Dr. HDR: 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.
Dr. HDR
Largest movements
- Receivables after one year +€25,000
new in 2025: €25,000
- Deferred charges and accrued income +€20,418
up €20,418 (+139.9%), from €14,596 to €35,015
- Formation expenses -€1,966
down €1,966 (-100.0%), from €1,966 to €0
- Cash +€1,195
up €1,195 (+22.8%), from €5,248 to €6,443
mainly Net result for the year (+€37,353) and Tax, wage and social debts (+€5,417)
- Reserves +€37,353
up €37,353 (+545.1%), from €6,852 to €44,205
- Tax, wage and social debts +€5,417
up €5,417 (+185.2%), from €2,924 to €8,341
- Trade debts +€2,373
up €2,373 (+187.1%), from €1,269 to €3,642
- Other debts -€896
down €896 (-11.6%), from €7,751 to €6,856
- Gross operating margin +€43,032
up €43,032 (+394.6%), from €10,905 to €53,937
- Taxes +€10,752
up €10,752 (+367.7%), from €2,924 to €13,676
- Depreciation +€1,802
up €1,802 (+319.7%), from €564 to €2,366
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 | €23,796 | €68,044 | +€44,248 | +185.9% |
| Formation expenses | 20 | €1,966 | €0 | -€1,966 | -100.0% |
| Fixed assets | 21/28 | €1,986 | €1,586 | -€400 | -20.1% |
| Tangible fixed assets | 22/27 | €1,986 | €1,586 | -€400 | -20.1% |
| Plant, machinery and equipment | 23 | €1,986 | €1,586 | -€400 | -20.1% |
| Current assets | 29/58 | €19,844 | €66,458 | +€46,614 | +234.9% |
| Amounts receivable after more than one year | 29 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 291 | - | €25,000 | +€25,000 | |
| Cash at bank and in hand | 54/58 | €5,248 | €6,443 | +€1,195 | +22.8% |
| Deferred charges and accrued income | 490/1 | €14,596 | €35,015 | +€20,418 | +139.9% |
| Total equity and liabilities | 10/49 | €23,796 | €68,044 | +€44,248 | +185.9% |
| Equity | 10/15 | €11,852 | €49,205 | +€37,353 | +315.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,852 | €44,205 | +€37,353 | +545.1% |
| Distributable reserves | 133 | €6,852 | €44,205 | +€37,353 | +545.1% |
| Amounts payable | 17/49 | €11,944 | €18,838 | +€6,894 | +57.7% |
| Amounts payable within one year | 42/48 | €11,944 | €18,838 | +€6,894 | +57.7% |
| Trade debts | 44 | €1,269 | €3,642 | +€2,373 | +187.1% |
| Suppliers | 440/4 | €1,269 | €3,642 | +€2,373 | +187.1% |
| Taxes, remuneration and social security | 45 | €2,924 | €8,341 | +€5,417 | +185.2% |
| Taxes | 450/3 | €2,924 | €8,341 | +€5,417 | +185.2% |
| Other amounts payable | 47/48 | €7,751 | €6,856 | -€896 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €564 | €2,366 | +€1,802 | +319.7% |
| Other operating charges | 640/8 | €533 | €415 | -€118 | -22.2% |
| Gross operating margin | 9900 | €10,905 | €53,937 | +€43,032 | +394.6% |
| Operating profit (loss) | 9901 | €9,809 | €51,157 | +€41,348 | +421.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €32 | €127 | +€95 | +293.6% |
| Recurring financial charges | 65 | €32 | €127 | +€95 | +293.6% |
| Profit (loss) for the period before taxes | 9903 | €9,776 | €51,030 | +€41,253 | +422.0% |
| Income taxes | 67/77 | €2,924 | €13,676 | +€10,752 | +367.7% |
| Profit (loss) for the period | 9904 | €6,852 | €37,353 | +€30,501 | +445.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,852 | €37,353 | +€30,501 | +445.1% |
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 3 October 2026 via checked.be.