HMC: 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.
HMC
Largest movements
- Tangible fixed assets -€74,244
down €74,244 (-41.4%), from €179,307 to €105,063
of which Furniture and vehicles: -€72,885
- Stocks and contracts +€8,000
up €8,000 (+17.4%), from €45,988 to €53,988
- Cash -€4,805
down €4,805 (-65.6%), from €7,323 to €2,517
mainly Debts after one year (-€57,863) and Net result for the year (-€32,444)
- Debts after one year -€57,863
down €57,863 (-45.1%), from €128,274 to €70,411
- Other debts +€37,026
up €37,026 (+68.3%), from €54,215 to €91,240
- Profit (loss) carried forward -€32,444
down €32,444 (-35.8%), from €90,679 to €58,235
- Current portion of long-term debt -€7,787
down €7,787 (-23.4%), from €33,321 to €25,535
- Accrued charges and deferred income -€4,600
no longer reported in 2025 (was €4,600)
- Other operating charges +€11,671
up €11,671 (+804.6%), from €1,450 to €13,121
- Depreciation +€10,393
up €10,393 (+52.4%), from €19,822 to €30,215
- Financial income -€8,312
down €8,312 (-100.0%), from €8,312 to €0
- Financial charges +€2,932
up €2,932 (+92.4%), from €3,174 to €6,105
- Gross operating margin -€906
down €906 (-4.9%), from €18,476 to €17,570
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 | €336,652 | €271,172 | -€65,480 | -19.5% |
| Fixed assets | 21/28 | €179,307 | €105,063 | -€74,244 | -41.4% |
| Tangible fixed assets | 22/27 | €179,307 | €105,063 | -€74,244 | -41.4% |
| Plant, machinery and equipment | 23 | €3,690 | €2,331 | -€1,359 | -36.8% |
| Furniture and vehicles | 24 | €175,617 | €102,732 | -€72,885 | -41.5% |
| Current assets | 29/58 | €157,345 | €166,109 | +€8,764 | +5.6% |
| Amounts receivable after more than one year | 29 | €96,472 | €99,122 | +€2,650 | +2.7% |
| Other amounts receivable | 291 | €96,472 | €99,122 | +€2,650 | +2.7% |
| Stocks and contracts in progress | 3 | €45,988 | €53,988 | +€8,000 | +17.4% |
| Stocks | 30/36 | €45,988 | €53,988 | +€8,000 | +17.4% |
| Amounts receivable within one year | 40/41 | €7,563 | €10,058 | +€2,495 | +33.0% |
| Trade receivables | 40 | €7,563 | €10,058 | +€2,495 | +33.0% |
| Cash at bank and in hand | 54/58 | €7,323 | €2,517 | -€4,805 | -65.6% |
| Deferred charges and accrued income | 490/1 | - | €424 | +€424 | |
| Total equity and liabilities | 10/49 | €336,652 | €271,172 | -€65,480 | -19.5% |
| Equity | 10/15 | €109,279 | €76,835 | -€32,444 | -29.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,679 | €58,235 | -€32,444 | -35.8% |
| Amounts payable | 17/49 | €227,373 | €194,337 | -€33,036 | -14.5% |
| Amounts payable after more than one year | 17 | €128,274 | €70,411 | -€57,863 | -45.1% |
| Financial debts | 170/4 | €128,274 | €70,411 | -€57,863 | -45.1% |
| Amounts payable within one year | 42/48 | €94,498 | €123,925 | +€29,427 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €33,321 | €25,535 | -€7,787 | -23.4% |
| Trade debts | 44 | €3,062 | €4,013 | +€951 | +31.0% |
| Suppliers | 440/4 | €3,062 | €4,013 | +€951 | +31.0% |
| Taxes, remuneration and social security | 45 | €3,900 | €3,138 | -€763 | -19.6% |
| Taxes | 450/3 | €3,900 | €2,239 | -€1,661 | -42.6% |
| Remuneration and social security | 454/9 | - | €898 | +€898 | |
| Other amounts payable | 47/48 | €54,215 | €91,240 | +€37,026 | +68.3% |
| Accrued charges and deferred income | 492/3 | €4,600 | - | -€4,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,822 | €30,215 | +€10,393 | +52.4% |
| Other operating charges | 640/8 | €1,450 | €13,121 | +€11,671 | +804.6% |
| Gross operating margin | 9900 | €18,476 | €17,570 | -€906 | -4.9% |
| Operating profit (loss) | 9901 | -€2,797 | -€25,766 | -€22,969 | -821.2% |
| Financial income | 75/76B | €8,312 | €0 | -€8,312 | -100.0% |
| Recurring financial income | 75 | €8,312 | €0 | -€8,312 | -100.0% |
| Financial charges | 65/66B | €3,174 | €6,105 | +€2,932 | +92.4% |
| Recurring financial charges | 65 | €3,174 | €6,105 | +€2,932 | +92.4% |
| Profit (loss) for the period before taxes | 9903 | €2,341 | -€31,872 | -€34,212 | |
| Income taxes | 67/77 | €324 | €573 | +€249 | +76.8% |
| Profit (loss) for the period | 9904 | €2,017 | -€32,444 | -€34,461 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,017 | -€32,444 | -€34,461 |
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 8 October 2026 via checked.be.