HD CONSTRUCT: 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 CONSTRUCT
Largest movements
- Cash +€36,378
up €36,378 (+149%), from €24,468 to €60,847
mainly Depreciation (+€47,809) and Net result for the year (+€35,170)
- Tangible fixed assets +€19,579
up €19,579 (+22.7%), from €86,094 to €105,673
of which Leasing and similar rights: +€10,540
- Receivables within one year +€15,446
up €15,446 (+13.2%), from €117,264 to €132,710
of which Trade receivables: +€19,305
- Profit (loss) carried forward +€35,170
up €35,170 (+69.0%), from -€50,939 to -€15,769
- Tax, wage and social debts +€26,287
up €26,287 (+185%), from €14,173 to €40,460
of which Remuneration and social security: +€17,526
- Advances received +€25,717
up €25,717 (+130%), from €19,740 to €45,457
- Other debts -€13,414
down €13,414 (-100%), from €13,414 to €0
- Accrued charges and deferred income -€5,586
down €5,586 (-49.5%), from €11,277 to €5,691
- Gross operating margin +€152,429
up €152,429 (+26.8%), from €568,604 to €721,033
- Staff costs +€133,714
up €133,714 (+27.7%), from €482,804 to €616,518
- Depreciation +€31,069
up €31,069 (+186%), from €16,740 to €47,809
- Taxes +€10,396
up €10,396 (+4,332%), from €240 to €10,636
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 | €246,385 | €317,027 | +€70,643 | +28.7% |
| Fixed assets | 21/28 | €92,077 | €111,656 | +€19,579 | +21.3% |
| Tangible fixed assets | 22/27 | €86,094 | €105,673 | +€19,579 | +22.7% |
| Plant, machinery and equipment | 23 | €8,109 | €13,064 | +€4,955 | +61.1% |
| Furniture and vehicles | 24 | €69,955 | €74,040 | +€4,085 | +5.8% |
| Leasing and similar rights | 25 | €8,030 | €18,569 | +€10,540 | +131% |
| Financial fixed assets | 28 | €5,983 | €5,983 | = | 0.0% |
| Current assets | 29/58 | €154,308 | €205,371 | +€51,064 | +33.1% |
| Amounts receivable within one year | 40/41 | €117,264 | €132,710 | +€15,446 | +13.2% |
| Trade receivables | 40 | €82,838 | €102,143 | +€19,305 | +23.3% |
| Other amounts receivable | 41 | €34,427 | €30,568 | -€3,859 | -11.2% |
| Cash at bank and in hand | 54/58 | €24,468 | €60,847 | +€36,378 | +149% |
| Deferred charges and accrued income | 490/1 | €12,575 | €11,814 | -€761 | -6.0% |
| Total equity and liabilities | 10/49 | €246,385 | €317,027 | +€70,643 | +28.7% |
| Equity | 10/15 | €15,766 | €50,936 | +€35,170 | +223% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €54,105 | €54,105 | = | 0.0% |
| Distributable reserves | 133 | €54,105 | €54,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,939 | -€15,769 | +€35,170 | +69.0% |
| Amounts payable | 17/49 | €230,619 | €266,092 | +€35,473 | +15.4% |
| Amounts payable after more than one year | 17 | €47,577 | €52,567 | +€4,990 | +10.5% |
| Financial debts | 170/4 | €47,577 | €52,567 | +€4,990 | +10.5% |
| Amounts payable within one year | 42/48 | €171,765 | €207,834 | +€36,069 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €36,393 | €35,839 | -€554 | -1.5% |
| Trade debts | 44 | €88,045 | €86,078 | -€1,968 | -2.2% |
| Suppliers | 440/4 | €88,045 | €86,078 | -€1,968 | -2.2% |
| Advances received on contracts in progress | 46 | €19,740 | €45,457 | +€25,717 | +130% |
| Taxes, remuneration and social security | 45 | €14,173 | €40,460 | +€26,287 | +185% |
| Taxes | 450/3 | €3,453 | €12,215 | +€8,761 | +254% |
| Remuneration and social security | 454/9 | €10,720 | €28,246 | +€17,526 | +163% |
| Other amounts payable | 47/48 | €13,414 | €0 | -€13,414 | -100% |
| Accrued charges and deferred income | 492/3 | €11,277 | €5,691 | -€5,586 | -49.5% |
| Non-recurring operating income | 76A | €11,300 | - | -€11,300 | |
| Remuneration, social security and pensions | 62 | €482,804 | €616,518 | +€133,714 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,740 | €47,809 | +€31,069 | +186% |
| Other operating charges | 640/8 | €6,721 | €3,760 | -€2,961 | -44.1% |
| Non-recurring operating charges | 66A | - | €1,133 | +€1,133 | |
| Gross operating margin | 9900 | €568,604 | €721,033 | +€152,429 | +26.8% |
| Operating profit (loss) | 9901 | €62,339 | €51,813 | -€10,525 | -16.9% |
| Financial income | 75/76B | €2 | €1,140 | +€1,138 | +49,035% |
| Recurring financial income | 75 | €2 | €1,140 | +€1,138 | +49,035% |
| Financial charges | 65/66B | €9,449 | €7,148 | -€2,301 | -24.4% |
| Recurring financial charges | 65 | €9,449 | €7,148 | -€2,301 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €52,892 | €45,806 | -€7,086 | -13.4% |
| Income taxes | 67/77 | €240 | €10,636 | +€10,396 | +4,332% |
| Profit (loss) for the period | 9904 | €52,652 | €35,170 | -€17,482 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,652 | €35,170 | -€17,482 | -33.2% |
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 15 October 2026 via checked.be.