HMM Construct: 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.
HMM Construct
Largest movements
- Receivables within one year +€36,210
up €36,210 (+41.6%), from €87,143 to €123,353
of which Other amounts receivable: +€109,321
- Profit (loss) carried forward +€26,517
up €26,517 (+40.9%), from €64,830 to €91,347
- Tax, wage and social debts +€6,638
up €6,638 (+41.0%), from €16,207 to €22,846
of which Taxes: +€22,846
- Trade debts +€3,120
up €3,120 (+60.9%), from €5,122 to €8,242
- Gross operating margin -€48,967
down €48,967 (-59.5%), from €82,330 to €33,363
- Taxes -€9,569
down €9,569 (-59.0%), from €16,207 to €6,638
- Depreciation -€1,234
no longer reported in 2025 (was €1,234)
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 | €87,159 | €123,434 | +€36,275 | +41.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Current assets | 29/58 | €87,159 | €123,434 | +€36,275 | +41.6% |
| Amounts receivable within one year | 40/41 | €87,143 | €123,353 | +€36,210 | +41.6% |
| Trade receivables | 40 | €74,785 | €1,675 | -€73,110 | -97.8% |
| Other amounts receivable | 41 | €12,358 | €121,678 | +€109,321 | +884.6% |
| Cash at bank and in hand | 54/58 | €17 | €81 | +€65 | +390.3% |
| Total equity and liabilities | 10/49 | €87,159 | €123,434 | +€36,275 | +41.6% |
| Equity | 10/15 | €65,830 | €92,347 | +€26,517 | +40.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,830 | €91,347 | +€26,517 | +40.9% |
| Amounts payable | 17/49 | €21,330 | €31,088 | +€9,758 | +45.7% |
| Amounts payable within one year | 42/48 | €21,330 | €31,088 | +€9,758 | +45.7% |
| Trade debts | 44 | €5,122 | €8,242 | +€3,120 | +60.9% |
| Suppliers | 440/4 | €5,122 | €8,242 | +€3,120 | +60.9% |
| Taxes, remuneration and social security | 45 | €16,207 | €22,846 | +€6,638 | +41.0% |
| Taxes | 450/3 | - | €22,846 | +€22,846 | |
| Remuneration and social security | 454/9 | €16,207 | - | -€16,207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,234 | - | -€1,234 | |
| Gross operating margin | 9900 | €82,330 | €33,363 | -€48,967 | -59.5% |
| Operating profit (loss) | 9901 | €81,097 | €33,363 | -€47,733 | -58.9% |
| Financial charges | 65/66B | €60 | €208 | +€148 | +248.8% |
| Recurring financial charges | 65 | €60 | €208 | +€148 | +248.8% |
| Profit (loss) for the period before taxes | 9903 | €81,037 | €33,155 | -€47,882 | -59.1% |
| Income taxes | 67/77 | €16,207 | €6,638 | -€9,569 | -59.0% |
| Profit (loss) for the period | 9904 | €64,830 | €26,517 | -€38,312 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,830 | €26,517 | -€38,312 | -59.1% |
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 9 October 2026 via checked.be.