HDMG: 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.
HDMG
Largest movements
- Receivables within one year -€4,391
down €4,391 (-36.9%), from €11,914 to €7,523
of which Other amounts receivable: -€6,238
- Tangible fixed assets -€4,059
down €4,059 (-45.5%), from €8,929 to €4,871
- Cash +€2,872
up €2,872 (+398%), from €721 to €3,593
mainly Receivables within one year (+€4,391) and Depreciation (+€4,059)
- Financial fixed assets +€500
new in 2025: €500
- Trade debts -€8,843
down €8,843 (-84.3%), from €10,488 to €1,645
- Profit (loss) carried forward +€3,765
up €3,765 (+58.1%), from €6,478 to €10,243
- Gross operating margin +€30,854
up €30,854, from -€22,569 to €8,284
- Depreciation +€4,059
new in 2025: €4,059
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 | €21,564 | €16,487 | -€5,078 | -23.5% |
| Fixed assets | 21/28 | €8,929 | €5,371 | -€3,559 | -39.9% |
| Tangible fixed assets | 22/27 | €8,929 | €4,871 | -€4,059 | -45.5% |
| Furniture and vehicles | 24 | €8,929 | €4,871 | -€4,059 | -45.5% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €12,635 | €11,116 | -€1,519 | -12.0% |
| Amounts receivable within one year | 40/41 | €11,914 | €7,523 | -€4,391 | -36.9% |
| Trade receivables | 40 | €1,200 | €3,046 | +€1,846 | +154% |
| Other amounts receivable | 41 | €10,715 | €4,477 | -€6,238 | -58.2% |
| Cash at bank and in hand | 54/58 | €721 | €3,593 | +€2,872 | +398% |
| Total equity and liabilities | 10/49 | €21,564 | €16,487 | -€5,078 | -23.5% |
| Equity | 10/15 | €6,478 | €10,243 | +€3,765 | +58.1% |
| Contributions | 10/11 | €0 | €0 | = | |
| Contributions outside capital | 11 | €0 | €0 | = | |
| Other | 1109/19 | €0 | €0 | = | |
| Profit (loss) carried forward | 14 | €6,478 | €10,243 | +€3,765 | +58.1% |
| Amounts payable | 17/49 | €15,086 | €6,243 | -€8,843 | -58.6% |
| Amounts payable within one year | 42/48 | €15,086 | €6,243 | -€8,843 | -58.6% |
| Trade debts | 44 | €10,488 | €1,645 | -€8,843 | -84.3% |
| Suppliers | 440/4 | €10,488 | €1,645 | -€8,843 | -84.3% |
| Advances received on contracts in progress | 46 | €4,598 | €4,598 | = | 0.0% |
| Non-recurring operating income | 76A | €592 | - | -€592 | |
| Remuneration, social security and pensions | 62 | €213 | €431 | +€218 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,059 | +€4,059 | |
| Other operating charges | 640/8 | - | €10 | +€10 | |
| Gross operating margin | 9900 | -€22,569 | €8,284 | +€30,854 | |
| Operating profit (loss) | 9901 | -€22,782 | €3,784 | +€26,567 | |
| Financial income | 75/76B | €154 | - | -€154 | |
| Recurring financial income | 75 | €154 | - | -€154 | |
| Non-recurring financial income | 76B | €154 | - | -€154 | |
| Financial charges | 65/66B | - | €19 | +€19 | |
| Recurring financial charges | 65 | - | €19 | +€19 | |
| Profit (loss) for the period before taxes | 9903 | -€22,628 | €3,765 | +€26,394 | |
| Profit (loss) for the period | 9904 | -€22,628 | €3,765 | +€26,394 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,628 | €3,765 | +€26,394 |
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.