HAMILTON MANAGEMENT: 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.
HAMILTON MANAGEMENT
Largest movements
- Receivables within one year -€72,852
down €72,852 (-78.3%), from €92,988 to €20,135
of which Trade receivables: -€83,393
- Cash +€10,026
up €10,026 (+62.6%), from €16,006 to €26,032
mainly Trade debts (+€92,310) and Receivables within one year (+€72,852)
- Other debts -€114,397
down €114,397 (-26.2%), from €436,014 to €321,617
- Trade debts +€92,310
up €92,310 (+18,388%), from €502 to €92,812
- Profit (loss) carried forward -€25,024
down €25,024 (-35.0%), from €71,550 to €46,526
- Tax, wage and social debts -€12,585
down €12,585 (-43.3%), from €29,060 to €16,475
- Gross operating margin -€114,134
down €114,134, from €95,596 to -€18,538
- Taxes -€23,872
no longer reported in 2025 (was €23,872)
- Financial charges +€5,448
up €5,448 (+4,433%), from €123 to €5,571
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 | €540,126 | €480,429 | -€59,696 | -11.1% |
| Fixed assets | 21/28 | €431,132 | €434,261 | +€3,130 | +0.7% |
| Tangible fixed assets | 22/27 | €1,132 | €4,261 | +€3,130 | +277% |
| Plant, machinery and equipment | 23 | €1,132 | €4,261 | +€3,130 | +277% |
| Financial fixed assets | 28 | €430,000 | €430,000 | = | 0.0% |
| Current assets | 29/58 | €108,994 | €46,168 | -€62,826 | -57.6% |
| Amounts receivable within one year | 40/41 | €92,988 | €20,135 | -€72,852 | -78.3% |
| Trade receivables | 40 | €92,988 | €9,594 | -€83,393 | -89.7% |
| Other amounts receivable | 41 | - | €10,541 | +€10,541 | |
| Cash at bank and in hand | 54/58 | €16,006 | €26,032 | +€10,026 | +62.6% |
| Total equity and liabilities | 10/49 | €540,126 | €480,429 | -€59,696 | -11.1% |
| Equity | 10/15 | €74,550 | €49,526 | -€25,024 | -33.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,550 | €46,526 | -€25,024 | -35.0% |
| Amounts payable | 17/49 | €465,576 | €430,903 | -€34,672 | -7.4% |
| Amounts payable within one year | 42/48 | €465,576 | €430,903 | -€34,672 | -7.4% |
| Trade debts | 44 | €502 | €92,812 | +€92,310 | +18,388% |
| Suppliers | 440/4 | €502 | €92,812 | +€92,310 | +18,388% |
| Taxes, remuneration and social security | 45 | €29,060 | €16,475 | -€12,585 | -43.3% |
| Taxes | 450/3 | €29,060 | €16,475 | -€12,585 | -43.3% |
| Other amounts payable | 47/48 | €436,014 | €321,617 | -€114,397 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51 | €921 | +€870 | +1,721% |
| Gross operating margin | 9900 | €95,596 | -€18,538 | -€114,134 | |
| Operating profit (loss) | 9901 | €95,545 | -€19,459 | -€115,004 | |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €123 | €5,571 | +€5,448 | +4,433% |
| Recurring financial charges | 65 | €123 | €5,571 | +€5,448 | +4,433% |
| Profit (loss) for the period before taxes | 9903 | €95,422 | -€25,024 | -€120,447 | |
| Income taxes | 67/77 | €23,872 | - | -€23,872 | |
| Profit (loss) for the period | 9904 | €71,550 | -€25,024 | -€96,574 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,550 | -€25,024 | -€96,574 |
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 13 October 2026 via checked.be.