HMAPP: 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.
HMAPP
Largest movements
- Receivables within one year +€99,340
up €99,340 (+550.3%), from €18,052 to €117,392
of which Trade receivables: +€102,431
- Stocks and contracts +€79,064
new in 2025: €79,064
of which Contracts in progress: +€76,850
- Cash -€16,735
down €16,735 (-39.8%), from €42,088 to €25,353
mainly Receivables within one year (-€99,340) and Stocks and contracts (-€79,064)
- Tangible fixed assets -€13,355
down €13,355 (-40.1%), from €33,269 to €19,914
of which Furniture and vehicles: -€13,027
- Advances received +€88,332
up €88,332 (+1312.1%), from €6,732 to €95,064
- Trade debts +€47,094
up €47,094 (+1371.5%), from €3,434 to €50,528
- Profit (loss) carried forward +€9,998
up €9,998 (+25.3%), from €39,539 to €49,537
- Debts after one year -€5,016
down €5,016 (-26.3%), from €19,050 to €14,034
- Other debts +€4,428
up €4,428 (+3208.8%), from €138 to €4,566
- Gross operating margin -€32,642
down €32,642 (-53.8%), from €60,618 to €27,977
- Taxes -€8,660
down €8,660 (-75.2%), from €11,522 to €2,862
- Depreciation +€4,499
up €4,499 (+50.8%), from €8,856 to €13,355
- Financial charges +€802
up €802 (+97.7%), from €820 to €1,622
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 | €95,213 | €243,729 | +€148,516 | +156.0% |
| Fixed assets | 21/28 | €33,269 | €19,914 | -€13,355 | -40.1% |
| Tangible fixed assets | 22/27 | €33,269 | €19,914 | -€13,355 | -40.1% |
| Furniture and vehicles | 24 | €31,630 | €18,603 | -€13,027 | -41.2% |
| Other tangible fixed assets | 26 | €1,639 | €1,311 | -€328 | -20.0% |
| Current assets | 29/58 | €61,944 | €223,815 | +€161,871 | +261.3% |
| Stocks and contracts in progress | 3 | - | €79,064 | +€79,064 | |
| Stocks | 30/36 | - | €2,214 | +€2,214 | |
| Contracts in progress | 37 | - | €76,850 | +€76,850 | |
| Amounts receivable within one year | 40/41 | €18,052 | €117,392 | +€99,340 | +550.3% |
| Trade receivables | 40 | €11,596 | €114,027 | +€102,431 | +883.3% |
| Other amounts receivable | 41 | €6,456 | €3,365 | -€3,091 | -47.9% |
| Cash at bank and in hand | 54/58 | €42,088 | €25,353 | -€16,735 | -39.8% |
| Deferred charges and accrued income | 490/1 | €1,803 | €2,005 | +€202 | +11.2% |
| Total equity and liabilities | 10/49 | €95,213 | €243,729 | +€148,516 | +156.0% |
| Equity | 10/15 | €49,539 | €59,537 | +€9,998 | +20.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,539 | €49,537 | +€9,998 | +25.3% |
| Amounts payable | 17/49 | €45,674 | €184,191 | +€138,518 | +303.3% |
| Amounts payable after more than one year | 17 | €19,050 | €14,034 | -€5,016 | -26.3% |
| Financial debts | 170/4 | €19,050 | €14,034 | -€5,016 | -26.3% |
| Amounts payable within one year | 42/48 | €26,624 | €170,157 | +€143,533 | +539.1% |
| Current portion of amounts payable after more than one year | 42 | €4,798 | €5,016 | +€217 | +4.5% |
| Trade debts | 44 | €3,434 | €50,528 | +€47,094 | +1371.5% |
| Suppliers | 440/4 | €3,434 | €50,528 | +€47,094 | +1371.5% |
| Advances received on contracts in progress | 46 | €6,732 | €95,064 | +€88,332 | +1312.1% |
| Taxes, remuneration and social security | 45 | €11,522 | €14,984 | +€3,462 | +30.0% |
| Taxes | 450/3 | €11,522 | €14,984 | +€3,462 | +30.0% |
| Other amounts payable | 47/48 | €138 | €4,566 | +€4,428 | +3208.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,856 | €13,355 | +€4,499 | +50.8% |
| Other operating charges | 640/8 | €100 | €149 | +€49 | +49.0% |
| Gross operating margin | 9900 | €60,618 | €27,977 | -€32,642 | -53.8% |
| Operating profit (loss) | 9901 | €51,663 | €14,473 | -€37,190 | -72.0% |
| Financial income | 75/76B | €219 | €9 | -€210 | -95.8% |
| Recurring financial income | 75 | €219 | €9 | -€210 | -95.8% |
| Financial charges | 65/66B | €820 | €1,622 | +€802 | +97.7% |
| Recurring financial charges | 65 | €820 | €1,622 | +€802 | +97.7% |
| Profit (loss) for the period before taxes | 9903 | €51,061 | €12,860 | -€38,201 | -74.8% |
| Income taxes | 67/77 | €11,522 | €2,862 | -€8,660 | -75.2% |
| Profit (loss) for the period | 9904 | €39,539 | €9,998 | -€29,541 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,539 | €9,998 | -€29,541 | -74.7% |
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 29 September 2026 via checked.be.