HMC Construct: 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 Construct
Largest movements
- Cash +€74,231
up €74,231 (+27.0%), from €274,678 to €348,909
mainly Other debts (+€66,693) and Net result for the year (+€44,780)
- Receivables within one year +€26,201
up €26,201 (+29.8%), from €87,846 to €114,047
- Other debts +€66,693
up €66,693 (+75.4%), from €88,510 to €155,203
- Reserves +€44,780
up €44,780 (+29.2%), from €153,310 to €198,089
of which Distributable reserves: +€44,780
- Tax, wage and social debts -€10,328
down €10,328 (-28.6%), from €36,097 to €25,769
- Gross operating margin +€78,533
up €78,533 (+252.5%), from €31,097 to €109,630
- Financial charges -€12,584
down €12,584 (-21.1%), from €59,563 to €46,979
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 | €365,068 | €468,012 | +€102,944 | +28.2% |
| Fixed assets | 21/28 | €177 | €3,478 | +€3,301 | +1866.5% |
| Tangible fixed assets | 22/27 | €127 | €3,428 | +€3,301 | +2602.3% |
| Furniture and vehicles | 24 | €127 | €3,428 | +€3,301 | +2602.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €364,891 | €464,534 | +€99,643 | +27.3% |
| Amounts receivable within one year | 40/41 | €87,846 | €114,047 | +€26,201 | +29.8% |
| Trade receivables | 40 | €87,846 | €114,047 | +€26,201 | +29.8% |
| Cash at bank and in hand | 54/58 | €274,678 | €348,909 | +€74,231 | +27.0% |
| Deferred charges and accrued income | 490/1 | €2,367 | €1,578 | -€789 | -33.3% |
| Total equity and liabilities | 10/49 | €365,068 | €468,012 | +€102,944 | +28.2% |
| Equity | 10/15 | €240,261 | €285,040 | +€44,780 | +18.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €153,310 | €198,089 | +€44,780 | +29.2% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €153,060 | €197,839 | +€44,780 | +29.3% |
| Profit (loss) carried forward | 14 | €84,451 | €84,451 | = | 0.0% |
| Amounts payable | 17/49 | €124,807 | €182,972 | +€58,164 | +46.6% |
| Amounts payable within one year | 42/48 | €124,807 | €182,972 | +€58,164 | +46.6% |
| Trade debts | 44 | €200 | €1,999 | +€1,800 | +901.5% |
| Suppliers | 440/4 | €200 | €1,999 | +€1,800 | +901.5% |
| Taxes, remuneration and social security | 45 | €36,097 | €25,769 | -€10,328 | -28.6% |
| Taxes | 450/3 | €36,097 | €25,769 | -€10,328 | -28.6% |
| Other amounts payable | 47/48 | €88,510 | €155,203 | +€66,693 | +75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193 | €579 | +€386 | +200.2% |
| Other operating charges | 640/8 | €2,287 | €1,532 | -€756 | -33.0% |
| Gross operating margin | 9900 | €31,097 | €109,630 | +€78,533 | +252.5% |
| Operating profit (loss) | 9901 | €28,616 | €107,519 | +€78,903 | +275.7% |
| Financial income | 75/76B | €1,561 | €1,366 | -€195 | -12.5% |
| Recurring financial income | 75 | €1,561 | €1,366 | -€195 | -12.5% |
| Financial charges | 65/66B | €59,563 | €46,979 | -€12,584 | -21.1% |
| Recurring financial charges | 65 | €59,563 | €46,979 | -€12,584 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,385 | €61,906 | +€91,292 | |
| Income taxes | 67/77 | €17,518 | €17,127 | -€391 | -2.2% |
| Profit (loss) for the period | 9904 | -€46,903 | €44,780 | +€91,683 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,903 | €44,780 | +€91,683 |
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 6 October 2026 via checked.be.