HAMAFA: 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.
HAMAFA
Largest movements
- Receivables within one year +€39,800
up €39,800 (+36.9%), from €107,925 to €147,725
of which Other amounts receivable: +€30,293
- Cash -€32,397
down €32,397 (-25.3%), from €128,056 to €95,659
mainly Contributions, distributions and other (-€250,000) and Debts after one year (-€100,553)
- Other debts +€197,819
up €197,819 (+705.2%), from €28,053 to €225,873
- Debts after one year -€100,553
down €100,553 (-10.9%), from €919,938 to €819,385
- Reserves -€83,687
down €83,687 (-11.3%), from €739,820 to €656,132
of which Distributable reserves: -€83,687
- Financial income +€42,047
up €42,047 (+150870.0%), from €28 to €42,075
- Gross operating margin -€17,276
down €17,276 (-9.0%), from €191,994 to €174,719
- Taxes -€3,734
down €3,734 (-9.3%), from €39,950 to €36,216
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 | €1,809,241 | €1,822,479 | +€13,238 | +0.7% |
| Fixed assets | 21/28 | €1,572,875 | €1,577,463 | +€4,588 | +0.3% |
| Tangible fixed assets | 22/27 | €1,767 | €6,356 | +€4,588 | +259.6% |
| Plant, machinery and equipment | 23 | €945 | €4,221 | +€3,276 | +346.5% |
| Furniture and vehicles | 24 | €822 | €2,134 | +€1,312 | +159.6% |
| Financial fixed assets | 28 | €1,571,107 | €1,571,107 | = | 0.0% |
| Current assets | 29/58 | €236,366 | €245,016 | +€8,650 | +3.7% |
| Amounts receivable within one year | 40/41 | €107,925 | €147,725 | +€39,800 | +36.9% |
| Trade receivables | 40 | €15,573 | €25,080 | +€9,507 | +61.1% |
| Other amounts receivable | 41 | €92,352 | €122,645 | +€30,293 | +32.8% |
| Cash at bank and in hand | 54/58 | €128,056 | €95,659 | -€32,397 | -25.3% |
| Deferred charges and accrued income | 490/1 | €385 | €1,632 | +€1,247 | +323.6% |
| Total equity and liabilities | 10/49 | €1,809,241 | €1,822,479 | +€13,238 | +0.7% |
| Equity | 10/15 | €746,020 | €662,332 | -€83,687 | -11.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €739,820 | €656,132 | -€83,687 | -11.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €739,820 | €656,132 | -€83,687 | -11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,063,221 | €1,160,147 | +€96,926 | +9.1% |
| Amounts payable after more than one year | 17 | €919,938 | €819,385 | -€100,553 | -10.9% |
| Financial debts | 170/4 | €919,938 | €819,385 | -€100,553 | -10.9% |
| Amounts payable within one year | 42/48 | €140,382 | €337,871 | +€197,489 | +140.7% |
| Current portion of amounts payable after more than one year | 42 | €99,414 | €100,553 | +€1,139 | +1.1% |
| Trade debts | 44 | €3,849 | €1,359 | -€2,490 | -64.7% |
| Suppliers | 440/4 | €3,849 | €1,359 | -€2,490 | -64.7% |
| Taxes, remuneration and social security | 45 | €9,065 | €10,086 | +€1,021 | +11.3% |
| Taxes | 450/3 | €9,065 | €10,086 | +€1,021 | +11.3% |
| Other amounts payable | 47/48 | €28,053 | €225,873 | +€197,819 | +705.2% |
| Accrued charges and deferred income | 492/3 | €2,901 | €2,891 | -€10 | -0.4% |
| Non-recurring operating income | 76A | - | €4,132 | +€4,132 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €912 | €1,451 | +€539 | +59.1% |
| Other operating charges | 640/8 | €1,471 | €1,171 | -€300 | -20.4% |
| Gross operating margin | 9900 | €191,994 | €174,719 | -€17,276 | -9.0% |
| Operating profit (loss) | 9901 | €189,612 | €172,097 | -€17,515 | -9.2% |
| Financial income | 75/76B | €28 | €42,075 | +€42,047 | +150870.0% |
| Recurring financial income | 75 | €28 | €42,075 | +€42,047 | +150870.0% |
| Financial charges | 65/66B | €12,399 | €11,644 | -€755 | -6.1% |
| Recurring financial charges | 65 | €12,399 | €11,644 | -€755 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €177,241 | €202,529 | +€25,288 | +14.3% |
| Income taxes | 67/77 | €39,950 | €36,216 | -€3,734 | -9.3% |
| Profit (loss) for the period | 9904 | €137,291 | €166,313 | +€29,022 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €137,291 | €166,313 | +€29,022 | +21.1% |
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 10 October 2026 via checked.be.