HMD: 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.
HMD
Largest movements
- Intangible fixed assets +€20,000
new in 2025: €20,000
- Receivables within one year -€13,183
down €13,183 (-78.5%), from €16,790 to €3,607
- Tangible fixed assets +€10,740
new in 2025: €10,740
- Receivables after one year -€8,596
no longer reported in 2025 (was €8,596)
- Cash -€4,457
down €4,457 (-99.9%), from €4,463 to €5
- Trade debts +€28,361
new in 2025: €28,361
- Profit (loss) carried forward -€24,844
down €24,844, from €24,198 to -€646
- Tax, wage and social debts +€987
new in 2025: €987
of which Taxes: +€533
- Staff costs +€6,093
new in 2025: €6,093
- Depreciation +€5,926
new in 2025: €5,926
- Gross operating margin -€2,837
down €2,837 (-83.5%), from €3,396 to €559
- Financial income -€948
no longer reported in 2025 (was €948)
- Taxes +€141
new in 2025: €141
From the 2022 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €34,198 | €38,703 | +€4,504 | +13.2% |
| Fixed assets | 21/28 | €4,350 | €35,090 | +€30,740 | +706.7% |
| Intangible fixed assets | 21 | - | €20,000 | +€20,000 | |
| Tangible fixed assets | 22/27 | - | €10,740 | +€10,740 | |
| Furniture and vehicles | 24 | - | €10,740 | +€10,740 | |
| Financial fixed assets | 28 | €4,350 | €4,350 | = | 0.0% |
| Current assets | 29/58 | €29,848 | €3,612 | -€26,236 | -87.9% |
| Amounts receivable after more than one year | 29 | €8,596 | - | -€8,596 | |
| Other amounts receivable | 291 | €8,596 | - | -€8,596 | |
| Amounts receivable within one year | 40/41 | €16,790 | €3,607 | -€13,183 | -78.5% |
| Other amounts receivable | 41 | €16,790 | €3,607 | -€13,183 | -78.5% |
| Cash at bank and in hand | 54/58 | €4,463 | €5 | -€4,457 | -99.9% |
| Total equity and liabilities | 10/49 | €34,198 | €38,703 | +€4,504 | +13.2% |
| Equity | 10/15 | €34,198 | €9,354 | -€24,844 | -72.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Outside capital | 11 | - | €10,000 | +€10,000 | |
| Other | 1109/19 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €24,198 | -€646 | -€24,844 | |
| Amounts payable | 17/49 | - | €29,348 | +€29,348 | |
| Amounts payable within one year | 42/48 | - | €29,348 | +€29,348 | |
| Trade debts | 44 | - | €28,361 | +€28,361 | |
| Suppliers | 440/4 | - | €28,361 | +€28,361 | |
| Taxes, remuneration and social security | 45 | - | €987 | +€987 | |
| Taxes | 450/3 | - | €533 | +€533 | |
| Remuneration and social security | 454/9 | - | €454 | +€454 | |
| Remuneration, social security and pensions | 62 | - | €6,093 | +€6,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,926 | +€5,926 | |
| Other operating charges | 640/8 | €94 | - | -€94 | |
| Gross operating margin | 9900 | €3,396 | €559 | -€2,837 | -83.5% |
| Operating profit (loss) | 9901 | €3,302 | -€11,460 | -€14,762 | |
| Financial income | 75/76B | €948 | - | -€948 | |
| Recurring financial income | 75 | €948 | - | -€948 | |
| Financial charges | 65/66B | €189 | €247 | +€58 | +30.5% |
| Recurring financial charges | 65 | €189 | €247 | +€58 | +30.5% |
| Profit (loss) for the period before taxes | 9903 | €4,061 | -€11,707 | -€15,767 | |
| Income taxes | 67/77 | - | €141 | +€141 | |
| Profit (loss) for the period | 9904 | €4,061 | -€11,847 | -€15,908 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,061 | -€11,847 | -€15,908 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 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.