HAMEX: 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.
HAMEX
Largest movements
- Cash -€17,593
down €17,593 (-96.7%), from €18,198 to €605
mainly Investment in fixed assets (net) (-€29,898) and Tax, wage and social debts (-€13,144)
- Deferred charges and accrued income +€7,921
up €7,921 (+171%), from €4,641 to €12,562
- Stocks and contracts +€7,482
new in 2025: €7,482
- Receivables within one year +€2,537
up €2,537 (+4.4%), from €57,693 to €60,230
of which Other amounts receivable: +€51,192
- Tangible fixed assets +€2,324
up €2,324 (+2.4%), from €95,670 to €97,994
of which Plant, machinery and equipment: +€4,437
- Short-term financial debts +€20,268
new in 2025: €20,268
- Tax, wage and social debts -€13,144
down €13,144 (-52.7%), from €24,930 to €11,786
of which Taxes: -€12,625
- Trade debts -€9,434
down €9,434 (-36.4%), from €25,902 to €16,468
- Current portion of long-term debt +€7,088
up €7,088 (+52.3%), from €13,552 to €20,640
- Reserves +€6,998
up €6,998 (+12.4%), from €56,412 to €63,410
- Gross operating margin +€22,728
up €22,728 (+40.1%), from €56,636 to €79,363
- Staff costs +€21,815
up €21,815 (+190%), from €11,487 to €33,302
- Depreciation +€10,591
up €10,591 (+61.1%), from €17,342 to €27,933
- Taxes -€4,187
down €4,187 (-54.4%), from €7,690 to €3,503
- Financial income +€2,872
up €2,872 (+9,572,400%), from €0 to €2,872
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.
Derived cash bridge
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 | €177,368 | €179,680 | +€2,312 | +1.3% |
| Fixed assets | 21/28 | €96,837 | €98,801 | +€1,964 | +2.0% |
| Intangible fixed assets | 21 | €1,167 | €807 | -€360 | -30.9% |
| Tangible fixed assets | 22/27 | €95,670 | €97,994 | +€2,324 | +2.4% |
| Land and buildings | 22 | €1,029 | €815 | -€214 | -20.8% |
| Plant, machinery and equipment | 23 | €89,554 | €93,991 | +€4,437 | +5.0% |
| Furniture and vehicles | 24 | €5,087 | €3,189 | -€1,898 | -37.3% |
| Current assets | 29/58 | €80,531 | €80,879 | +€348 | +0.4% |
| Stocks and contracts in progress | 3 | - | €7,482 | +€7,482 | |
| Stocks | 30/36 | - | €7,482 | +€7,482 | |
| Amounts receivable within one year | 40/41 | €57,693 | €60,230 | +€2,537 | +4.4% |
| Trade receivables | 40 | €57,693 | €9,038 | -€48,655 | -84.3% |
| Other amounts receivable | 41 | - | €51,192 | +€51,192 | |
| Cash at bank and in hand | 54/58 | €18,198 | €605 | -€17,593 | -96.7% |
| Deferred charges and accrued income | 490/1 | €4,641 | €12,562 | +€7,921 | +171% |
| Total equity and liabilities | 10/49 | €177,368 | €179,680 | +€2,312 | +1.3% |
| Equity | 10/15 | €61,412 | €68,410 | +€6,998 | +11.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €56,412 | €63,410 | +€6,998 | +12.4% |
| Distributable reserves | 133 | €56,412 | €63,410 | +€6,998 | +12.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €115,956 | €111,270 | -€4,686 | -4.0% |
| Amounts payable after more than one year | 17 | €45,954 | €42,108 | -€3,846 | -8.4% |
| Financial debts | 170/4 | €45,954 | €42,108 | -€3,846 | -8.4% |
| Amounts payable within one year | 42/48 | €70,002 | €69,162 | -€840 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €13,552 | €20,640 | +€7,088 | +52.3% |
| Financial debts | 43 | - | €20,268 | +€20,268 | |
| Credit institutions | 430/8 | - | €20,268 | +€20,268 | |
| Trade debts | 44 | €25,902 | €16,468 | -€9,434 | -36.4% |
| Suppliers | 440/4 | €25,902 | €16,468 | -€9,434 | -36.4% |
| Taxes, remuneration and social security | 45 | €24,930 | €11,786 | -€13,144 | -52.7% |
| Taxes | 450/3 | €24,411 | €11,786 | -€12,625 | -51.7% |
| Remuneration and social security | 454/9 | €519 | - | -€519 | |
| Other amounts payable | 47/48 | €5,618 | - | -€5,618 | |
| Remuneration, social security and pensions | 62 | €11,487 | €33,302 | +€21,815 | +190% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,342 | €27,933 | +€10,591 | +61.1% |
| Other operating charges | 640/8 | €2,229 | €2,883 | +€655 | +29.4% |
| Gross operating margin | 9900 | €56,636 | €79,363 | +€22,728 | +40.1% |
| Operating profit (loss) | 9901 | €25,578 | €15,245 | -€10,333 | -40.4% |
| Financial income | 75/76B | €0 | €2,872 | +€2,872 | +9,572,400% |
| Recurring financial income | 75 | €0 | €2,872 | +€2,872 | +9,572,400% |
| Financial charges | 65/66B | €5,537 | €7,616 | +€2,079 | +37.6% |
| Recurring financial charges | 65 | €5,537 | €7,616 | +€2,079 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €20,041 | €10,501 | -€9,540 | -47.6% |
| Income taxes | 67/77 | €7,690 | €3,503 | -€4,187 | -54.4% |
| Profit (loss) for the period | 9904 | €12,351 | €6,998 | -€5,353 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,351 | €6,998 | -€5,353 | -43.3% |
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 18 October 2026 via checked.be.