HAMMER PROJECTS: what changed
HAMMER PROJECTS
Largest movements
- Receivables within one year -€35,138
down €35,138 (-57.6%), from €60,955 to €25,816
of which Trade receivables: -€32,982
- Cash +€25,296
up €25,296 (+48.4%), from €52,279 to €77,574
mainly Net result for the year (+€57,536) and Other debts (+€39,810)
- Current investments +€18,819
up €18,819 (+28.5%), from €66,030 to €84,849
- Tangible fixed assets -€7,768
down €7,768 (-2.0%), from €384,153 to €376,385
of which Furniture and vehicles: -€6,789
- Other debts +€39,810
up €39,810 (+82.5%), from €48,244 to €88,054
- Reserves -€24,243
down €24,243 (-7.9%), from €308,552 to €284,309
- Debts after one year -€22,747
down €22,747 (-10.7%), from €212,149 to €189,402
- Current portion of long-term debt +€16,709
up €16,709 (+75.8%), from €22,041 to €38,750
- Trade debts -€6,304
down €6,304 (-82.6%), from €7,633 to €1,329
- Depreciation -€22,130
down €22,130 (-45.8%), from €48,333 to €26,203
- Financial charges +€5,454
up €5,454 (+102%), from €5,365 to €10,819
- Gross operating margin -€5,454
down €5,454 (-4.4%), from €123,068 to €117,614
- Taxes +€4,885
up €4,885 (+24.4%), from €20,038 to €24,923
- Financial income +€3,168
up €3,168 (+153%), from €2,073 to €5,241
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €606,477 | €608,639 | +€2,162 | +0.4% |
| Fixed assets | 21/28 | €384,153 | €376,385 | -€7,768 | -2.0% |
| Tangible fixed assets | 22/27 | €384,153 | €376,385 | -€7,768 | -2.0% |
| Land and buildings | 22 | €364,149 | €362,119 | -€2,030 | -0.6% |
| Plant, machinery and equipment | 23 | €1,084 | €2,135 | +€1,051 | +97.0% |
| Furniture and vehicles | 24 | €18,920 | €12,131 | -€6,789 | -35.9% |
| Current assets | 29/58 | €222,324 | €232,254 | +€9,930 | +4.5% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,955 | €25,816 | -€35,138 | -57.6% |
| Trade receivables | 40 | €51,635 | €18,653 | -€32,982 | -63.9% |
| Other amounts receivable | 41 | €9,320 | €7,164 | -€2,156 | -23.1% |
| Current investments | 50/53 | €66,030 | €84,849 | +€18,819 | +28.5% |
| Cash at bank and in hand | 54/58 | €52,279 | €77,574 | +€25,296 | +48.4% |
| Deferred charges and accrued income | 490/1 | €3,060 | €4,014 | +€953 | +31.2% |
| Total equity and liabilities | 10/49 | €606,477 | €608,639 | +€2,162 | +0.4% |
| Equity | 10/15 | €309,052 | €284,809 | -€24,243 | -7.8% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €308,552 | €284,309 | -€24,243 | -7.9% |
| Distributable reserves | 133 | €308,552 | €284,309 | -€24,243 | -7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €297,425 | €323,830 | +€26,405 | +8.9% |
| Amounts payable after more than one year | 17 | €212,149 | €189,402 | -€22,747 | -10.7% |
| Financial debts | 170/4 | €212,149 | €189,402 | -€22,747 | -10.7% |
| Amounts payable within one year | 42/48 | €84,902 | €134,040 | +€49,138 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €22,041 | €38,750 | +€16,709 | +75.8% |
| Trade debts | 44 | €7,633 | €1,329 | -€6,304 | -82.6% |
| Suppliers | 440/4 | €7,633 | €1,329 | -€6,304 | -82.6% |
| Taxes, remuneration and social security | 45 | €6,984 | €5,906 | -€1,078 | -15.4% |
| Taxes | 450/3 | €6,984 | €5,906 | -€1,078 | -15.4% |
| Other amounts payable | 47/48 | €48,244 | €88,054 | +€39,810 | +82.5% |
| Accrued charges and deferred income | 492/3 | €374 | €388 | +€14 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,333 | €26,203 | -€22,130 | -45.8% |
| Other operating charges | 640/8 | €2,465 | €1,769 | -€695 | -28.2% |
| Non-recurring operating charges | 66A | - | €1,606 | +€1,606 | |
| Gross operating margin | 9900 | €123,068 | €117,614 | -€5,454 | -4.4% |
| Operating profit (loss) | 9901 | €72,271 | €88,037 | +€15,765 | +21.8% |
| Financial income | 75/76B | €2,073 | €5,241 | +€3,168 | +153% |
| Recurring financial income | 75 | €2,073 | €5,241 | +€3,168 | +153% |
| Financial charges | 65/66B | €5,365 | €10,819 | +€5,454 | +102% |
| Recurring financial charges | 65 | €5,365 | €10,819 | +€5,454 | +102% |
| Profit (loss) for the period before taxes | 9903 | €68,979 | €82,459 | +€13,480 | +19.5% |
| Income taxes | 67/77 | €20,038 | €24,923 | +€4,885 | +24.4% |
| Profit (loss) for the period | 9904 | €48,941 | €57,536 | +€8,595 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,941 | €57,536 | +€8,595 | +17.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.