HALMES: 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.
HALMES
Largest movements
- Cash -€232,607
down €232,607 (-51.8%), from €449,290 to €216,684
mainly Investment in fixed assets (net) (-€151,523) and Current portion of long-term debt (-€86,247)
- Tangible fixed assets -€81,418
down €81,418 (-13.7%), from €594,538 to €513,120
of which Leasing and similar rights: -€57,297
- Stocks and contracts +€16,453
up €16,453 (+13.4%), from €122,623 to €139,075
- Current portion of long-term debt -€86,247
down €86,247 (-58.8%), from €146,736 to €60,490
- Debts after one year -€66,194
down €66,194 (-28.4%), from €233,324 to €167,130
of which Financial debts: -€66,194
- Tax, wage and social debts -€63,684
down €63,684 (-13.0%), from €488,828 to €425,143
of which Remuneration and social security: -€37,250
- Trade debts -€25,701
down €25,701 (-13.0%), from €197,318 to €171,617
- Other debts -€21,671
down €21,671 (-93.1%), from €23,282 to €1,611
- Gross operating margin -€336,385
down €336,385 (-10.6%), from €3.2m to €2.8m
- Staff costs -€168,334
down €168,334 (-6.2%), from €2.7m to €2.5m
- Depreciation -€53,946
down €53,946 (-18.8%), from €287,326 to €233,381
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 | €1,435,080 | €1,135,830 | -€299,250 | -20.9% |
| Fixed assets | 21/28 | €610,288 | €528,430 | -€81,857 | -13.4% |
| Tangible fixed assets | 22/27 | €594,538 | €513,120 | -€81,418 | -13.7% |
| Land and buildings | 22 | €216,652 | €184,851 | -€31,802 | -14.7% |
| Plant, machinery and equipment | 23 | €103,159 | €100,711 | -€2,448 | -2.4% |
| Furniture and vehicles | 24 | €59,634 | €45,577 | -€14,057 | -23.6% |
| Leasing and similar rights | 25 | €115,637 | €58,340 | -€57,297 | -49.5% |
| Other tangible fixed assets | 26 | €99,456 | €123,641 | +€24,186 | +24.3% |
| Financial fixed assets | 28 | €15,750 | €15,310 | -€440 | -2.8% |
| Current assets | 29/58 | €824,792 | €607,400 | -€217,392 | -26.4% |
| Stocks and contracts in progress | 3 | €122,623 | €139,075 | +€16,453 | +13.4% |
| Stocks | 30/36 | €122,623 | €139,075 | +€16,453 | +13.4% |
| Amounts receivable within one year | 40/41 | €252,879 | €251,641 | -€1,238 | -0.5% |
| Trade receivables | 40 | €126,835 | €110,536 | -€16,299 | -12.9% |
| Other amounts receivable | 41 | €126,044 | €141,105 | +€15,061 | +11.9% |
| Cash at bank and in hand | 54/58 | €449,290 | €216,684 | -€232,607 | -51.8% |
| Total equity and liabilities | 10/49 | €1,435,080 | €1,135,830 | -€299,250 | -20.9% |
| Equity | 10/15 | €176,533 | €158,770 | -€17,763 | -10.1% |
| Contributions | 10/11 | €89,242 | €89,242 | = | 0.0% |
| Capital | 10 | €89,242 | €89,242 | = | 0.0% |
| Issued capital | 100 | €89,242 | €89,242 | = | 0.0% |
| Reserves | 13 | €84,901 | €84,901 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,924 | €8,924 | = | 0.0% |
| Legal reserve | 130 | €8,924 | €8,924 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,977 | €25,977 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,106 | -€16,017 | -€17,123 | |
| Investment grants | 15 | €1,284 | €644 | -€640 | -49.8% |
| Provisions and deferred taxes | 16 | €889 | €462 | -€427 | -48.0% |
| Deferred taxes | 168 | €889 | €462 | -€427 | -48.0% |
| Amounts payable | 17/49 | €1,257,658 | €976,598 | -€281,060 | -22.3% |
| Amounts payable after more than one year | 17 | €233,324 | €167,130 | -€66,194 | -28.4% |
| Financial debts | 170/4 | €106,354 | €40,160 | -€66,194 | -62.2% |
| Other amounts payable | 178/9 | €126,970 | €126,970 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,005,253 | €806,423 | -€198,830 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €146,736 | €60,490 | -€86,247 | -58.8% |
| Financial debts | 43 | €138,836 | €138,745 | -€91 | -0.1% |
| Credit institutions | 430/8 | €138,836 | €138,745 | -€91 | -0.1% |
| Trade debts | 44 | €197,318 | €171,617 | -€25,701 | -13.0% |
| Suppliers | 440/4 | €197,318 | €171,617 | -€25,701 | -13.0% |
| Advances received on contracts in progress | 46 | €10,253 | €8,817 | -€1,436 | -14.0% |
| Taxes, remuneration and social security | 45 | €488,828 | €425,143 | -€63,684 | -13.0% |
| Taxes | 450/3 | €104,198 | €77,764 | -€26,434 | -25.4% |
| Remuneration and social security | 454/9 | €384,629 | €347,380 | -€37,250 | -9.7% |
| Other amounts payable | 47/48 | €23,282 | €1,611 | -€21,671 | -93.1% |
| Accrued charges and deferred income | 492/3 | €19,080 | €3,044 | -€16,036 | -84.0% |
| Remuneration, social security and pensions | 62 | €2,715,496 | €2,547,163 | -€168,334 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €287,326 | €233,381 | -€53,946 | -18.8% |
| Other operating charges | 640/8 | €24,776 | €23,366 | -€1,410 | -5.7% |
| Gross operating margin | 9900 | €3,176,226 | €2,839,841 | -€336,385 | -10.6% |
| Operating profit (loss) | 9901 | €148,628 | €35,931 | -€112,696 | -75.8% |
| Financial income | 75/76B | €6,904 | €8,814 | +€1,910 | +27.7% |
| Recurring financial income | 75 | €6,904 | €8,814 | +€1,910 | +27.7% |
| Financial charges | 65/66B | €51,215 | €37,577 | -€13,637 | -26.6% |
| Recurring financial charges | 65 | €51,215 | €37,577 | -€13,637 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €104,317 | €7,168 | -€97,149 | -93.1% |
| Transfer from deferred taxes | 780 | €427 | €427 | = | 0.0% |
| Income taxes | 67/77 | €50,832 | €24,718 | -€26,114 | -51.4% |
| Profit (loss) for the period | 9904 | €53,912 | -€17,123 | -€71,035 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,912 | -€17,123 | -€71,035 |
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 9 October 2026 via checked.be.