HMD: 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.
HMD
Largest movements
- Cash -€21,399
down €21,399 (-81.2%), from €26,346 to €4,947
mainly Net result for the year (-€133,429) and Investment in fixed assets (net) (-€69,963)
- Receivables within one year +€18,078
up €18,078 (+2,347%), from €770 to €18,849
of which Other amounts receivable: +€18,314
- Tangible fixed assets -€14,600
down €14,600 (-2.1%), from €709,701 to €695,102
of which Land and buildings: -€54,506
- Other debts +€134,915
up €134,915 (+26.5%), from €509,889 to €644,804
- Profit (loss) carried forward -€133,429
down €133,429 (-106%), from -€125,318 to -€258,746
- Debts after one year -€31,351
down €31,351 (-10.3%), from €305,004 to €273,654
- Tax, wage and social debts +€10,311
up €10,311 (+83.9%), from €12,289 to €22,600
of which Remuneration and social security: +€9,777
- Depreciation +€16,523
up €16,523 (+24.3%), from €68,040 to €84,563
- Gross operating margin +€12,974
up €12,974 (+28.3%), from -€45,906 to -€32,932
- Financial charges +€4,612
up €4,612 (+68.4%), from €6,747 to €11,359
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 | €736,906 | €718,952 | -€17,954 | -2.4% |
| Fixed assets | 21/28 | €709,701 | €695,102 | -€14,600 | -2.1% |
| Tangible fixed assets | 22/27 | €709,701 | €695,102 | -€14,600 | -2.1% |
| Land and buildings | 22 | €569,219 | €514,713 | -€54,506 | -9.6% |
| Plant, machinery and equipment | 23 | €59,486 | €97,512 | +€38,025 | +63.9% |
| Furniture and vehicles | 24 | €80,996 | €82,877 | +€1,881 | +2.3% |
| Current assets | 29/58 | €27,205 | €23,850 | -€3,354 | -12.3% |
| Amounts receivable within one year | 40/41 | €770 | €18,849 | +€18,078 | +2,347% |
| Trade receivables | 40 | €315 | €79 | -€236 | -75.0% |
| Other amounts receivable | 41 | €456 | €18,770 | +€18,314 | +4,018% |
| Cash at bank and in hand | 54/58 | €26,346 | €4,947 | -€21,399 | -81.2% |
| Deferred charges and accrued income | 490/1 | €89 | €55 | -€34 | -38.0% |
| Total equity and liabilities | 10/49 | €736,906 | €718,952 | -€17,954 | -2.4% |
| Equity | 10/15 | -€122,318 | -€255,746 | -€133,429 | -109% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€125,318 | -€258,746 | -€133,429 | -106% |
| Amounts payable | 17/49 | €859,223 | €974,698 | +€115,475 | +13.4% |
| Amounts payable after more than one year | 17 | €305,004 | €273,654 | -€31,351 | -10.3% |
| Financial debts | 170/4 | €305,004 | €273,654 | -€31,351 | -10.3% |
| Amounts payable within one year | 42/48 | €554,219 | €701,045 | +€146,826 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €30,271 | €31,351 | +€1,080 | +3.6% |
| Trade debts | 44 | €1,771 | €2,291 | +€520 | +29.3% |
| Suppliers | 440/4 | €1,771 | €2,291 | +€520 | +29.3% |
| Taxes, remuneration and social security | 45 | €12,289 | €22,600 | +€10,311 | +83.9% |
| Taxes | 450/3 | - | €534 | +€534 | |
| Remuneration and social security | 454/9 | €12,289 | €22,066 | +€9,777 | +79.6% |
| Other amounts payable | 47/48 | €509,889 | €644,804 | +€134,915 | +26.5% |
| Non-recurring operating income | 76A | - | €537 | +€537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,040 | €84,563 | +€16,523 | +24.3% |
| Other operating charges | 640/8 | €4,636 | €4,581 | -€55 | -1.2% |
| Gross operating margin | 9900 | -€45,906 | -€32,932 | +€12,974 | +28.3% |
| Operating profit (loss) | 9901 | -€118,582 | -€122,077 | -€3,495 | -2.9% |
| Financial income | 75/76B | €11 | €7 | -€4 | -38.0% |
| Recurring financial income | 75 | €11 | €7 | -€4 | -38.0% |
| Financial charges | 65/66B | €6,747 | €11,359 | +€4,612 | +68.4% |
| Recurring financial charges | 65 | €6,747 | €11,359 | +€4,612 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | -€125,318 | -€133,429 | -€8,111 | -6.5% |
| Profit (loss) for the period | 9904 | -€125,318 | -€133,429 | -€8,111 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,318 | -€133,429 | -€8,111 | -6.5% |
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 13 October 2026 via checked.be.