HM SERVICES: 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 SERVICES
Largest movements
- Cash -€301,305
down €301,305 (-64.8%), from €464,884 to €163,579
mainly Contributions, distributions and other (-€390,967) and Advances received (-€318,230)
- Stocks and contracts +€110,250
up €110,250 (+428.3%), from €25,742 to €135,992
- Receivables within one year -€42,366
down €42,366 (-1.8%), from €2.4m to €2.3m
of which Trade receivables: -€115,792
- Trade debts +€505,658
up €505,658 (+51.4%), from €984,377 to €1.5m
- Advances received -€318,230
no longer reported in 2025 (was €318,230)
- Reserves -€275,373
down €275,373 (-14.8%), from €1.9m to €1.6m
- Tax, wage and social debts -€189,183
down €189,183 (-76.5%), from €247,221 to €58,038
of which Taxes: -€188,859
- Other debts +€44,735
up €44,735 (+22.0%), from €202,948 to €247,683
- Gross operating margin -€560,079
down €560,079 (-47.4%), from €1.2m to €620,719
- Taxes -€199,919
down €199,919 (-77.1%), from €259,433 to €59,514
- Write-downs +€47,141
up €47,141 (+345.2%), from €13,655 to €60,797
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 | €4,060,323 | €3,799,863 | -€260,460 | -6.4% |
| Fixed assets | 21/28 | €1,174,551 | €1,150,419 | -€24,132 | -2.1% |
| Tangible fixed assets | 22/27 | €1,172,772 | €1,148,640 | -€24,132 | -2.1% |
| Land and buildings | 22 | €800,788 | €754,796 | -€45,993 | -5.7% |
| Plant, machinery and equipment | 23 | €110,682 | €141,478 | +€30,796 | +27.8% |
| Furniture and vehicles | 24 | €26,072 | €33,013 | +€6,941 | +26.6% |
| Other tangible fixed assets | 26 | €235,230 | €219,354 | -€15,877 | -6.7% |
| Financial fixed assets | 28 | €1,779 | €1,779 | = | 0.0% |
| Current assets | 29/58 | €2,885,772 | €2,649,444 | -€236,328 | -8.2% |
| Stocks and contracts in progress | 3 | €25,742 | €135,992 | +€110,250 | +428.3% |
| Stocks | 30/36 | €25,742 | €135,992 | +€110,250 | +428.3% |
| Amounts receivable within one year | 40/41 | €2,390,528 | €2,348,163 | -€42,366 | -1.8% |
| Trade receivables | 40 | €1,948,808 | €1,833,016 | -€115,792 | -5.9% |
| Other amounts receivable | 41 | €441,720 | €515,147 | +€73,427 | +16.6% |
| Cash at bank and in hand | 54/58 | €464,884 | €163,579 | -€301,305 | -64.8% |
| Deferred charges and accrued income | 490/1 | €4,618 | €1,710 | -€2,907 | -63.0% |
| Total equity and liabilities | 10/49 | €4,060,323 | €3,799,863 | -€260,460 | -6.4% |
| Equity | 10/15 | €1,939,038 | €1,663,665 | -€275,373 | -14.2% |
| Reserves | 13 | €1,863,598 | €1,588,225 | -€275,373 | -14.8% |
| Distributable reserves | 133 | €1,863,598 | €1,588,225 | -€275,373 | -14.8% |
| Profit (loss) carried forward | 14 | €75,440 | €75,440 | = | 0.0% |
| Amounts payable | 17/49 | €2,121,285 | €2,136,198 | +€14,913 | +0.7% |
| Amounts payable after more than one year | 17 | €330,442 | €311,726 | -€18,716 | -5.7% |
| Financial debts | 170/4 | €330,442 | €311,726 | -€18,716 | -5.7% |
| Amounts payable within one year | 42/48 | €1,790,843 | €1,814,472 | +€23,629 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €38,067 | €18,716 | -€19,350 | -50.8% |
| Trade debts | 44 | €984,377 | €1,490,035 | +€505,658 | +51.4% |
| Suppliers | 440/4 | €984,377 | €1,490,035 | +€505,658 | +51.4% |
| Advances received on contracts in progress | 46 | €318,230 | - | -€318,230 | |
| Taxes, remuneration and social security | 45 | €247,221 | €58,038 | -€189,183 | -76.5% |
| Taxes | 450/3 | €243,276 | €54,417 | -€188,859 | -77.6% |
| Remuneration and social security | 454/9 | €3,945 | €3,622 | -€323 | -8.2% |
| Other amounts payable | 47/48 | €202,948 | €247,683 | +€44,735 | +22.0% |
| Accrued charges and deferred income | 492/3 | - | €10,000 | +€10,000 | |
| Remuneration, social security and pensions | 62 | €214,790 | €203,895 | -€10,895 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,253 | €133,880 | -€1,373 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,655 | €60,797 | +€47,141 | +345.2% |
| Other operating charges | 640/8 | €14,323 | €10,542 | -€3,780 | -26.4% |
| Non-recurring operating charges | 66A | €2,814 | €1,912 | -€902 | -32.0% |
| Gross operating margin | 9900 | €1,180,798 | €620,719 | -€560,079 | -47.4% |
| Operating profit (loss) | 9901 | €799,964 | €209,693 | -€590,270 | -73.8% |
| Financial income | 75/76B | €333 | €1,040 | +€707 | +212.4% |
| Recurring financial income | 75 | €333 | €1,040 | +€707 | +212.4% |
| Financial charges | 65/66B | €31,412 | €35,625 | +€4,214 | +13.4% |
| Recurring financial charges | 65 | €31,412 | €35,625 | +€4,214 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €768,885 | €175,108 | -€593,777 | -77.2% |
| Income taxes | 67/77 | €259,433 | €59,514 | -€199,919 | -77.1% |
| Profit (loss) for the period | 9904 | €509,452 | €115,594 | -€393,857 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €509,452 | €115,594 | -€393,857 | -77.3% |
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 1 October 2026 via checked.be.