H&D: 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.
What changed
H&D
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€499,782
2024 · €917,621-€1.4m
Equity
€26.2m
2024 · €26.7m-€499,782
Cash
€150,825
2024 · €68,024+€82,801
Balance sheet total
€34.7m
2024 · €36.0m-€1.3m
Largest movements
Assets
- Receivables within one year -€777,297
down €777,297 (-9.6%), from €8.1m to €7.3m
of which Other amounts receivable: -€436,272
- Tangible fixed assets -€569,386
down €569,386 (-4.7%), from €12.2m to €11.6m
of which Land and buildings: -€536,791
Equity and liabilities
- Other debts -€673,546
down €673,546 (-17.3%), from €3.9m to €3.2m
- Advances received +€500,000
new in 2025: €500,000
- Reserves -€486,345
down €486,345 (-4.6%), from €10.7m to €10.2m
of which Tax-exempt reserves: -€486,345
Income statement
- Gross operating margin -€1.7m
down €1.7m (-89.8%), from €1.9m to €197,852
- Financial charges -€432,897
down €432,897 (-92.5%), from €467,949 to €35,052
of which Financial charges: -€432,939
- Taxes -€310,251
down €310,251 (-97.9%), from €316,971 to €6,720
- Other operating charges +€257,523
up €257,523 (+186.0%), from €138,459 to €395,981
- Depreciation +€236,279
up €236,279 (+68.4%), from €345,555 to €581,834
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.
Result 2024
€917,621
Gross operating margin
-€1.7m
Depreciation
-€236,279
Other operating charges
-€257,523
Financial income
+€13,283
Financial charges
+€432,897
Taxes
+€310,251
Deferred taxes and other
+€69,627
Result 2025
-€499,782
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.
From operations
+€487,460
Investment
-€12,395
Financing
-€392,264
Cash 2024
€68,024
From operations (derived)
+€487,460
Net result for the year
-€499,782
Depreciation
+€581,834
Stocks and contracts
+€118,180
Receivables within one year
+€777,297
Deferred charges and accrued income
-€82,153
Provisions
-€175,053
Trade debts
-€36,539
Tax, wage and social debts
-€22,780
Advances received
+€500,000
Other debts
-€673,546
Investment (derived)
-€12,395
Investment in fixed assets (net)
-€12,395
Financing
-€392,264
Current portion of long-term debt
-€58,568
Short-term financial debts
-€333,696
Cash 2025
€150,825
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,975,932 | €34,675,968 | -€1.3m | -3.6% |
| Fixed assets | 21/28 | €24,536,628 | €23,967,189 | -€569,439 | -2.3% |
| Tangible fixed assets | 22/27 | €12,159,556 | €11,590,170 | -€569,386 | -4.7% |
| Land and buildings | 22 | €11,852,555 | €11,315,764 | -€536,791 | -4.5% |
| Plant, machinery and equipment | 23 | €304,623 | €272,027 | -€32,596 | -10.7% |
| Furniture and vehicles | 24 | €2,378 | €2,378 | = | 0.0% |
| Financial fixed assets | 28 | €12,377,072 | €12,377,019 | -€53 | 0.0% |
| Current assets | 29/58 | €11,439,304 | €10,708,780 | -€730,524 | -6.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €2,186,316 | €2,068,136 | -€118,180 | -5.4% |
| Stocks | 30/36 | €2,186,316 | €2,068,136 | -€118,180 | -5.4% |
| Amounts receivable within one year | 40/41 | €8,114,868 | €7,337,571 | -€777,297 | -9.6% |
| Trade receivables | 40 | €1,221,040 | €880,015 | -€341,025 | -27.9% |
| Other amounts receivable | 41 | €6,893,829 | €6,457,557 | -€436,272 | -6.3% |
| Current investments | 50/53 | €219,698 | €219,698 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,024 | €150,825 | +€82,801 | +121.7% |
