HM Projecten: 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 Projecten
Largest movements
- Receivables after one year -€80,000
down €80,000 (-100%), from €80,000 to €0
- Cash +€32,592
up €32,592 (+58.2%), from €55,956 to €88,547
mainly Receivables after one year (+€80,000) and Net result for the year (+€3,543)
- Other debts -€52,926
down €52,926 (-68.9%), from €76,834 to €23,908
- Reserves +€3,543
up €3,543 (+3.0%), from €117,899 to €121,442
- Tax, wage and social debts +€2,386
up €2,386 (+9.6%), from €24,962 to €27,348
- Gross operating margin -€146,628
down €146,628 (-92.0%), from €159,333 to €12,704
- Taxes -€23,873
down €23,873 (-95.6%), from €24,962 to €1,090
- Financial charges -€20,835
down €20,835 (-77.2%), from €26,983 to €6,148
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 | €225,418 | €179,170 | -€46,248 | -20.5% |
| Fixed assets | 21/28 | €8,704 | €7,279 | -€1,425 | -16.4% |
| Tangible fixed assets | 22/27 | €8,704 | €7,279 | -€1,425 | -16.4% |
| Furniture and vehicles | 24 | €8,704 | €7,279 | -€1,425 | -16.4% |
| Current assets | 29/58 | €216,714 | €171,891 | -€44,823 | -20.7% |
| Amounts receivable after more than one year | 29 | €80,000 | €0 | -€80,000 | -100% |
| Other amounts receivable | 291 | €80,000 | €0 | -€80,000 | -100% |
| Stocks and contracts in progress | 3 | €71,924 | €72,560 | +€637 | +0.9% |
| Stocks | 30/36 | €71,924 | €72,560 | +€637 | +0.9% |
| Amounts receivable within one year | 40/41 | €8,413 | €10,446 | +€2,034 | +24.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,413 | €10,446 | +€2,034 | +24.2% |
| Cash at bank and in hand | 54/58 | €55,956 | €88,547 | +€32,592 | +58.2% |
| Deferred charges and accrued income | 490/1 | €422 | €337 | -€85 | -20.1% |
| Total equity and liabilities | 10/49 | €225,418 | €179,170 | -€46,248 | -20.5% |
| Equity | 10/15 | €122,899 | €126,442 | +€3,543 | +2.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €117,899 | €121,442 | +€3,543 | +3.0% |
| Distributable reserves | 133 | €117,899 | €121,442 | +€3,543 | +3.0% |
| Amounts payable | 17/49 | €102,519 | €52,728 | -€49,791 | -48.6% |
| Amounts payable within one year | 42/48 | €102,519 | €52,147 | -€50,372 | -49.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €723 | €891 | +€168 | +23.3% |
| Suppliers | 440/4 | €723 | €891 | +€168 | +23.3% |
| Taxes, remuneration and social security | 45 | €24,962 | €27,348 | +€2,386 | +9.6% |
| Taxes | 450/3 | €24,962 | €27,348 | +€2,386 | +9.6% |
| Other amounts payable | 47/48 | €76,834 | €23,908 | -€52,926 | -68.9% |
| Accrued charges and deferred income | 492/3 | - | €581 | +€581 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €624 | €1,425 | +€801 | +128% |
| Other operating charges | 640/8 | €616 | €499 | -€118 | -19.1% |
| Gross operating margin | 9900 | €159,333 | €12,704 | -€146,628 | -92.0% |
| Operating profit (loss) | 9901 | €158,092 | €10,780 | -€147,312 | -93.2% |
| Financial charges | 65/66B | €26,983 | €6,148 | -€20,835 | -77.2% |
| Recurring financial charges | 65 | €26,983 | €6,148 | -€20,835 | -77.2% |
| Profit (loss) for the period before taxes | 9903 | €131,110 | €4,633 | -€126,477 | -96.5% |
| Income taxes | 67/77 | €24,962 | €1,090 | -€23,873 | -95.6% |
| Profit (loss) for the period | 9904 | €106,147 | €3,543 | -€102,604 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,147 | €3,543 | -€102,604 | -96.7% |
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 15 October 2026 via checked.be.