HMARCQ: 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.
HMARCQ
Largest movements
- Cash +€49,376
up €49,376 (+111.4%), from €44,327 to €93,703
mainly Net result for the year (+€37,228) and Receivables within one year (+€33,045)
- Receivables within one year -€33,045
down €33,045 (-81.4%), from €40,608 to €7,563
of which Other amounts receivable: -€26,729
- Tangible fixed assets +€2,560
up €2,560 (+77.2%), from €3,314 to €5,874
of which Plant, machinery and equipment: +€2,300
- Profit (loss) carried forward +€37,228
up €37,228 (+196.5%), from €18,943 to €56,170
- Other debts -€29,446
down €29,446 (-64.9%), from €45,396 to €15,949
- Tax, wage and social debts +€12,684
up €12,684 (+416.8%), from €3,043 to €15,727
of which Taxes: +€12,684
- Trade debts -€1,583
down €1,583 (-88.0%), from €1,798 to €215
- Gross operating margin +€10,677
up €10,677 (+25.1%), from €42,564 to €53,241
- Taxes +€5,149
up €5,149 (+58.7%), from €8,768 to €13,917
- Financial charges +€552
up €552 (+586.8%), from €94 to €646
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 | €89,640 | €109,098 | +€19,458 | +21.7% |
| Fixed assets | 21/28 | €3,314 | €5,874 | +€2,560 | +77.2% |
| Tangible fixed assets | 22/27 | €3,314 | €5,874 | +€2,560 | +77.2% |
| Land and buildings | 22 | €2,409 | €1,874 | -€535 | -22.2% |
| Plant, machinery and equipment | 23 | - | €2,300 | +€2,300 | |
| Furniture and vehicles | 24 | €905 | €1,700 | +€794 | +87.7% |
| Current assets | 29/58 | €86,326 | €103,224 | +€16,898 | +19.6% |
| Amounts receivable within one year | 40/41 | €40,608 | €7,563 | -€33,045 | -81.4% |
| Trade receivables | 40 | €13,880 | €7,563 | -€6,317 | -45.5% |
| Other amounts receivable | 41 | €26,729 | €0 | -€26,729 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,327 | €93,703 | +€49,376 | +111.4% |
| Deferred charges and accrued income | 490/1 | €1,391 | €1,959 | +€568 | +40.8% |
| Total equity and liabilities | 10/49 | €89,640 | €109,098 | +€19,458 | +21.7% |
| Equity | 10/15 | €39,403 | €76,630 | +€37,228 | +94.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,943 | €56,170 | +€37,228 | +196.5% |
| Amounts payable | 17/49 | €50,237 | €32,467 | -€17,770 | -35.4% |
| Amounts payable within one year | 42/48 | €50,237 | €31,891 | -€18,346 | -36.5% |
| Trade debts | 44 | €1,798 | €215 | -€1,583 | -88.0% |
| Suppliers | 440/4 | €1,798 | €215 | -€1,583 | -88.0% |
| Taxes, remuneration and social security | 45 | €3,043 | €15,727 | +€12,684 | +416.8% |
| Taxes | 450/3 | €1,553 | €14,237 | +€12,684 | +816.5% |
| Remuneration and social security | 454/9 | €1,490 | €1,490 | = | 0.0% |
| Other amounts payable | 47/48 | €45,396 | €15,949 | -€29,446 | -64.9% |
| Accrued charges and deferred income | 492/3 | - | €576 | +€576 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,785 | €1,623 | -€162 | -9.1% |
| Other operating charges | 640/8 | €387 | €0 | -€387 | -100.0% |
| Gross operating margin | 9900 | €42,564 | €53,241 | +€10,677 | +25.1% |
| Operating profit (loss) | 9901 | €40,392 | €51,618 | +€11,226 | +27.8% |
| Financial income | 75/76B | €177 | €172 | -€5 | -2.6% |
| Recurring financial income | 75 | €177 | €172 | -€5 | -2.6% |
| Financial charges | 65/66B | €94 | €646 | +€552 | +586.8% |
| Recurring financial charges | 65 | €94 | €646 | +€552 | +586.8% |
| Profit (loss) for the period before taxes | 9903 | €40,475 | €51,145 | +€10,670 | +26.4% |
| Income taxes | 67/77 | €8,768 | €13,917 | +€5,149 | +58.7% |
| Profit (loss) for the period | 9904 | €31,707 | €37,228 | +€5,521 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,707 | €37,228 | +€5,521 | +17.4% |
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 10 October 2026 via checked.be.