H.D.K.: 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.K.
Largest movements
- Cash +€27,779
up €27,779 (+46.0%), from €60,367 to €88,146
mainly Depreciation (+€23,729) and Tax, wage and social debts (+€21,213)
- Tangible fixed assets -€21,265
down €21,265 (-22.7%), from €93,554 to €72,289
of which Land and buildings: -€15,688
- Receivables within one year +€3,214
up €3,214 (+5.4%), from €59,235 to €62,450
of which Trade receivables: +€13,760
- Deferred charges and accrued income -€2,648
down €2,648 (-48.9%), from €5,416 to €2,768
- Tax, wage and social debts +€21,213
up €21,213 (+65.5%), from €32,393 to €53,606
of which Remuneration and social security: +€11,476
- Debts after one year -€11,496
down €11,496 (-25.0%), from €46,064 to €34,568
- Trade debts -€5,941
down €5,941 (-43.1%), from €13,783 to €7,842
- Profit (loss) carried forward +€3,218
up €3,218, from -€3,218 to €0
- Staff costs -€41,231
down €41,231 (-13.2%), from €311,281 to €270,050
- Gross operating margin +€7,865
up €7,865 (+2.6%), from €298,185 to €306,050
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 | €241,072 | €248,153 | +€7,080 | +2.9% |
| Fixed assets | 21/28 | €93,554 | €72,289 | -€21,265 | -22.7% |
| Tangible fixed assets | 22/27 | €93,554 | €72,289 | -€21,265 | -22.7% |
| Land and buildings | 22 | €74,596 | €58,909 | -€15,688 | -21.0% |
| Plant, machinery and equipment | 23 | €9,658 | €5,842 | -€3,816 | -39.5% |
| Furniture and vehicles | 24 | €8,234 | €5,919 | -€2,315 | -28.1% |
| Other tangible fixed assets | 26 | €1,066 | €1,619 | +€554 | +52.0% |
| Current assets | 29/58 | €147,519 | €175,864 | +€28,345 | +19.2% |
| Amounts receivable after more than one year | 29 | €22,500 | €22,500 | = | 0.0% |
| Other amounts receivable | 291 | €22,500 | €22,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €59,235 | €62,450 | +€3,214 | +5.4% |
| Trade receivables | 40 | €8,257 | €22,017 | +€13,760 | +167% |
| Other amounts receivable | 41 | €50,978 | €40,433 | -€10,545 | -20.7% |
| Cash at bank and in hand | 54/58 | €60,367 | €88,146 | +€27,779 | +46.0% |
| Deferred charges and accrued income | 490/1 | €5,416 | €2,768 | -€2,648 | -48.9% |
| Total equity and liabilities | 10/49 | €241,072 | €248,153 | +€7,080 | +2.9% |
| Equity | 10/15 | €136,320 | €139,559 | +€3,239 | +2.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €133,340 | €133,362 | +€22 | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €131,481 | €131,503 | +€22 | 0.0% |
| Profit (loss) carried forward | 14 | -€3,218 | €0 | +€3,218 | |
| Amounts payable | 17/49 | €104,753 | €108,594 | +€3,841 | +3.7% |
| Amounts payable after more than one year | 17 | €46,064 | €34,568 | -€11,496 | -25.0% |
| Financial debts | 170/4 | €46,064 | €34,568 | -€11,496 | -25.0% |
| Amounts payable within one year | 42/48 | €57,672 | €72,944 | +€15,272 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €11,496 | €11,496 | = | 0.0% |
| Trade debts | 44 | €13,783 | €7,842 | -€5,941 | -43.1% |
| Suppliers | 440/4 | €13,783 | €7,842 | -€5,941 | -43.1% |
| Taxes, remuneration and social security | 45 | €32,393 | €53,606 | +€21,213 | +65.5% |
| Taxes | 450/3 | €419 | €10,156 | +€9,738 | +2,326% |
| Remuneration and social security | 454/9 | €31,974 | €43,450 | +€11,476 | +35.9% |
| Accrued charges and deferred income | 492/3 | €1,017 | €1,082 | +€65 | +6.3% |
| Remuneration, social security and pensions | 62 | €311,281 | €270,050 | -€41,231 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,865 | €23,729 | +€864 | +3.8% |
| Other operating charges | 640/8 | €3,803 | €3,589 | -€214 | -5.6% |
| Gross operating margin | 9900 | €298,185 | €306,050 | +€7,865 | +2.6% |
| Operating profit (loss) | 9901 | -€39,764 | €8,683 | +€48,446 | |
| Financial charges | 65/66B | €5,090 | €5,021 | -€70 | -1.4% |
| Recurring financial charges | 65 | €5,090 | €5,021 | -€70 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€44,854 | €3,662 | +€48,516 | |
| Income taxes | 67/77 | €419 | €423 | +€4 | +1.0% |
| Profit (loss) for the period | 9904 | -€45,272 | €3,239 | +€48,512 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,272 | €3,239 | +€48,512 |
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 21 October 2026 via checked.be.