HD: 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.
HD
Largest movements
- Receivables within one year -€4,372
down €4,372 (-8.8%), from €49,799 to €45,426
of which Trade receivables: -€4,657
- Stocks and contracts +€3,415
up €3,415 (+34.6%), from €9,862 to €13,276
- Deferred charges and accrued income +€1,784
up €1,784 (+15322.5%), from €12 to €1,795
- Trade debts +€23,884
up €23,884 (+211.1%), from €11,317 to €35,201
- Profit (loss) carried forward -€19,332
down €19,332 (-2454.2%), from -€788 to -€20,120
- Short-term financial debts -€3,358
down €3,358 (-37.8%), from €8,893 to €5,535
- Gross operating margin -€26,996
down €26,996, from €17,857 to -€9,138
- Financial charges -€892
down €892 (-33.2%), from €2,687 to €1,795
- Other operating charges -€613
down €613 (-18.6%), from €3,293 to €2,681
- Depreciation +€280
up €280 (+5.5%), from €5,119 to €5,399
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €75,983 | €76,909 | +€927 | +1.2% |
| Fixed assets | 21/28 | €16,311 | €16,412 | +€101 | +0.6% |
| Tangible fixed assets | 22/27 | €16,311 | €16,412 | +€101 | +0.6% |
| Land and buildings | 22 | €15,920 | €11,792 | -€4,128 | -25.9% |
| Plant, machinery and equipment | 23 | €179 | €0 | -€179 | -100.0% |
| Furniture and vehicles | 24 | €212 | €4,620 | +€4,408 | +2081.5% |
| Current assets | 29/58 | €59,672 | €60,498 | +€826 | +1.4% |
| Stocks and contracts in progress | 3 | €9,862 | €13,276 | +€3,415 | +34.6% |
| Stocks | 30/36 | €9,862 | €13,276 | +€3,415 | +34.6% |
| Amounts receivable within one year | 40/41 | €49,799 | €45,426 | -€4,372 | -8.8% |
| Trade receivables | 40 | €36,203 | €31,547 | -€4,657 | -12.9% |
| Other amounts receivable | 41 | €13,595 | €13,879 | +€284 | +2.1% |
| Deferred charges and accrued income | 490/1 | €12 | €1,795 | +€1,784 | +15322.5% |
| Total equity and liabilities | 10/49 | €75,983 | €76,909 | +€927 | +1.2% |
| Equity | 10/15 | €55,412 | €36,080 | -€19,332 | -34.9% |
| Contributions | 10/11 | €56,200 | €56,200 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€788 | -€20,120 | -€19,332 | -2454.2% |
| Amounts payable | 17/49 | €20,570 | €40,829 | +€20,259 | +98.5% |
| Amounts payable within one year | 42/48 | €20,528 | €40,787 | +€20,259 | +98.7% |
| Financial debts | 43 | €8,893 | €5,535 | -€3,358 | -37.8% |
| Credit institutions | 430/8 | €8,893 | €5,535 | -€3,358 | -37.8% |
| Trade debts | 44 | €11,317 | €35,201 | +€23,884 | +211.1% |
| Suppliers | 440/4 | €11,317 | €35,201 | +€23,884 | +211.1% |
| Taxes, remuneration and social security | 45 | €318 | €51 | -€267 | -84.0% |
| Taxes | 450/3 | €318 | €51 | -€267 | -84.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €43 | €43 | = | 0.0% |
| Non-recurring operating income | 76A | €1,700 | €0 | -€1,700 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,119 | €5,399 | +€280 | +5.5% |
| Other operating charges | 640/8 | €3,293 | €2,681 | -€613 | -18.6% |
| Gross operating margin | 9900 | €17,857 | -€9,138 | -€26,996 | |
| Operating profit (loss) | 9901 | €9,445 | -€17,218 | -€26,663 | |
| Financial income | 75/76B | €56 | €28 | -€28 | -49.6% |
| Recurring financial income | 75 | €56 | €28 | -€28 | -49.6% |
| Financial charges | 65/66B | €2,687 | €1,795 | -€892 | -33.2% |
| Recurring financial charges | 65 | €2,687 | €1,795 | -€892 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €6,814 | -€18,984 | -€25,798 | |
| Income taxes | 67/77 | €194 | €348 | +€153 | +78.9% |
| Profit (loss) for the period | 9904 | €6,620 | -€19,332 | -€25,952 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,620 | -€19,332 | -€25,952 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.