HMM: 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.
HMM
Largest movements
- Receivables within one year +€25,943
up €25,943 (+36.0%), from €71,981 to €97,923
of which Other amounts receivable: +€25,634
- Reserves +€16,893
up €16,893 (+27.9%), from €60,454 to €77,347
- Tax, wage and social debts +€8,997
up €8,997 (+59.9%), from €15,018 to €24,016
- Gross operating margin -€9,706
down €9,706 (-28.8%), from €33,661 to €23,955
- Taxes -€2,446
down €2,446 (-25.6%), from €9,554 to €7,108
- Financial income +€1,043
up €1,043 (+37.1%), from €2,815 to €3,858
- Other operating charges +€990
up €990 (+92.7%), from €1,068 to €2,058
- Depreciation +€533
up €533 (+166%), from €322 to €855
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 | €79,904 | €105,706 | +€25,802 | +32.3% |
| Fixed assets | 21/28 | €5,951 | €6,301 | +€350 | +5.9% |
| Tangible fixed assets | 22/27 | €778 | €1,129 | +€350 | +45.0% |
| Furniture and vehicles | 24 | €778 | €1,129 | +€350 | +45.0% |
| Financial fixed assets | 28 | €5,172 | €5,172 | = | 0.0% |
| Current assets | 29/58 | €73,953 | €99,405 | +€25,452 | +34.4% |
| Amounts receivable within one year | 40/41 | €71,981 | €97,923 | +€25,943 | +36.0% |
| Trade receivables | 40 | €9,906 | €10,215 | +€309 | +3.1% |
| Other amounts receivable | 41 | €62,075 | €87,709 | +€25,634 | +41.3% |
| Cash at bank and in hand | 54/58 | €1,973 | €1,441 | -€531 | -26.9% |
| Deferred charges and accrued income | 490/1 | - | €40 | +€40 | |
| Total equity and liabilities | 10/49 | €79,904 | €105,706 | +€25,802 | +32.3% |
| Equity | 10/15 | €63,454 | €80,347 | +€16,893 | +26.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €60,454 | €77,347 | +€16,893 | +27.9% |
| Distributable reserves | 133 | €60,454 | €77,347 | +€16,893 | +27.9% |
| Amounts payable | 17/49 | €16,450 | €25,359 | +€8,909 | +54.2% |
| Amounts payable within one year | 42/48 | €16,450 | €25,359 | +€8,909 | +54.2% |
| Trade debts | 44 | €1,431 | €1,343 | -€89 | -6.2% |
| Suppliers | 440/4 | €1,431 | €1,343 | -€89 | -6.2% |
| Taxes, remuneration and social security | 45 | €15,018 | €24,016 | +€8,997 | +59.9% |
| Taxes | 450/3 | €15,018 | €24,016 | +€8,997 | +59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €322 | €855 | +€533 | +166% |
| Other operating charges | 640/8 | €1,068 | €2,058 | +€990 | +92.7% |
| Gross operating margin | 9900 | €33,661 | €23,955 | -€9,706 | -28.8% |
| Operating profit (loss) | 9901 | €32,271 | €21,042 | -€11,229 | -34.8% |
| Financial income | 75/76B | €2,815 | €3,858 | +€1,043 | +37.1% |
| Recurring financial income | 75 | €2,815 | €3,858 | +€1,043 | +37.1% |
| Financial charges | 65/66B | €1,320 | €898 | -€422 | -32.0% |
| Recurring financial charges | 65 | €1,320 | €898 | -€422 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €33,765 | €24,001 | -€9,764 | -28.9% |
| Income taxes | 67/77 | €9,554 | €7,108 | -€2,446 | -25.6% |
| Profit (loss) for the period | 9904 | €24,211 | €16,893 | -€7,318 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,211 | €16,893 | -€7,318 | -30.2% |
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 14 October 2026 via checked.be.