HMJ: 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.
HMJ
Largest movements
- Tangible fixed assets +€208,373
up €208,373 (+981%), from €21,241 to €229,614
of which Land and buildings: +€209,193
- Intangible fixed assets +€53,000
new in 2025: €53,000
- Cash -€38,694
down €38,694 (-39.7%), from €97,455 to €58,761
mainly Investment in fixed assets (net) (-€275,000) and Net result for the year (-€10,254)
- Receivables within one year +€4,205
up €4,205 (+13.6%), from €30,891 to €35,096
- Debts after one year +€230,577
up €230,577 (+1,808%), from €12,756 to €243,332
- Profit (loss) carried forward -€10,254
down €10,254 (-16.7%), from €61,319 to €51,066
- Trade debts +€8,699
up €8,699 (+47.2%), from €18,427 to €27,126
- Gross operating margin -€47,085
down €47,085 (-62.3%), from €75,586 to €28,501
- Taxes +€6,575
up €6,575 (+49.2%), from €13,361 to €19,936
- Depreciation +€2,855
up €2,855 (+26.5%), from €10,772 to €13,627
- Financial charges +€2,810
up €2,810 (+118%), from €2,381 to €5,192
- Other operating charges -€2,439
no longer reported in 2025 (was €2,439)
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 | €149,587 | €376,471 | +€226,884 | +152% |
| Fixed assets | 21/28 | €21,241 | €282,614 | +€261,373 | +1,231% |
| Intangible fixed assets | 21 | - | €53,000 | +€53,000 | |
| Tangible fixed assets | 22/27 | €21,241 | €229,614 | +€208,373 | +981% |
| Land and buildings | 22 | - | €209,193 | +€209,193 | |
| Plant, machinery and equipment | 23 | €2,107 | €1,343 | -€764 | -36.3% |
| Furniture and vehicles | 24 | €19,134 | €19,078 | -€56 | -0.3% |
| Current assets | 29/58 | €128,346 | €93,857 | -€34,489 | -26.9% |
| Amounts receivable within one year | 40/41 | €30,891 | €35,096 | +€4,205 | +13.6% |
| Trade receivables | 40 | €30,891 | €35,096 | +€4,205 | +13.6% |
| Cash at bank and in hand | 54/58 | €97,455 | €58,761 | -€38,694 | -39.7% |
| Total equity and liabilities | 10/49 | €149,587 | €376,471 | +€226,884 | +152% |
| Equity | 10/15 | €72,181 | €61,927 | -€10,254 | -14.2% |
| Reserves | 13 | €10,862 | €10,862 | = | 0.0% |
| Tax-exempt reserves | 132 | €134 | €134 | = | 0.0% |
| Distributable reserves | 133 | €10,727 | €10,727 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,319 | €51,066 | -€10,254 | -16.7% |
| Amounts payable | 17/49 | €77,406 | €314,544 | +€237,138 | +306% |
| Amounts payable after more than one year | 17 | €12,756 | €243,332 | +€230,577 | +1,808% |
| Financial debts | 170/4 | €12,756 | €243,332 | +€230,577 | +1,808% |
| Amounts payable within one year | 42/48 | €64,650 | €71,211 | +€6,561 | +10.1% |
| Trade debts | 44 | €18,427 | €27,126 | +€8,699 | +47.2% |
| Suppliers | 440/4 | €18,427 | €27,126 | +€8,699 | +47.2% |
| Taxes, remuneration and social security | 45 | €4,737 | €4,814 | +€77 | +1.6% |
| Taxes | 450/3 | €4,737 | €4,814 | +€77 | +1.6% |
| Other amounts payable | 47/48 | €41,487 | €39,272 | -€2,215 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,772 | €13,627 | +€2,855 | +26.5% |
| Other operating charges | 640/8 | €2,439 | - | -€2,439 | |
| Gross operating margin | 9900 | €75,586 | €28,501 | -€47,085 | -62.3% |
| Operating profit (loss) | 9901 | €62,375 | €14,874 | -€47,501 | -76.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,381 | €5,192 | +€2,810 | +118% |
| Recurring financial charges | 65 | €2,381 | €5,192 | +€2,810 | +118% |
| Profit (loss) for the period before taxes | 9903 | €59,994 | €9,682 | -€50,312 | -83.9% |
| Income taxes | 67/77 | €13,361 | €19,936 | +€6,575 | +49.2% |
| Profit (loss) for the period | 9904 | €46,633 | -€10,254 | -€56,887 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,633 | -€10,254 | -€56,887 |
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 15 October 2026 via checked.be.