HMI Management: 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.
HMI Management
Largest movements
- Cash +€240,463
up €240,463 (+85.5%), from €281,283 to €521,746
mainly Net result for the year (+€170,174) and Receivables within one year (+€116,303)
- Receivables within one year -€116,303
down €116,303 (-99.7%), from €116,647 to €344
of which Trade receivables: -€116,327
- Tangible fixed assets +€16,341
new in 2025: €16,341
- Reserves +€170,174
up €170,174 (+29.5%), from €577,515 to €747,689
- Tax, wage and social debts -€32,510
down €32,510 (-26.4%), from €123,229 to €90,719
- Gross operating margin -€100,718
down €100,718 (-28.9%), from €348,877 to €248,158
- Taxes -€32,000
down €32,000 (-30.1%), from €106,278 to €74,278
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 | €705,743 | €843,708 | +€137,964 | +19.5% |
| Fixed assets | 21/28 | €54 | €16,395 | +€16,341 | +30,144% |
| Tangible fixed assets | 22/27 | - | €16,341 | +€16,341 | |
| Furniture and vehicles | 24 | - | €16,341 | +€16,341 | |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €705,689 | €827,312 | +€121,623 | +17.2% |
| Amounts receivable within one year | 40/41 | €116,647 | €344 | -€116,303 | -99.7% |
| Trade receivables | 40 | €116,327 | €0 | -€116,327 | -100% |
| Other amounts receivable | 41 | €320 | €344 | +€24 | +7.5% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €281,283 | €521,746 | +€240,463 | +85.5% |
| Deferred charges and accrued income | 490/1 | €7,759 | €5,222 | -€2,537 | -32.7% |
| Total equity and liabilities | 10/49 | €705,743 | €843,708 | +€137,964 | +19.5% |
| Equity | 10/15 | €582,515 | €752,689 | +€170,174 | +29.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €577,515 | €747,689 | +€170,174 | +29.5% |
| Distributable reserves | 133 | €577,515 | €747,689 | +€170,174 | +29.5% |
| Amounts payable | 17/49 | €123,229 | €91,019 | -€32,210 | -26.1% |
| Amounts payable within one year | 42/48 | €123,229 | €91,019 | -€32,210 | -26.1% |
| Trade debts | 44 | €0 | €300 | +€300 | |
| Suppliers | 440/4 | €0 | €300 | +€300 | |
| Taxes, remuneration and social security | 45 | €123,229 | €90,719 | -€32,510 | -26.4% |
| Taxes | 450/3 | €123,229 | €90,719 | -€32,510 | -26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €108 | +€108 | |
| Other operating charges | 640/8 | €0 | €400 | +€400 | |
| Gross operating margin | 9900 | €348,877 | €248,158 | -€100,718 | -28.9% |
| Operating profit (loss) | 9901 | €348,877 | €247,650 | -€101,226 | -29.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,635 | €3,198 | -€437 | -12.0% |
| Recurring financial charges | 65 | €3,635 | €3,198 | -€437 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €345,241 | €244,452 | -€100,789 | -29.2% |
| Income taxes | 67/77 | €106,278 | €74,278 | -€32,000 | -30.1% |
| Profit (loss) for the period | 9904 | €238,963 | €170,174 | -€68,789 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €238,963 | €170,174 | -€68,789 | -28.8% |
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 24 October 2026 via checked.be.