HWMH: 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.
HWMH
Largest movements
- Tangible fixed assets -€10,667
down €10,667 (-20.2%), from €52,899 to €42,232
- Cash +€7,884
up €7,884 (+234%), from €3,362 to €11,246
mainly Other debts (+€37,301) and Depreciation (+€11,900)
- Receivables within one year -€3,753
down €3,753 (-11.4%), from €32,836 to €29,082
of which Other amounts receivable: -€4,369
- Deferred charges and accrued income +€958
up €958 (+79.5%), from €1,205 to €2,163
- Other debts +€37,301
up €37,301 (+9,454%), from €395 to €37,696
- Profit (loss) carried forward -€26,079
down €26,079, from €18,608 to -€7,471
- Debts after one year -€12,326
down €12,326 (-37.4%), from €32,934 to €20,607
- Tax, wage and social debts -€4,345
down €4,345 (-25.6%), from €16,998 to €12,653
- Gross operating margin -€28,493
down €28,493 (-92.8%), from €30,688 to €2,195
- Depreciation +€7,307
up €7,307 (+159%), from €4,593 to €11,900
- Taxes -€4,652
down €4,652 (-94.7%), from €4,910 to €259
- Financial charges +€1,344
up €1,344 (+159%), from €846 to €2,191
- Other operating charges -€502
down €502 (-29.1%), from €1,730 to €1,227
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.
Derived cash bridge
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 | €92,012 | €86,434 | -€5,578 | -6.1% |
| Fixed assets | 21/28 | €54,609 | €43,942 | -€10,667 | -19.5% |
| Tangible fixed assets | 22/27 | €52,899 | €42,232 | -€10,667 | -20.2% |
| Furniture and vehicles | 24 | €52,899 | €42,232 | -€10,667 | -20.2% |
| Financial fixed assets | 28 | €1,710 | €1,710 | = | 0.0% |
| Current assets | 29/58 | €37,403 | €42,492 | +€5,088 | +13.6% |
| Amounts receivable within one year | 40/41 | €32,836 | €29,082 | -€3,753 | -11.4% |
| Trade receivables | 40 | €28,466 | €29,082 | +€616 | +2.2% |
| Other amounts receivable | 41 | €4,369 | €0 | -€4,369 | -100% |
| Cash at bank and in hand | 54/58 | €3,362 | €11,246 | +€7,884 | +234% |
| Deferred charges and accrued income | 490/1 | €1,205 | €2,163 | +€958 | +79.5% |
| Total equity and liabilities | 10/49 | €92,012 | €86,434 | -€5,578 | -6.1% |
| Equity | 10/15 | €28,608 | €2,529 | -€26,079 | -91.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,608 | -€7,471 | -€26,079 | |
| Amounts payable | 17/49 | €63,404 | €83,905 | +€20,500 | +32.3% |
| Amounts payable after more than one year | 17 | €32,934 | €20,607 | -€12,326 | -37.4% |
| Financial debts | 170/4 | €32,934 | €20,607 | -€12,326 | -37.4% |
| Amounts payable within one year | 42/48 | €30,471 | €63,298 | +€32,827 | +108% |
| Current portion of amounts payable after more than one year | 42 | €11,819 | €12,326 | +€507 | +4.3% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €1,259 | €623 | -€637 | -50.6% |
| Suppliers | 440/4 | €1,259 | €623 | -€637 | -50.6% |
| Taxes, remuneration and social security | 45 | €16,998 | €12,653 | -€4,345 | -25.6% |
| Taxes | 450/3 | €16,998 | €12,653 | -€4,345 | -25.6% |
| Other amounts payable | 47/48 | €395 | €37,696 | +€37,301 | +9,454% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,593 | €11,900 | +€7,307 | +159% |
| Other operating charges | 640/8 | €1,730 | €1,227 | -€502 | -29.1% |
| Non-recurring operating charges | 66A | - | €12,697 | +€12,697 | |
| Gross operating margin | 9900 | €30,688 | €2,195 | -€28,493 | -92.8% |
| Operating profit (loss) | 9901 | €24,365 | -€23,629 | -€47,994 | |
| Financial charges | 65/66B | €846 | €2,191 | +€1,344 | +159% |
| Recurring financial charges | 65 | €846 | €2,191 | +€1,344 | +159% |
| Profit (loss) for the period before taxes | 9903 | €23,518 | -€25,820 | -€49,339 | |
| Income taxes | 67/77 | €4,910 | €259 | -€4,652 | -94.7% |
| Profit (loss) for the period | 9904 | €18,608 | -€26,079 | -€44,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,608 | -€26,079 | -€44,687 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.