HM PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year -€58,786
down €58,786 (-31.3%), from €187,703 to €128,917
of which Trade receivables: -€73,970
- Tangible fixed assets -€9,642
down €9,642 (-21.5%), from €44,941 to €35,299
of which Other tangible fixed assets: -€7,414
- Profit (loss) carried forward -€63,848
down €63,848, from €58,826 to -€5,022
- Trade debts +€13,736
up €13,736 (+27.9%), from €49,223 to €62,959
- Tax, wage and social debts -€9,627
down €9,627 (-27.5%), from €34,949 to €25,321
of which Taxes: -€9,627
- Current portion of long-term debt -€7,009
down €7,009 (-100.0%), from €7,009 to €0
- Other debts -€3,895
down €3,895 (-18.2%), from €21,435 to €17,540
- Gross operating margin -€76,462
down €76,462, from €12,565 to -€63,897
- Write-downs -€42,279
down €42,279, from €24,953 to -€17,326
- Financial income +€9,538
up €9,538 (+165.9%), from €5,747 to €15,285
- Financial charges -€4,218
down €4,218 (-20.0%), from €21,116 to €16,898
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 | €270,173 | €201,431 | -€68,742 | -25.4% |
| Fixed assets | 21/28 | €51,578 | €40,586 | -€10,992 | -21.3% |
| Intangible fixed assets | 21 | €5,524 | €4,174 | -€1,350 | -24.4% |
| Tangible fixed assets | 22/27 | €44,941 | €35,299 | -€9,642 | -21.5% |
| Furniture and vehicles | 24 | €11,610 | €9,381 | -€2,228 | -19.2% |
| Other tangible fixed assets | 26 | €33,331 | €25,917 | -€7,414 | -22.2% |
| Financial fixed assets | 28 | €1,113 | €1,113 | = | 0.0% |
| Current assets | 29/58 | €218,595 | €160,845 | -€57,750 | -26.4% |
| Amounts receivable within one year | 40/41 | €187,703 | €128,917 | -€58,786 | -31.3% |
| Trade receivables | 40 | €146,293 | €72,323 | -€73,970 | -50.6% |
| Other amounts receivable | 41 | €41,410 | €56,593 | +€15,184 | +36.7% |
| Cash at bank and in hand | 54/58 | €19,422 | €22,025 | +€2,603 | +13.4% |
| Deferred charges and accrued income | 490/1 | €11,471 | €9,904 | -€1,567 | -13.7% |
| Total equity and liabilities | 10/49 | €270,173 | €201,431 | -€68,742 | -25.4% |
| Equity | 10/15 | €136,884 | €73,036 | -€63,848 | -46.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €71,858 | €71,858 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €69,998 | €69,998 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,826 | -€5,022 | -€63,848 | |
| Amounts payable | 17/49 | €133,290 | €128,396 | -€4,894 | -3.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €123,955 | €117,131 | -€6,824 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €7,009 | €0 | -€7,009 | -100.0% |
| Financial debts | 43 | €11,339 | €11,311 | -€28 | -0.2% |
| Credit institutions | 430/8 | €11,339 | €11,311 | -€28 | -0.2% |
| Trade debts | 44 | €49,223 | €62,959 | +€13,736 | +27.9% |
| Suppliers | 440/4 | €49,223 | €62,959 | +€13,736 | +27.9% |
| Taxes, remuneration and social security | 45 | €34,949 | €25,321 | -€9,627 | -27.5% |
| Taxes | 450/3 | €34,949 | €25,321 | -€9,627 | -27.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €21,435 | €17,540 | -€3,895 | -18.2% |
| Accrued charges and deferred income | 492/3 | €9,335 | €11,264 | +€1,930 | +20.7% |
| Non-recurring operating income | 76A | €2,603 | €13,274 | +€10,671 | +409.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,656 | €12,242 | +€586 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,953 | -€17,326 | -€42,279 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,264 | €2,824 | +€560 | +24.7% |
| Gross operating margin | 9900 | €12,565 | -€63,897 | -€76,462 | |
| Operating profit (loss) | 9901 | -€26,308 | -€61,637 | -€35,329 | -134.3% |
| Financial income | 75/76B | €5,747 | €15,285 | +€9,538 | +165.9% |
| Recurring financial income | 75 | €5,747 | €15,285 | +€9,538 | +165.9% |
| Financial charges | 65/66B | €21,116 | €16,898 | -€4,218 | -20.0% |
| Recurring financial charges | 65 | €21,116 | €16,898 | -€4,218 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€41,677 | -€63,250 | -€21,574 | -51.8% |
| Income taxes | 67/77 | €591 | €598 | +€7 | +1.2% |
| Profit (loss) for the period | 9904 | -€42,267 | -€63,848 | -€21,581 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,267 | -€63,848 | -€21,581 | -51.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.