HD CONSTRUCTIONS: 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 CONSTRUCTIONS
Largest movements
- Cash +€91,673
up €91,673 (+105.4%), from €87,003 to €178,677
mainly Accrued charges and deferred income (+€37,074) and Net result for the year (+€29,854)
- Tangible fixed assets -€9,933
down €9,933 (-19.7%), from €50,521 to €40,588
of which Furniture and vehicles: -€13,790
- Receivables within one year +€3,237
up €3,237 (+14.6%), from €22,126 to €25,363
of which Trade receivables: +€4,665
- Accrued charges and deferred income +€37,074
up €37,074 (+574.1%), from €6,458 to €43,532
- Reserves +€27,355
up €27,355 (+104.9%), from €26,088 to €53,443
of which Distributable reserves: +€27,355
- Tax, wage and social debts +€18,753
up €18,753 (+254.6%), from €7,366 to €26,119
- Gross operating margin +€28,577
up €28,577 (+65.7%), from €43,525 to €72,102
- Taxes +€10,567
up €10,567 (+229.2%), from €4,611 to €15,178
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 | €188,689 | €273,216 | +€84,528 | +44.8% |
| Fixed assets | 21/28 | €50,656 | €40,723 | -€9,933 | -19.6% |
| Tangible fixed assets | 22/27 | €50,521 | €40,588 | -€9,933 | -19.7% |
| Land and buildings | 22 | €1,547 | €6,029 | +€4,482 | +289.7% |
| Plant, machinery and equipment | 23 | €1,198 | €573 | -€625 | -52.1% |
| Furniture and vehicles | 24 | €47,776 | €33,986 | -€13,790 | -28.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €138,032 | €232,493 | +€94,461 | +68.4% |
| Stocks and contracts in progress | 3 | €24,486 | €23,601 | -€885 | -3.6% |
| Stocks | 30/36 | €24,486 | €23,601 | -€885 | -3.6% |
| Amounts receivable within one year | 40/41 | €22,126 | €25,363 | +€3,237 | +14.6% |
| Trade receivables | 40 | €20,698 | €25,363 | +€4,665 | +22.5% |
| Other amounts receivable | 41 | €1,428 | - | -€1,428 | |
| Cash at bank and in hand | 54/58 | €87,003 | €178,677 | +€91,673 | +105.4% |
| Deferred charges and accrued income | 490/1 | €4,417 | €4,852 | +€436 | +9.9% |
| Total equity and liabilities | 10/49 | €188,689 | €273,216 | +€84,528 | +44.8% |
| Equity | 10/15 | €56,234 | €83,588 | +€27,355 | +48.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | - | €18,600 | +€18,600 | |
| Share premium | 1100/10 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €26,088 | €53,443 | +€27,355 | +104.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,145 | €5,145 | = | 0.0% |
| Distributable reserves | 133 | €19,083 | €46,438 | +€27,355 | +143.3% |
| Profit (loss) carried forward | 14 | €11,545 | €11,545 | = | 0.0% |
| Amounts payable | 17/49 | €132,455 | €189,628 | +€57,173 | +43.2% |
| Amounts payable within one year | 42/48 | €125,997 | €146,096 | +€20,099 | +16.0% |
| Trade debts | 44 | €31,523 | €33,475 | +€1,952 | +6.2% |
| Suppliers | 440/4 | €31,523 | €33,475 | +€1,952 | +6.2% |
| Taxes, remuneration and social security | 45 | €7,366 | €26,119 | +€18,753 | +254.6% |
| Taxes | 450/3 | €7,366 | €26,119 | +€18,753 | +254.6% |
| Other amounts payable | 47/48 | €87,108 | €86,502 | -€606 | -0.7% |
| Accrued charges and deferred income | 492/3 | €6,458 | €43,532 | +€37,074 | +574.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,791 | €19,977 | +€186 | +0.9% |
| Other operating charges | 640/8 | €2,111 | €1,960 | -€151 | -7.2% |
| Gross operating margin | 9900 | €43,525 | €72,102 | +€28,577 | +65.7% |
| Operating profit (loss) | 9901 | €21,623 | €50,166 | +€28,543 | +132.0% |
| Financial income | 75/76B | €398 | €1,028 | +€630 | +158.4% |
| Recurring financial income | 75 | €398 | €1,028 | +€630 | +158.4% |
| Financial charges | 65/66B | €6,645 | €6,162 | -€483 | -7.3% |
| Recurring financial charges | 65 | €6,645 | €6,162 | -€483 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €15,376 | €45,032 | +€29,656 | +192.9% |
| Income taxes | 67/77 | €4,611 | €15,178 | +€10,567 | +229.2% |
| Profit (loss) for the period | 9904 | €10,765 | €29,854 | +€19,089 | +177.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,765 | €29,854 | +€19,089 | +177.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.