HM: 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.
HM
Largest movements
- Tangible fixed assets -€4,865
down €4,865 (-34.2%), from €14,233 to €9,368
of which Furniture and vehicles: -€4,550
- Receivables within one year +€2,392
up €2,392 (+9.5%), from €25,313 to €27,706
of which Trade receivables: +€2,354
- Cash -€2,165
down €2,165 (-13.3%), from €16,309 to €14,143
mainly Debts after one year (-€4,479) and Trade debts (-€3,210)
- Debts after one year -€4,479
down €4,479 (-43.3%), from €10,351 to €5,872
- Profit (loss) carried forward +€4,351
up €4,351 (+93.5%), from €4,654 to €9,006
- Trade debts -€3,210
down €3,210 (-20.0%), from €16,072 to €12,862
- Tax, wage and social debts -€2,688
down €2,688 (-32.4%), from €8,297 to €5,609
of which Remuneration and social security: -€4,259
- Other debts +€1,040
up €1,040 (+52.6%), from €1,979 to €3,019
- Staff costs -€15,342
no longer reported in 2025 (was €15,342)
- Gross operating margin -€9,353
down €9,353 (-44.1%), from €21,198 to €11,845
- Taxes +€1,500
up €1,500 (+1,227%), from €122 to €1,623
- Other operating charges -€680
down €680 (-71.6%), from €950 to €270
- Depreciation -€443
down €443 (-8.4%), from €5,308 to €4,865
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 | €57,770 | €52,684 | -€5,086 | -8.8% |
| Fixed assets | 21/28 | €14,413 | €9,548 | -€4,865 | -33.8% |
| Tangible fixed assets | 22/27 | €14,233 | €9,368 | -€4,865 | -34.2% |
| Plant, machinery and equipment | 23 | €466 | €151 | -€315 | -67.5% |
| Furniture and vehicles | 24 | €13,767 | €9,217 | -€4,550 | -33.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €43,357 | €43,136 | -€221 | -0.5% |
| Amounts receivable within one year | 40/41 | €25,313 | €27,706 | +€2,392 | +9.5% |
| Trade receivables | 40 | €23,812 | €26,165 | +€2,354 | +9.9% |
| Other amounts receivable | 41 | €1,502 | €1,540 | +€38 | +2.6% |
| Cash at bank and in hand | 54/58 | €16,309 | €14,143 | -€2,165 | -13.3% |
| Deferred charges and accrued income | 490/1 | €1,735 | €1,287 | -€448 | -25.8% |
| Total equity and liabilities | 10/49 | €57,770 | €52,684 | -€5,086 | -8.8% |
| Equity | 10/15 | €16,490 | €20,842 | +€4,351 | +26.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €11,835 | €11,835 | = | 0.0% |
| Distributable reserves | 133 | €11,835 | €11,835 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,654 | €9,006 | +€4,351 | +93.5% |
| Amounts payable | 17/49 | €41,280 | €31,842 | -€9,437 | -22.9% |
| Amounts payable after more than one year | 17 | €10,351 | €5,872 | -€4,479 | -43.3% |
| Financial debts | 170/4 | €10,351 | €5,872 | -€4,479 | -43.3% |
| Amounts payable within one year | 42/48 | €30,643 | €25,970 | -€4,673 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €4,294 | €4,479 | +€186 | +4.3% |
| Trade debts | 44 | €16,072 | €12,862 | -€3,210 | -20.0% |
| Suppliers | 440/4 | €16,072 | €12,862 | -€3,210 | -20.0% |
| Taxes, remuneration and social security | 45 | €8,297 | €5,609 | -€2,688 | -32.4% |
| Taxes | 450/3 | €174 | €1,745 | +€1,571 | +904% |
| Remuneration and social security | 454/9 | €8,124 | €3,864 | -€4,259 | -52.4% |
| Other amounts payable | 47/48 | €1,979 | €3,019 | +€1,040 | +52.6% |
| Accrued charges and deferred income | 492/3 | €285 | - | -€285 | |
| Remuneration, social security and pensions | 62 | €15,342 | - | -€15,342 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,308 | €4,865 | -€443 | -8.4% |
| Other operating charges | 640/8 | €950 | €270 | -€680 | -71.6% |
| Gross operating margin | 9900 | €21,198 | €11,845 | -€9,353 | -44.1% |
| Operating profit (loss) | 9901 | -€402 | €6,710 | +€7,112 | |
| Financial income | 75/76B | €129 | €32 | -€96 | -74.8% |
| Recurring financial income | 75 | €129 | €32 | -€96 | -74.8% |
| Financial charges | 65/66B | €1,062 | €768 | -€294 | -27.7% |
| Recurring financial charges | 65 | €1,062 | €768 | -€294 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,336 | €5,974 | +€7,310 | |
| Income taxes | 67/77 | €122 | €1,623 | +€1,500 | +1,227% |
| Profit (loss) for the period | 9904 | -€1,458 | €4,351 | +€5,809 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,458 | €4,351 | +€5,809 |
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 17 October 2026 via checked.be.