H&D Projects: what changed
Two fiscal 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 Projects
Largest movements
- Receivables after one year -€39,293
no longer reported in 2025 (was €39,293)
of which Trade receivables: -€34,660
- Receivables within one year +€12,688
new in 2025: €12,688
- Deferred charges and accrued income -€1,253
no longer reported in 2025 (was €1,253)
- Formation expenses -€517
down €517 (-96.3%), from €536 to €20
- Trade debts -€17,225
down €17,225 (-89.5%), from €19,249 to €2,024
- Profit (loss) carried forward -€12,484
down €12,484 (-80.1%), from €15,578 to €3,095
- Other debts +€5,000
new in 2025: €5,000
- Tax, wage and social debts -€3,895
no longer reported in 2025 (was €3,895)
- Gross operating margin -€32,487
down €32,487, from €21,085 to -€11,402
- Taxes -€3,895
no longer reported in 2025 (was €3,895)
- Other operating charges -€352
down €352 (-43.3%), from €814 to €462
- Staff costs -€302
no longer reported in 2025 (was €302)
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 | €41,722 | €13,119 | -€28,603 | -68.6% |
| Formation expenses | 20 | €536 | €20 | -€517 | -96.3% |
| Current assets | 29/58 | €41,185 | €13,099 | -€28,086 | -68.2% |
| Amounts receivable after more than one year | 29 | €39,293 | - | -€39,293 | |
| Trade receivables | 290 | €34,660 | - | -€34,660 | |
| Other amounts receivable | 291 | €4,633 | - | -€4,633 | |
| Amounts receivable within one year | 40/41 | - | €12,688 | +€12,688 | |
| Trade receivables | 40 | - | €12,688 | +€12,688 | |
| Cash at bank and in hand | 54/58 | €640 | €412 | -€229 | -35.7% |
| Deferred charges and accrued income | 490/1 | €1,253 | - | -€1,253 | |
| Total equity and liabilities | 10/49 | €41,722 | €13,119 | -€28,603 | -68.6% |
| Equity | 10/15 | €18,578 | €6,095 | -€12,484 | -67.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,578 | €3,095 | -€12,484 | -80.1% |
| Amounts payable | 17/49 | €23,143 | €7,024 | -€16,119 | -69.6% |
| Amounts payable within one year | 42/48 | €23,143 | €7,024 | -€16,119 | -69.6% |
| Trade debts | 44 | €19,249 | €2,024 | -€17,225 | -89.5% |
| Suppliers | 440/4 | €19,249 | €2,024 | -€17,225 | -89.5% |
| Taxes, remuneration and social security | 45 | €3,895 | - | -€3,895 | |
| Taxes | 450/3 | €3,895 | - | -€3,895 | |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Remuneration, social security and pensions | 62 | €302 | - | -€302 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €497 | €517 | +€20 | +4.0% |
| Other operating charges | 640/8 | €814 | €462 | -€352 | -43.3% |
| Gross operating margin | 9900 | €21,085 | -€11,402 | -€32,487 | |
| Operating profit (loss) | 9901 | €19,473 | -€12,380 | -€31,853 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | - | €104 | +€104 | |
| Recurring financial charges | 65 | - | €104 | +€104 | |
| Profit (loss) for the period before taxes | 9903 | €19,473 | -€12,484 | -€31,956 | |
| Income taxes | 67/77 | €3,895 | - | -€3,895 | |
| Profit (loss) for the period | 9904 | €15,578 | -€12,484 | -€28,062 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,578 | -€12,484 | -€28,062 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.