HD-COM: 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-COM
Largest movements
- Receivables within one year +€43,447
up €43,447 (+49.8%), from €87,158 to €130,605
of which Trade receivables: +€55,507
- Cash -€29,328
down €29,328 (-89.4%), from €32,812 to €3,484
mainly Receivables within one year (-€43,447) and Trade debts (-€16,875)
- Stocks and contracts +€5,807
up €5,807 (+84.0%), from €6,911 to €12,718
- Deferred charges and accrued income +€5,236
up €5,236 (+38.9%), from €13,458 to €18,694
- Tangible fixed assets -€4,775
down €4,775 (-19.3%), from €24,690 to €19,914
of which Furniture and vehicles: -€3,229
- Other debts +€33,876
up €33,876 (+126.6%), from €26,765 to €60,641
- Trade debts -€16,875
down €16,875 (-55.9%), from €30,183 to €13,308
- Tax, wage and social debts +€8,537
up €8,537 (+27.3%), from €31,255 to €39,792
of which Remuneration and social security: +€10,282
- Profit (loss) carried forward -€2,574
down €2,574 (-3.8%), from -€68,289 to -€70,863
- Staff costs +€24,298
up €24,298 (+33.5%), from €72,485 to €96,784
- Gross operating margin +€3,006
up €3,006 (+2.5%), from €118,081 to €121,087
- Financial charges -€1,852
down €1,852 (-13.5%), from €13,738 to €11,885
of which Non-recurring financial charges: -€2,739
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 | €165,029 | €187,994 | +€22,965 | +13.9% |
| Fixed assets | 21/28 | €24,690 | €22,492 | -€2,197 | -8.9% |
| Intangible fixed assets | 21 | - | €2,578 | +€2,578 | |
| Tangible fixed assets | 22/27 | €24,690 | €19,914 | -€4,775 | -19.3% |
| Land and buildings | 22 | €9,403 | €7,938 | -€1,466 | -15.6% |
| Plant, machinery and equipment | 23 | €373 | €0 | -€373 | -100.0% |
| Furniture and vehicles | 24 | €12,963 | €9,735 | -€3,229 | -24.9% |
| Other tangible fixed assets | 26 | €1,950 | €2,242 | +€292 | +15.0% |
| Current assets | 29/58 | €140,339 | €165,501 | +€25,162 | +17.9% |
| Stocks and contracts in progress | 3 | €6,911 | €12,718 | +€5,807 | +84.0% |
| Stocks | 30/36 | €6,911 | €12,718 | +€5,807 | +84.0% |
| Amounts receivable within one year | 40/41 | €87,158 | €130,605 | +€43,447 | +49.8% |
| Trade receivables | 40 | €71,008 | €126,515 | +€55,507 | +78.2% |
| Other amounts receivable | 41 | €16,150 | €4,090 | -€12,060 | -74.7% |
| Cash at bank and in hand | 54/58 | €32,812 | €3,484 | -€29,328 | -89.4% |
| Deferred charges and accrued income | 490/1 | €13,458 | €18,694 | +€5,236 | +38.9% |
| Total equity and liabilities | 10/49 | €165,029 | €187,994 | +€22,965 | +13.9% |
| Equity | 10/15 | -€48,174 | -€50,748 | -€2,574 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,515 | €1,515 | = | 0.0% |
| Distributable reserves | 133 | €1,515 | €1,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,289 | -€70,863 | -€2,574 | -3.8% |
| Amounts payable | 17/49 | €213,203 | €238,741 | +€25,538 | +12.0% |
| Amounts payable within one year | 42/48 | €213,203 | €238,741 | +€25,538 | +12.0% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €30,183 | €13,308 | -€16,875 | -55.9% |
| Suppliers | 440/4 | €30,183 | €13,308 | -€16,875 | -55.9% |
| Taxes, remuneration and social security | 45 | €31,255 | €39,792 | +€8,537 | +27.3% |
| Taxes | 450/3 | €29,034 | €27,289 | -€1,745 | -6.0% |
| Remuneration and social security | 454/9 | €2,221 | €12,503 | +€10,282 | +463.0% |
| Other amounts payable | 47/48 | €26,765 | €60,641 | +€33,876 | +126.6% |
| Remuneration, social security and pensions | 62 | €72,485 | €96,784 | +€24,298 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,219 | €6,349 | +€131 | +2.1% |
| Other operating charges | 640/8 | €2,120 | €1,098 | -€1,022 | -48.2% |
| Non-recurring operating charges | 66A | - | €5,443 | +€5,443 | |
| Gross operating margin | 9900 | €118,081 | €121,087 | +€3,006 | +2.5% |
| Operating profit (loss) | 9901 | €37,257 | €11,413 | -€25,844 | -69.4% |
| Financial charges | 65/66B | €13,738 | €11,885 | -€1,852 | -13.5% |
| Recurring financial charges | 65 | €10,998 | €11,885 | +€887 | +8.1% |
| Non-recurring financial charges | 66B | €2,739 | - | -€2,739 | |
| Profit (loss) for the period before taxes | 9903 | €23,519 | -€472 | -€23,991 | |
| Income taxes | 67/77 | €1,324 | €2,102 | +€778 | +58.8% |
| Profit (loss) for the period | 9904 | €22,195 | -€2,574 | -€24,769 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,195 | -€2,574 | -€24,769 |
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 28 September 2026 via checked.be.