HKM Expertise: what changed
HKM Expertise
Largest movements
- Cash +€73,800
up €73,800 (+84.2%), from €87,667 to €161,467
mainly Net result for the year (+€45,318) and Receivables within one year (+€18,027)
- Receivables within one year -€18,027
down €18,027 (-49.7%), from €36,299 to €18,272
- Tangible fixed assets -€8,271
down €8,271 (-39.7%), from €20,829 to €12,559
- Reserves +€45,318
up €45,318 (+55.4%), from €81,843 to €127,161
- Debts after one year -€10,487
down €10,487 (-92.3%), from €11,368 to €881
- Tax, wage and social debts +€6,395
up €6,395 (+22.9%), from €27,981 to €34,376
- Other debts +€3,600
up €3,600 (+152%), from €2,363 to €5,963
- Trade debts +€2,375
up €2,375 (+225%), from €1,055 to €3,430
- Gross operating margin +€6,413
up €6,413 (+9.0%), from €70,972 to €77,385
- Taxes +€1,267
up €1,267 (+6.8%), from €18,540 to €19,808
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,945 | €192,298 | +€47,352 | +32.7% |
| Fixed assets | 21/28 | €20,829 | €12,559 | -€8,271 | -39.7% |
| Tangible fixed assets | 22/27 | €20,829 | €12,559 | -€8,271 | -39.7% |
| Furniture and vehicles | 24 | €20,829 | €12,559 | -€8,271 | -39.7% |
| Current assets | 29/58 | €124,116 | €179,739 | +€55,623 | +44.8% |
| Amounts receivable within one year | 40/41 | €36,299 | €18,272 | -€18,027 | -49.7% |
| Trade receivables | 40 | €36,299 | €18,272 | -€18,027 | -49.7% |
| Cash at bank and in hand | 54/58 | €87,667 | €161,467 | +€73,800 | +84.2% |
| Deferred charges and accrued income | 490/1 | €150 | - | -€150 | |
| Total equity and liabilities | 10/49 | €144,945 | €192,298 | +€47,352 | +32.7% |
| Equity | 10/15 | €91,843 | €137,161 | +€45,318 | +49.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €81,843 | €127,161 | +€45,318 | +55.4% |
| Distributable reserves | 133 | €81,843 | €127,161 | +€45,318 | +55.4% |
| Amounts payable | 17/49 | €53,102 | €55,137 | +€2,035 | +3.8% |
| Amounts payable after more than one year | 17 | €11,368 | €881 | -€10,487 | -92.3% |
| Financial debts | 170/4 | €11,368 | €881 | -€10,487 | -92.3% |
| Amounts payable within one year | 42/48 | €41,734 | €54,256 | +€12,522 | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €10,335 | €10,487 | +€152 | +1.5% |
| Trade debts | 44 | €1,055 | €3,430 | +€2,375 | +225% |
| Suppliers | 440/4 | €1,055 | €3,430 | +€2,375 | +225% |
| Taxes, remuneration and social security | 45 | €27,981 | €34,376 | +€6,395 | +22.9% |
| Taxes | 450/3 | €27,981 | €34,376 | +€6,395 | +22.9% |
| Other amounts payable | 47/48 | €2,363 | €5,963 | +€3,600 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,179 | €10,371 | +€192 | +1.9% |
| Other operating charges | 640/8 | €1,387 | €1,466 | +€80 | +5.8% |
| Gross operating margin | 9900 | €70,972 | €77,385 | +€6,413 | +9.0% |
| Operating profit (loss) | 9901 | €59,407 | €65,548 | +€6,141 | +10.3% |
| Financial income | 75/76B | €0 | €12 | +€12 | +60,400% |
| Recurring financial income | 75 | €0 | €12 | +€12 | +60,400% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €829 | €434 | -€395 | -47.6% |
| Recurring financial charges | 65 | €829 | €434 | -€395 | -47.6% |
| Profit (loss) for the period before taxes | 9903 | €58,578 | €65,125 | +€6,548 | +11.2% |
| Income taxes | 67/77 | €18,540 | €19,808 | +€1,267 | +6.8% |
| Profit (loss) for the period | 9904 | €40,037 | €45,318 | +€5,281 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,037 | €45,318 | +€5,281 | +13.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.