HLM2: 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.
HLM2
Largest movements
- Cash +€127,203
up €127,203 (+63.6%), from €200,073 to €327,275
mainly Receivables within one year (+€62,940) and Net result for the year (+€48,381)
- Receivables within one year -€62,940
down €62,940 (-59.9%), from €105,082 to €42,142
of which Other amounts receivable: -€63,169
- Tangible fixed assets +€5,194
up €5,194 (+45.7%), from €11,366 to €16,559
of which Plant, machinery and equipment: +€5,099
- Profit (loss) carried forward +€48,381
up €48,381 (+21.6%), from €223,576 to €271,956
- Tax, wage and social debts +€17,031
up €17,031 (+33.3%), from €51,209 to €68,240
- Other debts +€6,674
new in 2025: €6,674
- Gross operating margin -€34,143
down €34,143 (-32.5%), from €105,015 to €70,872
- Taxes -€11,466
down €11,466 (-38.7%), from €29,664 to €18,198
- Financial income -€5,240
down €5,240 (-93.1%), from €5,629 to €389
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 | €317,667 | €387,050 | +€69,383 | +21.8% |
| Fixed assets | 21/28 | €11,366 | €16,559 | +€5,194 | +45.7% |
| Tangible fixed assets | 22/27 | €11,366 | €16,559 | +€5,194 | +45.7% |
| Land and buildings | 22 | €7,654 | €6,349 | -€1,305 | -17.1% |
| Plant, machinery and equipment | 23 | €3,712 | €8,811 | +€5,099 | +137.4% |
| Furniture and vehicles | 24 | - | €1,400 | +€1,400 | |
| Current assets | 29/58 | €306,301 | €370,491 | +€64,190 | +21.0% |
| Stocks and contracts in progress | 3 | €854 | €601 | -€253 | -29.6% |
| Stocks | 30/36 | €854 | €601 | -€253 | -29.6% |
| Amounts receivable within one year | 40/41 | €105,082 | €42,142 | -€62,940 | -59.9% |
| Trade receivables | 40 | €23,211 | €23,440 | +€229 | +1.0% |
| Other amounts receivable | 41 | €81,871 | €18,702 | -€63,169 | -77.2% |
| Cash at bank and in hand | 54/58 | €200,073 | €327,275 | +€127,203 | +63.6% |
| Deferred charges and accrued income | 490/1 | €292 | €472 | +€180 | +61.6% |
| Total equity and liabilities | 10/49 | €317,667 | €387,050 | +€69,383 | +21.8% |
| Equity | 10/15 | €229,576 | €277,956 | +€48,381 | +21.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €223,576 | €271,956 | +€48,381 | +21.6% |
| Amounts payable | 17/49 | €88,091 | €109,094 | +€21,003 | +23.8% |
| Amounts payable within one year | 42/48 | €88,091 | €109,094 | +€21,003 | +23.8% |
| Trade debts | 44 | €36,882 | €34,180 | -€2,702 | -7.3% |
| Suppliers | 440/4 | €36,882 | €34,180 | -€2,702 | -7.3% |
| Taxes, remuneration and social security | 45 | €51,209 | €68,240 | +€17,031 | +33.3% |
| Taxes | 450/3 | €51,209 | €68,240 | +€17,031 | +33.3% |
| Other amounts payable | 47/48 | - | €6,674 | +€6,674 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,199 | €3,601 | +€401 | +12.5% |
| Other operating charges | 640/8 | €191 | €193 | +€2 | +1.0% |
| Gross operating margin | 9900 | €105,015 | €70,872 | -€34,143 | -32.5% |
| Operating profit (loss) | 9901 | €101,625 | €67,079 | -€34,546 | -34.0% |
| Financial income | 75/76B | €5,629 | €389 | -€5,240 | -93.1% |
| Recurring financial income | 75 | €5,629 | €389 | -€5,240 | -93.1% |
| Financial charges | 65/66B | €263 | €890 | +€627 | +238.3% |
| Recurring financial charges | 65 | €263 | €890 | +€627 | +238.3% |
| Profit (loss) for the period before taxes | 9903 | €106,991 | €66,578 | -€40,412 | -37.8% |
| Income taxes | 67/77 | €29,664 | €18,198 | -€11,466 | -38.7% |
| Profit (loss) for the period | 9904 | €77,327 | €48,381 | -€28,946 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €77,327 | €48,381 | -€28,946 | -37.4% |
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 8 October 2026 via checked.be.