HMD Construct: what changed
What changed
HMD Construct
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€48,683
2024 · €18,019+€30,664
Equity
€233,836
2024 · €185,153+€48,683
Cash
€115,836
2024 · €36,742+€79,094
Balance sheet total
€306,781
2024 · €246,363+€60,418
Largest movements
Assets
- Cash +€79,094
up €79,094 (+215%), from €36,742 to €115,836
mainly Net result for the year (+€48,683) and Deferred charges and accrued income (+€37,687)
- Deferred charges and accrued income -€37,687
down €37,687 (-86.3%), from €43,689 to €6,002
- Receivables within one year +€14,558
up €14,558 (+10.5%), from €138,181 to €152,739
of which Trade receivables: +€7,851
Equity and liabilities
- Reserves +€48,600
up €48,600 (+27.5%), from €176,860 to €225,460
- Tax, wage and social debts +€18,718
up €18,718 (+82.0%), from €22,832 to €41,550
of which Taxes: +€16,506
- Trade debts -€6,983
down €6,983 (-18.2%), from €38,378 to €31,395
Income statement
- Gross operating margin +€107,940
up €107,940 (+22.8%), from €472,794 to €580,734
- Staff costs +€59,739
up €59,739 (+13.5%), from €442,431 to €502,170
- Taxes +€16,210
up €16,210 (+214%), from €7,584 to €23,794
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€18,019
Gross operating margin
+€107,940
Staff costs
-€59,739
Depreciation
-€863
Other operating charges
-€1,316
Financial income
-€302
Financial charges
+€1,154
Taxes
-€16,210
Result 2025
€48,683
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€84,877
Investment
-€5,783
Financing
€0
Cash 2024
€36,742
From operations (derived)
+€84,877
Net result for the year
+€48,683
Depreciation
+€1,327
Stocks and contracts
+€3
Receivables within one year
-€14,558
Deferred charges and accrued income
+€37,687
Trade debts
-€6,983
Tax, wage and social debts
+€18,718
Investment (derived)
-€5,783
Investment in fixed assets (net)
-€5,783
Cash 2025
€115,836
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €246,363 | €306,781 | +€60,418 | +24.5% |
| Fixed assets | 21/28 | €27,540 | €31,996 | +€4,456 | +16.2% |
| Tangible fixed assets | 22/27 | €11,943 | €14,973 | +€3,030 | +25.4% |
| Land and buildings | 22 | €7,551 | €7,551 | = | 0.0% |
| Plant, machinery and equipment | 23 | €670 | €246 | -€424 | -63.3% |
| Furniture and vehicles | 24 | €1,415 | €2,295 | +€880 | +62.2% |
| Leasing and similar rights | 25 | - | €3,036 | +€3,036 | |
| Other tangible fixed assets | 26 | €2,307 | €1,845 | -€462 | -20.0% |
| Financial fixed assets | 28 | €15,597 | €17,023 | +€1,426 | +9.1% |
| Current assets | 29/58 | €218,823 | €274,785 | +€55,962 | +25.6% |
| Stocks and contracts in progress | 3 | €211 | €208 | -€3 | -1.4% |
| Stocks | 30/36 | €211 | €208 | -€3 | -1.4% |
| Amounts receivable within one year | 40/41 | €138,181 | €152,739 | +€14,558 | +10.5% |
| Trade receivables | 40 | €57,358 | €65,209 | +€7,851 | +13.7% |
| Other amounts receivable | 41 | €80,823 | €87,530 | +€6,707 | +8.3% |
| Cash at bank and in hand | 54/58 | €36,742 | €115,836 | +€79,094 | +215% |
| Deferred charges and accrued income | 490/1 | €43,689 | €6,002 | -€37,687 | -86.3% |
| Total equity and liabilities | 10/49 | €246,363 | €306,781 | +€60,418 | +24.5% |
| Equity | 10/15 | €185,153 | €233,836 | +€48,683 | +26.3% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €176,860 | €225,460 | +€48,600 | +27.5% |
| Distributable reserves | 133 | €176,860 | €225,460 | +€48,600 | +27.5% |
| Profit (loss) carried forward | 14 | €233 | €316 | +€83 | +35.6% |
| Amounts payable | 17/49 | €61,210 | €72,945 | +€11,735 | +19.2% |
| Amounts payable within one year | 42/48 | €61,210 | €72,945 | +€11,735 | +19.2% |
| Trade debts | 44 | €38,378 | €31,395 | -€6,983 | -18.2% |
| Suppliers | 440/4 | €38,378 | €31,395 | -€6,983 | -18.2% |
| Taxes, remuneration and social security | 45 | €22,832 | €41,550 | +€18,718 | +82.0% |
| Taxes | 450/3 | €7,584 | €24,090 | +€16,506 | +218% |
| Remuneration and social security | 454/9 | €15,248 | €17,460 | +€2,212 | +14.5% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Remuneration, social security and pensions | 62 | €442,431 | €502,170 | +€59,739 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €464 | €1,327 | +€863 | +186% |
| Other operating charges | 640/8 | €2,810 | €4,126 | +€1,316 | +46.8% |
| Gross operating margin | 9900 | €472,794 | €580,734 | +€107,940 | +22.8% |
| Operating profit (loss) | 9901 | €27,089 | €73,111 | +€46,022 | +170% |
| Financial income | 75/76B | €302 | - | -€302 | |
| Recurring financial income | 75 | €302 | - | -€302 | |
| Financial charges | 65/66B | €1,788 | €634 | -€1,154 | -64.5% |
| Recurring financial charges | 65 | €1,788 | €634 | -€1,154 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €25,603 | €72,477 | +€46,874 | +183% |
| Income taxes | 67/77 | €7,584 | €23,794 | +€16,210 | +214% |
| Profit (loss) for the period | 9904 | €18,019 | €48,683 | +€30,664 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €18,019 | €48,683 | +€30,664 | +170% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.