H.D.: 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.
H.D.
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+904%), from €185,267 to €1.9m
of which Land and buildings: +€1.7m
- Receivables within one year +€301,357
up €301,357 (+3,654%), from €8,248 to €309,605
of which Other amounts receivable: +€303,999
- Stocks and contracts -€157,971
no longer reported in 2025 (was €157,971)
- Deferred charges and accrued income -€45,025
no longer reported in 2025 (was €45,025)
- Cash -€30,253
down €30,253 (-43.7%), from €69,169 to €38,916
mainly Investment in fixed assets (net) (-€1.9m) and Receivables within one year (-€301,357)
- Debts after one year +€1.3m
new in 2025: €1.3m
of which Financial debts: +€1.3m
- Reserves +€457,428
up €457,428 (+24,603%), from €1,859 to €459,287
of which Tax-exempt reserves: +€457,428
- Other debts +€309,898
up €309,898 (+488%), from €63,491 to €373,389
- Profit (loss) carried forward -€293,027
down €293,027, from €200,045 to -€92,983
- Trade debts -€158,853
down €158,853 (-99.0%), from €160,536 to €1,682
- Gross operating margin +€330,582
up €330,582 (+110%), from €300,228 to €630,810
- Depreciation +€209,460
up €209,460 (+845%), from €24,797 to €234,257
- Staff costs -€168,103
down €168,103 (-73.5%), from €228,787 to €60,683
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 | €481,741 | €2,230,823 | +€1.7m | +363% |
| Fixed assets | 21/28 | €201,328 | €1,882,302 | +€1.7m | +835% |
| Tangible fixed assets | 22/27 | €185,267 | €1,859,997 | +€1.7m | +904% |
| Land and buildings | 22 | - | €1,740,741 | +€1.7m | |
| Plant, machinery and equipment | 23 | €152,128 | €104,806 | -€47,322 | -31.1% |
| Furniture and vehicles | 24 | €33,139 | €14,450 | -€18,689 | -56.4% |
| Financial fixed assets | 28 | €16,061 | €22,305 | +€6,244 | +38.9% |
| Current assets | 29/58 | €280,413 | €348,521 | +€68,108 | +24.3% |
| Stocks and contracts in progress | 3 | €157,971 | - | -€157,971 | |
| Stocks | 30/36 | €157,971 | - | -€157,971 | |
| Amounts receivable within one year | 40/41 | €8,248 | €309,605 | +€301,357 | +3,654% |
| Trade receivables | 40 | €8,248 | €5,606 | -€2,642 | -32.0% |
| Other amounts receivable | 41 | - | €303,999 | +€303,999 | |
| Cash at bank and in hand | 54/58 | €69,169 | €38,916 | -€30,253 | -43.7% |
| Deferred charges and accrued income | 490/1 | €45,025 | - | -€45,025 | |
| Total equity and liabilities | 10/49 | €481,741 | €2,230,823 | +€1.7m | +363% |
| Equity | 10/15 | €220,496 | €384,896 | +€164,401 | +74.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €459,287 | +€457,428 | +24,603% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €457,428 | +€457,428 | |
| Profit (loss) carried forward | 14 | €200,045 | -€92,983 | -€293,027 | |
| Provisions and deferred taxes | 16 | - | €152,476 | +€152,476 | |
| Deferred taxes | 168 | - | €152,476 | +€152,476 | |
| Amounts payable | 17/49 | €261,245 | €1,693,450 | +€1.4m | +548% |
| Amounts payable after more than one year | 17 | - | €1,256,480 | +€1.3m | |
| Financial debts | 170/4 | - | €1,255,880 | +€1.3m | |
| Other amounts payable | 178/9 | - | €600 | +€600 | |
| Amounts payable within one year | 42/48 | €261,245 | €436,971 | +€175,726 | +67.3% |
| Current portion of amounts payable after more than one year | 42 | - | €44,120 | +€44,120 | |
| Trade debts | 44 | €160,536 | €1,682 | -€158,853 | -99.0% |
| Suppliers | 440/4 | €160,536 | €1,682 | -€158,853 | -99.0% |
| Taxes, remuneration and social security | 45 | €37,218 | €17,779 | -€19,439 | -52.2% |
| Taxes | 450/3 | €6,125 | €11,090 | +€4,965 | +81.1% |
| Remuneration and social security | 454/9 | €31,093 | €6,689 | -€24,404 | -78.5% |
| Other amounts payable | 47/48 | €63,491 | €373,389 | +€309,898 | +488% |
| Remuneration, social security and pensions | 62 | €228,787 | €60,683 | -€168,103 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,797 | €234,257 | +€209,460 | +845% |
| Other operating charges | 640/8 | €938 | €2,824 | +€1,886 | +201% |
| Gross operating margin | 9900 | €300,228 | €630,810 | +€330,582 | +110% |
| Operating profit (loss) | 9901 | €45,706 | €333,045 | +€287,339 | +629% |
| Financial income | 75/76B | €5 | €4 | -€1 | -13.2% |
| Recurring financial income | 75 | €5 | €4 | -€1 | -13.2% |
| Financial charges | 65/66B | €10,757 | €5,003 | -€5,754 | -53.5% |
| Recurring financial charges | 65 | €10,757 | €5,003 | -€5,754 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €34,954 | €328,046 | +€293,092 | +839% |
| Transfer from deferred taxes | 780 | - | €469 | +€469 | |
| Transfer to deferred taxes | 680 | - | €152,945 | +€152,945 | |
| Income taxes | 67/77 | €12,576 | €12,002 | -€573 | -4.6% |
| Profit (loss) for the period | 9904 | €22,378 | €163,568 | +€141,190 | +631% |
| Transfer from tax-exempt reserves | 789 | - | €1,408 | +€1,408 | |
| Transfer to tax-exempt reserves | 689 | - | €458,836 | +€458,836 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,378 | -€293,860 | -€316,238 |
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 16 October 2026 via checked.be.