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
- Receivables within one year -€62,309
down €62,309 (-76.5%), from €81,484 to €19,175
of which Other amounts receivable: -€57,744
- Cash +€14,782
up €14,782 (+30.2%), from €48,881 to €63,663
mainly Receivables within one year (+€62,309) and Net result for the year (+€40,766)
- Profit (loss) carried forward -€84,305
down €84,305 (-72.9%), from €115,569 to €31,264
- Tax, wage and social debts +€21,436
up €21,436 (+220.6%), from €9,716 to €31,151
- Other debts +€15,187
up €15,187 (+2604.5%), from €583 to €15,770
- Gross operating margin +€30,566
up €30,566 (+70.2%), from €43,539 to €74,106
- Taxes +€17,936
up €17,936 (+189.5%), from €9,466 to €27,401
- Financial income -€2,373
down €2,373 (-99.9%), from €2,375 to €2
- Other operating charges +€1,525
up €1,525 (+145.3%), from €1,050 to €2,574
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 | €136,631 | €88,936 | -€47,695 | -34.9% |
| Fixed assets | 21/28 | €6,098 | €6,098 | +€1 | 0.0% |
| Tangible fixed assets | 22/27 | €6,098 | €6,098 | +€1 | 0.0% |
| Furniture and vehicles | 24 | €6,098 | €6,098 | +€1 | 0.0% |
| Current assets | 29/58 | €130,533 | €82,838 | -€47,695 | -36.5% |
| Amounts receivable within one year | 40/41 | €81,484 | €19,175 | -€62,309 | -76.5% |
| Trade receivables | 40 | €23,739 | €19,175 | -€4,564 | -19.2% |
| Other amounts receivable | 41 | €57,744 | €0 | -€57,744 | -100.0% |
| Cash at bank and in hand | 54/58 | €48,881 | €63,663 | +€14,782 | +30.2% |
| Deferred charges and accrued income | 490/1 | €168 | €0 | -€168 | -100.0% |
| Total equity and liabilities | 10/49 | €136,631 | €88,936 | -€47,695 | -34.9% |
| Equity | 10/15 | €115,569 | €32,414 | -€83,155 | -72.0% |
| Contributions | 10/11 | - | €1,150 | +€1,150 | |
| Profit (loss) carried forward | 14 | €115,569 | €31,264 | -€84,305 | -72.9% |
| Amounts payable | 17/49 | €21,062 | €56,523 | +€35,461 | +168.4% |
| Amounts payable within one year | 42/48 | €21,062 | €56,523 | +€35,461 | +168.4% |
| Trade debts | 44 | €10,763 | €9,601 | -€1,162 | -10.8% |
| Suppliers | 440/4 | €10,763 | €9,601 | -€1,162 | -10.8% |
| Taxes, remuneration and social security | 45 | €9,716 | €31,151 | +€21,436 | +220.6% |
| Taxes | 450/3 | €9,716 | €31,151 | +€21,436 | +220.6% |
| Other amounts payable | 47/48 | €583 | €15,770 | +€15,187 | +2604.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,864 | €3,175 | +€311 | +10.9% |
| Other operating charges | 640/8 | €1,050 | €2,574 | +€1,525 | +145.3% |
| Gross operating margin | 9900 | €43,539 | €74,106 | +€30,566 | +70.2% |
| Operating profit (loss) | 9901 | €39,626 | €68,356 | +€28,730 | +72.5% |
| Financial income | 75/76B | €2,375 | €2 | -€2,373 | -99.9% |
| Recurring financial income | 75 | €2,375 | €2 | -€2,373 | -99.9% |
| Financial charges | 65/66B | €254 | €191 | -€62 | -24.6% |
| Recurring financial charges | 65 | €254 | €188 | -€65 | -25.7% |
| Non-recurring financial charges | 66B | - | €3 | +€3 | |
| Profit (loss) for the period before taxes | 9903 | €41,747 | €68,167 | +€26,420 | +63.3% |
| Income taxes | 67/77 | €9,466 | €27,401 | +€17,936 | +189.5% |
| Profit (loss) for the period | 9904 | €32,281 | €40,766 | +€8,484 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,281 | €40,766 | +€8,484 | +26.3% |
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 28 September 2026 via checked.be.