HM COLLECTION: 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 COLLECTION
Largest movements
- Tangible fixed assets +€5.0m
up €5.0m (+41.9%), from €11.8m to €16.8m
of which Land and buildings: +€4.9m
- Receivables within one year +€1.3m
up €1.3m (+1503.6%), from €88,419 to €1.4m
of which Other amounts receivable: +€1.4m
- Other debts +€4.4m
up €4.4m (+1001.5%), from €435,870 to €4.8m
- Debts after one year +€3.4m
up €3.4m (+16.0%), from €21.0m to €24.4m
- Profit (loss) carried forward -€987,405
down €987,405 (-20.8%), from -€4.8m to -€5.7m
- Financial charges +€797,370
up €797,370 (+503.3%), from €158,440 to €955,810
- Gross operating margin -€399,785
down €399,785 (-40.2%), from €995,346 to €595,561
- Depreciation +€244,497
up €244,497 (+82.9%), from €294,971 to €539,468
- Financial income -€116,054
down €116,054 (-99.3%), from €116,875 to €822
- Staff costs -€39,154
down €39,154 (-100.0%), from €39,154 to €0
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 | €65,616,528 | €72,234,181 | +€6.6m | +10.1% |
| Fixed assets | 21/28 | €17,471,388 | €22,421,816 | +€5.0m | +28.3% |
| Tangible fixed assets | 22/27 | €11,814,314 | €16,764,741 | +€5.0m | +41.9% |
| Land and buildings | 22 | €11,596,314 | €16,491,101 | +€4.9m | +42.2% |
| Plant, machinery and equipment | 23 | €5,267 | €46,225 | +€40,958 | +777.7% |
| Furniture and vehicles | 24 | €84,912 | €99,595 | +€14,683 | +17.3% |
| Other tangible fixed assets | 26 | €127,821 | €127,821 | = | 0.0% |
| Financial fixed assets | 28 | €5,657,074 | €5,657,074 | = | 0.0% |
| Current assets | 29/58 | €48,145,139 | €49,812,365 | +€1.7m | +3.5% |
| Stocks and contracts in progress | 3 | €47,493,744 | €47,515,328 | +€21,584 | 0.0% |
| Stocks | 30/36 | €47,493,744 | €47,515,328 | +€21,584 | 0.0% |
| Amounts receivable within one year | 40/41 | €88,419 | €1,417,928 | +€1.3m | +1503.6% |
| Trade receivables | 40 | €87,626 | €45,551 | -€42,075 | -48.0% |
| Other amounts receivable | 41 | €794 | €1,372,378 | +€1.4m | +172845.9% |
| Cash at bank and in hand | 54/58 | €528,058 | €837,544 | +€309,486 | +58.6% |
| Deferred charges and accrued income | 490/1 | €34,918 | €41,565 | +€6,647 | +19.0% |
| Total equity and liabilities | 10/49 | €65,616,528 | €72,234,181 | +€6.6m | +10.1% |
| Equity | 10/15 | €43,744,853 | €42,757,448 | -€987,405 | -2.3% |
| Contributions | 10/11 | €48,500,000 | €48,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,755,147 | -€5,742,552 | -€987,405 | -20.8% |
| Amounts payable | 17/49 | €21,871,675 | €29,476,732 | +€7.6m | +34.8% |
| Amounts payable after more than one year | 17 | €21,000,000 | €24,350,000 | +€3.4m | +16.0% |
| Financial debts | 170/4 | €21,000,000 | €24,350,000 | +€3.4m | +16.0% |
| Amounts payable within one year | 42/48 | €686,802 | €5,125,283 | +€4.4m | +646.3% |
| Trade debts | 44 | €186,936 | €292,813 | +€105,877 | +56.6% |
| Suppliers | 440/4 | €186,936 | €292,813 | +€105,877 | +56.6% |
| Taxes, remuneration and social security | 45 | €63,997 | €31,318 | -€32,680 | -51.1% |
| Taxes | 450/3 | €56,416 | €31,318 | -€25,098 | -44.5% |
| Remuneration and social security | 454/9 | €7,581 | €0 | -€7,581 | -100.0% |
| Other amounts payable | 47/48 | €435,870 | €4,801,153 | +€4.4m | +1001.5% |
| Accrued charges and deferred income | 492/3 | €184,872 | €1,449 | -€183,424 | -99.2% |
| Non-recurring operating income | 76A | €978,288 | €717,278 | -€261,009 | -26.7% |
| Remuneration, social security and pensions | 62 | €39,154 | €0 | -€39,154 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €294,971 | €539,468 | +€244,497 | +82.9% |
| Other operating charges | 640/8 | €28,023 | €21,882 | -€6,141 | -21.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €995,346 | €595,561 | -€399,785 | -40.2% |
| Operating profit (loss) | 9901 | €633,198 | €34,211 | -€598,987 | -94.6% |
| Financial income | 75/76B | €116,875 | €822 | -€116,054 | -99.3% |
| Recurring financial income | 75 | €116,875 | €822 | -€116,054 | -99.3% |
| Financial charges | 65/66B | €158,440 | €955,810 | +€797,370 | +503.3% |
| Recurring financial charges | 65 | €158,440 | €955,810 | +€797,370 | +503.3% |
| Profit (loss) for the period before taxes | 9903 | €591,633 | -€920,777 | -€1.5m | |
| Income taxes | 67/77 | €41,746 | €66,627 | +€24,881 | +59.6% |
| Profit (loss) for the period | 9904 | €549,887 | -€987,405 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €549,887 | -€987,405 | -€1.5m |
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 30 September 2026 via checked.be.