H & MM: 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 & MM
Largest movements
- Stocks and contracts +€54,304
up €54,304 (+29.1%), from €186,319 to €240,623
- Receivables within one year -€52,445
down €52,445 (-79.5%), from €65,983 to €13,538
of which Trade receivables: -€52,491
- Tangible fixed assets -€4,005
down €4,005 (-35.8%), from €11,197 to €7,192
of which Furniture and vehicles: -€2,600
- Trade debts -€10,581
down €10,581 (-6.6%), from €159,118 to €148,537
- Tax, wage and social debts +€4,751
up €4,751 (+9.2%), from €51,630 to €56,381
of which Remuneration and social security: +€8,477
- Profit (loss) carried forward +€4,255
up €4,255 (+28.3%), from €15,051 to €19,306
- Turnover -€135,970
down €135,970 (-16.4%), from €829,069 to €693,099
- Purchases and services -€131,127
down €131,127 (-16.8%), from €781,909 to €650,782
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 | €280,315 | €279,582 | -€733 | -0.3% |
| Fixed assets | 21/28 | €21,797 | €17,792 | -€4,005 | -18.4% |
| Tangible fixed assets | 22/27 | €11,197 | €7,192 | -€4,005 | -35.8% |
| Land and buildings | 22 | €3,150 | €2,640 | -€510 | -16.2% |
| Plant, machinery and equipment | 23 | €1,347 | €452 | -€895 | -66.4% |
| Furniture and vehicles | 24 | €6,700 | €4,100 | -€2,600 | -38.8% |
| Financial fixed assets | 28 | €10,600 | €10,600 | = | 0.0% |
| Current assets | 29/58 | €258,518 | €261,790 | +€3,272 | +1.3% |
| Stocks and contracts in progress | 3 | €186,319 | €240,623 | +€54,304 | +29.1% |
| Stocks | 30/36 | €186,319 | €240,623 | +€54,304 | +29.1% |
| Amounts receivable within one year | 40/41 | €65,983 | €13,538 | -€52,445 | -79.5% |
| Trade receivables | 40 | €65,845 | €13,354 | -€52,491 | -79.7% |
| Other amounts receivable | 41 | €138 | €184 | +€46 | +33.3% |
| Cash at bank and in hand | 54/58 | €3,926 | €6,013 | +€2,087 | +53.2% |
| Deferred charges and accrued income | 490/1 | €2,290 | €1,616 | -€674 | -29.4% |
| Total equity and liabilities | 10/49 | €280,315 | €279,582 | -€733 | -0.3% |
| Equity | 10/15 | €33,651 | €37,906 | +€4,255 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,051 | €19,306 | +€4,255 | +28.3% |
| Amounts payable | 17/49 | €246,664 | €241,676 | -€4,988 | -2.0% |
| Amounts payable after more than one year | 17 | €18,750 | €18,750 | = | 0.0% |
| Financial debts | 170/4 | €18,750 | €18,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €227,914 | €222,926 | -€4,988 | -2.2% |
| Trade debts | 44 | €159,118 | €148,537 | -€10,581 | -6.6% |
| Suppliers | 440/4 | €159,118 | €148,537 | -€10,581 | -6.6% |
| Taxes, remuneration and social security | 45 | €51,630 | €56,381 | +€4,751 | +9.2% |
| Taxes | 450/3 | €8,096 | €4,370 | -€3,726 | -46.0% |
| Remuneration and social security | 454/9 | €43,534 | €52,011 | +€8,477 | +19.5% |
| Other amounts payable | 47/48 | €17,166 | €18,008 | +€842 | +4.9% |
| Turnover | 70 | €829,069 | €693,099 | -€135,970 | -16.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €781,909 | €650,782 | -€131,127 | -16.8% |
| Remuneration, social security and pensions | 62 | €35,278 | €33,734 | -€1,544 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,515 | €4,005 | -€510 | -11.3% |
| Other operating charges | 640/8 | €1,947 | €2,125 | +€178 | +9.1% |
| Gross operating margin | 9900 | €47,160 | €42,317 | -€4,843 | -10.3% |
| Operating profit (loss) | 9901 | €5,420 | €2,453 | -€2,967 | -54.7% |
| Financial charges | 65/66B | €228 | €298 | +€70 | +30.7% |
| Recurring financial charges | 65 | €228 | €298 | +€70 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €5,192 | €2,155 | -€3,037 | -58.5% |
| Income taxes | 67/77 | €654 | - | -€654 | |
| Profit (loss) for the period | 9904 | €4,538 | €2,155 | -€2,383 | -52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,538 | €2,155 | -€2,383 | -52.5% |
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 16 October 2026 via checked.be.