HPMG: 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.
HPMG
Largest movements
- Stocks and contracts -€129,086
down €129,086 (-36.3%), from €355,300 to €226,214
- Receivables within one year +€21,098
up €21,098 (+74.4%), from €28,347 to €49,444
of which Other amounts receivable: +€18,998
- Tangible fixed assets -€15,117
down €15,117 (-24.5%), from €61,777 to €46,660
of which Other tangible fixed assets: -€17,324
- Cash -€11,615
down €11,615 (-55.2%), from €21,044 to €9,429
mainly Trade debts (-€60,811) and Short-term financial debts (-€50,000)
- Deferred charges and accrued income +€6,745
up €6,745 (+670.3%), from €1,006 to €7,752
- Trade debts -€60,811
down €60,811 (-74.5%), from €81,645 to €20,835
- Short-term financial debts -€50,000
down €50,000 (-28.6%), from €175,000 to €125,000
- Tax, wage and social debts -€46,055
down €46,055 (-60.0%), from €76,769 to €30,714
of which Taxes: -€50,461
- Debts after one year +€20,140
up €20,140, from €0 to €20,140
- Reserves -€13,915
down €13,915 (-15.4%), from €90,273 to €76,358
of which Distributable reserves: -€13,915
- Gross operating margin -€21,479
down €21,479 (-12.9%), from €166,747 to €145,268
- Depreciation -€8,065
down €8,065 (-26.3%), from €30,617 to €22,552
- Other operating charges +€6,103
up €6,103 (+280.9%), from €2,172 to €8,275
- Financial charges -€5,215
down €5,215 (-37.2%), from €14,014 to €8,799
- Staff costs -€4,037
down €4,037 (-4.3%), from €94,961 to €90,923
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 | €467,841 | €339,499 | -€128,343 | -27.4% |
| Fixed assets | 21/28 | €62,144 | €46,660 | -€15,484 | -24.9% |
| Intangible fixed assets | 21 | €366 | €0 | -€366 | -100.0% |
| Tangible fixed assets | 22/27 | €61,777 | €46,660 | -€15,117 | -24.5% |
| Plant, machinery and equipment | 23 | €4,895 | €2,953 | -€1,943 | -39.7% |
| Furniture and vehicles | 24 | €8,080 | €12,229 | +€4,149 | +51.4% |
| Other tangible fixed assets | 26 | €48,803 | €31,479 | -€17,324 | -35.5% |
| Current assets | 29/58 | €405,698 | €292,839 | -€112,859 | -27.8% |
| Stocks and contracts in progress | 3 | €355,300 | €226,214 | -€129,086 | -36.3% |
| Stocks | 30/36 | €355,300 | €226,214 | -€129,086 | -36.3% |
| Amounts receivable within one year | 40/41 | €28,347 | €49,444 | +€21,098 | +74.4% |
| Trade receivables | 40 | - | €2,100 | +€2,100 | |
| Other amounts receivable | 41 | €28,347 | €47,344 | +€18,998 | +67.0% |
| Cash at bank and in hand | 54/58 | €21,044 | €9,429 | -€11,615 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,006 | €7,752 | +€6,745 | +670.3% |
| Total equity and liabilities | 10/49 | €467,841 | €339,499 | -€128,343 | -27.4% |
| Equity | 10/15 | €120,273 | €106,358 | -€13,915 | -11.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €90,273 | €76,358 | -€13,915 | -15.4% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €38 | €38 | = | 0.0% |
| Distributable reserves | 133 | €87,234 | €73,320 | -€13,915 | -16.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €347,569 | €233,141 | -€114,428 | -32.9% |
| Amounts payable after more than one year | 17 | €0 | €20,140 | +€20,140 | |
| Financial debts | 170/4 | €0 | €20,140 | +€20,140 | |
| Amounts payable within one year | 42/48 | €346,362 | €213,001 | -€133,360 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €4,093 | €16,551 | +€12,458 | +304.4% |
| Financial debts | 43 | €175,000 | €125,000 | -€50,000 | -28.6% |
| Credit institutions | 430/8 | €175,000 | €125,000 | -€50,000 | -28.6% |
| Trade debts | 44 | €81,645 | €20,835 | -€60,811 | -74.5% |
| Suppliers | 440/4 | €81,645 | €20,835 | -€60,811 | -74.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €76,769 | €30,714 | -€46,055 | -60.0% |
| Taxes | 450/3 | €66,641 | €16,180 | -€50,461 | -75.7% |
| Remuneration and social security | 454/9 | €10,128 | €14,534 | +€4,406 | +43.5% |
| Other amounts payable | 47/48 | €8,854 | €19,902 | +€11,048 | +124.8% |
| Accrued charges and deferred income | 492/3 | €1,207 | €0 | -€1,207 | -100.0% |
| Non-recurring operating income | 76A | €4,994 | €2,000 | -€2,994 | -60.0% |
| Remuneration, social security and pensions | 62 | €94,961 | €90,923 | -€4,037 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,617 | €22,552 | -€8,065 | -26.3% |
| Other operating charges | 640/8 | €2,172 | €8,275 | +€6,103 | +280.9% |
| Gross operating margin | 9900 | €166,747 | €145,268 | -€21,479 | -12.9% |
| Operating profit (loss) | 9901 | €38,997 | €23,518 | -€15,480 | -39.7% |
| Financial income | 75/76B | €4,337 | €1,183 | -€3,153 | -72.7% |
| Recurring financial income | 75 | €4,337 | €1,183 | -€3,153 | -72.7% |
| Financial charges | 65/66B | €14,014 | €8,799 | -€5,215 | -37.2% |
| Recurring financial charges | 65 | €14,014 | €8,799 | -€5,215 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €29,320 | €15,902 | -€13,418 | -45.8% |
| Income taxes | 67/77 | €11,539 | €9,915 | -€1,624 | -14.1% |
| Profit (loss) for the period | 9904 | €17,781 | €5,987 | -€11,794 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,781 | €5,987 | -€11,794 | -66.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.