28,875
Financing
-€20,176
Cash 2024
€15,874
From operations (derived)
+€48,732
Net result for the year
-€78,869
Depreciation
+€58,363
Receivables within one year
+€8,834
Deferred charges and accrued income
-€489
Provisions
-€656
Trade debts
+€24,661
Tax, wage and social debts
+€16,946
Other debts
+€20,509
Accrued charges and deferred income
-€566
Investment (derived)
-€28,875
Investment in fixed assets (net)
-€28,875
Financing
-€20,176
Debts after one year
-€36,940
Current portion of long-term debt
+€3,732
Short-term financial debts
+€15,000
Contributions, distributions and other
-€1,969
Cash 2025
€15,554
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €490,004 | €451,852 | -€38,152 | -7.8% |
| Fixed assets | 21/28 | €443,378 | €413,891 | -€29,487 | -6.7% |
| Tangible fixed assets | 22/27 | €443,316 | €413,606 | -€29,711 | -6.7% |
| Land and buildings | 22 | €390,972 | €352,330 | -€38,642 | -9.9% |
| Plant, machinery and equipment | 23 | €27,497 | €21,357 | -€6,140 | -22.3% |
| Furniture and vehicles | 24 | €6,904 | €5,020 | -€1,883 | -27.3% |
| Other tangible fixed assets | 26 | €17,944 | €34,899 | +€16,954 | +94.5% |
| Financial fixed assets | 28 | €62 | €285 | +€223 | +360% |
| Current assets | 29/58 | €46,626 | €37,961 | -€8,665 | -18.6% |
| Stocks and contracts in progress | 3 | €19,222 | €19,222 | = | 0.0% |
| Stocks | 30/36 | €19,222 | €19,222 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,263 | €429 | -€8,834 | -95.4% |
| Trade receivables | 40 | €8,355 | €429 | -€7,926 | -94.9% |
| Other amounts receivable | 41 | €908 | - | -€908 | |
| Cash at bank and in hand | 54/58 | €15,874 | €15,554 | -€320 | -2.0% |
| Deferred charges and accrued income | 490/1 | €2,268 | €2,757 | +€489 | +21.6% |
| Total equity and liabilities | 10/49 | €490,004 | €451,852 | -€38,152 | -7.8% |
| Equity | 10/15 | €14,040 | -€66,798 | -€80,838 | |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Revaluation surpluses | 12 | €107,000 | €107,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,140 | -€268,009 | -€78,869 | -41.7% |
| Investment grants | 15 | €11,813 | €9,844 | -€1,969 | -16.7% |
| Provisions and deferred taxes | 16 | €3,938 | €3,281 | -€656 | -16.7% |
| Deferred taxes | 168 | €3,938 | €3,281 | -€656 | -16.7% |
| Amounts payable | 17/49 | €472,026 | €515,369 | +€43,342 | +9.2% |
| Amounts payable after more than one year | 17 | €377,959 | €341,019 | -€36,940 | -9.8% |
| Financial debts | 170/4 | €377,959 | €341,019 | -€36,940 | -9.8% |
| Amounts payable within one year | 42/48 | €93,102 | €173,950 | +€80,848 | +86.8% |
| Current portion of amounts payable after more than one year | 42 | €57,974 | €61,706 | +€3,732 | +6.4% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €6,572 | €31,233 | +€24,661 | +375% |
| Suppliers | 440/4 | €6,572 | €31,233 | +€24,661 | +375% |
| Taxes, remuneration and social security | 45 | €19,227 | €36,172 | +€16,946 | +88.1% |
| Taxes | 450/3 | €10,365 | €7,686 | -€2,679 | -25.8% |
| Remuneration and social security | 454/9 | €8,862 | €28,486 | +€19,624 | +221% |
| Other amounts payable | 47/48 | €9,330 | €29,838 | +€20,509 | +220% |
| Accrued charges and deferred income | 492/3 | €966 | €400 | -€566 | -58.6% |
| Non-recurring operating income | 76A | €1,750 | - | -€1,750 | |
| Remuneration, social security and pensions | 62 | €99,158 | €106,183 | +€7,025 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,429 | €58,363 | +€2,933 | +5.3% |
| Other operating charges | 640/8 | €4,556 | €4,809 | +€253 | +5.6% |
| Non-recurring operating charges | 66A | €1,000 | - | -€1,000 | |
| Gross operating margin | 9900 | €208,428 | €101,005 | -€107,423 | -51.5% |
| Operating profit (loss) | 9901 | €48,284 | -€68,350 | -€116,634 | |
| Financial income | 75/76B | €1,969 | €1,975 | +€6 | +0.3% |
| Recurring financial income | 75 | €1,969 | €1,975 | +€6 | +0.3% |
| Financial charges | 65/66B | €13,612 | €13,150 | -€462 | -3.4% |
| Recurring financial charges | 65 | €13,612 | €13,150 | -€462 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €36,641 | -€79,525 | -€116,166 | |
| Transfer from deferred taxes | 780 | €656 | €656 | = | 0.0% |
| Profit (loss) for the period | 9904 | €37,297 | -€78,869 | -€116,166 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,297 | -€78,869 | -€116,166 |
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 27 October 2026 via checked.be.