H&DS: 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&DS
Largest movements
- Current investments -€115,576
down €115,576 (-32.4%), from €356,929 to €241,353
- Cash +€47,242
up €47,242 (+29.4%), from €160,861 to €208,104
mainly Current investments (+€115,576) and Net result for the year (+€106,342)
- Tangible fixed assets -€23,549
down €23,549 (-25.8%), from €91,341 to €67,792
of which Furniture and vehicles: -€16,754
- Receivables within one year -€10,172
down €10,172 (-26.8%), from €37,963 to €27,791
of which Trade receivables: -€11,744
- Reserves -€103,173
down €103,173 (-17.1%), from €604,650 to €501,477
- Tax, wage and social debts +€8,603
up €8,603 (+97.8%), from €8,797 to €17,400
of which Taxes: +€7,661
- Gross operating margin +€28,611
up €28,611 (+17.1%), from €167,400 to €196,011
- Taxes +€17,221
up €17,221 (+54.2%), from €31,761 to €48,982
- Staff costs -€9,006
down €9,006 (-30.6%), from €29,432 to €20,427
- Financial income +€6,892
up €6,892 (+236.3%), from €2,916 to €9,808
- Financial charges +€4,261
up €4,261 (+217.9%), from €1,955 to €6,216
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 | €648,737 | €546,842 | -€101,895 | -15.7% |
| Fixed assets | 21/28 | €91,341 | €67,792 | -€23,549 | -25.8% |
| Tangible fixed assets | 22/27 | €91,341 | €67,792 | -€23,549 | -25.8% |
| Land and buildings | 22 | €18,517 | €13,369 | -€5,148 | -27.8% |
| Plant, machinery and equipment | 23 | €4,451 | €2,804 | -€1,647 | -37.0% |
| Furniture and vehicles | 24 | €68,373 | €51,619 | -€16,754 | -24.5% |
| Current assets | 29/58 | €557,396 | €479,050 | -€78,346 | -14.1% |
| Amounts receivable within one year | 40/41 | €37,963 | €27,791 | -€10,172 | -26.8% |
| Trade receivables | 40 | €35,195 | €23,451 | -€11,744 | -33.4% |
| Other amounts receivable | 41 | €2,768 | €4,340 | +€1,572 | +56.8% |
| Current investments | 50/53 | €356,929 | €241,353 | -€115,576 | -32.4% |
| Cash at bank and in hand | 54/58 | €160,861 | €208,104 | +€47,242 | +29.4% |
| Deferred charges and accrued income | 490/1 | €1,644 | €1,803 | +€159 | +9.7% |
| Total equity and liabilities | 10/49 | €648,737 | €546,842 | -€101,895 | -15.7% |
| Equity | 10/15 | €623,250 | €520,077 | -€103,173 | -16.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €604,650 | €501,477 | -€103,173 | -17.1% |
| Distributable reserves | 133 | €604,650 | €501,477 | -€103,173 | -17.1% |
| Amounts payable | 17/49 | €25,487 | €26,765 | +€1,278 | +5.0% |
| Amounts payable within one year | 42/48 | €25,487 | €26,765 | +€1,278 | +5.0% |
| Trade debts | 44 | €13,068 | €7,657 | -€5,412 | -41.4% |
| Suppliers | 440/4 | €13,068 | €7,657 | -€5,412 | -41.4% |
| Taxes, remuneration and social security | 45 | €8,797 | €17,400 | +€8,603 | +97.8% |
| Taxes | 450/3 | €4,480 | €12,142 | +€7,661 | +171.0% |
| Remuneration and social security | 454/9 | €4,316 | €5,258 | +€942 | +21.8% |
| Other amounts payable | 47/48 | €3,622 | €1,709 | -€1,914 | -52.8% |
| Remuneration, social security and pensions | 62 | €29,432 | €20,427 | -€9,006 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,849 | €23,549 | +€2,701 | +13.0% |
| Other operating charges | 640/8 | €183 | €303 | +€120 | +65.8% |
| Non-recurring operating charges | 66A | €7,724 | - | -€7,724 | |
| Gross operating margin | 9900 | €167,400 | €196,011 | +€28,611 | +17.1% |
| Operating profit (loss) | 9901 | €109,212 | €151,732 | +€42,520 | +38.9% |
| Financial income | 75/76B | €2,916 | €9,808 | +€6,892 | +236.3% |
| Recurring financial income | 75 | €2,916 | €9,808 | +€6,892 | +236.3% |
| Financial charges | 65/66B | €1,955 | €6,216 | +€4,261 | +217.9% |
| Recurring financial charges | 65 | €1,955 | €6,216 | +€4,261 | +217.9% |
| Profit (loss) for the period before taxes | 9903 | €110,173 | €155,324 | +€45,151 | +41.0% |
| Income taxes | 67/77 | €31,761 | €48,982 | +€17,221 | +54.2% |
| Profit (loss) for the period | 9904 | €78,412 | €106,342 | +€27,930 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €78,412 | €106,342 | +€27,930 | +35.6% |
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 3 October 2026 via checked.be.