Hades-M: what changed
Two fiscal 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.
Hades-M
Largest movements
- Financial fixed assets +€3.1m
up €3.1m (+95.3%), from €3.3m to €6.4m
- Short-term financial debts +€2.8m
new in 2025: €2.8m
- Other debts +€310,000
up €310,000 (+193.8%), from €160,000 to €470,000
- Gross operating margin -€129,137
down €129,137 (-68.5%), from €188,423 to €59,286
- Taxes -€33,818
down €33,818 (-65.9%), from €51,279 to €17,461
- Financial charges +€2,868
up €2,868 (+14.9%), from €19,291 to €22,159
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.
Cash bridge derived
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 | €3,305,193 | €6,449,748 | +€3.1m | +95.1% |
| Fixed assets | 21/28 | €3,265,455 | €6,376,904 | +€3.1m | +95.3% |
| Tangible fixed assets | 22/27 | €1,516 | €2,965 | +€1,449 | +95.6% |
| Furniture and vehicles | 24 | €1,516 | €2,965 | +€1,449 | +95.6% |
| Financial fixed assets | 28 | €3,263,939 | €6,373,939 | +€3.1m | +95.3% |
| Current assets | 29/58 | €39,738 | €72,843 | +€33,105 | +83.3% |
| Amounts receivable within one year | 40/41 | €22,385 | €53,807 | +€31,422 | +140.4% |
| Trade receivables | 40 | €22,385 | €44,770 | +€22,385 | +100.0% |
| Other amounts receivable | 41 | - | €9,037 | +€9,037 | |
| Cash at bank and in hand | 54/58 | €17,353 | €19,037 | +€1,684 | +9.7% |
| Total equity and liabilities | 10/49 | €3,305,193 | €6,449,748 | +€3.1m | +95.1% |
| Equity | 10/15 | €614,663 | €629,912 | +€15,249 | +2.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,663 | €129,912 | +€15,249 | +13.3% |
| Amounts payable | 17/49 | €2,690,530 | €5,819,836 | +€3.1m | +116.3% |
| Amounts payable after more than one year | 17 | €2,447,606 | €2,447,606 | = | 0.0% |
| Financial debts | 170/4 | €2,447,606 | €2,447,606 | = | 0.0% |
| Amounts payable within one year | 42/48 | €233,093 | €3,355,965 | +€3.1m | +1339.8% |
| Financial debts | 43 | - | €2,800,000 | +€2.8m | |
| Credit institutions | 430/8 | - | €2,800,000 | +€2.8m | |
| Trade debts | 44 | €554 | €60,662 | +€60,108 | +10853.6% |
| Suppliers | 440/4 | €554 | €60,662 | +€60,108 | +10853.6% |
| Taxes, remuneration and social security | 45 | €72,539 | €25,303 | -€47,236 | -65.1% |
| Taxes | 450/3 | €72,539 | €17,461 | -€55,078 | -75.9% |
| Remuneration and social security | 454/9 | - | €7,842 | +€7,842 | |
| Other amounts payable | 47/48 | €160,000 | €470,000 | +€310,000 | +193.8% |
| Accrued charges and deferred income | 492/3 | €9,831 | €16,265 | +€6,434 | +65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €597 | €1,093 | +€497 | +83.3% |
| Other operating charges | 640/8 | €2,593 | €3,324 | +€731 | +28.2% |
| Gross operating margin | 9900 | €188,423 | €59,286 | -€129,137 | -68.5% |
| Operating profit (loss) | 9901 | €185,234 | €54,869 | -€130,365 | -70.4% |
| Financial charges | 65/66B | €19,291 | €22,159 | +€2,868 | +14.9% |
| Recurring financial charges | 65 | €19,291 | €22,159 | +€2,868 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €165,942 | €32,710 | -€133,232 | -80.3% |
| Income taxes | 67/77 | €51,279 | €17,461 | -€33,818 | -65.9% |
| Profit (loss) for the period | 9904 | €114,663 | €15,249 | -€99,414 | -86.7% |
| Profit (loss) for the period to be appropriated | 9905 | €114,663 | €15,249 | -€99,414 | -86.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.