HD Distribution: what changed
HD Distribution
Largest movements
- Receivables within one year +€34,789
up €34,789 (+60.3%), from €57,688 to €92,477
- Tangible fixed assets +€11,842
up €11,842 (+30.6%), from €38,699 to €50,541
of which Furniture and vehicles: +€9,914
- Cash +€3,928
up €3,928 (+34.5%), from €11,387 to €15,315
mainly Tax, wage and social debts (+€21,354) and Net result for the year (+€17,709)
- Tax, wage and social debts +€21,354
up €21,354 (+130%), from €16,406 to €37,760
of which Taxes: +€12,702
- Profit (loss) carried forward +€17,709
up €17,709 (+53.2%), from €33,301 to €51,010
- Current portion of long-term debt +€5,289
up €5,289 (+55.2%), from €9,583 to €14,873
- Trade debts +€3,489
up €3,489 (+27.3%), from €12,782 to €16,271
- Other debts +€3,091
up €3,091 (+91.5%), from €3,378 to €6,469
- Gross operating margin +€114,095
up €114,095 (+229%), from €49,825 to €163,920
- Staff costs +€111,473
up €111,473 (+8,945%), from €1,246 to €112,719
- Depreciation +€13,668
up €13,668 (+412%), from €3,321 to €16,989
- Financial charges +€3,930
up €3,930 (+346%), from €1,136 to €5,066
- Other operating charges +€3,240
up €3,240 (+152%), from €2,134 to €5,374
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,989 | €159,344 | +€51,355 | +47.6% |
| Fixed assets | 21/28 | €38,699 | €50,541 | +€11,842 | +30.6% |
| Tangible fixed assets | 22/27 | €38,699 | €50,541 | +€11,842 | +30.6% |
| Plant, machinery and equipment | 23 | €958 | €2,885 | +€1,928 | +201% |
| Furniture and vehicles | 24 | €37,741 | €47,655 | +€9,914 | +26.3% |
| Current assets | 29/58 | €69,290 | €108,803 | +€39,513 | +57.0% |
| Amounts receivable within one year | 40/41 | €57,688 | €92,477 | +€34,789 | +60.3% |
| Trade receivables | 40 | €57,688 | €92,477 | +€34,789 | +60.3% |
| Cash at bank and in hand | 54/58 | €11,387 | €15,315 | +€3,928 | +34.5% |
| Deferred charges and accrued income | 490/1 | €215 | €1,012 | +€796 | +370% |
| Total equity and liabilities | 10/49 | €107,989 | €159,344 | +€51,355 | +47.6% |
| Equity | 10/15 | €37,301 | €55,010 | +€17,709 | +47.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,301 | €51,010 | +€17,709 | +53.2% |
| Amounts payable | 17/49 | €70,687 | €104,334 | +€33,646 | +47.6% |
| Amounts payable after more than one year | 17 | €28,538 | €28,961 | +€423 | +1.5% |
| Financial debts | 170/4 | €28,538 | €28,961 | +€423 | +1.5% |
| Amounts payable within one year | 42/48 | €42,149 | €75,372 | +€33,223 | +78.8% |
| Current portion of amounts payable after more than one year | 42 | €9,583 | €14,873 | +€5,289 | +55.2% |
| Trade debts | 44 | €12,782 | €16,271 | +€3,489 | +27.3% |
| Suppliers | 440/4 | €12,782 | €16,271 | +€3,489 | +27.3% |
| Taxes, remuneration and social security | 45 | €16,406 | €37,760 | +€21,354 | +130% |
| Taxes | 450/3 | €16,406 | €29,108 | +€12,702 | +77.4% |
| Remuneration and social security | 454/9 | - | €8,652 | +€8,652 | |
| Other amounts payable | 47/48 | €3,378 | €6,469 | +€3,091 | +91.5% |
| Remuneration, social security and pensions | 62 | €1,246 | €112,719 | +€111,473 | +8,945% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,321 | €16,989 | +€13,668 | +412% |
| Other operating charges | 640/8 | €2,134 | €5,374 | +€3,240 | +152% |
| Gross operating margin | 9900 | €49,825 | €163,920 | +€114,095 | +229% |
| Operating profit (loss) | 9901 | €43,124 | €28,838 | -€14,286 | -33.1% |
| Financial income | 75/76B | - | €69 | +€69 | |
| Recurring financial income | 75 | - | €69 | +€69 | |
| Financial charges | 65/66B | €1,136 | €5,066 | +€3,930 | +346% |
| Recurring financial charges | 65 | €1,136 | €5,066 | +€3,930 | +346% |
| Profit (loss) for the period before taxes | 9903 | €41,988 | €23,841 | -€18,147 | -43.2% |
| Income taxes | 67/77 | €8,687 | €6,132 | -€2,554 | -29.4% |
| Profit (loss) for the period | 9904 | €33,301 | €17,709 | -€15,593 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,301 | €17,709 | -€15,593 | -46.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.