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 +€67,337
up €67,337 (+40.0%), from €168,353 to €235,691
of which Trade receivables: +€65,211
- Cash -€26,007
down €26,007 (-50.4%), from €51,628 to €25,621
mainly Contributions, distributions and other (-€115,000) and Receivables within one year (-€67,337)
- Tangible fixed assets -€25,332
down €25,332 (-32.5%), from €77,862 to €52,530
- Other debts +€50,200
up €50,200 (+125.5%), from €40,000 to €90,200
- Profit (loss) carried forward -€38,410
down €38,410 (-32.5%), from €118,118 to €79,708
- Tax, wage and social debts +€33,035
up €33,035 (+84.1%), from €39,284 to €72,319
of which Taxes: +€27,263
- Trade debts -€23,251
down €23,251 (-24.5%), from €94,876 to €71,626
- Contributions -€5,000
no longer reported in 2025 (was €5,000)
- Gross operating margin +€44,754
up €44,754 (+24.2%), from €184,600 to €229,354
- Staff costs +€10,412
up €10,412 (+16.9%), from €61,547 to €71,960
- Taxes +€9,363
up €9,363 (+54.1%), from €17,293 to €26,656
- Other operating charges +€6,602
up €6,602 (+269.1%), from €2,454 to €9,056
- Financial charges +€2,864
up €2,864 (+13.1%), from €21,896 to €24,760
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 | €299,865 | €317,223 | +€17,358 | +5.8% |
| Fixed assets | 21/28 | €77,862 | €52,530 | -€25,332 | -32.5% |
| Tangible fixed assets | 22/27 | €77,862 | €52,530 | -€25,332 | -32.5% |
| Furniture and vehicles | 24 | €77,862 | €52,530 | -€25,332 | -32.5% |
| Current assets | 29/58 | €222,003 | €264,693 | +€42,690 | +19.2% |
| Amounts receivable within one year | 40/41 | €168,353 | €235,691 | +€67,337 | +40.0% |
| Trade receivables | 40 | €85,589 | €150,800 | +€65,211 | +76.2% |
| Other amounts receivable | 41 | €82,764 | €84,890 | +€2,126 | +2.6% |
| Cash at bank and in hand | 54/58 | €51,628 | €25,621 | -€26,007 | -50.4% |
| Deferred charges and accrued income | 490/1 | €2,022 | €3,382 | +€1,359 | +67.2% |
| Total equity and liabilities | 10/49 | €299,865 | €317,223 | +€17,358 | +5.8% |
| Equity | 10/15 | €123,118 | €79,708 | -€43,410 | -35.3% |
| Contributions | 10/11 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €118,118 | €79,708 | -€38,410 | -32.5% |
| Amounts payable | 17/49 | €176,748 | €237,515 | +€60,767 | +34.4% |
| Amounts payable within one year | 42/48 | €176,748 | €237,515 | +€60,767 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €2,587 | €3,370 | +€783 | +30.3% |
| Trade debts | 44 | €94,876 | €71,626 | -€23,251 | -24.5% |
| Suppliers | 440/4 | €94,876 | €71,626 | -€23,251 | -24.5% |
| Taxes, remuneration and social security | 45 | €39,284 | €72,319 | +€33,035 | +84.1% |
| Taxes | 450/3 | €30,019 | €57,282 | +€27,263 | +90.8% |
| Remuneration and social security | 454/9 | €9,265 | €15,038 | +€5,773 | +62.3% |
| Other amounts payable | 47/48 | €40,000 | €90,200 | +€50,200 | +125.5% |
| Remuneration, social security and pensions | 62 | €61,547 | €71,960 | +€10,412 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,445 | €25,332 | -€112 | -0.4% |
| Other operating charges | 640/8 | €2,454 | €9,056 | +€6,602 | +269.1% |
| Gross operating margin | 9900 | €184,600 | €229,354 | +€44,754 | +24.2% |
| Operating profit (loss) | 9901 | €95,155 | €123,006 | +€27,852 | +29.3% |
| Financial charges | 65/66B | €21,896 | €24,760 | +€2,864 | +13.1% |
| Recurring financial charges | 65 | €21,896 | €24,760 | +€2,864 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €73,259 | €98,246 | +€24,987 | +34.1% |
| Income taxes | 67/77 | €17,293 | €26,656 | +€9,363 | +54.1% |
| Profit (loss) for the period | 9904 | €55,966 | €71,590 | +€15,624 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,966 | €71,590 | +€15,624 | +27.9% |
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 10 October 2026 via checked.be.