HMH: 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.
HMH
Largest movements
- Receivables within one year +€752,223
up €752,223 (+66.7%), from €1.1m to €1.9m
of which Other amounts receivable: +€833,793
- Cash +€59,711
up €59,711 (+580%), from €10,290 to €70,001
mainly Current portion of long-term debt (+€420,501) and Net result for the year (+€327,787)
- Current portion of long-term debt +€420,501
up €420,501 (+171%), from €245,775 to €666,277
- Reserves +€327,786
up €327,786 (+21.4%), from €1.5m to €1.9m
of which Distributable reserves: +€329,320
- Tax, wage and social debts +€39,588
up €39,588 (+78.5%), from €50,406 to €89,995
- Gross operating margin -€76,204
down €76,204, from €57,892 to -€18,312
- Financial income -€37,510
down €37,510 (-8.1%), from €465,854 to €428,344
- Depreciation -€24,789
down €24,789 (-72.4%), from €34,221 to €9,432
- Financial charges +€21,197
up €21,197 (+173%), from €12,271 to €33,468
- Taxes -€11,561
down €11,561 (-26.0%), from €44,493 to €32,932
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 | €2,704,398 | €3,532,790 | +€828,392 | +30.6% |
| Fixed assets | 21/28 | €1,556,801 | €1,574,869 | +€18,068 | +1.2% |
| Tangible fixed assets | 22/27 | €239,462 | €230,030 | -€9,432 | -3.9% |
| Land and buildings | 22 | €231,248 | €223,890 | -€7,359 | -3.2% |
| Plant, machinery and equipment | 23 | €891 | €382 | -€509 | -57.1% |
| Furniture and vehicles | 24 | €2,823 | €1,259 | -€1,564 | -55.4% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €1,317,339 | €1,344,839 | +€27,500 | +2.1% |
| Current assets | 29/58 | €1,147,597 | €1,957,921 | +€810,324 | +70.6% |
| Amounts receivable within one year | 40/41 | €1,126,949 | €1,879,172 | +€752,223 | +66.7% |
| Trade receivables | 40 | €81,608 | €37 | -€81,571 | -100.0% |
| Other amounts receivable | 41 | €1,045,342 | €1,879,135 | +€833,793 | +79.8% |
| Cash at bank and in hand | 54/58 | €10,290 | €70,001 | +€59,711 | +580% |
| Deferred charges and accrued income | 490/1 | €10,358 | €8,749 | -€1,609 | -15.5% |
| Total equity and liabilities | 10/49 | €2,704,398 | €3,532,790 | +€828,392 | +30.6% |
| Equity | 10/15 | €1,995,478 | €2,323,265 | +€327,787 | +16.4% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €1,529,769 | €1,857,555 | +€327,786 | +21.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €35,139 | €33,605 | -€1,534 | -4.4% |
| Distributable reserves | 133 | €1,494,630 | €1,823,950 | +€329,320 | +22.0% |
| Profit (loss) carried forward | 14 | €465,709 | €465,709 | +€1 | 0.0% |
| Provisions and deferred taxes | 16 | €11,713 | €11,202 | -€511 | -4.4% |
| Deferred taxes | 168 | €11,713 | €11,202 | -€511 | -4.4% |
| Amounts payable | 17/49 | €697,207 | €1,198,324 | +€501,117 | +71.9% |
| Amounts payable after more than one year | 17 | €166,703 | €185,923 | +€19,220 | +11.5% |
| Financial debts | 170/4 | €166,703 | €185,923 | +€19,220 | +11.5% |
| Amounts payable within one year | 42/48 | €530,275 | €1,012,351 | +€482,077 | +90.9% |
| Current portion of amounts payable after more than one year | 42 | €245,775 | €666,277 | +€420,501 | +171% |
| Financial debts | 43 | €6,368 | €234 | -€6,134 | -96.3% |
| Credit institutions | 430/8 | €6,368 | €234 | -€6,134 | -96.3% |
| Trade debts | 44 | €7,361 | €3,006 | -€4,355 | -59.2% |
| Suppliers | 440/4 | €7,361 | €3,006 | -€4,355 | -59.2% |
| Taxes, remuneration and social security | 45 | €50,406 | €89,995 | +€39,588 | +78.5% |
| Taxes | 450/3 | €50,406 | €89,995 | +€39,588 | +78.5% |
| Other amounts payable | 47/48 | €220,363 | €252,840 | +€32,477 | +14.7% |
| Accrued charges and deferred income | 492/3 | €230 | €50 | -€180 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,221 | €9,432 | -€24,789 | -72.4% |
| Other operating charges | 640/8 | €2,617 | €2,726 | +€109 | +4.2% |
| Non-recurring operating charges | 66A | - | €4,200 | +€4,200 | |
| Gross operating margin | 9900 | €57,892 | -€18,312 | -€76,204 | |
| Operating profit (loss) | 9901 | €21,054 | -€34,669 | -€55,723 | |
| Financial income | 75/76B | €465,854 | €428,344 | -€37,510 | -8.1% |
| Recurring financial income | 75 | €465,854 | €428,344 | -€37,510 | -8.1% |
| Financial charges | 65/66B | €12,271 | €33,468 | +€21,197 | +173% |
| Recurring financial charges | 65 | €12,271 | €33,468 | +€21,197 | +173% |
| Profit (loss) for the period before taxes | 9903 | €474,637 | €360,208 | -€114,430 | -24.1% |
| Transfer from deferred taxes | 780 | €511 | €511 | = | 0.0% |
| Income taxes | 67/77 | €44,493 | €32,932 | -€11,561 | -26.0% |
| Profit (loss) for the period | 9904 | €430,656 | €327,787 | -€102,869 | -23.9% |
| Transfer from tax-exempt reserves | 789 | €1,534 | €1,534 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €432,189 | €329,321 | -€102,869 | -23.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.