H.D. CAR: 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. CAR
Largest movements
- Stocks and contracts +€25,140
up €25,140 (+38.6%), from €65,200 to €90,340
- Cash +€11,791
up €11,791 (+388%), from €3,042 to €14,834
mainly Advances received (+€38,400) and Trade debts (+€6,814)
- Tangible fixed assets -€6,014
down €6,014 (-51.9%), from €11,586 to €5,572
of which Plant, machinery and equipment: -€3,057
- Advances received +€38,400
new in 2025: €38,400
- Profit (loss) carried forward -€7,544
down €7,544 (-22.3%), from -€33,811 to -€41,355
- Other debts -€6,855
down €6,855 (-19.7%), from €34,743 to €27,888
- Trade debts +€6,814
up €6,814 (+9.7%), from €70,441 to €77,254
- Gross operating margin +€8,136
up €8,136, from -€7,104 to €1,032
- Other operating charges +€141
up €141 (+8.2%), from €1,715 to €1,856
- Financial income -€104
down €104 (-94.7%), from €109 to €6
- Financial charges -€90
down €90 (-14.4%), from €627 to €537
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 | €90,287 | €121,181 | +€30,894 | +34.2% |
| Fixed assets | 21/28 | €12,101 | €6,088 | -€6,014 | -49.7% |
| Tangible fixed assets | 22/27 | €11,586 | €5,572 | -€6,014 | -51.9% |
| Plant, machinery and equipment | 23 | €6,941 | €3,884 | -€3,057 | -44.0% |
| Furniture and vehicles | 24 | €1,137 | €758 | -€379 | -33.3% |
| Other tangible fixed assets | 26 | €3,507 | €930 | -€2,577 | -73.5% |
| Financial fixed assets | 28 | €516 | €516 | = | 0.0% |
| Current assets | 29/58 | €78,186 | €115,093 | +€36,907 | +47.2% |
| Stocks and contracts in progress | 3 | €65,200 | €90,340 | +€25,140 | +38.6% |
| Stocks | 30/36 | €65,200 | €90,340 | +€25,140 | +38.6% |
| Amounts receivable within one year | 40/41 | €7,360 | €7,579 | +€219 | +3.0% |
| Trade receivables | 40 | €6,699 | €4,867 | -€1,832 | -27.3% |
| Other amounts receivable | 41 | €662 | €2,712 | +€2,051 | +310% |
| Cash at bank and in hand | 54/58 | €3,042 | €14,834 | +€11,791 | +388% |
| Deferred charges and accrued income | 490/1 | €2,583 | €2,340 | -€243 | -9.4% |
| Total equity and liabilities | 10/49 | €90,287 | €121,181 | +€30,894 | +34.2% |
| Equity | 10/15 | -€15,071 | -€22,615 | -€7,544 | -50.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €149 | €149 | = | 0.0% |
| Distributable reserves | 133 | €149 | €149 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,811 | -€41,355 | -€7,544 | -22.3% |
| Amounts payable | 17/49 | €105,358 | €143,796 | +€38,438 | +36.5% |
| Amounts payable within one year | 42/48 | €105,358 | €143,727 | +€38,369 | +36.4% |
| Trade debts | 44 | €70,441 | €77,254 | +€6,814 | +9.7% |
| Suppliers | 440/4 | €70,441 | €77,254 | +€6,814 | +9.7% |
| Advances received on contracts in progress | 46 | - | €38,400 | +€38,400 | |
| Taxes, remuneration and social security | 45 | €174 | €184 | +€10 | +5.5% |
| Taxes | 450/3 | €174 | €184 | +€10 | +5.5% |
| Other amounts payable | 47/48 | €34,743 | €27,888 | -€6,855 | -19.7% |
| Accrued charges and deferred income | 492/3 | - | €69 | +€69 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,976 | €6,014 | +€37 | +0.6% |
| Other operating charges | 640/8 | €1,715 | €1,856 | +€141 | +8.2% |
| Gross operating margin | 9900 | -€7,104 | €1,032 | +€8,136 | |
| Operating profit (loss) | 9901 | -€14,795 | -€6,837 | +€7,958 | +53.8% |
| Financial income | 75/76B | €109 | €6 | -€104 | -94.7% |
| Recurring financial income | 75 | €109 | €6 | -€104 | -94.7% |
| Financial charges | 65/66B | €627 | €537 | -€90 | -14.4% |
| Recurring financial charges | 65 | €627 | €537 | -€90 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,312 | -€7,368 | +€7,944 | +51.9% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€15,486 | -€7,544 | +€7,942 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,486 | -€7,544 | +€7,942 | +51.3% |
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 29 October 2026 via checked.be.