HSM: 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.
HSM
Largest movements
- Cash +€150,023
up €150,023 (+1336.6%), from €11,224 to €161,247
mainly Trade debts (+€178,578) and Net result for the year (+€87,733)
- Trade debts +€178,578
up €178,578 (+210.0%), from €85,048 to €263,626
- Tax, wage and social debts -€68,022
down €68,022 (-86.0%), from €79,122 to €11,100
- Other debts +€33,048
up €33,048 (+42.9%), from €77,106 to €110,154
- Gross operating margin -€169,168
down €169,168 (-54.5%), from €310,154 to €140,986
- Taxes -€47,423
down €47,423 (-60.5%), from €78,445 to €31,022
- Depreciation +€5,645
up €5,645 (+29.3%), from €19,269 to €24,915
- Financial income +€4,206
up €4,206 (+192.4%), from €2,186 to €6,392
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 | €430,099 | €573,937 | +€143,838 | +33.4% |
| Fixed assets | 21/28 | €92,581 | €90,678 | -€1,904 | -2.1% |
| Intangible fixed assets | 21 | €10,500 | €8,750 | -€1,750 | -16.7% |
| Tangible fixed assets | 22/27 | €82,081 | €81,928 | -€154 | -0.2% |
| Plant, machinery and equipment | 23 | €63,456 | €65,360 | +€1,905 | +3.0% |
| Furniture and vehicles | 24 | €10,392 | €5,421 | -€4,971 | -47.8% |
| Other tangible fixed assets | 26 | €8,233 | €11,146 | +€2,913 | +35.4% |
| Current assets | 29/58 | €337,517 | €483,259 | +€145,742 | +43.2% |
| Amounts receivable within one year | 40/41 | €322,230 | €317,745 | -€4,485 | -1.4% |
| Trade receivables | 40 | €294,906 | €223,600 | -€71,306 | -24.2% |
| Other amounts receivable | 41 | €27,324 | €94,145 | +€66,821 | +244.5% |
| Cash at bank and in hand | 54/58 | €11,224 | €161,247 | +€150,023 | +1336.6% |
| Deferred charges and accrued income | 490/1 | €4,064 | €4,268 | +€204 | +5.0% |
| Total equity and liabilities | 10/49 | €430,099 | €573,937 | +€143,838 | +33.4% |
| Equity | 10/15 | €28,823 | €29,056 | +€233 | +0.8% |
| Contributions | 10/11 | €8,860 | €8,860 | = | 0.0% |
| Reserves | 13 | €19,790 | €19,790 | = | 0.0% |
| Distributable reserves | 133 | €19,790 | €19,790 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173 | €406 | +€233 | +135.0% |
| Amounts payable | 17/49 | €401,276 | €544,880 | +€143,605 | +35.8% |
| Amounts payable after more than one year | 17 | €160,000 | €160,000 | = | 0.0% |
| Financial debts | 170/4 | €160,000 | €160,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €241,276 | €384,880 | +€143,605 | +59.5% |
| Trade debts | 44 | €85,048 | €263,626 | +€178,578 | +210.0% |
| Suppliers | 440/4 | €85,048 | €263,626 | +€178,578 | +210.0% |
| Taxes, remuneration and social security | 45 | €79,122 | €11,100 | -€68,022 | -86.0% |
| Taxes | 450/3 | €79,122 | €11,100 | -€68,022 | -86.0% |
| Other amounts payable | 47/48 | €77,106 | €110,154 | +€33,048 | +42.9% |
| Non-recurring operating income | 76A | €13,500 | €2,204 | -€11,296 | -83.7% |
| Remuneration, social security and pensions | 62 | €1,452 | €512 | -€940 | -64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,269 | €24,915 | +€5,645 | +29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,328 | - | -€2,328 | |
| Other operating charges | 640/8 | €2,662 | €1,889 | -€774 | -29.1% |
| Non-recurring operating charges | 66A | - | €1,234 | +€1,234 | |
| Gross operating margin | 9900 | €310,154 | €140,986 | -€169,168 | -54.5% |
| Operating profit (loss) | 9901 | €284,443 | €112,437 | -€172,006 | -60.5% |
| Financial income | 75/76B | €2,186 | €6,392 | +€4,206 | +192.4% |
| Recurring financial income | 75 | €2,186 | €6,392 | +€4,206 | +192.4% |
| Financial charges | 65/66B | €902 | €74 | -€829 | -91.8% |
| Recurring financial charges | 65 | €902 | €74 | -€829 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | €285,727 | €118,755 | -€166,971 | -58.4% |
| Income taxes | 67/77 | €78,445 | €31,022 | -€47,423 | -60.5% |
| Profit (loss) for the period | 9904 | €207,282 | €87,733 | -€119,549 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €207,282 | €87,733 | -€119,549 | -57.7% |
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 6 October 2026 via checked.be.