HM: 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.
HM
Largest movements
- Cash -€11,200
down €11,200 (-10.6%), from €105,401 to €94,201
mainly Investment in fixed assets (net) (-€21,904) and Net result for the year (-€14,360)
- Tangible fixed assets +€10,797
up €10,797 (+36.4%), from €29,653 to €40,450
of which Land and buildings: +€18,688
- Receivables within one year -€2,039
down €2,039 (-88.5%), from €2,303 to €264
of which Trade receivables: -€2,005
- Trade debts +€19,678
up €19,678 (+1599.5%), from €1,230 to €20,908
- Profit (loss) carried forward -€14,360
down €14,360 (-57.1%), from -€25,146 to -€39,506
- Other debts -€8,596
down €8,596 (-39.5%), from €21,745 to €13,149
- Gross operating margin +€15,293
up €15,293, from -€13,567 to €1,726
- Financial charges +€3,262
up €3,262 (+612.1%), from €533 to €3,795
- Depreciation +€933
up €933 (+9.2%), from €10,174 to €11,107
- Other operating charges +€825
up €825 (+147.7%), from €558 to €1,383
- Financial income +€445
up €445 (+514.1%), from €86 to €531
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 | €176,274 | €175,464 | -€810 | -0.5% |
| Fixed assets | 21/28 | €29,653 | €40,450 | +€10,797 | +36.4% |
| Tangible fixed assets | 22/27 | €29,653 | €40,450 | +€10,797 | +36.4% |
| Land and buildings | 22 | €300 | €18,988 | +€18,688 | +6229.5% |
| Plant, machinery and equipment | 23 | €5,197 | €5,400 | +€203 | +3.9% |
| Furniture and vehicles | 24 | €24,156 | €16,062 | -€8,094 | -33.5% |
| Current assets | 29/58 | €146,621 | €135,014 | -€11,607 | -7.9% |
| Amounts receivable within one year | 40/41 | €2,303 | €264 | -€2,039 | -88.5% |
| Trade receivables | 40 | €2,247 | €242 | -€2,005 | -89.2% |
| Other amounts receivable | 41 | €56 | €22 | -€34 | -60.2% |
| Current investments | 50/53 | €38,709 | €39,173 | +€464 | +1.2% |
| Cash at bank and in hand | 54/58 | €105,401 | €94,201 | -€11,200 | -10.6% |
| Deferred charges and accrued income | 490/1 | €208 | €1,376 | +€1,168 | +561.8% |
| Total equity and liabilities | 10/49 | €176,274 | €175,464 | -€810 | -0.5% |
| Equity | 10/15 | €151,061 | €136,701 | -€14,360 | -9.5% |
| Reserves | 13 | €176,207 | €176,207 | = | 0.0% |
| Distributable reserves | 133 | €176,207 | €176,207 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,146 | -€39,506 | -€14,360 | -57.1% |
| Amounts payable | 17/49 | €25,213 | €38,763 | +€13,550 | +53.7% |
| Amounts payable within one year | 42/48 | €25,213 | €37,009 | +€11,796 | +46.8% |
| Financial debts | 43 | - | €406 | +€406 | |
| Credit institutions | 430/8 | - | €406 | +€406 | |
| Trade debts | 44 | €1,230 | €20,908 | +€19,678 | +1599.5% |
| Suppliers | 440/4 | €1,230 | €20,908 | +€19,678 | +1599.5% |
| Taxes, remuneration and social security | 45 | €2,238 | €2,545 | +€307 | +13.7% |
| Taxes | 450/3 | €2,238 | €2,545 | +€307 | +13.7% |
| Other amounts payable | 47/48 | €21,745 | €13,149 | -€8,596 | -39.5% |
| Accrued charges and deferred income | 492/3 | - | €1,754 | +€1,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,174 | €11,107 | +€933 | +9.2% |
| Other operating charges | 640/8 | €558 | €1,383 | +€825 | +147.7% |
| Gross operating margin | 9900 | -€13,567 | €1,726 | +€15,293 | |
| Operating profit (loss) | 9901 | -€24,299 | -€10,764 | +€13,535 | +55.7% |
| Financial income | 75/76B | €86 | €531 | +€445 | +514.1% |
| Recurring financial income | 75 | €86 | €531 | +€445 | +514.1% |
| Financial charges | 65/66B | €533 | €3,795 | +€3,262 | +612.1% |
| Recurring financial charges | 65 | €533 | €3,795 | +€3,262 | +612.1% |
| Profit (loss) for the period before taxes | 9903 | -€24,746 | -€14,028 | +€10,717 | +43.3% |
| Income taxes | 67/77 | €401 | €332 | -€69 | -17.2% |
| Profit (loss) for the period | 9904 | -€25,146 | -€14,360 | +€10,786 | +42.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,146 | -€14,360 | +€10,786 | +42.9% |
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 8 October 2026 via checked.be.