H.D.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.M.
Largest movements
- Tangible fixed assets +€25,619
up €25,619 (+103%), from €24,917 to €50,536
of which Plant, machinery and equipment: +€26,743
- Cash -€7,613
down €7,613 (-6.6%), from €116,141 to €108,527
mainly Investment in fixed assets (net) (-€34,257) and Contributions, distributions and other (-€20,000)
- Receivables within one year -€2,206
down €2,206 (-7.9%), from €28,069 to €25,863
of which Other amounts receivable: -€2,380
- Reserves -€20,000
down €20,000 (-17.1%), from €117,047 to €97,047
of which Distributable reserves: -€20,000
- Other debts +€20,000
new in 2025: €20,000
- Profit (loss) carried forward +€17,044
up €17,044 (+30.8%), from -€55,409 to -€38,365
- Trade debts +€5,232
up €5,232 (+19.2%), from €27,186 to €32,418
- Tax, wage and social debts -€4,833
down €4,833 (-15.3%), from €31,526 to €26,693
of which Taxes: -€3,464
- Gross operating margin +€46,339
up €46,339 (+22.9%), from €202,288 to €248,627
- Staff costs -€15,947
down €15,947 (-6.9%), from €231,320 to €215,374
- Depreciation -€3,712
down €3,712 (-30.1%), from €12,350 to €8,638
- Other operating charges -€2,840
down €2,840 (-47.7%), from €5,950 to €3,110
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 | €182,324 | €199,767 | +€17,443 | +9.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €25,517 | €51,136 | +€25,619 | +100% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €24,917 | €50,536 | +€25,619 | +103% |
| Plant, machinery and equipment | 23 | €22,545 | €49,288 | +€26,743 | +119% |
| Furniture and vehicles | 24 | €2,373 | €1,249 | -€1,124 | -47.4% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €156,807 | €148,630 | -€8,176 | -5.2% |
| Stocks and contracts in progress | 3 | €10,197 | €11,280 | +€1,083 | +10.6% |
| Stocks | 30/36 | €10,197 | €11,280 | +€1,083 | +10.6% |
| Amounts receivable within one year | 40/41 | €28,069 | €25,863 | -€2,206 | -7.9% |
| Trade receivables | 40 | - | €174 | +€174 | |
| Other amounts receivable | 41 | €28,069 | €25,689 | -€2,380 | -8.5% |
| Cash at bank and in hand | 54/58 | €116,141 | €108,527 | -€7,613 | -6.6% |
| Deferred charges and accrued income | 490/1 | €2,400 | €2,960 | +€560 | +23.3% |
| Total equity and liabilities | 10/49 | €182,324 | €199,767 | +€17,443 | +9.6% |
| Equity | 10/15 | €123,612 | €120,656 | -€2,956 | -2.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €117,047 | €97,047 | -€20,000 | -17.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,800 | €12,800 | = | 0.0% |
| Distributable reserves | 133 | €98,050 | €78,050 | -€20,000 | -20.4% |
| Profit (loss) carried forward | 14 | -€55,409 | -€38,365 | +€17,044 | +30.8% |
| Amounts payable | 17/49 | €58,712 | €79,111 | +€20,399 | +34.7% |
| Amounts payable within one year | 42/48 | €58,712 | €79,111 | +€20,399 | +34.7% |
| Trade debts | 44 | €27,186 | €32,418 | +€5,232 | +19.2% |
| Suppliers | 440/4 | €27,186 | €32,418 | +€5,232 | +19.2% |
| Taxes, remuneration and social security | 45 | €31,526 | €26,693 | -€4,833 | -15.3% |
| Taxes | 450/3 | €5,610 | €2,146 | -€3,464 | -61.7% |
| Remuneration and social security | 454/9 | €25,915 | €24,547 | -€1,368 | -5.3% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €231,320 | €215,374 | -€15,947 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,350 | €8,638 | -€3,712 | -30.1% |
| Other operating charges | 640/8 | €5,950 | €3,110 | -€2,840 | -47.7% |
| Gross operating margin | 9900 | €202,288 | €248,627 | +€46,339 | +22.9% |
| Operating profit (loss) | 9901 | -€47,332 | €21,505 | +€68,837 | |
| Financial income | 75/76B | €1,378 | €1,034 | -€344 | -25.0% |
| Recurring financial income | 75 | €1,378 | €1,034 | -€344 | -25.0% |
| Financial charges | 65/66B | €5,082 | €5,244 | +€162 | +3.2% |
| Recurring financial charges | 65 | €5,082 | €5,244 | +€162 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€51,035 | €17,295 | +€68,330 | |
| Income taxes | 67/77 | €537 | €251 | -€285 | -53.1% |
| Profit (loss) for the period | 9904 | -€51,572 | €17,044 | +€68,615 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,572 | €17,044 | +€68,615 |
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 20 October 2026 via checked.be.