HMRE ADVISORY: 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.
HMRE ADVISORY
Largest movements
- Tangible fixed assets +€106,438
up €106,438 (+2982.4%), from €3,569 to €110,007
of which Furniture and vehicles: +€107,169
- Cash +€13,836
up €13,836 (+78.6%), from €17,614 to €31,450
mainly Debts after one year (+€47,146) and Net result for the year (+€44,078)
- Deferred charges and accrued income +€1,798
up €1,798 (+226.9%), from €793 to €2,591
- Debts after one year +€47,146
new in 2025: €47,146
- Reserves +€44,078
up €44,078 (+657.0%), from €6,709 to €50,786
- Current portion of long-term debt +€20,857
new in 2025: €20,857
- Tax, wage and social debts +€12,943
up €12,943 (+196.1%), from €6,600 to €19,543
of which Taxes: +€12,943
- Other debts -€9,096
down €9,096 (-100.0%), from €9,096 to €0
- Gross operating margin +€61,640
up €61,640 (+607.9%), from €10,140 to €71,780
- Depreciation +€12,384
up €12,384 (+14380.2%), from €86 to €12,470
- Taxes +€11,821
up €11,821 (+391.6%), from €3,019 to €14,840
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 | €33,625 | €154,957 | +€121,332 | +360.8% |
| Fixed assets | 21/28 | €3,569 | €110,407 | +€106,838 | +2993.6% |
| Tangible fixed assets | 22/27 | €3,569 | €110,007 | +€106,438 | +2982.4% |
| Furniture and vehicles | 24 | - | €107,169 | +€107,169 | |
| Other tangible fixed assets | 26 | €3,569 | €2,838 | -€731 | -20.5% |
| Financial fixed assets | 28 | - | €400 | +€400 | |
| Current assets | 29/58 | €30,056 | €44,550 | +€14,494 | +48.2% |
| Amounts receivable within one year | 40/41 | €11,650 | €10,509 | -€1,141 | -9.8% |
| Trade receivables | 40 | €11,650 | €7,307 | -€4,343 | -37.3% |
| Other amounts receivable | 41 | - | €3,203 | +€3,203 | |
| Cash at bank and in hand | 54/58 | €17,614 | €31,450 | +€13,836 | +78.6% |
| Deferred charges and accrued income | 490/1 | €793 | €2,591 | +€1,798 | +226.9% |
| Total equity and liabilities | 10/49 | €33,625 | €154,957 | +€121,332 | +360.8% |
| Equity | 10/15 | €7,709 | €51,786 | +€44,078 | +571.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €6,709 | €50,786 | +€44,078 | +657.0% |
| Distributable reserves | 133 | €6,709 | €50,786 | +€44,078 | +657.0% |
| Amounts payable | 17/49 | €25,917 | €103,171 | +€77,254 | +298.1% |
| Amounts payable after more than one year | 17 | - | €47,146 | +€47,146 | |
| Financial debts | 170/4 | - | €47,146 | +€47,146 | |
| Amounts payable within one year | 42/48 | €25,917 | €56,024 | +€30,108 | +116.2% |
| Current portion of amounts payable after more than one year | 42 | - | €20,857 | +€20,857 | |
| Financial debts | 43 | €1,144 | €0 | -€1,144 | -100.0% |
| Credit institutions | 430/8 | €1,144 | €0 | -€1,144 | -100.0% |
| Trade debts | 44 | €9,077 | €15,624 | +€6,547 | +72.1% |
| Suppliers | 440/4 | €9,077 | €15,624 | +€6,547 | +72.1% |
| Taxes, remuneration and social security | 45 | €6,600 | €19,543 | +€12,943 | +196.1% |
| Taxes | 450/3 | €6,600 | €19,543 | +€12,943 | +196.1% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €9,096 | €0 | -€9,096 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86 | €12,470 | +€12,384 | +14380.2% |
| Other operating charges | 640/8 | €322 | €341 | +€19 | +5.8% |
| Gross operating margin | 9900 | €10,140 | €71,780 | +€61,640 | +607.9% |
| Operating profit (loss) | 9901 | €9,732 | €58,969 | +€49,237 | +505.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5 | €52 | +€48 | +1040.7% |
| Recurring financial charges | 65 | €5 | €52 | +€48 | +1040.7% |
| Profit (loss) for the period before taxes | 9903 | €9,727 | €58,917 | +€49,190 | +505.7% |
| Income taxes | 67/77 | €3,019 | €14,840 | +€11,821 | +391.6% |
| Profit (loss) for the period | 9904 | €6,709 | €44,078 | +€37,369 | +557.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,709 | €44,078 | +€37,369 | +557.0% |
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.