HMC: 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.
HMC
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+102%), from €1.3m to €2.6m
of which Plant, machinery and equipment: +€723,096
- Receivables within one year -€649,974
down €649,974 (-62.8%), from €1.0m to €385,612
of which Other amounts receivable: -€707,282
- Cash -€52,538
down €52,538 (-25.6%), from €205,259 to €152,721
mainly Investment in fixed assets (net) (-€1.8m) and Other debts (-€46,451)
- Debts after one year +€369,835
up €369,835 (+53.9%), from €685,932 to €1.1m
- Reserves +€189,264
up €189,264 (+38.9%), from €487,026 to €676,290
- Other debts -€46,451
down €46,451 (-100%), from €46,451 to €0
- Current portion of long-term debt +€43,863
up €43,863 (+11.0%), from €398,929 to €442,792
- Tax, wage and social debts +€40,536
up €40,536 (+184%), from €21,999 to €62,535
of which Taxes: +€28,383
- Provisions -€276,250
down €276,250 (-100%), from €276,250 to €0
- Depreciation +€161,885
up €161,885 (+42.3%), from €382,334 to €544,219
- Gross operating margin +€91,015
up €91,015 (+11.3%), from €806,146 to €897,161
- Staff costs +€51,833
up €51,833 (+273%), from €18,987 to €70,820
- Financial charges +€20,913
up €20,913 (+54.1%), from €38,642 to €59,555
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.
Derived cash bridge
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 | €2,529,664 | €3,141,221 | +€611,557 | +24.2% |
| Fixed assets | 21/28 | €1,271,604 | €2,567,823 | +€1.3m | +102% |
| Tangible fixed assets | 22/27 | €1,271,604 | €2,567,823 | +€1.3m | +102% |
| Plant, machinery and equipment | 23 | €605,890 | €1,328,986 | +€723,096 | +119% |
| Furniture and vehicles | 24 | €19,171 | €21,228 | +€2,057 | +10.7% |
| Leasing and similar rights | 25 | €646,542 | €1,217,609 | +€571,066 | +88.3% |
| Current assets | 29/58 | €1,258,060 | €573,398 | -€684,663 | -54.4% |
| Amounts receivable within one year | 40/41 | €1,035,586 | €385,612 | -€649,974 | -62.8% |
| Trade receivables | 40 | €227,888 | €285,197 | +€57,309 | +25.1% |
| Other amounts receivable | 41 | €807,698 | €100,416 | -€707,282 | -87.6% |
| Cash at bank and in hand | 54/58 | €205,259 | €152,721 | -€52,538 | -25.6% |
| Deferred charges and accrued income | 490/1 | €17,215 | €35,064 | +€17,849 | +104% |
| Total equity and liabilities | 10/49 | €2,529,664 | €3,141,221 | +€611,557 | +24.2% |
| Equity | 10/15 | €499,426 | €688,690 | +€189,264 | +37.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €487,026 | €676,290 | +€189,264 | +38.9% |
| Distributable reserves | 133 | €487,026 | €676,290 | +€189,264 | +38.9% |
| Provisions and deferred taxes | 16 | €276,250 | €276,250 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €276,250 | €276,250 | = | 0.0% |
| Environmental obligations | 163 | €276,250 | €276,250 | = | 0.0% |
| Amounts payable | 17/49 | €1,753,988 | €2,176,281 | +€422,293 | +24.1% |
| Amounts payable after more than one year | 17 | €685,932 | €1,055,767 | +€369,835 | +53.9% |
| Financial debts | 170/4 | €685,932 | €1,055,767 | +€369,835 | +53.9% |
| Amounts payable within one year | 42/48 | €1,068,055 | €1,120,514 | +€52,458 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €398,929 | €442,792 | +€43,863 | +11.0% |
| Trade debts | 44 | €600,676 | €615,187 | +€14,511 | +2.4% |
| Suppliers | 440/4 | €600,676 | €615,187 | +€14,511 | +2.4% |
| Taxes, remuneration and social security | 45 | €21,999 | €62,535 | +€40,536 | +184% |
| Taxes | 450/3 | €15,728 | €44,111 | +€28,383 | +180% |
| Remuneration and social security | 454/9 | €6,271 | €18,423 | +€12,153 | +194% |
| Other amounts payable | 47/48 | €46,451 | €0 | -€46,451 | -100% |
| Remuneration, social security and pensions | 62 | €18,987 | €70,820 | +€51,833 | +273% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382,334 | €544,219 | +€161,885 | +42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,339 | +€1,339 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €276,250 | €0 | -€276,250 | -100% |
| Other operating charges | 640/8 | €11,915 | €6,266 | -€5,649 | -47.4% |
| Gross operating margin | 9900 | €806,146 | €897,161 | +€91,015 | +11.3% |
| Operating profit (loss) | 9901 | €116,659 | €274,517 | +€157,857 | +135% |
| Financial income | 75/76B | - | €80 | +€80 | |
| Recurring financial income | 75 | - | €80 | +€80 | |
| Financial charges | 65/66B | €38,642 | €59,555 | +€20,913 | +54.1% |
| Recurring financial charges | 65 | €38,642 | €59,555 | +€20,913 | +54.1% |
| Profit (loss) for the period before taxes | 9903 | €78,017 | €215,042 | +€137,024 | +176% |
| Income taxes | 67/77 | €10,508 | €25,778 | +€15,270 | +145% |
| Profit (loss) for the period | 9904 | €67,509 | €189,264 | +€121,754 | +180% |
| Profit (loss) for the period to be appropriated | 9905 | €67,509 | €189,264 | +€121,754 | +180% |
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 23 October 2026 via checked.be.