HMS Projects Management: 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 Projects Management
Largest movements
- Cash -€1.0m
down €1.0m (-95.5%), from €1.1m to €48,140
mainly Contributions, distributions and other (-€3.2m)
- Current investments -€493,400
down €493,400 (-48.6%), from €1.0m to €521,540
- Receivables within one year -€200,000
no longer reported in 2025 (was €200,000)
- Profit (loss) carried forward -€1.6m
no longer reported in 2025 (was €1.6m)
- Reserves -€938,369
down €938,369 (-41.0%), from €2.3m to €1.4m
of which Distributable reserves: -€938,369
- Other debts +€750,000
up €750,000 (+2,840%), from €26,408 to €776,408
- Tax, wage and social debts +€73,864
up €73,864 (+103%), from €71,533 to €145,397
of which Taxes: +€73,869
- Gross operating margin -€84,019
down €84,019 (-10.1%), from €830,814 to €746,794
- Taxes -€22,188
down €22,188 (-10.3%), from €214,421 to €192,233
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 | €4,047,071 | €2,325,261 | -€1.7m | -42.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €535,000 | €535,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €535,000 | €535,000 | = | 0.0% |
| Current assets | 29/58 | €3,512,071 | €1,790,261 | -€1.7m | -49.0% |
| Stocks and contracts in progress | 3 | €1,220,582 | €1,220,582 | = | 0.0% |
| Stocks | 30/36 | €1,220,582 | €1,220,582 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €200,000 | - | -€200,000 | |
| Other amounts receivable | 41 | €200,000 | - | -€200,000 | |
| Current investments | 50/53 | €1,014,940 | €521,540 | -€493,400 | -48.6% |
| Cash at bank and in hand | 54/58 | €1,076,549 | €48,140 | -€1.0m | -95.5% |
| Total equity and liabilities | 10/49 | €4,047,071 | €2,325,261 | -€1.7m | -42.5% |
| Equity | 10/15 | €3,930,979 | €1,376,231 | -€2.6m | -65.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,289,600 | €1,351,231 | -€938,369 | -41.0% |
| Tax-exempt reserves | 132 | €505,200 | €505,200 | = | 0.0% |
| Distributable reserves | 133 | €1,784,400 | €846,031 | -€938,369 | -52.6% |
| Profit (loss) carried forward | 14 | €1,616,379 | - | -€1.6m | |
| Amounts payable | 17/49 | €116,092 | €949,031 | +€832,939 | +717% |
| Amounts payable within one year | 42/48 | €116,092 | €949,031 | +€832,939 | +717% |
| Trade debts | 44 | €18,150 | €27,225 | +€9,075 | +50.0% |
| Suppliers | 440/4 | €18,150 | €27,225 | +€9,075 | +50.0% |
| Taxes, remuneration and social security | 45 | €71,533 | €145,397 | +€73,864 | +103% |
| Taxes | 450/3 | €67,917 | €141,785 | +€73,869 | +109% |
| Remuneration and social security | 454/9 | €3,617 | €3,612 | -€5 | -0.1% |
| Other amounts payable | 47/48 | €26,408 | €776,408 | +€750,000 | +2,840% |
| Other operating charges | 640/8 | €1,094 | €1,254 | +€161 | +14.7% |
| Gross operating margin | 9900 | €830,814 | €746,794 | -€84,019 | -10.1% |
| Operating profit (loss) | 9901 | €829,720 | €745,540 | -€84,180 | -10.1% |
| Financial income | 75/76B | €44,312 | €45,574 | +€1,262 | +2.8% |
| Recurring financial income | 75 | €44,312 | €45,574 | +€1,262 | +2.8% |
| Financial charges | 65/66B | €3,549 | €3,629 | +€81 | +2.3% |
| Recurring financial charges | 65 | €3,549 | €3,629 | +€81 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €870,483 | €787,485 | -€82,999 | -9.5% |
| Income taxes | 67/77 | €214,421 | €192,233 | -€22,188 | -10.3% |
| Profit (loss) for the period | 9904 | €656,063 | €595,251 | -€60,811 | -9.3% |
| Transfer from tax-exempt reserves | 789 | €210,500 | - | -€210,500 | |
| Transfer to tax-exempt reserves | 689 | €168,400 | - | -€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €698,163 | €595,251 | -€102,911 | -14.7% |
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 23 October 2026 via checked.be.