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.
What changed
H.S.M.
NACE 47.120, Other non-specialised retail sale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€37,417
2024 · €93,801-€56,384
Equity
€1.5m
2024 · €1.4m+€37,417
Cash
€186,967
2024 · €186,734+€233
Balance sheet total
€4.6m
2024 · €4.7m-€122,590
Largest movements
Assets
- Receivables within one year -€170,495
down €170,495 (-23.4%), from €727,473 to €556,978
of which Trade receivables: -€271,882
Equity and liabilities
- Debts after one year -€248,732
down €248,732 (-14.6%), from €1.7m to €1.5m
of which Financial debts: -€248,732
- Other debts +€80,242
up €80,242 (+6.7%), from €1.2m to €1.3m
Income statement
- Financial income -€53,922
down €53,922 (-82.1%), from €65,693 to €11,770
- Gross operating margin +€25,805
up €25,805 (+8.5%), from €304,154 to €329,959
- Financial charges +€21,840
up €21,840 (+32.3%), from €67,608 to €89,448
- Depreciation +€9,517
up €9,517 (+9.3%), from €102,137 to €111,654
- Other operating charges -€7,483
down €7,483 (-34.1%), from €21,937 to €14,454
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
€93,801
Gross operating margin
+€25,805
Staff costs
-€6,319
Depreciation
-€9,517
Other operating charges
+€7,483
Financial income
-€53,922
Financial charges
-€21,840
Taxes
+€1,926
Result 2025
€37,417
raises the resultlowers the result
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
+€369,310
Investment
-€121,530
Financing
-€247,547
Cash 2024
€186,734
From operations (derived)
+€369,310
Net result for the year
+€37,417
Depreciation
+€111,654
Stocks and contracts
-€35,422
Receivables within one year
+€170,495
Deferred charges and accrued income
-€2,374
Trade debts
-€28,567
Tax, wage and social debts
+€4,198
Other debts
+€80,242
Accrued charges and deferred income
+€31,667
Investment (derived)
-€121,530
Investment in fixed assets (net)
-€121,530
Financing
-€247,547
Debts after one year
-€248,732
Current portion of long-term debt
+€1,185
Cash 2025
€186,967
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,747,134 | €4,624,543 | -€122,590 | -2.6% |
| Fixed assets | 21/28 | €3,751,105 | €3,760,982 | +€9,877 | +0.3% |
| Intangible fixed assets | 21 | €6,571 | €1,872 | -€4,699 | -71.5% |
| Tangible fixed assets | 22/27 | €1,956,624 | €1,971,200 | +€14,576 | +0.7% |
| Land and buildings | 22 | €1,900,579 | €1,908,638 | +€8,059 | +0.4% |
| Plant, machinery and equipment | 23 | €10,266 | €6,999 | -€3,266 | -31.8% |
| Furniture and vehicles | 24 | €45,779 | €55,563 | +€9,783 | +21.4% |
| Financial fixed assets | 28 | €1,787,909 | €1,787,909 | = | 0.0% |
| Current assets | 29/58 | €996,029 | €863,562 | -€132,467 | -13.3% |
| Stocks and contracts in progress | 3 | €81,115 | €116,536 | +€35,422 | +43.7% |
| Stocks | 30/36 | €81,115 | €116,536 | +€35,422 | +43.7% |
| Amounts receivable within one year | 40/41 | €727,473 | €556,978 | -€170,495 | -23.4% |
| Trade receivables | 40 | €328,021 | €56,139 | -€271,882 | -82.9% |
| Other amounts receivable | 41 | €399,452 | €500,839 | +€101,387 | +25.4% |
| Cash at bank and in hand | 54/58 | €186,734 | €186,967 | +€233 | +0.1% |
| Deferred charges and accrued income | 490/1 | €707 | €3,081 | +€2,374 | +336% |
| Total equity and liabilities | 10/49 | €4,747,134 | €4,624,543 | -€122,590 | -2.6% |
| Equity | 10/15 | €1,449,543 | €1,486,960 | +€37,417 | +2.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,299,543 | €1,336,960 | +€37,417 | +2.9% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €1,284,543 | €1,321,960 | +€37,417 | +2.9% |
| Amounts payable | 17/49 | €3,297,591 | €3,137,583 | -€160,007 | -4.9% |
| Amounts payable after more than one year | 17 | €1,701,955 | €1,453,223 | -€248,732 | -14.6% |
| Financial debts | 170/4 | €1,683,095 | €1,434,363 | -€248,732 | -14.8% |
| Other amounts payable | 178/9 | €18,860 | €18,860 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,568,365 | €1,625,422 | +€57,058 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €257,934 | €259,119 | +€1,185 | +0.5% |
| Trade debts | 44 | €47,465 | €18,898 | -€28,567 | -60.2% |
| Suppliers | 440/4 | €47,465 | €18,898 | -€28,567 | -60.2% |
| Taxes, remuneration and social security | 45 | €63,252 | €67,450 | +€4,198 | +6.6% |
| Taxes | 450/3 | €54,760 | €57,759 | +€3,000 | +5.5% |
| Remuneration and social security | 454/9 | €8,493 | €9,691 | +€1,198 | +14.1% |
| Other amounts payable | 47/48 | €1,199,714 | €1,279,956 | +€80,242 | +6.7% |
| Accrued charges and deferred income | 492/3 | €27,271 | €58,938 | +€31,667 | +116% |
| Remuneration, social security and pensions | 62 | €45,129 | €51,448 | +€6,319 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,137 | €111,654 | +€9,517 | +9.3% |
| Other operating charges | 640/8 | €21,937 | €14,454 | -€7,483 | -34.1% |
| Gross operating margin | 9900 | €304,154 | €329,959 | +€25,805 | +8.5% |
| Operating profit (loss) | 9901 | €134,951 | €152,403 | +€17,452 | +12.9% |
| Financial income | 75/76B | €65,693 | €11,770 | -€53,922 | -82.1% |
| Recurring financial income | 75 | €65,693 | €11,770 | -€53,922 | -82.1% |
| Financial charges | 65/66B | €67,608 | €89,448 | +€21,840 | +32.3% |
| Recurring financial charges | 65 | €67,608 | €89,448 | +€21,840 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €133,035 | €74,726 | -€58,310 | -43.8% |
| Income taxes | 67/77 | €39,234 | €37,309 | -€1,926 | -4.9% |
| Profit (loss) for the period | 9904 | €93,801 | €37,417 | -€56,384 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €93,801 | €37,417 | -€56,384 | -60.1% |
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 24 October 2026 via checked.be.