HMD BUSINESS: 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 BUSINESS
Largest movements
- Tangible fixed assets -€7,890
down €7,890 (-34.1%), from €23,104 to €15,214
- Deferred charges and accrued income -€1,433
down €1,433 (-67.5%), from €2,122 to €689
- Receivables within one year -€985
down €985 (-77.7%), from €1,267 to €282
of which Trade receivables: -€985
- Cash +€915
up €915 (+73.7%), from €1,241 to €2,155
mainly Other debts (+€8,668) and Depreciation (+€6,237)
- Profit (loss) carried forward -€11,997
down €11,997 (-142%), from -€8,476 to -€20,472
- Other debts +€8,668
up €8,668 (+38.7%), from €22,410 to €31,078
- Debts after one year -€3,456
down €3,456 (-79.5%), from €4,347 to €891
- Tax, wage and social debts -€2,859
down €2,859 (-85.8%), from €3,330 to €471
- Gross operating margin -€3,387
down €3,387 (-732%), from -€463 to -€3,850
- Staff costs -€1,552
no longer reported in 2025 (was €1,552)
- Depreciation -€826
down €826 (-11.7%), from €7,063 to €6,237
- Other operating charges -€728
down €728 (-49.8%), from €1,464 to €736
- Taxes +€434
up €434 (+1,341%), from €32 to €466
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 | €28,013 | €18,621 | -€9,393 | -33.5% |
| Fixed assets | 21/28 | €23,384 | €15,494 | -€7,890 | -33.7% |
| Tangible fixed assets | 22/27 | €23,104 | €15,214 | -€7,890 | -34.1% |
| Furniture and vehicles | 24 | €23,104 | €15,214 | -€7,890 | -34.1% |
| Financial fixed assets | 28 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €4,629 | €3,127 | -€1,503 | -32.5% |
| Amounts receivable within one year | 40/41 | €1,267 | €282 | -€985 | -77.7% |
| Trade receivables | 40 | €1,239 | €254 | -€985 | -79.5% |
| Other amounts receivable | 41 | €28 | €28 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,241 | €2,155 | +€915 | +73.7% |
| Deferred charges and accrued income | 490/1 | €2,122 | €689 | -€1,433 | -67.5% |
| Total equity and liabilities | 10/49 | €28,013 | €18,621 | -€9,393 | -33.5% |
| Equity | 10/15 | -€5,476 | -€17,472 | -€11,997 | -219% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,476 | -€20,472 | -€11,997 | -142% |
| Amounts payable | 17/49 | €33,489 | €36,093 | +€2,604 | +7.8% |
| Amounts payable after more than one year | 17 | €4,347 | €891 | -€3,456 | -79.5% |
| Financial debts | 170/4 | €4,347 | €891 | -€3,456 | -79.5% |
| Amounts payable within one year | 42/48 | €29,142 | €35,202 | +€6,060 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €3,290 | €3,456 | +€166 | +5.1% |
| Trade debts | 44 | €112 | €196 | +€84 | +75.1% |
| Suppliers | 440/4 | €112 | €196 | +€84 | +75.1% |
| Taxes, remuneration and social security | 45 | €3,330 | €471 | -€2,859 | -85.8% |
| Taxes | 450/3 | €3,330 | €471 | -€2,859 | -85.8% |
| Other amounts payable | 47/48 | €22,410 | €31,078 | +€8,668 | +38.7% |
| Remuneration, social security and pensions | 62 | €1,552 | - | -€1,552 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,063 | €6,237 | -€826 | -11.7% |
| Other operating charges | 640/8 | €1,464 | €736 | -€728 | -49.8% |
| Non-recurring operating charges | 66A | - | €153 | +€153 | |
| Gross operating margin | 9900 | -€463 | -€3,850 | -€3,387 | -732% |
| Operating profit (loss) | 9901 | -€10,542 | -€10,975 | -€433 | -4.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €533 | €556 | +€23 | +4.3% |
| Recurring financial charges | 65 | €533 | €556 | +€23 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,074 | -€11,531 | -€457 | -4.1% |
| Income taxes | 67/77 | €32 | €466 | +€434 | +1,341% |
| Profit (loss) for the period | 9904 | -€11,106 | -€11,997 | -€890 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,106 | -€11,997 | -€890 | -8.0% |
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 31 October 2026 via checked.be.