HSM Services: 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 Services
Largest movements
- Cash -€113,007
down €113,007 (-95.1%), from €118,810 to €5,802
mainly Other debts (-€65,774) and Net result for the year (-€56,820)
- Tangible fixed assets -€19,743
down €19,743 (-26.8%), from €73,585 to €53,842
- Receivables within one year -€5,506
down €5,506 (-48.5%), from €11,357 to €5,851
of which Other amounts receivable: -€7,055
- Other debts -€65,774
down €65,774 (-60.8%), from €108,166 to €42,393
- Reserves -€52,500
down €52,500 (-100.0%), from €52,500 to €0
- Tax, wage and social debts -€8,807
down €8,807 (-91.4%), from €9,632 to €825
- Debts after one year -€7,518
down €7,518 (-40.2%), from €18,700 to €11,182
- Profit (loss) carried forward -€4,320
down €4,320, from €838 to -€3,482
- Gross operating margin -€108,703
down €108,703, from €78,029 to -€30,674
- Taxes -€9,155
down €9,155 (-69.6%), from €13,144 to €3,989
- Depreciation +€7,664
up €7,664 (+63.4%), from €12,079 to €19,743
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 | €203,795 | €65,654 | -€138,141 | -67.8% |
| Fixed assets | 21/28 | €73,628 | €53,885 | -€19,743 | -26.8% |
| Tangible fixed assets | 22/27 | €73,585 | €53,842 | -€19,743 | -26.8% |
| Furniture and vehicles | 24 | €73,585 | €53,842 | -€19,743 | -26.8% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €130,167 | €11,769 | -€118,398 | -91.0% |
| Amounts receivable within one year | 40/41 | €11,357 | €5,851 | -€5,506 | -48.5% |
| Trade receivables | 40 | €2,734 | €4,283 | +€1,549 | +56.7% |
| Other amounts receivable | 41 | €8,624 | €1,569 | -€7,055 | -81.8% |
| Cash at bank and in hand | 54/58 | €118,810 | €5,802 | -€113,007 | -95.1% |
| Deferred charges and accrued income | 490/1 | - | €115 | +€115 | |
| Total equity and liabilities | 10/49 | €203,795 | €65,654 | -€138,141 | -67.8% |
| Equity | 10/15 | €56,338 | -€482 | -€56,820 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €52,500 | €0 | -€52,500 | -100.0% |
| Distributable reserves | 133 | €52,500 | €0 | -€52,500 | -100.0% |
| Profit (loss) carried forward | 14 | €838 | -€3,482 | -€4,320 | |
| Amounts payable | 17/49 | €147,457 | €66,136 | -€81,321 | -55.1% |
| Amounts payable after more than one year | 17 | €18,700 | €11,182 | -€7,518 | -40.2% |
| Financial debts | 170/4 | €18,700 | €11,182 | -€7,518 | -40.2% |
| Amounts payable within one year | 42/48 | €128,758 | €54,954 | -€73,804 | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €7,221 | €7,518 | +€297 | +4.1% |
| Trade debts | 44 | €3,738 | €4,219 | +€480 | +12.8% |
| Suppliers | 440/4 | - | €4,219 | +€4,219 | |
| Bills of exchange payable | 441 | €3,738 | - | -€3,738 | |
| Taxes, remuneration and social security | 45 | €9,632 | €825 | -€8,807 | -91.4% |
| Taxes | 450/3 | €9,632 | €825 | -€8,807 | -91.4% |
| Other amounts payable | 47/48 | €108,166 | €42,393 | -€65,774 | -60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,079 | €19,743 | +€7,664 | +63.4% |
| Other operating charges | 640/8 | €1,538 | €874 | -€664 | -43.2% |
| Gross operating margin | 9900 | €78,029 | -€30,674 | -€108,703 | |
| Operating profit (loss) | 9901 | €64,412 | -€51,292 | -€115,704 | |
| Financial charges | 65/66B | €1,381 | €1,539 | +€158 | +11.4% |
| Recurring financial charges | 65 | €1,381 | €1,539 | +€158 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €63,031 | -€52,831 | -€115,861 | |
| Income taxes | 67/77 | €13,144 | €3,989 | -€9,155 | -69.6% |
| Profit (loss) for the period | 9904 | €49,886 | -€56,820 | -€106,706 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,886 | -€56,820 | -€106,706 |
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 8 October 2026 via checked.be.