TSE-HMF: 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.
TSE-HMF
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-42.0%), from €3.7m to €2.1m
of which Trade receivables: -€1.6m
- Stocks and contracts +€1.0m
up €1.0m (+19.9%), from €5.0m to €6.0m
- Cash -€117,128
down €117,128 (-58.9%), from €198,909 to €81,781
mainly Stocks and contracts (-€1.0m) and Trade debts (-€639,970)
- Trade debts -€639,970
down €639,970 (-78.2%), from €818,564 to €178,594
- Reserves +€103,365
up €103,365 (+10.2%), from €1.0m to €1.1m
- Gross operating margin -€665,088
down €665,088 (-73.9%), from €899,497 to €234,409
- Write-downs -€605,431
down €605,431 (-100%), from €605,431 to €0
- Taxes -€20,192
down €20,192 (-36.9%), from €54,750 to €34,558
- Financial charges +€16,566
up €16,566 (+20.9%), from €79,120 to €95,686
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 | €8,928,723 | €8,342,331 | -€586,392 | -6.6% |
| Current assets | 29/58 | €8,928,723 | €8,342,331 | -€586,392 | -6.6% |
| Amounts receivable after more than one year | 29 | - | €79,567 | +€79,567 | |
| Other amounts receivable | 291 | - | €79,567 | +€79,567 | |
| Stocks and contracts in progress | 3 | €5,034,797 | €6,037,368 | +€1.0m | +19.9% |
| Stocks | 30/36 | €5,034,797 | €6,037,368 | +€1.0m | +19.9% |
| Amounts receivable within one year | 40/41 | €3,695,018 | €2,143,615 | -€1.6m | -42.0% |
| Trade receivables | 40 | €3,695,018 | €2,128,173 | -€1.6m | -42.4% |
| Other amounts receivable | 41 | - | €15,442 | +€15,442 | |
| Cash at bank and in hand | 54/58 | €198,909 | €81,781 | -€117,128 | -58.9% |
| Total equity and liabilities | 10/49 | €8,928,723 | €8,342,331 | -€586,392 | -6.6% |
| Equity | 10/15 | €1,033,915 | €1,137,280 | +€103,365 | +10.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,008,915 | €1,112,280 | +€103,365 | +10.2% |
| Distributable reserves | 133 | €1,008,915 | €1,112,280 | +€103,365 | +10.2% |
| Amounts payable | 17/49 | €7,894,808 | €7,205,051 | -€689,757 | -8.7% |
| Amounts payable after more than one year | 17 | €7,002,775 | €6,974,414 | -€28,361 | -0.4% |
| Other amounts payable | 178/9 | €7,002,775 | €6,974,414 | -€28,361 | -0.4% |
| Amounts payable within one year | 42/48 | €892,033 | €230,637 | -€661,395 | -74.1% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €818,564 | €178,594 | -€639,970 | -78.2% |
| Suppliers | 440/4 | €818,564 | €178,594 | -€639,970 | -78.2% |
| Taxes, remuneration and social security | 45 | €73,469 | €2,044 | -€71,425 | -97.2% |
| Taxes | 450/3 | €73,469 | €2,044 | -€71,425 | -97.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €605,431 | €0 | -€605,431 | -100% |
| Other operating charges | 640/8 | €1,030 | €801 | -€229 | -22.2% |
| Gross operating margin | 9900 | €899,497 | €234,409 | -€665,088 | -73.9% |
| Operating profit (loss) | 9901 | €293,037 | €233,608 | -€59,428 | -20.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €79,120 | €95,686 | +€16,566 | +20.9% |
| Recurring financial charges | 65 | €79,120 | €95,686 | +€16,566 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €213,919 | €137,923 | -€75,996 | -35.5% |
| Income taxes | 67/77 | €54,750 | €34,558 | -€20,192 | -36.9% |
| Profit (loss) for the period | 9904 | €159,169 | €103,365 | -€55,804 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €159,169 | €103,365 | -€55,804 | -35.1% |
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 15 October 2026 via checked.be.