HM25: 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.
HM25
Largest movements
- Tangible fixed assets +€717,982
up €717,982 (+83068.0%), from €864 to €718,846
of which Other tangible fixed assets: +€683,442
- Cash +€227,864
up €227,864 (+793.3%), from €28,723 to €256,587
mainly Debts after one year (+€509,153) and Tax, wage and social debts (+€214,841)
- Receivables within one year +€175,471
up €175,471 (+1003.3%), from €17,489 to €192,960
of which Trade receivables: +€176,485
- Intangible fixed assets -€76,328
down €76,328 (-28.7%), from €265,672 to €189,344
- Stocks and contracts +€14,800
new in 2025: €14,800
- Debts after one year +€509,153
new in 2025: €509,153
- Tax, wage and social debts +€214,841
new in 2025: €214,841
of which Remuneration and social security: +€141,860
- Trade debts +€143,709
up €143,709 (+312.3%), from €46,021 to €189,730
- Other debts +€113,100
up €113,100 (+39.0%), from €290,338 to €403,438
- Current portion of long-term debt +€97,458
new in 2025: €97,458
- Gross operating margin +€684,134
up €684,134, from -€11,740 to €672,393
- Staff costs +€519,240
new in 2025: €519,240
- Depreciation +€131,296
up €131,296 (+1107.0%), from €11,861 to €143,156
- Financial charges +€32,187
up €32,187 (+327102.9%), from €10 to €32,197
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 | €312,748 | €1,372,537 | +€1.1m | +338.9% |
| Fixed assets | 21/28 | €266,536 | €908,190 | +€641,654 | +240.7% |
| Intangible fixed assets | 21 | €265,672 | €189,344 | -€76,328 | -28.7% |
| Tangible fixed assets | 22/27 | €864 | €718,846 | +€717,982 | +83068.0% |
| Furniture and vehicles | 24 | €864 | €35,404 | +€34,539 | +3996.1% |
| Other tangible fixed assets | 26 | - | €683,442 | +€683,442 | |
| Current assets | 29/58 | €46,212 | €464,347 | +€418,135 | +904.8% |
| Stocks and contracts in progress | 3 | - | €14,800 | +€14,800 | |
| Stocks | 30/36 | - | €14,800 | +€14,800 | |
| Amounts receivable within one year | 40/41 | €17,489 | €192,960 | +€175,471 | +1003.3% |
| Trade receivables | 40 | €12,115 | €188,600 | +€176,485 | +1456.7% |
| Other amounts receivable | 41 | €5,374 | €4,360 | -€1,014 | -18.9% |
| Cash at bank and in hand | 54/58 | €28,723 | €256,587 | +€227,864 | +793.3% |
| Total equity and liabilities | 10/49 | €312,748 | €1,372,537 | +€1.1m | +338.9% |
| Equity | 10/15 | -€23,611 | -€42,082 | -€18,472 | -78.2% |
| Contributions | 10/11 | - | €5,000 | +€5,000 | |
| Profit (loss) carried forward | 14 | -€23,611 | -€47,082 | -€23,472 | -99.4% |
| Amounts payable | 17/49 | €336,359 | €1,414,620 | +€1.1m | +320.6% |
| Amounts payable after more than one year | 17 | - | €509,153 | +€509,153 | |
| Financial debts | 170/4 | - | €509,153 | +€509,153 | |
| Amounts payable within one year | 42/48 | €336,359 | €905,467 | +€569,107 | +169.2% |
| Current portion of amounts payable after more than one year | 42 | - | €97,458 | +€97,458 | |
| Trade debts | 44 | €46,021 | €189,730 | +€143,709 | +312.3% |
| Suppliers | 440/4 | €46,021 | €189,730 | +€143,709 | +312.3% |
| Taxes, remuneration and social security | 45 | - | €214,841 | +€214,841 | |
| Taxes | 450/3 | - | €72,980 | +€72,980 | |
| Remuneration and social security | 454/9 | - | €141,860 | +€141,860 | |
| Other amounts payable | 47/48 | €290,338 | €403,438 | +€113,100 | +39.0% |
| Remuneration, social security and pensions | 62 | - | €519,240 | +€519,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,861 | €143,156 | +€131,296 | +1107.0% |
| Other operating charges | 640/8 | - | €1,430 | +€1,430 | |
| Gross operating margin | 9900 | -€11,740 | €672,393 | +€684,134 | |
| Operating profit (loss) | 9901 | -€23,601 | €8,566 | +€32,167 | |
| Financial income | 75/76B | - | €159 | +€159 | |
| Recurring financial income | 75 | - | €159 | +€159 | |
| Financial charges | 65/66B | €10 | €32,197 | +€32,187 | +327102.9% |
| Recurring financial charges | 65 | €10 | €32,197 | +€32,187 | +327102.9% |
| Profit (loss) for the period before taxes | 9903 | -€23,611 | -€23,472 | +€139 | +0.6% |
| Profit (loss) for the period | 9904 | -€23,611 | -€23,472 | +€139 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,611 | -€23,472 | +€139 | +0.6% |
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 11 October 2026 via checked.be.