HCMA: 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.
HCMA
Largest movements
- Receivables after one year +€16,726
new in 2025: €16,726
- Receivables within one year +€13,521
up €13,521 (+75.5%), from €17,914 to €31,434
of which Other amounts receivable: +€12,221
- Tangible fixed assets -€7,309
down €7,309 (-24.6%), from €29,663 to €22,354
of which Leasing and similar rights: -€21,050
- Cash +€5,667
up €5,667 (+18.2%), from €31,077 to €36,744
mainly Net result for the year (+€31,390) and Depreciation (+€7,309)
- Profit (loss) carried forward +€31,390
up €31,390 (+64.8%), from €48,411 to €79,801
- Tax, wage and social debts +€4,793
up €4,793 (+86.9%), from €5,517 to €10,310
- Debts after one year -€4,371
down €4,371 (-25.7%), from €16,980 to €12,609
- Trade debts -€2,310
down €2,310 (-75.9%), from €3,045 to €734
- Turnover +€174,101
new in 2025: €174,101
- Purchases and services +€122,888
new in 2025: €122,888
- Depreciation +€4,270
up €4,270 (+140.5%), from €3,039 to €7,309
- Gross operating margin -€4,048
down €4,048 (-7.3%), from €55,481 to €51,432
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 | €81,142 | €110,826 | +€29,684 | +36.6% |
| Fixed assets | 21/28 | €29,663 | €22,354 | -€7,309 | -24.6% |
| Tangible fixed assets | 22/27 | €29,663 | €22,354 | -€7,309 | -24.6% |
| Plant, machinery and equipment | 23 | €3,518 | €1,667 | -€1,852 | -52.6% |
| Furniture and vehicles | 24 | €5,095 | €20,687 | +€15,592 | +306.0% |
| Leasing and similar rights | 25 | €21,050 | - | -€21,050 | |
| Current assets | 29/58 | €51,479 | €88,472 | +€36,993 | +71.9% |
| Amounts receivable after more than one year | 29 | - | €16,726 | +€16,726 | |
| Other amounts receivable | 291 | - | €16,726 | +€16,726 | |
| Amounts receivable within one year | 40/41 | €17,914 | €31,434 | +€13,521 | +75.5% |
| Trade receivables | 40 | €13,001 | €14,300 | +€1,300 | +10.0% |
| Other amounts receivable | 41 | €4,913 | €17,134 | +€12,221 | +248.7% |
| Cash at bank and in hand | 54/58 | €31,077 | €36,744 | +€5,667 | +18.2% |
| Deferred charges and accrued income | 490/1 | €2,489 | €3,568 | +€1,080 | +43.4% |
| Total equity and liabilities | 10/49 | €81,142 | €110,826 | +€29,684 | +36.6% |
| Equity | 10/15 | €51,411 | €82,801 | +€31,390 | +61.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,411 | €79,801 | +€31,390 | +64.8% |
| Amounts payable | 17/49 | €29,731 | €28,025 | -€1,706 | -5.7% |
| Amounts payable after more than one year | 17 | €16,980 | €12,609 | -€4,371 | -25.7% |
| Financial debts | 170/4 | €16,980 | €12,609 | -€4,371 | -25.7% |
| Amounts payable within one year | 42/48 | €12,751 | €15,416 | +€2,665 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €4,189 | €4,371 | +€182 | +4.4% |
| Trade debts | 44 | €3,045 | €734 | -€2,310 | -75.9% |
| Suppliers | 440/4 | €3,045 | €734 | -€2,310 | -75.9% |
| Taxes, remuneration and social security | 45 | €5,517 | €10,310 | +€4,793 | +86.9% |
| Taxes | 450/3 | €5,517 | €10,310 | +€4,793 | +86.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Turnover | 70 | - | €174,101 | +€174,101 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €122,888 | +€122,888 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,039 | €7,309 | +€4,270 | +140.5% |
| Other operating charges | 640/8 | €950 | €295 | -€655 | -69.0% |
| Gross operating margin | 9900 | €55,481 | €51,432 | -€4,048 | -7.3% |
| Operating profit (loss) | 9901 | €51,492 | €43,828 | -€7,663 | -14.9% |
| Financial income | 75/76B | €116 | €591 | +€475 | +409.9% |
| Recurring financial income | 75 | €116 | €591 | +€475 | +409.9% |
| Financial charges | 65/66B | €536 | €1,216 | +€680 | +126.9% |
| Recurring financial charges | 65 | €536 | €1,216 | +€680 | +126.9% |
| Profit (loss) for the period before taxes | 9903 | €51,072 | €43,203 | -€7,869 | -15.4% |
| Income taxes | 67/77 | €12,431 | €11,813 | -€618 | -5.0% |
| Profit (loss) for the period | 9904 | €38,641 | €31,390 | -€7,250 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,641 | €31,390 | -€7,250 | -18.8% |
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 29 September 2026 via checked.be.