HD & CO: 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 & CO
Largest movements
- Stocks and contracts -€2.6m
down €2.6m (-47.6%), from €5.4m to €2.8m
- Receivables within one year +€924,446
up €924,446 (+254.8%), from €362,811 to €1.3m
of which Trade receivables: +€949,667
- Other debts -€1.6m
down €1.6m (-36.8%), from €4.4m to €2.8m
- Profit (loss) carried forward -€631,030
down €631,030 (-50.4%), from -€1.3m to -€1.9m
- Short-term financial debts +€450,000
up €450,000 (+180.0%), from €250,000 to €700,000
- Trade debts +€108,366
up €108,366 (+23.3%), from €465,506 to €573,871
- Accrued charges and deferred income +€88,425
up €88,425 (+12.9%), from €687,952 to €776,377
- Write-downs +€1.2m
up €1.2m (+9534.1%), from €12,259 to €1.2m
- Gross operating margin +€658,451
up €658,451 (+2551.3%), from €25,809 to €684,260
- Financial charges -€47,050
down €47,050 (-29.3%), from €160,638 to €113,588
- Taxes -€10,527
down €10,527 (-100.0%), from €10,527 to €0
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,179,049 | €4,571,113 | -€1.6m | -26.0% |
| Fixed assets | 21/28 | €387,308 | €387,308 | = | 0.0% |
| Tangible fixed assets | 22/27 | €382,808 | €382,808 | = | 0.0% |
| Land and buildings | 22 | €381,408 | €381,408 | = | 0.0% |
| Furniture and vehicles | 24 | €1,400 | €1,400 | = | 0.0% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €5,791,741 | €4,183,805 | -€1.6m | -27.8% |
| Stocks and contracts in progress | 3 | €5,428,664 | €2,846,659 | -€2.6m | -47.6% |
| Stocks | 30/36 | €5,428,664 | €2,846,659 | -€2.6m | -47.6% |
| Amounts receivable within one year | 40/41 | €362,811 | €1,287,257 | +€924,446 | +254.8% |
| Trade receivables | 40 | €327,402 | €1,277,069 | +€949,667 | +290.1% |
| Other amounts receivable | 41 | €35,409 | €10,188 | -€25,221 | -71.2% |
| Cash at bank and in hand | 54/58 | €265 | €389 | +€124 | +46.9% |
| Deferred charges and accrued income | 490/1 | - | €49,500 | +€49,500 | |
| Total equity and liabilities | 10/49 | €6,179,049 | €4,571,113 | -€1.6m | -26.0% |
| Equity | 10/15 | -€863,768 | -€1,482,403 | -€618,636 | -71.6% |
| Contributions | 10/11 | €387,605 | €400,000 | +€12,395 | +3.2% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,253,232 | -€1,884,262 | -€631,030 | -50.4% |
| Amounts payable | 17/49 | €7,042,816 | €6,053,517 | -€989,300 | -14.0% |
| Amounts payable within one year | 42/48 | €6,354,864 | €5,277,139 | -€1.1m | -17.0% |
| Financial debts | 43 | €250,000 | €700,000 | +€450,000 | +180.0% |
| Credit institutions | 430/8 | €250,000 | €700,000 | +€450,000 | +180.0% |
| Trade debts | 44 | €465,506 | €573,871 | +€108,366 | +23.3% |
| Suppliers | 440/4 | €465,506 | €573,871 | +€108,366 | +23.3% |
| Advances received on contracts in progress | 46 | €1,218,890 | €1,218,890 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €17,439 | €478 | -€16,961 | -97.3% |
| Taxes | 450/3 | €17,439 | €478 | -€16,961 | -97.3% |
| Other amounts payable | 47/48 | €4,403,030 | €2,783,900 | -€1.6m | -36.8% |
| Accrued charges and deferred income | 492/3 | €687,952 | €776,377 | +€88,425 | +12.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,259 | €1,181,037 | +€1.2m | +9534.1% |
| Other operating charges | 640/8 | €23,344 | €22,308 | -€1,036 | -4.4% |
| Gross operating margin | 9900 | €25,809 | €684,260 | +€658,451 | +2551.3% |
| Operating profit (loss) | 9901 | -€9,794 | -€519,084 | -€509,290 | -5200.0% |
| Financial income | 75/76B | €0 | €1,642 | +€1,642 | |
| Recurring financial income | 75 | €0 | €1,642 | +€1,642 | |
| Financial charges | 65/66B | €160,638 | €113,588 | -€47,050 | -29.3% |
| Recurring financial charges | 65 | €160,638 | €113,588 | -€47,050 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | -€170,432 | -€631,030 | -€460,598 | -270.3% |
| Income taxes | 67/77 | €10,527 | €0 | -€10,527 | -100.0% |
| Profit (loss) for the period | 9904 | -€180,959 | -€631,030 | -€450,071 | -248.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€180,959 | -€631,030 | -€450,071 | -248.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.