HJM: 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.
HJM
Largest movements
- Receivables within one year -€17,479
down €17,479 (-14.5%), from €120,898 to €103,419
of which Other amounts receivable: -€42,679
- Other debts -€30,000
down €30,000 (-15.7%), from €191,657 to €161,657
- Reserves +€7,375
up €7,375 (+4.4%), from €166,994 to €174,370
of which Distributable reserves: +€7,375
- Gross operating margin +€1,080
up €1,080 (+6.1%), from €17,845 to €18,925
- Financial charges -€349
down €349 (-52.1%), from €669 to €320
- Taxes +€338
up €338 (+12.6%), from €2,693 to €3,031
- Other operating charges +€192
up €192 (+3.1%), from €6,130 to €6,323
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 | €429,097 | €407,853 | -€21,244 | -5.0% |
| Fixed assets | 21/28 | €299,739 | €296,854 | -€2,885 | -1.0% |
| Tangible fixed assets | 22/27 | €299,739 | €296,854 | -€2,885 | -1.0% |
| Land and buildings | 22 | €299,739 | €296,854 | -€2,885 | -1.0% |
| Current assets | 29/58 | €129,358 | €110,999 | -€18,359 | -14.2% |
| Amounts receivable within one year | 40/41 | €120,898 | €103,419 | -€17,479 | -14.5% |
| Trade receivables | 40 | €17,500 | €42,700 | +€25,200 | +144.0% |
| Other amounts receivable | 41 | €103,398 | €60,719 | -€42,679 | -41.3% |
| Cash at bank and in hand | 54/58 | €8,460 | €7,580 | -€880 | -10.4% |
| Total equity and liabilities | 10/49 | €429,097 | €407,853 | -€21,244 | -5.0% |
| Equity | 10/15 | €236,701 | €244,077 | +€7,375 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €166,994 | €174,370 | +€7,375 | +4.4% |
| Tax-exempt reserves | 132 | €1,906 | €1,906 | = | 0.0% |
| Distributable reserves | 133 | €165,088 | €172,463 | +€7,375 | +4.5% |
| Profit (loss) carried forward | 14 | €51,107 | €51,107 | = | 0.0% |
| Amounts payable | 17/49 | €192,396 | €163,776 | -€28,619 | -14.9% |
| Amounts payable within one year | 42/48 | €192,252 | €163,776 | -€28,475 | -14.8% |
| Trade debts | 44 | €102 | €91 | -€10 | -10.1% |
| Suppliers | 440/4 | €102 | €91 | -€10 | -10.1% |
| Taxes, remuneration and social security | 45 | €493 | €2,028 | +€1,535 | +311.4% |
| Remuneration and social security | 454/9 | €493 | €2,028 | +€1,535 | +311.4% |
| Other amounts payable | 47/48 | €191,657 | €161,657 | -€30,000 | -15.7% |
| Accrued charges and deferred income | 492/3 | €144 | - | -€144 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,885 | €2,885 | = | 0.0% |
| Other operating charges | 640/8 | €6,130 | €6,323 | +€192 | +3.1% |
| Gross operating margin | 9900 | €17,845 | €18,925 | +€1,080 | +6.1% |
| Operating profit (loss) | 9901 | €8,830 | €9,718 | +€888 | +10.1% |
| Financial income | 75/76B | €1,006 | €1,009 | +€3 | +0.3% |
| Recurring financial income | 75 | €1,006 | €1,009 | +€3 | +0.3% |
| Financial charges | 65/66B | €669 | €320 | -€349 | -52.1% |
| Recurring financial charges | 65 | €669 | €320 | -€349 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | €9,167 | €10,406 | +€1,240 | +13.5% |
| Income taxes | 67/77 | €2,693 | €3,031 | +€338 | +12.6% |
| Profit (loss) for the period | 9904 | €6,474 | €7,375 | +€902 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,474 | €7,375 | +€902 | +13.9% |
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 5 October 2026 via checked.be.