HM Project 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 Project Management
Largest movements
- Receivables after one year -€20,331
down €20,331 (-92.1%), from €22,065 to €1,734
of which Other amounts receivable: -€11,331
- Cash +€17,857
up €17,857 (+176%), from €10,159 to €28,016
mainly Receivables after one year (+€20,331) and Other debts (+€4,750)
- Tangible fixed assets -€2,863
down €2,863 (-69.1%), from €4,146 to €1,283
of which Furniture and vehicles: -€2,644
- Reserves -€4,999
down €4,999 (-34.6%), from €14,452 to €9,453
of which Distributable reserves: -€5,000
- Other debts +€4,750
new in 2025: €4,750
- Profit (loss) carried forward -€4,531
down €4,531 (-30.4%), from €14,911 to €10,380
- Tax, wage and social debts -€427
down €427 (-63.1%), from €677 to €250
- Gross operating margin -€3,843
down €3,843, from €1,771 to -€2,072
- Depreciation -€608
down €608 (-17.5%), from €3,471 to €2,863
- Staff costs +€396
new in 2025: €396
- Financial income -€179
down €179 (-13.9%), from €1,291 to €1,112
- Other operating charges -€113
down €113 (-44.0%), from €257 to €144
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 | €36,370 | €31,033 | -€5,337 | -14.7% |
| Fixed assets | 21/28 | €4,146 | €1,283 | -€2,863 | -69.1% |
| Tangible fixed assets | 22/27 | €4,146 | €1,283 | -€2,863 | -69.1% |
| Furniture and vehicles | 24 | €3,709 | €1,065 | -€2,644 | -71.3% |
| Other tangible fixed assets | 26 | €437 | €218 | -€219 | -50.1% |
| Current assets | 29/58 | €32,224 | €29,750 | -€2,474 | -7.7% |
| Amounts receivable after more than one year | 29 | €22,065 | €1,734 | -€20,331 | -92.1% |
| Trade receivables | 290 | €9,000 | - | -€9,000 | |
| Other amounts receivable | 291 | €13,065 | €1,734 | -€11,331 | -86.7% |
| Cash at bank and in hand | 54/58 | €10,159 | €28,016 | +€17,857 | +176% |
| Total equity and liabilities | 10/49 | €36,370 | €31,033 | -€5,337 | -14.7% |
| Equity | 10/15 | €35,563 | €26,033 | -€9,530 | -26.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,452 | €9,453 | -€4,999 | -34.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €92 | €93 | +€1 | +1.1% |
| Distributable reserves | 133 | €12,500 | €7,500 | -€5,000 | -40.0% |
| Profit (loss) carried forward | 14 | €14,911 | €10,380 | -€4,531 | -30.4% |
| Amounts payable | 17/49 | €807 | €5,000 | +€4,193 | +520% |
| Amounts payable within one year | 42/48 | €718 | €5,000 | +€4,282 | +596% |
| Trade debts | 44 | €41 | - | -€41 | |
| Suppliers | 440/4 | €41 | - | -€41 | |
| Taxes, remuneration and social security | 45 | €677 | €250 | -€427 | -63.1% |
| Taxes | 450/3 | €677 | €250 | -€427 | -63.1% |
| Other amounts payable | 47/48 | - | €4,750 | +€4,750 | |
| Accrued charges and deferred income | 492/3 | €89 | - | -€89 | |
| Remuneration, social security and pensions | 62 | - | €396 | +€396 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,471 | €2,863 | -€608 | -17.5% |
| Other operating charges | 640/8 | €257 | €144 | -€113 | -44.0% |
| Gross operating margin | 9900 | €1,771 | -€2,072 | -€3,843 | |
| Operating profit (loss) | 9901 | -€1,957 | -€5,475 | -€3,518 | -180% |
| Financial income | 75/76B | €1,291 | €1,112 | -€179 | -13.9% |
| Recurring financial income | 75 | €1,291 | €1,112 | -€179 | -13.9% |
| Financial charges | 65/66B | €152 | €152 | = | 0.0% |
| Recurring financial charges | 65 | €152 | €152 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€818 | -€4,515 | -€3,697 | -452% |
| Income taxes | 67/77 | €0 | €16 | +€16 | |
| Profit (loss) for the period | 9904 | -€818 | -€4,531 | -€3,713 | -454% |
| Profit (loss) for the period to be appropriated | 9905 | -€818 | -€4,531 | -€3,713 | -454% |
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 20 October 2026 via checked.be.