| Deferred charges and accrued income | 490/1 | €850,397 | €932,550 | +€82,153 | +9.7% |
| Total equity and liabilities | 10/49 | €35,975,932 | €34,675,968 | -€1.3m | -3.6% |
| Equity | 10/15 | €26,727,305 | €26,227,523 | -€499,782 | -1.9% |
| Contributions | 10/11 | €11,982,000 | €11,982,000 | = | 0.0% |
| Capital | 10 | €11,982,000 | €11,982,000 | = | 0.0% |
| Issued capital | 100 | €11,982,000 | €11,982,000 | = | 0.0% |
| Reserves | 13 | €10,660,031 | €10,173,685 | -€486,345 | -4.6% |
| Non-distributable reserves | 130/1 | €1,198,200 | €1,198,200 | = | 0.0% |
| Legal reserve | 130 | €1,198,200 | €1,198,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,461,831 | €5,975,485 | -€486,345 | -7.5% |
| Distributable reserves | 133 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,085,275 | €4,071,838 | -€13,436 | -0.3% |
| Provisions and deferred taxes | 16 | €2,666,069 | €2,491,016 | -€175,053 | -6.6% |
| Provisions for liabilities and charges | 160/5 | €150,000 | €150,000 | = | 0.0% |
| Environmental obligations | 163 | €150,000 | €150,000 | = | 0.0% |
| Deferred taxes | 168 | €2,516,069 | €2,341,016 | -€175,053 | -7.0% |
| Amounts payable | 17/49 | €6,582,557 | €5,957,429 | -€625,129 | -9.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €6,565,974 | €5,940,845 | -€625,129 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €260,690 | €202,122 | -€58,568 | -22.5% |
| Financial debts | 43 | €962,029 | €628,333 | -€333,696 | -34.7% |
| Credit institutions | 430/8 | €787,029 | €453,333 | -€333,696 | -42.4% |
| Other loans | 439 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | €1,419,932 | €1,383,393 | -€36,539 | -2.6% |
| Suppliers | 440/4 | €1,419,932 | €1,383,393 | -€36,539 | -2.6% |
| Advances received on contracts in progress | 46 | - | €500,000 | +€500,000 | |
| Taxes, remuneration and social security | 45 | €22,780 | €0 | -€22,780 | -100.0% |
| Taxes | 450/3 | €22,780 | €0 | -€22,780 | -100.0% |
| Other amounts payable | 47/48 | €3,900,542 | €3,226,997 | -€673,546 | -17.3% |
| Accrued charges and deferred income | 492/3 | €16,584 | €16,584 | = | 0.0% |
| Non-recurring operating income | 76A | €1,781,238 | €0 | -€1.8m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €345,555 | €581,834 | +€236,279 | +68.4% |
| Other operating charges | 640/8 | €138,459 | €395,981 | +€257,523 | +186.0% |
| Gross operating margin | 9900 | €1,947,510 | €197,852 | -€1.7m | -89.8% |
| Operating profit (loss) | 9901 | €1,463,497 | -€779,964 | -€2.2m | |
| Financial income | 75/76B | €133,617 | €146,901 | +€13,283 | +9.9% |
| Recurring financial income | 75 | €133,617 | €146,901 | +€13,283 | +9.9% |
| Financial charges | 65/66B | €467,949 | €35,052 | -€432,897 | -92.5% |
| Recurring financial charges | 65 | €467,949 | €35,010 | -€432,939 | -92.5% |
| Non-recurring financial charges | 66B | - | €43 | +€43 | |
| Profit (loss) for the period before taxes | 9903 | €1,129,165 | -€668,115 | -€1.8m | |
| Transfer from deferred taxes | 780 | €105,426 | €175,053 | +€69,627 | +66.0% |
| Income taxes | 67/77 | €316,971 | €6,720 | -€310,251 | -97.9% |
| Profit (loss) for the period | 9904 | €917,621 | -€499,782 | -€1.4m | |
| Transfer from tax-exempt reserves | 789 | €219,638 | €486,345 | +€266,707 | +121.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,137,259 | -€13,436 | -€1.2m |
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 4 October 2026 via checked.be.