HAMMER PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year -€35,138
down €35,138 (-57.6%), from €60,955 to €25,816
of which Trade receivables: -€32,982
- Cash +€25,296
up €25,296 (+48.4%), from €52,279 to €77,574
mainly Net result for the year (+€57,536) and Other debts (+€39,810)
- Current investments +€18,819
up €18,819 (+28.5%), from €66,030 to €84,849
- Tangible fixed assets -€7,768
down €7,768 (-2.0%), from €384,153 to €376,385
of which Furniture and vehicles: -€6,789
- Other debts +€39,810
up €39,810 (+82.5%), from €48,244 to €88,054
- Reserves -€24,243
down €24,243 (-7.9%), from €308,552 to €284,309
- Debts after one year -€22,747
down €22,747 (-10.7%), from €212,149 to €189,402
- Current portion of long-term debt +€16,709
up €16,709 (+75.8%), from €22,041 to €38,750
- Trade debts -€6,304
down €6,304 (-82.6%), from €7,633 to €1,329
- Depreciation -€22,130
down €22,130 (-45.8%), from €48,333 to €26,203
- Financial charges +€5,454
up €5,454 (+102%), from €5,365 to €10,819
- Gross operating margin -€5,454
down €5,454 (-4.4%), from €123,068 to €117,614
- Taxes +€4,885
up €4,885 (+24.4%), from €20,038 to €24,923
- Financial income +€3,168
up €3,168 (+153%), from €2,073 to €5,241
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 | €606,477 | €608,639 | +€2,162 | +0.4% |
| Fixed assets | 21/28 | €384,153 | €376,385 | -€7,768 | -2.0% |
| Tangible fixed assets | 22/27 | €384,153 | €376,385 | -€7,768 | -2.0% |
| Land and buildings | 22 | €364,149 | €362,119 | -€2,030 | -0.6% |
| Plant, machinery and equipment | 23 | €1,084 | €2,135 | +€1,051 | +97.0% |
| Furniture and vehicles | 24 | €18,920 | €12,131 | -€6,789 | -35.9% |
| Current assets | 29/58 | €222,324 | €232,254 | +€9,930 | +4.5% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,955 | €25,816 | -€35,138 | -57.6% |
| Trade receivables | 40 | €51,635 | €18,653 | -€32,982 | -63.9% |
| Other amounts receivable | 41 | €9,320 | €7,164 | -€2,156 | -23.1% |
| Current investments | 50/53 | €66,030 | €84,849 | +€18,819 | +28.5% |
| Cash at bank and in hand | 54/58 | €52,279 | €77,574 | +€25,296 | +48.4% |
| Deferred charges and accrued income | 490/1 | €3,060 | €4,014 | +€953 | +31.2% |
| Total equity and liabilities | 10/49 | €606,477 | €608,639 | +€2,162 | +0.4% |
| Equity | 10/15 | €309,052 | €284,809 | -€24,243 | -7.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €308,552 | €284,309 | -€24,243 | -7.9% |
| Distributable reserves | 133 | €308,552 | €284,309 | -€24,243 | -7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €297,425 | €323,830 | +€26,405 | +8.9% |
| Amounts payable after more than one year | 17 | €212,149 | €189,402 | -€22,747 | -10.7% |
| Financial debts | 170/4 | €212,149 | €189,402 | -€22,747 | -10.7% |
| Amounts payable within one year | 42/48 | €84,902 | €134,040 | +€49,138 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €22,041 | €38,750 | +€16,709 | +75.8% |
| Trade debts | 44 | €7,633 | €1,329 | -€6,304 | -82.6% |
| Suppliers | 440/4 | €7,633 | €1,329 | -€6,304 | -82.6% |
| Taxes, remuneration and social security | 45 | €6,984 | €5,906 | -€1,078 | -15.4% |
| Taxes | 450/3 | €6,984 | €5,906 | -€1,078 | -15.4% |
| Other amounts payable | 47/48 | €48,244 | €88,054 | +€39,810 | +82.5% |
| Accrued charges and deferred income | 492/3 | €374 | €388 | +€14 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,333 | €26,203 | -€22,130 | -45.8% |
| Other operating charges | 640/8 | €2,465 | €1,769 | -€695 | -28.2% |
| Non-recurring operating charges | 66A | - | €1,606 | +€1,606 | |
| Gross operating margin | 9900 | €123,068 | €117,614 | -€5,454 | -4.4% |
| Operating profit (loss) | 9901 | €72,271 | €88,037 | +€15,765 | +21.8% |
| Financial income | 75/76B | €2,073 | €5,241 | +€3,168 | +153% |
| Recurring financial income | 75 | €2,073 | €5,241 | +€3,168 | +153% |
| Financial charges | 65/66B | €5,365 | €10,819 | +€5,454 | +102% |
| Recurring financial charges | 65 | €5,365 | €10,819 | +€5,454 | +102% |
| Profit (loss) for the period before taxes | 9903 | €68,979 | €82,459 | +€13,480 | +19.5% |
| Income taxes | 67/77 | €20,038 | €24,923 | +€4,885 | +24.4% |
| Profit (loss) for the period | 9904 | €48,941 | €57,536 | +€8,595 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,941 | €57,536 | +€8,595 | +17.6% |
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 17 October 2026 via checked.be.