H.S.M.: 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.S.M.
Largest movements
- Receivables within one year +€68,071
up €68,071 (+138%), from €49,283 to €117,354
of which Trade receivables: +€73,630
- Cash +€23,733
up €23,733 (+12.0%), from €197,694 to €221,427
mainly Net result for the year (+€89,131) and Tax, wage and social debts (+€22,807)
- Tangible fixed assets +€22,034
up €22,034 (+8.4%), from €260,859 to €282,894
of which Plant, machinery and equipment: +€23,443
- Reserves +€89,131
up €89,131 (+115%), from €77,726 to €166,856
of which Distributable reserves: +€90,885
- Tax, wage and social debts +€22,807
up €22,807 (+189%), from €12,092 to €34,899
of which Taxes: +€22,790
- Trade debts +€15,576
up €15,576 (+51.4%), from €30,295 to €45,871
- Debts after one year -€15,301
down €15,301 (-8.3%), from €183,708 to €168,407
of which Financial debts: -€15,301
- Staff costs -€60,791
down €60,791 (-60.2%), from €100,990 to €40,199
- Taxes +€24,575
up €24,575 (+177%), from €13,857 to €38,432
- Gross operating margin +€21,500
up €21,500 (+12.3%), from €174,091 to €195,591
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 | €512,212 | €626,106 | +€113,894 | +22.2% |
| Fixed assets | 21/28 | €260,859 | €282,894 | +€22,034 | +8.4% |
| Tangible fixed assets | 22/27 | €260,859 | €282,894 | +€22,034 | +8.4% |
| Land and buildings | 22 | €219,789 | €207,818 | -€11,971 | -5.4% |
| Plant, machinery and equipment | 23 | €40,467 | €63,910 | +€23,443 | +57.9% |
| Furniture and vehicles | 24 | €603 | €11,166 | +€10,563 | +1,752% |
| Current assets | 29/58 | €251,353 | €343,213 | +€91,860 | +36.5% |
| Amounts receivable within one year | 40/41 | €49,283 | €117,354 | +€68,071 | +138% |
| Trade receivables | 40 | €35,703 | €109,333 | +€73,630 | +206% |
| Other amounts receivable | 41 | €13,579 | €8,021 | -€5,558 | -40.9% |
| Cash at bank and in hand | 54/58 | €197,694 | €221,427 | +€23,733 | +12.0% |
| Deferred charges and accrued income | 490/1 | €4,376 | €4,431 | +€56 | +1.3% |
| Total equity and liabilities | 10/49 | €512,212 | €626,106 | +€113,894 | +22.2% |
| Equity | 10/15 | €253,415 | €342,545 | +€89,131 | +35.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,726 | €166,856 | +€89,131 | +115% |
| Tax-exempt reserves | 132 | €21,491 | €19,736 | -€1,755 | -8.2% |
| Distributable reserves | 133 | €56,235 | €147,120 | +€90,885 | +162% |
| Profit (loss) carried forward | 14 | €157,089 | €157,089 | = | 0.0% |
| Amounts payable | 17/49 | €258,797 | €283,561 | +€24,764 | +9.6% |
| Amounts payable after more than one year | 17 | €183,708 | €168,407 | -€15,301 | -8.3% |
| Financial debts | 170/4 | €153,708 | €138,407 | -€15,301 | -10.0% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,089 | €111,921 | +€36,831 | +49.1% |
| Current portion of amounts payable after more than one year | 42 | €15,070 | €15,301 | +€230 | +1.5% |
| Trade debts | 44 | €30,295 | €45,871 | +€15,576 | +51.4% |
| Suppliers | 440/4 | €30,295 | €45,871 | +€15,576 | +51.4% |
| Advances received on contracts in progress | 46 | €2,132 | €650 | -€1,482 | -69.5% |
| Taxes, remuneration and social security | 45 | €12,092 | €34,899 | +€22,807 | +189% |
| Taxes | 450/3 | €6,857 | €29,647 | +€22,790 | +332% |
| Remuneration and social security | 454/9 | €5,235 | €5,252 | +€18 | +0.3% |
| Other amounts payable | 47/48 | €15,500 | €15,200 | -€300 | -1.9% |
| Accrued charges and deferred income | 492/3 | - | €3,233 | +€3,233 | |
| Remuneration, social security and pensions | 62 | €100,990 | €40,199 | -€60,791 | -60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,703 | €22,703 | -€1 | 0.0% |
| Other operating charges | 640/8 | €2,958 | €2,936 | -€23 | -0.8% |
| Gross operating margin | 9900 | €174,091 | €195,591 | +€21,500 | +12.3% |
| Operating profit (loss) | 9901 | €47,439 | €129,753 | +€82,314 | +174% |
| Financial income | 75/76B | €1,701 | €473 | -€1,227 | -72.2% |
| Recurring financial income | 75 | €1,701 | €473 | -€1,227 | -72.2% |
| Financial charges | 65/66B | €3,094 | €2,664 | -€429 | -13.9% |
| Recurring financial charges | 65 | €3,094 | €2,664 | -€429 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €46,046 | €127,562 | +€81,516 | +177% |
| Income taxes | 67/77 | €13,857 | €38,432 | +€24,575 | +177% |
| Profit (loss) for the period | 9904 | €32,189 | €89,131 | +€56,941 | +177% |
| Transfer from tax-exempt reserves | 789 | - | €1,755 | +€1,755 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,189 | €90,885 | +€58,696 | +182% |
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.