HAMAL: 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.
HAMAL
Largest movements
- Tangible fixed assets -€138,548
down €138,548 (-14.4%), from €960,071 to €821,522
of which Plant, machinery and equipment: -€138,548
- Receivables within one year -€22,605
down €22,605 (-7.5%), from €299,869 to €277,264
of which Trade receivables: -€22,605
- Debts after one year -€148,466
down €148,466 (-23.8%), from €622,655 to €474,188
- Profit (loss) carried forward +€51,020
up €51,020 (+179.7%), from €28,399 to €79,419
- Other debts -€42,416
down €42,416 (-29.1%), from €145,889 to €103,473
- Trade debts -€14,980
down €14,980 (-8.3%), from €180,507 to €165,526
- Gross operating margin +€69,173
up €69,173 (+41.3%), from €167,566 to €236,739
- Financial charges +€19,376
up €19,376 (+80.6%), from €24,049 to €43,425
- Depreciation -€2,667
down €2,667 (-1.9%), from €141,215 to €138,548
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 | €1,261,690 | €1,108,905 | -€152,785 | -12.1% |
| Fixed assets | 21/28 | €960,071 | €821,522 | -€138,548 | -14.4% |
| Tangible fixed assets | 22/27 | €960,071 | €821,522 | -€138,548 | -14.4% |
| Land and buildings | 22 | €124,579 | €124,579 | = | 0.0% |
| Plant, machinery and equipment | 23 | €835,395 | €696,847 | -€138,548 | -16.6% |
| Assets under construction and advance payments | 27 | €97 | €97 | = | 0.0% |
| Current assets | 29/58 | €301,619 | €287,382 | -€14,237 | -4.7% |
| Stocks and contracts in progress | 3 | €1,180 | - | -€1,180 | |
| Stocks | 30/36 | €1,180 | - | -€1,180 | |
| Amounts receivable within one year | 40/41 | €299,869 | €277,264 | -€22,605 | -7.5% |
| Trade receivables | 40 | €294,869 | €272,264 | -€22,605 | -7.7% |
| Other amounts receivable | 41 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61 | €9,540 | +€9,478 | +15436.9% |
| Deferred charges and accrued income | 490/1 | €509 | €578 | +€69 | +13.6% |
| Total equity and liabilities | 10/49 | €1,261,690 | €1,108,905 | -€152,785 | -12.1% |
| Equity | 10/15 | €96,599 | €147,619 | +€51,020 | +52.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Reserves not available under the articles | 1311 | €6,200 | - | -€6,200 | |
| Profit (loss) carried forward | 14 | €28,399 | €79,419 | +€51,020 | +179.7% |
| Amounts payable | 17/49 | €1,165,091 | €961,286 | -€203,805 | -17.5% |
| Amounts payable after more than one year | 17 | €622,655 | €474,188 | -€148,466 | -23.8% |
| Financial debts | 170/4 | €622,655 | €474,188 | -€148,466 | -23.8% |
| Amounts payable within one year | 42/48 | €542,436 | €487,097 | -€55,339 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €209,651 | €203,442 | -€6,209 | -3.0% |
| Trade debts | 44 | €180,507 | €165,526 | -€14,980 | -8.3% |
| Suppliers | 440/4 | €180,507 | €165,526 | -€14,980 | -8.3% |
| Taxes, remuneration and social security | 45 | €6,390 | €14,657 | +€8,267 | +129.4% |
| Taxes | 450/3 | €6,390 | €14,657 | +€8,267 | +129.4% |
| Other amounts payable | 47/48 | €145,889 | €103,473 | -€42,416 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,215 | €138,548 | -€2,667 | -1.9% |
| Other operating charges | 640/8 | €1,711 | €1,770 | +€59 | +3.4% |
| Gross operating margin | 9900 | €167,566 | €236,739 | +€69,173 | +41.3% |
| Operating profit (loss) | 9901 | €24,641 | €96,421 | +€71,781 | +291.3% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €24,049 | €43,425 | +€19,376 | +80.6% |
| Recurring financial charges | 65 | €24,049 | €43,425 | +€19,376 | +80.6% |
| Profit (loss) for the period before taxes | 9903 | €602 | €52,997 | +€52,395 | +8708.8% |
| Income taxes | 67/77 | - | €1,977 | +€1,977 | |
| Profit (loss) for the period | 9904 | €602 | €51,020 | +€50,418 | +8380.3% |
| Profit (loss) for the period to be appropriated | 9905 | €602 | €51,020 | +€50,418 | +8380.3% |
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.