Hammer-IMS: 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.
Hammer-IMS
Largest movements
- Receivables within one year +€454,939
up €454,939 (+107%), from €425,928 to €880,867
of which Trade receivables: +€279,010
- Cash +€387,639
up €387,639 (+179%), from €216,418 to €604,057
mainly Contributions, distributions and other (+€1.7m) and Trade debts (+€332,308)
- Receivables after one year +€226,208
up €226,208 (+73.9%), from €305,903 to €532,111
- Stocks and contracts +€139,363
up €139,363 (+49.6%), from €281,215 to €420,578
of which Stocks: +€101,579
- Tangible fixed assets -€32,171
down €32,171 (-45.6%), from €70,618 to €38,447
of which Plant, machinery and equipment: -€27,396
- Profit (loss) carried forward +€2.1m
up €2.1m (+63.6%), from -€3.3m to -€1.2m
- Contributions -€2.0m
down €2.0m (-44.3%), from €4.5m to €2.5m
of which Capital: -€1.8m
- Investment grants +€358,482
up €358,482 (+164%), from €218,509 to €576,992
- Trade debts +€332,308
up €332,308 (+259%), from €128,444 to €460,752
- Short-term financial debts +€300,000
up €300,000 (+300%), from €100,000 to €400,000
- Other operating charges +€279,964
up €279,964 (+11,470%), from €2,441 to €282,405
- Gross operating margin -€118,421
down €118,421 (-44.9%), from €263,739 to €145,318
- Financial charges +€49,126
up €49,126 (+274%), from €17,934 to €67,059
- Taxes -€23,141
down €23,141, from €2,370 to -€20,771
- Depreciation -€20,684
down €20,684 (-6.7%), from €307,040 to €286,356
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 | €1,767,008 | €2,924,967 | +€1.2m | +65.5% |
| Fixed assets | 21/28 | €479,292 | €434,635 | -€44,657 | -9.3% |
| Intangible fixed assets | 21 | €382,422 | €369,936 | -€12,486 | -3.3% |
| Tangible fixed assets | 22/27 | €70,618 | €38,447 | -€32,171 | -45.6% |
| Plant, machinery and equipment | 23 | €56,996 | €29,600 | -€27,396 | -48.1% |
| Furniture and vehicles | 24 | €6,415 | €2,941 | -€3,474 | -54.2% |
| Other tangible fixed assets | 26 | €7,207 | €5,906 | -€1,301 | -18.1% |
| Financial fixed assets | 28 | €26,252 | €26,252 | = | 0.0% |
| Current assets | 29/58 | €1,287,717 | €2,490,333 | +€1.2m | +93.4% |
| Amounts receivable after more than one year | 29 | €305,903 | €532,111 | +€226,208 | +73.9% |
| Other amounts receivable | 291 | €305,903 | €532,111 | +€226,208 | +73.9% |
| Stocks and contracts in progress | 3 | €281,215 | €420,578 | +€139,363 | +49.6% |
| Stocks | 30/36 | €274,087 | €375,666 | +€101,579 | +37.1% |
| Contracts in progress | 37 | €7,128 | €44,912 | +€37,785 | +530% |
| Amounts receivable within one year | 40/41 | €425,928 | €880,867 | +€454,939 | +107% |
| Trade receivables | 40 | €326,169 | €605,179 | +€279,010 | +85.5% |
| Other amounts receivable | 41 | €99,760 | €275,688 | +€175,928 | +176% |
| Cash at bank and in hand | 54/58 | €216,418 | €604,057 | +€387,639 | +179% |
| Deferred charges and accrued income | 490/1 | €58,252 | €52,719 | -€5,533 | -9.5% |
| Total equity and liabilities | 10/49 | €1,767,008 | €2,924,967 | +€1.2m | +65.5% |
| Equity | 10/15 | €1,356,963 | €1,852,944 | +€495,982 | +36.6% |
| Contributions | 10/11 | €4,468,998 | €2,488,441 | -€2.0m | -44.3% |
| Capital | 10 | €3,114,158 | €1,315,727 | -€1.8m | -57.8% |
| Issued capital | 100 | €3,114,158 | €1,315,727 | -€1.8m | -57.8% |
| Contributions outside capital | 11 | €1,354,840 | €1,172,714 | -€182,126 | -13.4% |
| Share premium | 1100/10 | €1,354,840 | €1,172,714 | -€182,126 | -13.4% |
| Profit (loss) carried forward | 14 | -€3,330,545 | -€1,212,489 | +€2.1m | +63.6% |
| Investment grants | 15 | €218,509 | €576,992 | +€358,482 | +164% |
| Amounts payable | 17/49 | €410,045 | €1,072,023 | +€661,978 | +161% |
| Amounts payable within one year | 42/48 | €410,045 | €1,072,023 | +€661,978 | +161% |
| Current portion of amounts payable after more than one year | 42 | €339 | - | -€339 | |
| Financial debts | 43 | €100,000 | €400,000 | +€300,000 | +300% |
| Credit institutions | 430/8 | €100,000 | €400,000 | +€300,000 | +300% |
| Trade debts | 44 | €128,444 | €460,752 | +€332,308 | +259% |
| Suppliers | 440/4 | €128,444 | €460,752 | +€332,308 | +259% |
| Advances received on contracts in progress | 46 | €49,980 | €104,700 | +€54,720 | +109% |
| Taxes, remuneration and social security | 45 | €131,283 | €106,571 | -€24,712 | -18.8% |
| Taxes | 450/3 | €14,606 | €63 | -€14,543 | -99.6% |
| Remuneration and social security | 454/9 | €116,677 | €106,508 | -€10,169 | -8.7% |
| Remuneration, social security and pensions | 62 | €878,676 | €861,572 | -€17,104 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307,040 | €286,356 | -€20,684 | -6.7% |
| Other operating charges | 640/8 | €2,441 | €282,405 | +€279,964 | +11,470% |
| Gross operating margin | 9900 | €263,739 | €145,318 | -€118,421 | -44.9% |
| Operating profit (loss) | 9901 | -€924,418 | -€1,285,015 | -€360,597 | -39.0% |
| Financial income | 75/76B | €128,627 | €118,814 | -€9,813 | -7.6% |
| Recurring financial income | 75 | €128,627 | €118,814 | -€9,813 | -7.6% |
| Financial charges | 65/66B | €17,934 | €67,059 | +€49,126 | +274% |
| Recurring financial charges | 65 | €17,934 | €67,059 | +€49,126 | +274% |
| Profit (loss) for the period before taxes | 9903 | -€813,724 | -€1,233,260 | -€419,536 | -51.6% |
| Income taxes | 67/77 | €2,370 | -€20,771 | -€23,141 | |
| Profit (loss) for the period | 9904 | -€816,094 | -€1,212,489 | -€396,395 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€816,094 | -€1,212,489 | -€396,395 | -48.6% |
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 16 October 2026 via checked.be.