HAMAX: 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.
HAMAX
Largest movements
- Tangible fixed assets -€143,507
down €143,507 (-74.8%), from €191,764 to €48,257
of which Plant, machinery and equipment: -€131,129
- Cash +€32,516
up €32,516 (+166.7%), from €19,500 to €52,016
mainly Depreciation (+€148,643) and Trade debts (+€75,614)
- Receivables within one year +€22,886
up €22,886 (+357.9%), from €6,394 to €29,280
of which Trade receivables: +€22,886
- Debts after one year -€87,283
down €87,283 (-100.0%), from €87,283 to €0
- Profit (loss) carried forward -€82,818
down €82,818 (-9.6%), from -€864,839 to -€947,657
- Trade debts +€75,614
up €75,614 (+73.3%), from €103,149 to €178,763
- Other debts +€31,956
up €31,956 (+8.5%), from €377,957 to €409,913
- Current portion of long-term debt -€16,580
down €16,580 (-16.0%), from €103,863 to €87,283
- Staff costs +€172,776
up €172,776 (+20.9%), from €825,242 to €998,018
- Gross operating margin +€96,394
up €96,394 (+9.8%), from €984,663 to €1.1m
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 | €259,315 | €171,180 | -€88,134 | -34.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €192,987 | €48,852 | -€144,135 | -74.7% |
| Intangible fixed assets | 21 | €628 | €0 | -€628 | -100.0% |
| Tangible fixed assets | 22/27 | €191,764 | €48,257 | -€143,507 | -74.8% |
| Plant, machinery and equipment | 23 | €158,183 | €27,054 | -€131,129 | -82.9% |
| Furniture and vehicles | 24 | €23,434 | €16,590 | -€6,843 | -29.2% |
| Leasing and similar rights | 25 | €10,147 | €4,612 | -€5,535 | -54.5% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €66,327 | €122,328 | +€56,001 | +84.4% |
| Stocks and contracts in progress | 3 | €19,727 | €22,069 | +€2,341 | +11.9% |
| Stocks | 30/36 | €19,727 | €22,069 | +€2,341 | +11.9% |
| Amounts receivable within one year | 40/41 | €6,394 | €29,280 | +€22,886 | +357.9% |
| Trade receivables | 40 | €6,107 | €28,992 | +€22,886 | +374.8% |
| Other amounts receivable | 41 | €288 | €288 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,500 | €52,016 | +€32,516 | +166.7% |
| Deferred charges and accrued income | 490/1 | €20,706 | €18,963 | -€1,742 | -8.4% |
| Total equity and liabilities | 10/49 | €259,315 | €171,180 | -€88,134 | -34.0% |
| Equity | 10/15 | -€539,839 | -€622,657 | -€82,818 | -15.3% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€864,839 | -€947,657 | -€82,818 | -9.6% |
| Amounts payable | 17/49 | €799,154 | €793,837 | -€5,317 | -0.7% |
| Amounts payable after more than one year | 17 | €87,283 | €0 | -€87,283 | -100.0% |
| Financial debts | 170/4 | €87,283 | €0 | -€87,283 | -100.0% |
| Amounts payable within one year | 42/48 | €711,870 | €793,837 | +€81,967 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €103,863 | €87,283 | -€16,580 | -16.0% |
| Trade debts | 44 | €103,149 | €178,763 | +€75,614 | +73.3% |
| Suppliers | 440/4 | €103,149 | €178,763 | +€75,614 | +73.3% |
| Taxes, remuneration and social security | 45 | €126,901 | €117,877 | -€9,023 | -7.1% |
| Taxes | 450/3 | €5,875 | €6,734 | +€859 | +14.6% |
| Remuneration and social security | 454/9 | €121,026 | €111,143 | -€9,883 | -8.2% |
| Other amounts payable | 47/48 | €377,957 | €409,913 | +€31,956 | +8.5% |
| Non-recurring operating income | 76A | €33,531 | €7,500 | -€26,031 | -77.6% |
| Remuneration, social security and pensions | 62 | €825,242 | €998,018 | +€172,776 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,153 | €148,643 | -€6,510 | -4.2% |
| Other operating charges | 640/8 | €12,220 | €12,461 | +€241 | +2.0% |
| Gross operating margin | 9900 | €984,663 | €1,081,057 | +€96,394 | +9.8% |
| Operating profit (loss) | 9901 | -€7,952 | -€78,065 | -€70,113 | -881.7% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €7,818 | €4,542 | -€3,276 | -41.9% |
| Recurring financial charges | 65 | €7,818 | €4,542 | -€3,276 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | -€15,761 | -€82,607 | -€66,845 | -424.1% |
| Income taxes | 67/77 | €218 | €211 | -€7 | -3.3% |
| Profit (loss) for the period | 9904 | -€15,980 | -€82,818 | -€66,838 | -418.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,980 | -€82,818 | -€66,838 | -418.3% |
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 28 September 2026 via checked.be.