HD-Engineering: 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-Engineering
Largest movements
- Receivables within one year -€20,515
down €20,515 (-37.7%), from €54,471 to €33,956
of which Trade receivables: -€20,905
- Cash +€14,888
up €14,888 (+336.2%), from €4,429 to €19,317
mainly Net result for the year (+€24,221) and Receivables within one year (+€20,515)
- Tangible fixed assets -€3,057
down €3,057 (-8.9%), from €34,226 to €31,169
of which Furniture and vehicles: -€3,057
- Reserves -€5,297
down €5,297 (-16.7%), from €31,761 to €26,465
- Trade debts -€4,331
down €4,331 (-66.0%), from €6,560 to €2,229
- Other debts +€2,552
up €2,552 (+18.3%), from €13,970 to €16,522
- Current portion of long-term debt -€2,108
no longer reported in 2025 (was €2,108)
- Gross operating margin +€10,443
up €10,443 (+35.8%), from €29,186 to €39,629
- Depreciation -€7,115
down €7,115 (-69.9%), from €10,173 to €3,057
- Taxes +€6,754
up €6,754 (+160.5%), from €4,209 to €10,963
- Other operating charges -€1,032
down €1,032 (-52.1%), from €1,983 to €950
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 | €94,757 | €85,597 | -€9,160 | -9.7% |
| Fixed assets | 21/28 | €34,226 | €31,169 | -€3,057 | -8.9% |
| Tangible fixed assets | 22/27 | €34,226 | €31,169 | -€3,057 | -8.9% |
| Land and buildings | 22 | €31,000 | €31,000 | = | 0.0% |
| Furniture and vehicles | 24 | €3,226 | €169 | -€3,057 | -94.8% |
| Current assets | 29/58 | €60,531 | €54,428 | -€6,103 | -10.1% |
| Amounts receivable within one year | 40/41 | €54,471 | €33,956 | -€20,515 | -37.7% |
| Trade receivables | 40 | €44,441 | €23,535 | -€20,905 | -47.0% |
| Other amounts receivable | 41 | €10,030 | €10,421 | +€390 | +3.9% |
| Cash at bank and in hand | 54/58 | €4,429 | €19,317 | +€14,888 | +336.2% |
| Deferred charges and accrued income | 490/1 | €1,631 | €1,155 | -€476 | -29.2% |
| Total equity and liabilities | 10/49 | €94,757 | €85,597 | -€9,160 | -9.7% |
| Equity | 10/15 | €51,137 | €45,841 | -€5,297 | -10.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €31,761 | €26,465 | -€5,297 | -16.7% |
| Distributable reserves | 133 | €31,761 | €26,465 | -€5,297 | -16.7% |
| Profit (loss) carried forward | 14 | €6,976 | €6,976 | = | 0.0% |
| Amounts payable | 17/49 | €43,620 | €39,756 | -€3,864 | -8.9% |
| Amounts payable within one year | 42/48 | €43,620 | €39,756 | -€3,864 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €2,108 | - | -€2,108 | |
| Trade debts | 44 | €6,560 | €2,229 | -€4,331 | -66.0% |
| Suppliers | 440/4 | €6,560 | €2,229 | -€4,331 | -66.0% |
| Taxes, remuneration and social security | 45 | €20,982 | €21,005 | +€23 | +0.1% |
| Taxes | 450/3 | €7,846 | €21,005 | +€13,159 | +167.7% |
| Remuneration and social security | 454/9 | €13,135 | - | -€13,135 | |
| Other amounts payable | 47/48 | €13,970 | €16,522 | +€2,552 | +18.3% |
| Non-recurring operating income | 76A | - | €1,095 | +€1,095 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,173 | €3,057 | -€7,115 | -69.9% |
| Other operating charges | 640/8 | €1,983 | €950 | -€1,032 | -52.1% |
| Gross operating margin | 9900 | €29,186 | €39,629 | +€10,443 | +35.8% |
| Operating profit (loss) | 9901 | €17,031 | €35,621 | +€18,590 | +109.2% |
| Financial income | 75/76B | €591 | €554 | -€37 | -6.2% |
| Recurring financial income | 75 | €591 | €554 | -€37 | -6.2% |
| Financial charges | 65/66B | €1,082 | €991 | -€91 | -8.4% |
| Recurring financial charges | 65 | €1,082 | €991 | -€91 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €16,540 | €35,185 | +€18,645 | +112.7% |
| Income taxes | 67/77 | €4,209 | €10,963 | +€6,754 | +160.5% |
| Profit (loss) for the period | 9904 | €12,331 | €24,221 | +€11,890 | +96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,331 | €24,221 | +€11,890 | +96.4% |
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 7 October 2026 via checked.be.