HM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets -€162,000
down €162,000 (-15.3%), from €1.1m to €898,000
- Cash +€157,080
up €157,080 (+305%), from €51,430 to €208,511
mainly Other debts (+€472,828) and Investment in fixed assets (net) (+€155,556)
- Receivables within one year -€52,647
down €52,647 (-29.4%), from €178,833 to €126,186
of which Trade receivables: -€65,292
- Other debts +€472,828
up €472,828 (+1,517%), from €31,172 to €504,000
- Reserves -€465,000
down €465,000 (-45.1%), from €1.0m to €565,000
- Debts after one year -€106,881
down €106,881 (-73.0%), from €146,371 to €39,490
of which Other amounts payable: -€60,000
- Provisions +€64,812
new in 2025: €64,812
- Gross operating margin -€159,156
down €159,156 (-53.3%), from €298,814 to €139,658
- Provisions +€115,369
up €115,369, from -€50,557 to €64,812
- Financial charges -€46,092
down €46,092 (-94.7%), from €48,695 to €2,604
- Taxes -€29,510
down €29,510 (-49.3%), from €59,907 to €30,397
- Depreciation +€3,105
up €3,105 (+87.0%), from €3,569 to €6,674
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 | €1,312,364 | €1,259,921 | -€52,443 | -4.0% |
| Fixed assets | 21/28 | €1,070,165 | €907,935 | -€162,230 | -15.2% |
| Tangible fixed assets | 22/27 | €10,165 | €9,935 | -€230 | -2.3% |
| Furniture and vehicles | 24 | €9,242 | €9,342 | +€100 | +1.1% |
| Other tangible fixed assets | 26 | €923 | €593 | -€330 | -35.7% |
| Financial fixed assets | 28 | €1,060,000 | €898,000 | -€162,000 | -15.3% |
| Current assets | 29/58 | €242,199 | €351,985 | +€109,787 | +45.3% |
| Amounts receivable within one year | 40/41 | €178,833 | €126,186 | -€52,647 | -29.4% |
| Trade receivables | 40 | €153,740 | €88,448 | -€65,292 | -42.5% |
| Other amounts receivable | 41 | €25,093 | €37,738 | +€12,645 | +50.4% |
| Current investments | 50/53 | €3,500 | €3,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €51,430 | €208,511 | +€157,080 | +305% |
| Deferred charges and accrued income | 490/1 | €8,436 | €13,789 | +€5,353 | +63.5% |
| Total equity and liabilities | 10/49 | €1,312,364 | €1,259,921 | -€52,443 | -4.0% |
| Equity | 10/15 | €1,048,657 | €583,517 | -€465,140 | -44.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,030,000 | €565,000 | -€465,000 | -45.1% |
| Distributable reserves | 133 | €1,030,000 | €565,000 | -€465,000 | -45.1% |
| Profit (loss) carried forward | 14 | €3,657 | €3,517 | -€140 | -3.8% |
| Provisions and deferred taxes | 16 | - | €64,812 | +€64,812 | |
| Provisions for liabilities and charges | 160/5 | - | €64,812 | +€64,812 | |
| Other liabilities and charges | 164/5 | - | €64,812 | +€64,812 | |
| Amounts payable | 17/49 | €263,707 | €611,592 | +€347,885 | +132% |
| Amounts payable after more than one year | 17 | €146,371 | €39,490 | -€106,881 | -73.0% |
| Financial debts | 170/4 | €86,371 | €39,490 | -€46,881 | -54.3% |
| Other amounts payable | 178/9 | €60,000 | - | -€60,000 | |
| Amounts payable within one year | 42/48 | €117,336 | €572,101 | +€454,766 | +388% |
| Current portion of amounts payable after more than one year | 42 | €56,507 | €57,028 | +€521 | +0.9% |
| Trade debts | 44 | €17,876 | €6,443 | -€11,432 | -64.0% |
| Suppliers | 440/4 | €17,876 | €6,443 | -€11,432 | -64.0% |
| Taxes, remuneration and social security | 45 | €11,781 | €4,630 | -€7,151 | -60.7% |
| Taxes | 450/3 | €8,101 | €4,630 | -€3,471 | -42.8% |
| Remuneration and social security | 454/9 | €3,680 | - | -€3,680 | |
| Other amounts payable | 47/48 | €31,172 | €504,000 | +€472,828 | +1,517% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,569 | €6,674 | +€3,105 | +87.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,557 | €64,812 | +€115,369 | |
| Other operating charges | 640/8 | €957 | €1,539 | +€581 | +60.7% |
| Gross operating margin | 9900 | €298,814 | €139,658 | -€159,156 | -53.3% |
| Operating profit (loss) | 9901 | €344,845 | €66,634 | -€278,211 | -80.7% |
| Financial income | 75/76B | €4,949 | €5,227 | +€278 | +5.6% |
| Recurring financial income | 75 | €4,949 | €5,227 | +€278 | +5.6% |
| Financial charges | 65/66B | €48,695 | €2,604 | -€46,092 | -94.7% |
| Recurring financial charges | 65 | €48,695 | €2,604 | -€46,092 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | €301,099 | €69,257 | -€231,842 | -77.0% |
| Income taxes | 67/77 | €59,907 | €30,397 | -€29,510 | -49.3% |
| Profit (loss) for the period | 9904 | €241,192 | €38,860 | -€202,332 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €241,192 | €38,860 | -€202,332 | -83.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.