HRMacS: 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.
HRMacS
Largest movements
- Current investments +€99,619
up €99,619 (+24.9%), from €400,062 to €499,681
- Cash -€27,525
down €27,525 (-18.3%), from €150,800 to €123,275
mainly Current investments (-€99,619) and Contributions, distributions and other (-€34,999)
- Tangible fixed assets -€14,844
down €14,844 (-24.4%), from €60,779 to €45,935
of which Furniture and vehicles: -€16,306
- Reserves +€59,716
up €59,716 (+11.2%), from €533,233 to €592,949
- Financial income +€37,412
up €37,412 (+450%), from €8,319 to €45,731
- Gross operating margin -€12,692
down €12,692 (-10.6%), from €119,333 to €106,641
- Depreciation -€6,282
down €6,282 (-25.2%), from €24,892 to €18,610
- Taxes +€3,559
up €3,559 (+11.3%), from €31,407 to €34,966
- Financial charges -€3,188
down €3,188 (-50.2%), from €6,345 to €3,158
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €642,587 | €698,823 | +€56,236 | +8.8% |
| Fixed assets | 21/28 | €60,779 | €45,935 | -€14,844 | -24.4% |
| Tangible fixed assets | 22/27 | €60,779 | €45,935 | -€14,844 | -24.4% |
| Plant, machinery and equipment | 23 | €2,151 | €1,367 | -€784 | -36.5% |
| Furniture and vehicles | 24 | €51,917 | €35,611 | -€16,306 | -31.4% |
| Other tangible fixed assets | 26 | €6,711 | €8,957 | +€2,246 | +33.5% |
| Current assets | 29/58 | €581,809 | €652,888 | +€71,079 | +12.2% |
| Amounts receivable within one year | 40/41 | €28,284 | €28,287 | +€3 | 0.0% |
| Trade receivables | 40 | €28,284 | €28,287 | +€3 | 0.0% |
| Current investments | 50/53 | €400,062 | €499,681 | +€99,619 | +24.9% |
| Cash at bank and in hand | 54/58 | €150,800 | €123,275 | -€27,525 | -18.3% |
| Deferred charges and accrued income | 490/1 | €2,663 | €1,645 | -€1,018 | -38.2% |
| Total equity and liabilities | 10/49 | €642,587 | €698,823 | +€56,236 | +8.8% |
| Equity | 10/15 | €545,695 | €605,411 | +€59,716 | +10.9% |
| Contributions | 10/11 | €12,462 | €12,462 | = | 0.0% |
| Reserves | 13 | €533,233 | €592,949 | +€59,716 | +11.2% |
| Distributable reserves | 133 | €533,233 | €592,949 | +€59,716 | +11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €96,893 | €93,412 | -€3,481 | -3.6% |
| Amounts payable within one year | 42/48 | €90,685 | €90,354 | -€330 | -0.4% |
| Trade debts | 44 | €908 | €707 | -€201 | -22.1% |
| Suppliers | 440/4 | €908 | €707 | -€201 | -22.1% |
| Taxes, remuneration and social security | 45 | €21,103 | €23,882 | +€2,779 | +13.2% |
| Taxes | 450/3 | €21,103 | €23,882 | +€2,779 | +13.2% |
| Other amounts payable | 47/48 | €68,673 | €65,765 | -€2,908 | -4.2% |
| Accrued charges and deferred income | 492/3 | €6,208 | €3,057 | -€3,151 | -50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,892 | €18,610 | -€6,282 | -25.2% |
| Other operating charges | 640/8 | €968 | €923 | -€45 | -4.7% |
| Gross operating margin | 9900 | €119,333 | €106,641 | -€12,692 | -10.6% |
| Operating profit (loss) | 9901 | €93,473 | €87,109 | -€6,364 | -6.8% |
| Financial income | 75/76B | €8,319 | €45,731 | +€37,412 | +450% |
| Recurring financial income | 75 | €8,319 | €45,731 | +€37,412 | +450% |
| Financial charges | 65/66B | €6,345 | €3,158 | -€3,188 | -50.2% |
| Recurring financial charges | 65 | €6,345 | €3,158 | -€3,188 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €95,447 | €129,682 | +€34,235 | +35.9% |
| Income taxes | 67/77 | €31,407 | €34,966 | +€3,559 | +11.3% |
| Profit (loss) for the period | 9904 | €64,040 | €94,716 | +€30,676 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,040 | €94,716 | +€30,676 | +47.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.