HD ACCOUNTING: 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.
HD ACCOUNTING
Largest movements
- Receivables within one year +€20,452
up €20,452 (+146%), from €14,008 to €34,460
of which Trade receivables: +€19,809
- Cash -€14,201
down €14,201 (-48.7%), from €29,189 to €14,987
mainly Receivables within one year (-€20,452) and Other debts (-€11,732)
- Reserves +€17,944
up €17,944 (+12.6%), from €142,294 to €160,238
- Other debts -€11,732
down €11,732 (-97.1%), from €12,079 to €347
- Debts after one year -€4,689
down €4,689 (-36.8%), from €12,752 to €8,063
- Trade debts +€3,766
up €3,766 (+52.5%), from €7,176 to €10,942
- Gross operating margin -€14,400
down €14,400 (-29.2%), from €49,238 to €34,838
- Taxes -€3,418
down €3,418 (-25.7%), from €13,275 to €9,857
- Financial charges -€2,934
down €2,934 (-63.8%), from €4,602 to €1,668
- Depreciation -€2,876
down €2,876 (-37.2%), from €7,736 to €4,860
- Financial income -€2,293
down €2,293 (-99.7%), from €2,300 to €7
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.
Derived cash bridge
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 | €190,392 | €195,199 | +€4,807 | +2.5% |
| Fixed assets | 21/28 | €147,195 | €145,532 | -€1,663 | -1.1% |
| Tangible fixed assets | 22/27 | €7,195 | €5,532 | -€1,663 | -23.1% |
| Plant, machinery and equipment | 23 | €7,195 | €5,532 | -€1,663 | -23.1% |
| Financial fixed assets | 28 | €140,000 | €140,000 | = | 0.0% |
| Current assets | 29/58 | €43,197 | €49,667 | +€6,470 | +15.0% |
| Amounts receivable within one year | 40/41 | €14,008 | €34,460 | +€20,452 | +146% |
| Trade receivables | 40 | €13,292 | €33,101 | +€19,809 | +149% |
| Other amounts receivable | 41 | €716 | €1,359 | +€643 | +89.8% |
| Cash at bank and in hand | 54/58 | €29,189 | €14,987 | -€14,201 | -48.7% |
| Deferred charges and accrued income | 490/1 | - | €219 | +€219 | |
| Total equity and liabilities | 10/49 | €190,392 | €195,199 | +€4,807 | +2.5% |
| Equity | 10/15 | €147,294 | €165,238 | +€17,944 | +12.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €142,294 | €160,238 | +€17,944 | +12.6% |
| Distributable reserves | 133 | €142,294 | €160,238 | +€17,944 | +12.6% |
| Amounts payable | 17/49 | €43,098 | €29,961 | -€13,137 | -30.5% |
| Amounts payable after more than one year | 17 | €12,752 | €8,063 | -€4,689 | -36.8% |
| Financial debts | 170/4 | €12,752 | €8,063 | -€4,689 | -36.8% |
| Amounts payable within one year | 42/48 | €30,345 | €21,898 | -€8,448 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €4,582 | €4,689 | +€108 | +2.4% |
| Trade debts | 44 | €7,176 | €10,942 | +€3,766 | +52.5% |
| Suppliers | 440/4 | €7,176 | €10,942 | +€3,766 | +52.5% |
| Taxes, remuneration and social security | 45 | €6,509 | €5,920 | -€589 | -9.1% |
| Taxes | 450/3 | €6,509 | €5,920 | -€589 | -9.1% |
| Other amounts payable | 47/48 | €12,079 | €347 | -€11,732 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,736 | €4,860 | -€2,876 | -37.2% |
| Other operating charges | 640/8 | €437 | €516 | +€79 | +18.0% |
| Gross operating margin | 9900 | €49,238 | €34,838 | -€14,400 | -29.2% |
| Operating profit (loss) | 9901 | €41,065 | €29,462 | -€11,602 | -28.3% |
| Financial income | 75/76B | €2,300 | €7 | -€2,293 | -99.7% |
| Recurring financial income | 75 | €2,300 | €7 | -€2,293 | -99.7% |
| Financial charges | 65/66B | €4,602 | €1,668 | -€2,934 | -63.8% |
| Recurring financial charges | 65 | €4,602 | €1,668 | -€2,934 | -63.8% |
| Profit (loss) for the period before taxes | 9903 | €38,762 | €27,801 | -€10,961 | -28.3% |
| Income taxes | 67/77 | €13,275 | €9,857 | -€3,418 | -25.7% |
| Profit (loss) for the period | 9904 | €25,487 | €17,944 | -€7,543 | -29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,487 | €17,944 | -€7,543 | -29.6% |
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 13 October 2026 via checked.be.