HMZ Acquisition: 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.
HMZ Acquisition
Largest movements
- Receivables after one year +€22,980
new in 2025: €22,980
- Receivables within one year -€18,691
down €18,691 (-83.1%), from €22,491 to €3,800
of which Trade receivables: -€16,530
- Tangible fixed assets +€2,505
new in 2025: €2,505
- Cash +€1,005
up €1,005 (+30.9%), from €3,248 to €4,253
mainly Receivables within one year (+€18,691) and Net result for the year (+€9,209)
- Profit (loss) carried forward +€9,209
up €9,209 (+103%), from €8,934 to €18,142
- Tax, wage and social debts -€2,316
down €2,316 (-37.3%), from €6,214 to €3,898
- Trade debts +€907
up €907 (+34.4%), from €2,633 to €3,540
- Write-downs +€4,066
new in 2025: €4,066
- Gross operating margin +€3,507
up €3,507 (+27.9%), from €12,587 to €16,094
- Financial income +€491
new in 2025: €491
- Taxes -€468
down €468 (-14.8%), from €3,168 to €2,699
- Depreciation +€451
new in 2025: €451
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 | €25,781 | €33,580 | +€7,799 | +30.3% |
| Fixed assets | 21/28 | - | €2,505 | +€2,505 | |
| Tangible fixed assets | 22/27 | - | €2,505 | +€2,505 | |
| Plant, machinery and equipment | 23 | - | €2,505 | +€2,505 | |
| Current assets | 29/58 | €25,781 | €31,075 | +€5,294 | +20.5% |
| Amounts receivable after more than one year | 29 | - | €22,980 | +€22,980 | |
| Other amounts receivable | 291 | - | €22,980 | +€22,980 | |
| Amounts receivable within one year | 40/41 | €22,491 | €3,800 | -€18,691 | -83.1% |
| Trade receivables | 40 | €17,830 | €1,300 | -€16,530 | -92.7% |
| Other amounts receivable | 41 | €4,661 | €2,500 | -€2,161 | -46.4% |
| Cash at bank and in hand | 54/58 | €3,248 | €4,253 | +€1,005 | +30.9% |
| Deferred charges and accrued income | 490/1 | €43 | €43 | = | 0.0% |
| Total equity and liabilities | 10/49 | €25,781 | €33,580 | +€7,799 | +30.3% |
| Equity | 10/15 | €16,934 | €26,142 | +€9,209 | +54.4% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,934 | €18,142 | +€9,209 | +103% |
| Amounts payable | 17/49 | €8,847 | €7,438 | -€1,409 | -15.9% |
| Amounts payable within one year | 42/48 | €8,847 | €7,438 | -€1,409 | -15.9% |
| Trade debts | 44 | €2,633 | €3,540 | +€907 | +34.4% |
| Suppliers | 440/4 | €2,633 | €3,540 | +€907 | +34.4% |
| Taxes, remuneration and social security | 45 | €6,214 | €3,898 | -€2,316 | -37.3% |
| Taxes | 450/3 | €6,214 | €3,898 | -€2,316 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €451 | +€451 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,066 | +€4,066 | |
| Other operating charges | 640/8 | €340 | - | -€340 | |
| Gross operating margin | 9900 | €12,587 | €16,094 | +€3,507 | +27.9% |
| Operating profit (loss) | 9901 | €12,247 | €11,578 | -€669 | -5.5% |
| Financial income | 75/76B | - | €491 | +€491 | |
| Recurring financial income | 75 | - | €491 | +€491 | |
| Financial charges | 65/66B | €146 | €161 | +€15 | +10.3% |
| Recurring financial charges | 65 | €146 | €161 | +€15 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €12,101 | €11,908 | -€193 | -1.6% |
| Income taxes | 67/77 | €3,168 | €2,699 | -€468 | -14.8% |
| Profit (loss) for the period | 9904 | €8,934 | €9,209 | +€275 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,934 | €9,209 | +€275 | +3.1% |
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 20 October 2026 via checked.be.