H.D. Construct: 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. Construct
Largest movements
- Receivables within one year -€38,086
down €38,086 (-76.8%), from €49,574 to €11,488
of which Trade receivables: -€40,239
- Cash -€10,197
down €10,197 (-88.3%), from €11,542 to €1,345
mainly Net result for the year (-€54,751) and Other debts (-€1,803)
- Financial fixed assets -€7,190
down €7,190 (-79.9%), from €9,000 to €1,810
- Tangible fixed assets -€2,266
down €2,266 (-50.0%), from €4,534 to €2,267
- Profit (loss) carried forward -€54,751
down €54,751, from €40,134 to -€14,617
- Other debts -€1,803
down €1,803 (-67.9%), from €2,656 to €854
- Gross operating margin -€86,648
down €86,648, from €35,212 to -€51,437
- Taxes -€4,306
no longer reported in 2025 (was €4,306)
- Other operating charges +€699
up €699 (+699.1%), from €100 to €799
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 | €74,650 | €17,291 | -€57,358 | -76.8% |
| Fixed assets | 21/28 | €13,534 | €4,077 | -€9,456 | -69.9% |
| Tangible fixed assets | 22/27 | €4,534 | €2,267 | -€2,266 | -50.0% |
| Furniture and vehicles | 24 | €4,534 | €2,267 | -€2,266 | -50.0% |
| Financial fixed assets | 28 | €9,000 | €1,810 | -€7,190 | -79.9% |
| Current assets | 29/58 | €61,116 | €13,214 | -€47,902 | -78.4% |
| Amounts receivable within one year | 40/41 | €49,574 | €11,488 | -€38,086 | -76.8% |
| Trade receivables | 40 | €49,574 | €9,335 | -€40,239 | -81.2% |
| Other amounts receivable | 41 | - | €2,153 | +€2,153 | |
| Cash at bank and in hand | 54/58 | €11,542 | €1,345 | -€10,197 | -88.3% |
| Deferred charges and accrued income | 490/1 | - | €381 | +€381 | |
| Total equity and liabilities | 10/49 | €74,650 | €17,291 | -€57,358 | -76.8% |
| Equity | 10/15 | €42,134 | -€12,617 | -€54,751 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,134 | -€14,617 | -€54,751 | |
| Amounts payable | 17/49 | €32,516 | €29,908 | -€2,607 | -8.0% |
| Amounts payable within one year | 42/48 | €32,516 | €29,908 | -€2,607 | -8.0% |
| Trade debts | 44 | €25,108 | €24,748 | -€359 | -1.4% |
| Suppliers | 440/4 | €25,108 | €24,748 | -€359 | -1.4% |
| Taxes, remuneration and social security | 45 | €4,752 | €4,306 | -€446 | -9.4% |
| Taxes | 450/3 | €4,752 | €4,306 | -€446 | -9.4% |
| Other amounts payable | 47/48 | €2,656 | €854 | -€1,803 | -67.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,266 | €2,266 | = | 0.0% |
| Other operating charges | 640/8 | €100 | €799 | +€699 | +699.1% |
| Gross operating margin | 9900 | €35,212 | -€51,437 | -€86,648 | |
| Operating profit (loss) | 9901 | €32,845 | -€54,502 | -€87,347 | |
| Financial income | 75/76B | - | €71 | +€71 | |
| Recurring financial income | 75 | - | €71 | +€71 | |
| Financial charges | 65/66B | €126 | €320 | +€194 | +153.9% |
| Recurring financial charges | 65 | €126 | €320 | +€194 | +153.9% |
| Profit (loss) for the period before taxes | 9903 | €32,719 | -€54,751 | -€87,470 | |
| Income taxes | 67/77 | €4,306 | - | -€4,306 | |
| Profit (loss) for the period | 9904 | €28,413 | -€54,751 | -€83,164 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,413 | -€54,751 | -€83,164 |
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 9 October 2026 via checked.be.