H.D. TRADING: what changed
What changed
H.D. TRADING
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€16,179
2024 · €60,782-€44,603
Equity
€376,699
2024 · €362,186+€14,513
Cash
€4,121
2024 · €2,913+€1,207
Balance sheet total
€1.9m
2024 · €1.5m+€374,835
Largest movements
Assets
- Tangible fixed assets +€372,364
up €372,364 (+48.9%), from €761,550 to €1.1m
of which Land and buildings: +€378,094
Equity and liabilities
- Debts after one year +€363,096
up €363,096 (+56.6%), from €641,757 to €1.0m
- Current portion of long-term debt +€41,894
up €41,894 (+60.9%), from €68,755 to €110,649
- Tax, wage and social debts -€22,255
down €22,255 (-30.9%), from €71,948 to €49,693
of which Taxes: -€24,276
Income statement
- Other operating charges +€58,580
up €58,580 (+2,324%), from €2,521 to €61,101
- Taxes -€16,894
down €16,894 (-69.3%), from €24,394 to €7,500
- Gross operating margin +€4,290
up €4,290 (+1.9%), from €226,635 to €230,924
- Depreciation +€3,322
up €3,322 (+5.8%), from €57,552 to €60,874
- Financial charges +€2,317
up €2,317 (+9.7%), from €23,969 to €26,287
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€60,782
Gross operating margin
+€4,290
Staff costs
-€1,566
Depreciation
-€3,322
Other operating charges
-€58,580
Financial income
-€2
Financial charges
-€2,317
Taxes
+€16,894
Result 2025
€16,179
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€31,121
Investment
-€433,238
Financing
+€403,324
Cash 2024
€2,913
From operations (derived)
+€31,121
Net result for the year
+€16,179
Depreciation
+€60,874
Receivables within one year
+€56
Deferred charges and accrued income
-€1,320
Trade debts
-€2,057
Tax, wage and social debts
-€22,255
Other debts
-€15,364
Accrued charges and deferred income
-€4,992
Investment (derived)
-€433,238
Investment in fixed assets (net)
-€433,238
Financing
+€403,324
Debts after one year
+€363,096
Current portion of long-term debt
+€41,894
Contributions, distributions and other
-€1,666
Cash 2025
€4,121
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,531,167 | €1,906,002 | +€374,835 | +24.5% |
| Fixed assets | 21/28 | €1,336,860 | €1,709,223 | +€372,364 | +27.9% |
| Tangible fixed assets | 22/27 | €761,550 | €1,133,913 | +€372,364 | +48.9% |
| Land and buildings | 22 | €700,962 | €1,079,056 | +€378,094 | +53.9% |
| Plant, machinery and equipment | 23 | €1,265 | €972 | -€293 | -23.2% |
| Furniture and vehicles | 24 | €59,323 | €53,885 | -€5,438 | -9.2% |
| Financial fixed assets | 28 | €575,310 | €575,310 | = | 0.0% |
| Current assets | 29/58 | €194,307 | €196,779 | +€2,472 | +1.3% |
| Amounts receivable within one year | 40/41 | €191,103 | €191,048 | -€56 | 0.0% |
| Trade receivables | 40 | €99,194 | €99,451 | +€256 | +0.3% |
| Other amounts receivable | 41 | €91,909 | €91,597 | -€312 | -0.3% |
| Cash at bank and in hand | 54/58 | €2,913 | €4,121 | +€1,207 | +41.4% |
| Deferred charges and accrued income | 490/1 | €290 | €1,611 | +€1,320 | +454% |
| Total equity and liabilities | 10/49 | €1,531,167 | €1,906,002 | +€374,835 | +24.5% |
| Equity | 10/15 | €362,186 | €376,699 | +€14,513 | +4.0% |
| Contributions | 10/11 | €20,600 | €20,600 | = | 0.0% |
| Reserves | 13 | €282,522 | €282,522 | = | 0.0% |
| Distributable reserves | 133 | €282,522 | €282,522 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,064 | €73,577 | +€14,513 | +24.6% |
| Amounts payable | 17/49 | €1,168,981 | €1,529,303 | +€360,322 | +30.8% |
| Amounts payable after more than one year | 17 | €641,757 | €1,004,852 | +€363,096 | +56.6% |
| Financial debts | 170/4 | €641,757 | €1,004,852 | +€363,096 | +56.6% |
| Amounts payable within one year | 42/48 | €509,997 | €512,216 | +€2,218 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €68,755 | €110,649 | +€41,894 | +60.9% |
| Trade debts | 44 | €4,959 | €2,902 | -€2,057 | -41.5% |
| Suppliers | 440/4 | €4,959 | €2,902 | -€2,057 | -41.5% |
| Taxes, remuneration and social security | 45 | €71,948 | €49,693 | -€22,255 | -30.9% |
| Taxes | 450/3 | €58,233 | €33,957 | -€24,276 | -41.7% |
| Remuneration and social security | 454/9 | €13,715 | €15,736 | +€2,021 | +14.7% |
| Other amounts payable | 47/48 | €364,336 | €348,972 | -€15,364 | -4.2% |
| Accrued charges and deferred income | 492/3 | €17,227 | €12,235 | -€4,992 | -29.0% |
| Remuneration, social security and pensions | 62 | €57,418 | €58,984 | +€1,566 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,552 | €60,874 | +€3,322 | +5.8% |
| Other operating charges | 640/8 | €2,521 | €61,101 | +€58,580 | +2,324% |
| Gross operating margin | 9900 | €226,635 | €230,924 | +€4,290 | +1.9% |
| Operating profit (loss) | 9901 | €109,144 | €49,966 | -€59,178 | -54.2% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €23,969 | €26,287 | +€2,317 | +9.7% |
| Recurring financial charges | 65 | €23,969 | €26,287 | +€2,317 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €85,176 | €23,679 | -€61,497 | -72.2% |
| Income taxes | 67/77 | €24,394 | €7,500 | -€16,894 | -69.3% |
| Profit (loss) for the period | 9904 | €60,782 | €16,179 | -€44,603 | -73.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,782 | €16,179 | -€44,603 | -73.4% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.