HCD: 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.
HCD
Largest movements
- Receivables within one year +€4,687
up €4,687 (+9.4%), from €49,852 to €54,539
- Reserves +€4,803
up €4,803 (+13.4%), from €35,944 to €40,747
of which Distributable reserves: +€4,803
- Tax, wage and social debts +€1,762
up €1,762 (+74.3%), from €2,372 to €4,134
- Trade debts -€773
down €773 (-14.6%), from €5,306 to €4,533
- Accrued charges and deferred income -€671
down €671 (-42.9%), from €1,565 to €894
- Gross operating margin +€2,653
up €2,653 (+92.0%), from €2,885 to €5,538
- Taxes +€1,022
up €1,022 (+82.4%), from €1,241 to €2,263
- Other operating charges -€834
down €834 (-87.2%), from €956 to €122
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 | €52,521 | €57,642 | +€5,122 | +9.8% |
| Current assets | 29/58 | €52,521 | €57,642 | +€5,122 | +9.8% |
| Amounts receivable within one year | 40/41 | €49,852 | €54,539 | +€4,687 | +9.4% |
| Other amounts receivable | 41 | €49,852 | €54,539 | +€4,687 | +9.4% |
| Cash at bank and in hand | 54/58 | €1,961 | €2,315 | +€354 | +18.1% |
| Deferred charges and accrued income | 490/1 | €708 | €788 | +€80 | +11.3% |
| Total equity and liabilities | 10/49 | €52,521 | €57,642 | +€5,122 | +9.8% |
| Equity | 10/15 | €43,277 | €48,081 | +€4,803 | +11.1% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €35,944 | €40,747 | +€4,803 | +13.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €34,084 | €38,887 | +€4,803 | +14.1% |
| Profit (loss) carried forward | 14 | -€1,967 | -€1,967 | = | 0.0% |
| Amounts payable | 17/49 | €9,243 | €9,562 | +€318 | +3.4% |
| Amounts payable within one year | 42/48 | €7,678 | €8,668 | +€989 | +12.9% |
| Trade debts | 44 | €5,306 | €4,533 | -€773 | -14.6% |
| Suppliers | 440/4 | €5,306 | €4,533 | -€773 | -14.6% |
| Taxes, remuneration and social security | 45 | €2,372 | €4,134 | +€1,762 | +74.3% |
| Taxes | 450/3 | €2,372 | €4,134 | +€1,762 | +74.3% |
| Accrued charges and deferred income | 492/3 | €1,565 | €894 | -€671 | -42.9% |
| Non-recurring operating income | 76A | €1,600 | €1,650 | +€50 | +3.1% |
| Other operating charges | 640/8 | €956 | €122 | -€834 | -87.2% |
| Gross operating margin | 9900 | €2,885 | €5,538 | +€2,653 | +92.0% |
| Operating profit (loss) | 9901 | €1,929 | €5,416 | +€3,487 | +180.8% |
| Financial income | 75/76B | €1,711 | €1,698 | -€13 | -0.8% |
| Recurring financial income | 75 | €1,711 | €1,698 | -€13 | -0.8% |
| Financial charges | 65/66B | €64 | €48 | -€16 | -24.8% |
| Recurring financial charges | 65 | €64 | €48 | -€16 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €3,576 | €7,066 | +€3,490 | +97.6% |
| Income taxes | 67/77 | €1,241 | €2,263 | +€1,022 | +82.4% |
| Profit (loss) for the period | 9904 | €2,336 | €4,803 | +€2,468 | +105.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,336 | €4,803 | +€2,468 | +105.6% |
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 6 October 2026 via checked.be.