HMH Group: 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.
HMH Group
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+243.6%), from €633,175 to €2.2m
of which Land and buildings: +€1.5m
- Receivables within one year +€34,157
up €34,157 (+2806.7%), from €1,217 to €35,374
of which Other amounts receivable: +€20,847
- Debts after one year +€1.2m
up €1.2m (+354.0%), from €344,424 to €1.6m
of which Financial debts: +€1.2m
- Other debts +€322,000
new in 2025: €322,000
- Current portion of long-term debt +€69,789
up €69,789 (+246.5%), from €28,314 to €98,103
- Profit (loss) carried forward -€32,234
down €32,234 (-56.6%), from €56,926 to €24,693
- Depreciation +€101,632
up €101,632 (+476.3%), from €21,340 to €122,972
- Gross operating margin +€53,118
up €53,118 (+68.3%), from €77,769 to €130,886
- Financial charges +€20,366
up €20,366 (+313.3%), from €6,500 to €26,866
- Taxes -€8,673
down €8,673 (-97.5%), from €8,899 to €227
- Other operating charges +€3,949
up €3,949 (+43.4%), from €9,107 to €13,056
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.
Cash bridge derived
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 | €649,408 | €2,226,054 | +€1.6m | +242.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €633,175 | €2,175,656 | +€1.5m | +243.6% |
| Tangible fixed assets | 22/27 | €633,175 | €2,175,656 | +€1.5m | +243.6% |
| Land and buildings | 22 | €633,175 | €2,174,496 | +€1.5m | +243.4% |
| Plant, machinery and equipment | 23 | - | €1,161 | +€1,161 | |
| Current assets | 29/58 | €16,233 | €50,397 | +€34,165 | +210.5% |
| Amounts receivable within one year | 40/41 | €1,217 | €35,374 | +€34,157 | +2806.7% |
| Trade receivables | 40 | - | €13,310 | +€13,310 | |
| Other amounts receivable | 41 | €1,217 | €22,064 | +€20,847 | +1713.0% |
| Cash at bank and in hand | 54/58 | €14,018 | €14,107 | +€88 | +0.6% |
| Deferred charges and accrued income | 490/1 | €997 | €916 | -€81 | -8.1% |
| Total equity and liabilities | 10/49 | €649,408 | €2,226,054 | +€1.6m | +242.8% |
| Equity | 10/15 | €262,426 | €230,193 | -€32,234 | -12.3% |
| Contributions | 10/11 | €205,500 | €205,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,926 | €24,693 | -€32,234 | -56.6% |
| Amounts payable | 17/49 | €386,981 | €1,995,861 | +€1.6m | +415.8% |
| Amounts payable after more than one year | 17 | €344,424 | €1,563,649 | +€1.2m | +354.0% |
| Financial debts | 170/4 | €311,924 | €1,531,149 | +€1.2m | +390.9% |
| Other amounts payable | 178/9 | €32,500 | €32,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,558 | €432,212 | +€389,654 | +915.6% |
| Current portion of amounts payable after more than one year | 42 | €28,314 | €98,103 | +€69,789 | +246.5% |
| Trade debts | 44 | €3,750 | €3,771 | +€21 | +0.6% |
| Suppliers | 440/4 | €3,750 | €3,771 | +€21 | +0.6% |
| Advances received on contracts in progress | 46 | €5,000 | €5,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €5,494 | €3,338 | -€2,156 | -39.2% |
| Taxes | 450/3 | €5,494 | €3,338 | -€2,156 | -39.2% |
| Other amounts payable | 47/48 | - | €322,000 | +€322,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,340 | €122,972 | +€101,632 | +476.3% |
| Other operating charges | 640/8 | €9,107 | €13,056 | +€3,949 | +43.4% |
| Gross operating margin | 9900 | €77,769 | €130,886 | +€53,118 | +68.3% |
| Operating profit (loss) | 9901 | €47,322 | -€5,141 | -€52,463 | |
| Financial income | 75/76B | €1 | €0 | -€0 | -98.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -98.0% |
| Financial charges | 65/66B | €6,500 | €26,866 | +€20,366 | +313.3% |
| Recurring financial charges | 65 | €6,500 | €26,866 | +€20,366 | +313.3% |
| Profit (loss) for the period before taxes | 9903 | €40,822 | -€32,007 | -€72,829 | |
| Income taxes | 67/77 | €8,899 | €227 | -€8,673 | -97.5% |
| Profit (loss) for the period | 9904 | €31,923 | -€32,234 | -€64,157 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,923 | -€32,234 | -€64,157 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.