HMK: 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.
HMK
Largest movements
- Receivables within one year +€131,633
up €131,633 (+390%), from €33,730 to €165,363
of which Trade receivables: +€103,638
- Cash -€95,332
down €95,332 (-90.8%), from €104,992 to €9,660
mainly Receivables within one year (-€131,633) and Deferred charges and accrued income (-€22,516)
- Deferred charges and accrued income +€22,516
new in 2025: €22,516
- Tangible fixed assets +€12,433
up €12,433 (+67.4%), from €18,434 to €30,867
of which Furniture and vehicles: +€12,433
- Profit (loss) carried forward +€27,150
up €27,150 (+19.2%), from €141,758 to €168,908
- Other debts +€20,800
up €20,800 (+52.3%), from €39,790 to €60,590
- Trade debts +€20,662
up €20,662 (+75.5%), from €27,375 to €48,037
- Current portion of long-term debt +€7,204
up €7,204 (+61.9%), from €11,639 to €18,843
- Accrued charges and deferred income -€6,699
no longer reported in 2025 (was €6,699)
- Gross operating margin +€48,673
up €48,673, from -€19,452 to €29,221
- Depreciation -€11,829
no longer reported in 2025 (was €11,829)
- Other operating charges +€1,112
up €1,112 (+116%), from €959 to €2,071
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 | €249,948 | €321,198 | +€71,250 | +28.5% |
| Fixed assets | 21/28 | €18,434 | €30,867 | +€12,433 | +67.4% |
| Tangible fixed assets | 22/27 | €18,434 | €30,867 | +€12,433 | +67.4% |
| Plant, machinery and equipment | 23 | €1,000 | €1,000 | = | 0.0% |
| Furniture and vehicles | 24 | €17,434 | €29,867 | +€12,433 | +71.3% |
| Current assets | 29/58 | €231,514 | €290,331 | +€58,817 | +25.4% |
| Stocks and contracts in progress | 3 | €92,791 | €92,791 | = | 0.0% |
| Stocks | 30/36 | €92,791 | €92,791 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,730 | €165,363 | +€131,633 | +390% |
| Trade receivables | 40 | €5,382 | €109,020 | +€103,638 | +1,926% |
| Other amounts receivable | 41 | €28,348 | €56,343 | +€27,995 | +98.8% |
| Cash at bank and in hand | 54/58 | €104,992 | €9,660 | -€95,332 | -90.8% |
| Deferred charges and accrued income | 490/1 | - | €22,516 | +€22,516 | |
| Total equity and liabilities | 10/49 | €249,948 | €321,198 | +€71,250 | +28.5% |
| Equity | 10/15 | €164,445 | €191,594 | +€27,150 | +16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,087 | €4,087 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,227 | €2,227 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,758 | €168,908 | +€27,150 | +19.2% |
| Amounts payable | 17/49 | €85,503 | €129,603 | +€44,100 | +51.6% |
| Amounts payable within one year | 42/48 | €78,804 | €129,603 | +€50,800 | +64.5% |
| Current portion of amounts payable after more than one year | 42 | €11,639 | €18,843 | +€7,204 | +61.9% |
| Trade debts | 44 | €27,375 | €48,037 | +€20,662 | +75.5% |
| Suppliers | 440/4 | €27,375 | €48,037 | +€20,662 | +75.5% |
| Taxes, remuneration and social security | 45 | - | €2,134 | +€2,134 | |
| Taxes | 450/3 | - | €2,134 | +€2,134 | |
| Other amounts payable | 47/48 | €39,790 | €60,590 | +€20,800 | +52.3% |
| Accrued charges and deferred income | 492/3 | €6,699 | - | -€6,699 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,829 | - | -€11,829 | |
| Other operating charges | 640/8 | €959 | €2,071 | +€1,112 | +116% |
| Gross operating margin | 9900 | -€19,452 | €29,221 | +€48,673 | |
| Operating profit (loss) | 9901 | -€32,240 | €27,150 | +€59,390 | |
| Financial charges | 65/66B | - | €1 | +€1 | |
| Recurring financial charges | 65 | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | -€32,240 | €27,150 | +€59,390 | |
| Profit (loss) for the period | 9904 | -€32,240 | €27,150 | +€59,390 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,240 | €27,150 | +€59,390 |
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 17 October 2026 via checked.be.