HAM: 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.
HAM
Largest movements
- Cash -€23,428
no longer reported in 2025 (was €23,428)
mainly Other debts (-€49,407) and Current portion of long-term debt (-€20,727)
- Tangible fixed assets -€15,645
down €15,645 (-3.0%), from €522,232 to €506,587
- Receivables within one year +€8,384
up €8,384 (+132.2%), from €6,340 to €14,724
of which Trade receivables: +€6,251
- Short-term financial debts +€60,696
new in 2025: €60,696
- Other debts -€49,407
down €49,407 (-85.6%), from €57,687 to €8,280
- Debts after one year +€24,591
up €24,591 (+10.0%), from €246,224 to €270,815
- Current portion of long-term debt -€20,727
no longer reported in 2025 (was €20,727)
- Trade debts -€20,398
no longer reported in 2025 (was €20,398)
- Gross operating margin -€57,891
down €57,891 (-54.7%), from €105,831 to €47,940
- Financial charges -€10,925
down €10,925 (-34.4%), from €31,784 to €20,859
of which Financial charges: -€14,189
- Depreciation +€6,972
up €6,972 (+38.8%), from €17,981 to €24,953
- Other operating charges -€2,895
down €2,895 (-28.3%), from €10,243 to €7,348
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 | €592,000 | €561,311 | -€30,689 | -5.2% |
| Fixed assets | 21/28 | €522,232 | €506,587 | -€15,645 | -3.0% |
| Tangible fixed assets | 22/27 | €522,232 | €506,587 | -€15,645 | -3.0% |
| Land and buildings | 22 | €522,232 | €506,587 | -€15,645 | -3.0% |
| Current assets | 29/58 | €69,768 | €54,724 | -€15,044 | -21.6% |
| Stocks and contracts in progress | 3 | €40,000 | €40,000 | = | 0.0% |
| Stocks | 30/36 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,340 | €14,724 | +€8,384 | +132.2% |
| Trade receivables | 40 | €6,340 | €12,591 | +€6,251 | +98.6% |
| Other amounts receivable | 41 | - | €2,133 | +€2,133 | |
| Cash at bank and in hand | 54/58 | €23,428 | - | -€23,428 | |
| Total equity and liabilities | 10/49 | €592,000 | €561,311 | -€30,689 | -5.2% |
| Equity | 10/15 | €218,148 | €212,920 | -€5,228 | -2.4% |
| Contributions | 10/11 | €83,500 | €83,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,648 | €129,420 | -€5,228 | -3.9% |
| Amounts payable | 17/49 | €373,852 | €348,391 | -€25,461 | -6.8% |
| Amounts payable after more than one year | 17 | €246,224 | €270,815 | +€24,591 | +10.0% |
| Financial debts | 170/4 | €246,224 | €270,815 | +€24,591 | +10.0% |
| Amounts payable within one year | 42/48 | €127,628 | €77,576 | -€50,052 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €20,727 | - | -€20,727 | |
| Financial debts | 43 | - | €60,696 | +€60,696 | |
| Credit institutions | 430/8 | - | €60,696 | +€60,696 | |
| Trade debts | 44 | €20,398 | - | -€20,398 | |
| Suppliers | 440/4 | €20,398 | - | -€20,398 | |
| Taxes, remuneration and social security | 45 | €28,816 | €8,600 | -€20,216 | -70.2% |
| Taxes | 450/3 | €20,216 | - | -€20,216 | |
| Remuneration and social security | 454/9 | €8,600 | €8,600 | = | 0.0% |
| Other amounts payable | 47/48 | €57,687 | €8,280 | -€49,407 | -85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,981 | €24,953 | +€6,972 | +38.8% |
| Other operating charges | 640/8 | €10,243 | €7,348 | -€2,895 | -28.3% |
| Gross operating margin | 9900 | €105,831 | €47,940 | -€57,891 | -54.7% |
| Operating profit (loss) | 9901 | €77,607 | €15,639 | -€61,968 | -79.8% |
| Financial charges | 65/66B | €31,784 | €20,859 | -€10,925 | -34.4% |
| Recurring financial charges | 65 | €31,784 | €17,595 | -€14,189 | -44.6% |
| Non-recurring financial charges | 66B | - | €3,264 | +€3,264 | |
| Profit (loss) for the period before taxes | 9903 | €45,823 | -€5,220 | -€51,043 | |
| Income taxes | 67/77 | - | €8 | +€8 | |
| Profit (loss) for the period | 9904 | €45,823 | -€5,228 | -€51,051 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,823 | -€5,228 | -€51,051 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.