HONOREM HM MANAGEMENT: 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.
HONOREM HM MANAGEMENT
Largest movements
- Receivables within one year +€523,852
up €523,852 (+34.1%), from €1.5m to €2.1m
- Current investments -€169,977
down €169,977 (-32.8%), from €518,000 to €348,023
- Tangible fixed assets +€38,743
up €38,743 (+156.1%), from €24,811 to €63,554
of which Plant, machinery and equipment: +€25,291
- Profit (loss) carried forward +€1.1m
up €1.1m (+876.2%), from €130,613 to €1.3m
- Other debts -€758,419
down €758,419 (-79.7%), from €951,703 to €193,284
- Tax, wage and social debts -€302,454
down €302,454 (-61.7%), from €490,471 to €188,017
- Reserves +€275,100
up €275,100 (+139.5%), from €197,135 to €472,235
of which Tax-exempt reserves: +€294,700
- Short-term financial debts +€27,794
up €27,794 (+9.0%), from €309,325 to €337,119
- Gross operating margin +€452,831
up €452,831 (+22.5%), from €2.0m to €2.5m
- Taxes +€113,363
up €113,363 (+22.6%), from €501,625 to €614,989
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 | €2,090,492 | €2,476,172 | +€385,680 | +18.4% |
| Fixed assets | 21/28 | €24,811 | €63,554 | +€38,743 | +156.1% |
| Tangible fixed assets | 22/27 | €24,811 | €63,554 | +€38,743 | +156.1% |
| Plant, machinery and equipment | 23 | €2,338 | €27,629 | +€25,291 | +1081.8% |
| Furniture and vehicles | 24 | €22,473 | €35,925 | +€13,452 | +59.9% |
| Current assets | 29/58 | €2,065,681 | €2,412,618 | +€346,937 | +16.8% |
| Amounts receivable within one year | 40/41 | €1,537,858 | €2,061,710 | +€523,852 | +34.1% |
| Trade receivables | 40 | €1,537,858 | €2,061,710 | +€523,852 | +34.1% |
| Current investments | 50/53 | €518,000 | €348,023 | -€169,977 | -32.8% |
| Cash at bank and in hand | 54/58 | €4,431 | - | -€4,431 | |
| Deferred charges and accrued income | 490/1 | €5,391 | €2,885 | -€2,506 | -46.5% |
| Total equity and liabilities | 10/49 | €2,090,492 | €2,476,172 | +€385,680 | +18.4% |
| Equity | 10/15 | €332,748 | €1,752,303 | +€1.4m | +426.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €197,135 | €472,235 | +€275,100 | +139.5% |
| Tax-exempt reserves | 132 | €126,300 | €421,000 | +€294,700 | +233.3% |
| Distributable reserves | 133 | €70,835 | €51,235 | -€19,600 | -27.7% |
| Profit (loss) carried forward | 14 | €130,613 | €1,275,067 | +€1.1m | +876.2% |
| Amounts payable | 17/49 | €1,757,744 | €723,869 | -€1.0m | -58.8% |
| Amounts payable within one year | 42/48 | €1,757,744 | €723,869 | -€1.0m | -58.8% |
| Financial debts | 43 | €309,325 | €337,119 | +€27,794 | +9.0% |
| Credit institutions | 430/8 | €309,325 | €337,119 | +€27,794 | +9.0% |
| Trade debts | 44 | €6,245 | €5,450 | -€795 | -12.7% |
| Suppliers | 440/4 | €6,245 | €5,450 | -€795 | -12.7% |
| Taxes, remuneration and social security | 45 | €490,471 | €188,017 | -€302,454 | -61.7% |
| Taxes | 450/3 | €490,471 | €188,017 | -€302,454 | -61.7% |
| Other amounts payable | 47/48 | €951,703 | €193,284 | -€758,419 | -79.7% |
| Non-recurring operating income | 76A | - | €90 | +€90 | |
| Remuneration, social security and pensions | 62 | €1,632 | - | -€1,632 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,842 | €13,098 | +€6,256 | +91.4% |
| Other operating charges | 640/8 | €252 | €674 | +€422 | +167.4% |
| Gross operating margin | 9900 | €2,009,985 | €2,462,817 | +€452,831 | +22.5% |
| Operating profit (loss) | 9901 | €2,001,259 | €2,449,044 | +€447,785 | +22.4% |
| Financial income | 75/76B | €12,427 | €14,867 | +€2,440 | +19.6% |
| Recurring financial income | 75 | €12,427 | €14,867 | +€2,440 | +19.6% |
| Financial charges | 65/66B | €5,148 | €9,768 | +€4,620 | +89.7% |
| Recurring financial charges | 65 | €5,148 | €9,768 | +€4,620 | +89.7% |
| Profit (loss) for the period before taxes | 9903 | €2,008,538 | €2,454,143 | +€445,605 | +22.2% |
| Income taxes | 67/77 | €501,625 | €614,989 | +€113,363 | +22.6% |
| Profit (loss) for the period | 9904 | €1,506,913 | €1,839,155 | +€332,242 | +22.0% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €294,700 | +€168,400 | +133.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,380,613 | €1,544,455 | +€163,842 | +11.9% |
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 3 October 2026 via checked.be.