H MADE: 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 MADE
Largest movements
- Receivables within one year +€31,221
up €31,221 (+75.6%), from €41,311 to €72,532
of which Trade receivables: +€36,315
- Deferred charges and accrued income +€24,315
up €24,315 (+133%), from €18,225 to €42,539
- Tangible fixed assets -€16,895
down €16,895 (-40.7%), from €41,538 to €24,643
of which Furniture and vehicles: -€16,019
- Stocks and contracts +€9,259
up €9,259 (+440%), from €2,102 to €11,361
- Cash +€3,885
up €3,885 (+113%), from €3,451 to €7,336
mainly Other debts (+€67,340) and Depreciation (+€19,471)
- Other debts +€67,340
up €67,340 (+341%), from €19,723 to €87,063
- Profit (loss) carried forward -€14,320
down €14,320 (-31.0%), from €46,153 to €31,833
- Current portion of long-term debt -€12,092
no longer reported in 2025 (was €12,092)
- Trade debts +€9,886
up €9,886 (+230%), from €4,295 to €14,181
- Gross operating margin -€65,097
down €65,097 (-71.9%), from €90,570 to €25,473
- Staff costs -€38,471
down €38,471 (-66.6%), from €57,722 to €19,252
- Taxes -€2,733
no longer reported in 2025 (was €2,733)
- Depreciation -€1,173
down €1,173 (-5.7%), from €20,643 to €19,471
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 | €106,776 | €158,561 | +€51,785 | +48.5% |
| Fixed assets | 21/28 | €41,688 | €24,793 | -€16,895 | -40.5% |
| Tangible fixed assets | 22/27 | €41,538 | €24,643 | -€16,895 | -40.7% |
| Plant, machinery and equipment | 23 | €2,737 | €3,957 | +€1,220 | +44.6% |
| Furniture and vehicles | 24 | €22,290 | €6,271 | -€16,019 | -71.9% |
| Other tangible fixed assets | 26 | €16,511 | €14,415 | -€2,096 | -12.7% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €65,088 | €133,768 | +€68,679 | +106% |
| Stocks and contracts in progress | 3 | €2,102 | €11,361 | +€9,259 | +440% |
| Stocks | 30/36 | €2,102 | €11,361 | +€9,259 | +440% |
| Amounts receivable within one year | 40/41 | €41,311 | €72,532 | +€31,221 | +75.6% |
| Trade receivables | 40 | €32,836 | €69,150 | +€36,315 | +111% |
| Other amounts receivable | 41 | €8,475 | €3,382 | -€5,093 | -60.1% |
| Cash at bank and in hand | 54/58 | €3,451 | €7,336 | +€3,885 | +113% |
| Deferred charges and accrued income | 490/1 | €18,225 | €42,539 | +€24,315 | +133% |
| Total equity and liabilities | 10/49 | €106,776 | €158,561 | +€51,785 | +48.5% |
| Equity | 10/15 | €64,787 | €50,467 | -€14,320 | -22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34 | €34 | = | 0.0% |
| Distributable reserves | 133 | €34 | €34 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,153 | €31,833 | -€14,320 | -31.0% |
| Amounts payable | 17/49 | €41,989 | €108,094 | +€66,105 | +157% |
| Amounts payable within one year | 42/48 | €41,989 | €108,094 | +€66,105 | +157% |
| Current portion of amounts payable after more than one year | 42 | €12,092 | - | -€12,092 | |
| Trade debts | 44 | €4,295 | €14,181 | +€9,886 | +230% |
| Suppliers | 440/4 | €4,295 | €14,181 | +€9,886 | +230% |
| Taxes, remuneration and social security | 45 | €5,879 | €6,849 | +€970 | +16.5% |
| Taxes | 450/3 | €787 | €860 | +€73 | +9.3% |
| Remuneration and social security | 454/9 | €5,091 | €5,989 | +€897 | +17.6% |
| Other amounts payable | 47/48 | €19,723 | €87,063 | +€67,340 | +341% |
| Remuneration, social security and pensions | 62 | €57,722 | €19,252 | -€38,471 | -66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,643 | €19,471 | -€1,173 | -5.7% |
| Other operating charges | 640/8 | €351 | €425 | +€74 | +21.2% |
| Gross operating margin | 9900 | €90,570 | €25,473 | -€65,097 | -71.9% |
| Operating profit (loss) | 9901 | €11,853 | -€13,675 | -€25,528 | |
| Financial income | 75/76B | €251 | €4 | -€247 | -98.4% |
| Recurring financial income | 75 | €251 | €4 | -€247 | -98.4% |
| Financial charges | 65/66B | €754 | €649 | -€105 | -13.9% |
| Recurring financial charges | 65 | €538 | €261 | -€277 | -51.5% |
| Non-recurring financial charges | 66B | €216 | €388 | +€172 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €11,350 | -€14,320 | -€25,670 | |
| Income taxes | 67/77 | €2,733 | - | -€2,733 | |
| Profit (loss) for the period | 9904 | €8,617 | -€14,320 | -€22,937 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,617 | -€14,320 | -€22,937 |
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 26 October 2026 via checked.be.