H.D.C.: 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.C.
Largest movements
- Receivables within one year +€113,154
up €113,154 (+62.0%), from €182,426 to €295,580
of which Trade receivables: +€94,022
- Tangible fixed assets -€52,546
down €52,546 (-10.8%), from €487,106 to €434,560
of which Furniture and vehicles: -€28,984
- Stocks and contracts +€37,060
up €37,060 (+151%), from €24,620 to €61,680
- Cash -€20,470
down €20,470 (-20.0%), from €102,400 to €81,930
mainly Receivables within one year (-€113,154) and Investment in fixed assets (net) (-€59,393)
- Reserves +€59,100
up €59,100 (+29.5%), from €200,575 to €259,675
of which Distributable reserves: +€63,475
- Tax, wage and social debts +€25,875
up €25,875 (+88.6%), from €29,194 to €55,069
of which Remuneration and social security: +€23,563
- Current portion of long-term debt +€25,324
up €25,324 (+33.7%), from €75,237 to €100,562
- Debts after one year -€22,647
down €22,647 (-14.7%), from €154,461 to €131,814
- Other debts -€10,829
down €10,829 (-86.7%), from €12,495 to €1,666
- Gross operating margin +€79,860
up €79,860 (+18.7%), from €427,326 to €507,186
- Staff costs +€73,438
up €73,438 (+33.3%), from €220,809 to €294,247
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 | €821,316 | €892,106 | +€70,790 | +8.6% |
| Fixed assets | 21/28 | €487,106 | €434,560 | -€52,546 | -10.8% |
| Tangible fixed assets | 22/27 | €487,106 | €434,560 | -€52,546 | -10.8% |
| Plant, machinery and equipment | 23 | €6,983 | €4,348 | -€2,636 | -37.7% |
| Furniture and vehicles | 24 | €319,366 | €290,382 | -€28,984 | -9.1% |
| Other tangible fixed assets | 26 | €160,757 | €139,830 | -€20,927 | -13.0% |
| Current assets | 29/58 | €334,210 | €457,546 | +€123,336 | +36.9% |
| Stocks and contracts in progress | 3 | €24,620 | €61,680 | +€37,060 | +151% |
| Stocks | 30/36 | €24,620 | €61,680 | +€37,060 | +151% |
| Amounts receivable within one year | 40/41 | €182,426 | €295,580 | +€113,154 | +62.0% |
| Trade receivables | 40 | €64,221 | €158,243 | +€94,022 | +146% |
| Other amounts receivable | 41 | €118,205 | €137,337 | +€19,132 | +16.2% |
| Cash at bank and in hand | 54/58 | €102,400 | €81,930 | -€20,470 | -20.0% |
| Deferred charges and accrued income | 490/1 | €24,764 | €18,356 | -€6,409 | -25.9% |
| Total equity and liabilities | 10/49 | €821,316 | €892,106 | +€70,790 | +8.6% |
| Equity | 10/15 | €246,585 | €304,019 | +€57,434 | +23.3% |
| Contributions | 10/11 | €43,750 | €43,750 | = | 0.0% |
| Reserves | 13 | €200,575 | €259,675 | +€59,100 | +29.5% |
| Non-distributable reserves | 130/1 | €4,375 | - | -€4,375 | |
| Reserves not available under the articles | 1311 | €4,375 | - | -€4,375 | |
| Distributable reserves | 133 | €196,200 | €259,675 | +€63,475 | +32.4% |
| Profit (loss) carried forward | 14 | €2,260 | €594 | -€1,666 | -73.7% |
| Amounts payable | 17/49 | €574,731 | €588,087 | +€13,356 | +2.3% |
| Amounts payable after more than one year | 17 | €154,461 | €131,814 | -€22,647 | -14.7% |
| Financial debts | 170/4 | €154,461 | €131,814 | -€22,647 | -14.7% |
| Amounts payable within one year | 42/48 | €416,369 | €452,553 | +€36,184 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €75,237 | €100,562 | +€25,324 | +33.7% |
| Financial debts | 43 | €5,810 | €5,946 | +€136 | +2.3% |
| Credit institutions | 430/8 | €5,810 | €5,946 | +€136 | +2.3% |
| Trade debts | 44 | €293,632 | €289,310 | -€4,322 | -1.5% |
| Suppliers | 440/4 | €293,632 | €289,310 | -€4,322 | -1.5% |
| Taxes, remuneration and social security | 45 | €29,194 | €55,069 | +€25,875 | +88.6% |
| Taxes | 450/3 | €12,075 | €14,388 | +€2,312 | +19.1% |
| Remuneration and social security | 454/9 | €17,118 | €40,681 | +€23,563 | +138% |
| Other amounts payable | 47/48 | €12,495 | €1,666 | -€10,829 | -86.7% |
| Accrued charges and deferred income | 492/3 | €3,901 | €3,719 | -€181 | -4.6% |
| Remuneration, social security and pensions | 62 | €220,809 | €294,247 | +€73,438 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,717 | €111,940 | -€2,777 | -2.4% |
| Other operating charges | 640/8 | €7,672 | €4,907 | -€2,765 | -36.0% |
| Gross operating margin | 9900 | €427,326 | €507,186 | +€79,860 | +18.7% |
| Operating profit (loss) | 9901 | €84,129 | €96,093 | +€11,964 | +14.2% |
| Financial income | 75/76B | €150 | €1,501 | +€1,351 | +899% |
| Recurring financial income | 75 | €150 | €1,501 | +€1,351 | +899% |
| Financial charges | 65/66B | €12,028 | €12,690 | +€662 | +5.5% |
| Recurring financial charges | 65 | €12,028 | €12,690 | +€662 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €72,251 | €84,904 | +€12,653 | +17.5% |
| Income taxes | 67/77 | €21,866 | €25,804 | +€3,938 | +18.0% |
| Profit (loss) for the period | 9904 | €50,385 | €59,100 | +€8,715 | +17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,385 | €59,100 | +€8,715 | +17.3% |
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 23 October 2026 via checked.be.