HMS-Power: 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.
HMS-Power
Largest movements
- Tangible fixed assets +€94,305
up €94,305 (+109%), from €86,454 to €180,760
of which Land and buildings: +€106,331
- Cash -€15,357
down €15,357 (-72.9%), from €21,070 to €5,713
mainly Investment in fixed assets (net) (-€110,841) and Tax, wage and social debts (-€1,384)
- Debts after one year +€67,960
up €67,960 (+417%), from €16,314 to €84,274
- Current portion of long-term debt +€7,084
up €7,084 (+143%), from €4,956 to €12,040
- Trade debts +€3,731
up €3,731 (+56.8%), from €6,574 to €10,305
- Gross operating margin -€25,622
down €25,622 (-51.8%), from €49,455 to €23,832
- Depreciation +€7,486
up €7,486 (+82.7%), from €9,050 to €16,536
- Taxes -€3,211
down €3,211 (-53.0%), from €6,058 to €2,847
- Financial charges -€746
down €746 (-20.3%), from €3,678 to €2,932
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 | €138,424 | €215,525 | +€77,102 | +55.7% |
| Fixed assets | 21/28 | €86,454 | €180,760 | +€94,305 | +109% |
| Tangible fixed assets | 22/27 | €86,454 | €180,760 | +€94,305 | +109% |
| Land and buildings | 22 | - | €106,331 | +€106,331 | |
| Plant, machinery and equipment | 23 | €42,162 | €37,005 | -€5,157 | -12.2% |
| Furniture and vehicles | 24 | €44,292 | €37,424 | -€6,868 | -15.5% |
| Current assets | 29/58 | €51,970 | €34,766 | -€17,204 | -33.1% |
| Amounts receivable within one year | 40/41 | €27,721 | €25,900 | -€1,820 | -6.6% |
| Trade receivables | 40 | €27,721 | €23,747 | -€3,974 | -14.3% |
| Other amounts receivable | 41 | - | €2,153 | +€2,153 | |
| Cash at bank and in hand | 54/58 | €21,070 | €5,713 | -€15,357 | -72.9% |
| Deferred charges and accrued income | 490/1 | €3,179 | €3,153 | -€26 | -0.8% |
| Total equity and liabilities | 10/49 | €138,424 | €215,525 | +€77,102 | +55.7% |
| Equity | 10/15 | €88,369 | €89,142 | +€772 | +0.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €58,369 | €59,142 | +€772 | +1.3% |
| Distributable reserves | 133 | €58,369 | €59,142 | +€772 | +1.3% |
| Amounts payable | 17/49 | €50,054 | €126,384 | +€76,329 | +152% |
| Amounts payable after more than one year | 17 | €16,314 | €84,274 | +€67,960 | +417% |
| Financial debts | 170/4 | €16,314 | €84,274 | +€67,960 | +417% |
| Amounts payable within one year | 42/48 | €33,740 | €42,109 | +€8,369 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €4,956 | €12,040 | +€7,084 | +143% |
| Trade debts | 44 | €6,574 | €10,305 | +€3,731 | +56.8% |
| Suppliers | 440/4 | €6,574 | €10,305 | +€3,731 | +56.8% |
| Taxes, remuneration and social security | 45 | €11,287 | €9,903 | -€1,384 | -12.3% |
| Taxes | 450/3 | €8,924 | €6,803 | -€2,121 | -23.8% |
| Remuneration and social security | 454/9 | €2,363 | €3,100 | +€737 | +31.2% |
| Other amounts payable | 47/48 | €10,923 | €9,862 | -€1,061 | -9.7% |
| Non-recurring operating income | 76A | €6,202 | - | -€6,202 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,050 | €16,536 | +€7,486 | +82.7% |
| Other operating charges | 640/8 | €823 | €745 | -€78 | -9.5% |
| Non-recurring operating charges | 66A | €6,772 | - | -€6,772 | |
| Gross operating margin | 9900 | €49,455 | €23,832 | -€25,622 | -51.8% |
| Operating profit (loss) | 9901 | €32,810 | €6,551 | -€26,259 | -80.0% |
| Financial charges | 65/66B | €3,678 | €2,932 | -€746 | -20.3% |
| Recurring financial charges | 65 | €3,678 | €2,932 | -€746 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €29,132 | €3,619 | -€25,513 | -87.6% |
| Income taxes | 67/77 | €6,058 | €2,847 | -€3,211 | -53.0% |
| Profit (loss) for the period | 9904 | €23,074 | €772 | -€22,302 | -96.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,074 | €772 | -€22,302 | -96.7% |
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 22 October 2026 via checked.be.