H.D.L.M.: 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.L.M.
Largest movements
- Current investments -€40,719
down €40,719 (-25.0%), from €163,149 to €122,430
- Tangible fixed assets -€21,764
down €21,764 (-4.9%), from €440,070 to €418,306
of which Land and buildings: -€18,325
- Cash -€7,249
down €7,249 (-61.5%), from €11,780 to €4,531
mainly Contributions, distributions and other (-€143,000) and Current portion of long-term debt (-€29,079)
- Reserves -€170,439
down €170,439 (-49.2%), from €346,543 to €176,104
of which Distributable reserves: -€170,439
- Other debts +€135,430
up €135,430 (+247%), from €54,751 to €190,181
- Current portion of long-term debt -€29,079
no longer reported in 2025 (was €29,079)
- Gross operating margin -€68,502
down €68,502 (-90.7%), from €75,539 to €7,037
- Taxes -€11,450
down €11,450 (-90.6%), from €12,642 to €1,191
- Financial charges -€1,316
down €1,316 (-93.6%), from €1,406 to €90
- Financial income +€1,306
up €1,306 (+507%), from €258 to €1,564
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 | €616,190 | €547,793 | -€68,397 | -11.1% |
| Fixed assets | 21/28 | €440,070 | €418,306 | -€21,764 | -4.9% |
| Tangible fixed assets | 22/27 | €440,070 | €418,306 | -€21,764 | -4.9% |
| Land and buildings | 22 | €412,361 | €394,036 | -€18,325 | -4.4% |
| Plant, machinery and equipment | 23 | €27,709 | €24,270 | -€3,438 | -12.4% |
| Current assets | 29/58 | €176,120 | €129,487 | -€46,633 | -26.5% |
| Amounts receivable within one year | 40/41 | €1,191 | €468 | -€723 | -60.7% |
| Other amounts receivable | 41 | €1,191 | €468 | -€723 | -60.7% |
| Current investments | 50/53 | €163,149 | €122,430 | -€40,719 | -25.0% |
| Cash at bank and in hand | 54/58 | €11,780 | €4,531 | -€7,249 | -61.5% |
| Deferred charges and accrued income | 490/1 | - | €2,058 | +€2,058 | |
| Total equity and liabilities | 10/49 | €616,190 | €547,793 | -€68,397 | -11.1% |
| Equity | 10/15 | €433,802 | €263,363 | -€170,439 | -39.3% |
| Contributions | 10/11 | €87,259 | €87,259 | = | 0.0% |
| Capital | 10 | €87,259 | €87,259 | = | 0.0% |
| Issued capital | 100 | €87,259 | €87,259 | = | 0.0% |
| Reserves | 13 | €346,543 | €176,104 | -€170,439 | -49.2% |
| Non-distributable reserves | 130/1 | €8,726 | €8,726 | = | 0.0% |
| Legal reserve | 130 | €8,726 | €8,726 | = | 0.0% |
| Distributable reserves | 133 | €337,817 | €167,378 | -€170,439 | -50.5% |
| Amounts payable | 17/49 | €182,389 | €284,431 | +€102,042 | +55.9% |
| Amounts payable after more than one year | 17 | €92,311 | €92,311 | = | 0.0% |
| Financial debts | 170/4 | €92,311 | €92,311 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,078 | €192,120 | +€102,042 | +113% |
| Current portion of amounts payable after more than one year | 42 | €29,079 | - | -€29,079 | |
| Trade debts | 44 | €316 | €375 | +€59 | +18.5% |
| Suppliers | 440/4 | €316 | €375 | +€59 | +18.5% |
| Taxes, remuneration and social security | 45 | €5,932 | €1,564 | -€4,368 | -73.6% |
| Taxes | 450/3 | €5,932 | €1,564 | -€4,368 | -73.6% |
| Other amounts payable | 47/48 | €54,751 | €190,181 | +€135,430 | +247% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,666 | €23,328 | -€338 | -1.4% |
| Other operating charges | 640/8 | €10,958 | €11,431 | +€472 | +4.3% |
| Gross operating margin | 9900 | €75,539 | €7,037 | -€68,502 | -90.7% |
| Operating profit (loss) | 9901 | €40,914 | -€27,722 | -€68,636 | |
| Financial income | 75/76B | €258 | €1,564 | +€1,306 | +507% |
| Recurring financial income | 75 | €258 | €1,564 | +€1,306 | +507% |
| Financial charges | 65/66B | €1,406 | €90 | -€1,316 | -93.6% |
| Recurring financial charges | 65 | €1,406 | €90 | -€1,316 | -93.6% |
| Profit (loss) for the period before taxes | 9903 | €39,766 | -€26,247 | -€66,014 | |
| Income taxes | 67/77 | €12,642 | €1,191 | -€11,450 | -90.6% |
| Profit (loss) for the period | 9904 | €27,125 | -€27,439 | -€54,563 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,125 | -€27,439 | -€54,563 |
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.