H&D PROJETS: 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 PROJETS
Largest movements
- Cash +€31,859
up €31,859 (+32.8%), from €97,246 to €129,105
mainly Net result for the year (+€18,214) and Depreciation (+€17,174)
- Reserves +€17,500
up €17,500 (+8.9%), from €196,500 to €214,000
- Other debts +€10,005
up €10,005 (+1.8%), from €560,440 to €570,445
- Gross operating margin -€5,220
down €5,220 (-7.9%), from €66,467 to €61,247
- Depreciation +€3,239
up €3,239 (+23.2%), from €13,935 to €17,174
- Taxes -€2,449
down €2,449 (-15.9%), from €15,441 to €12,992
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 | €805,862 | €834,186 | +€28,324 | +3.5% |
| Fixed assets | 21/28 | €672,420 | €661,036 | -€11,384 | -1.7% |
| Intangible fixed assets | 21 | €15,625 | €8,125 | -€7,500 | -48.0% |
| Tangible fixed assets | 22/27 | €16,841 | €12,957 | -€3,884 | -23.1% |
| Furniture and vehicles | 24 | €16,841 | €12,957 | -€3,884 | -23.1% |
| Financial fixed assets | 28 | €639,955 | €639,955 | = | 0.0% |
| Current assets | 29/58 | €133,441 | €173,150 | +€39,708 | +29.8% |
| Amounts receivable within one year | 40/41 | €36,195 | €44,045 | +€7,850 | +21.7% |
| Trade receivables | 40 | €21,795 | €32,270 | +€10,475 | +48.1% |
| Other amounts receivable | 41 | €14,401 | €11,775 | -€2,626 | -18.2% |
| Cash at bank and in hand | 54/58 | €97,246 | €129,105 | +€31,859 | +32.8% |
| Total equity and liabilities | 10/49 | €805,862 | €834,186 | +€28,324 | +3.5% |
| Equity | 10/15 | €227,339 | €245,553 | +€18,214 | +8.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €196,500 | €214,000 | +€17,500 | +8.9% |
| Distributable reserves | 133 | €196,500 | €214,000 | +€17,500 | +8.9% |
| Profit (loss) carried forward | 14 | €839 | €1,553 | +€714 | +85.2% |
| Amounts payable | 17/49 | €578,523 | €588,633 | +€10,110 | +1.7% |
| Amounts payable within one year | 42/48 | €577,802 | €588,633 | +€10,831 | +1.9% |
| Trade debts | 44 | €1,750 | €6,376 | +€4,626 | +264.4% |
| Suppliers | 440/4 | €1,750 | €6,376 | +€4,626 | +264.4% |
| Taxes, remuneration and social security | 45 | €15,613 | €11,812 | -€3,800 | -24.3% |
| Taxes | 450/3 | €15,613 | €11,812 | -€3,800 | -24.3% |
| Other amounts payable | 47/48 | €560,440 | €570,445 | +€10,005 | +1.8% |
| Accrued charges and deferred income | 492/3 | €721 | - | -€721 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,935 | €17,174 | +€3,239 | +23.2% |
| Other operating charges | 640/8 | €797 | €823 | +€27 | +3.4% |
| Gross operating margin | 9900 | €66,467 | €61,247 | -€5,220 | -7.9% |
| Operating profit (loss) | 9901 | €51,735 | €43,249 | -€8,486 | -16.4% |
| Financial income | 75/76B | €306 | €824 | +€517 | +168.8% |
| Recurring financial income | 75 | €306 | €824 | +€517 | +168.8% |
| Financial charges | 65/66B | €12,262 | €12,866 | +€605 | +4.9% |
| Recurring financial charges | 65 | €12,262 | €12,866 | +€605 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €39,780 | €31,206 | -€8,574 | -21.6% |
| Income taxes | 67/77 | €15,441 | €12,992 | -€2,449 | -15.9% |
| Profit (loss) for the period | 9904 | €24,339 | €18,214 | -€6,124 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,339 | €18,214 | -€6,124 | -25.2% |
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 12 October 2026 via checked.be.