HD EUROPE: 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 EUROPE
Largest movements
- Receivables within one year +€123,919
up €123,919 (+346%), from €35,862 to €159,781
of which Trade receivables: +€95,307
- Cash -€33,013
down €33,013 (-23.6%), from €140,082 to €107,069
mainly Receivables within one year (-€123,919) and Tax, wage and social debts (-€12,561)
- Profit (loss) carried forward +€91,137
up €91,137 (+106%), from €85,588 to €176,725
- Trade debts +€14,684
up €14,684 (+17.5%), from €83,816 to €98,500
- Tax, wage and social debts -€12,561
down €12,561 (-40.6%), from €30,973 to €18,412
- Staff costs -€108,347
down €108,347 (-48.5%), from €223,540 to €115,193
- Gross operating margin -€53,449
down €53,449 (-20.2%), from €264,730 to €211,281
- Depreciation -€13,717
no longer reported in 2023 (was €13,717)
- Other operating charges -€7,791
down €7,791 (-73.0%), from €10,669 to €2,878
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,877 | €294,137 | +€93,260 | +46.4% |
| Fixed assets | 21/28 | €24,933 | €27,287 | +€2,354 | +9.4% |
| Tangible fixed assets | 22/27 | €24,933 | €27,287 | +€2,354 | +9.4% |
| Furniture and vehicles | 24 | €24,933 | €27,287 | +€2,354 | +9.4% |
| Current assets | 29/58 | €175,944 | €266,850 | +€90,906 | +51.7% |
| Amounts receivable within one year | 40/41 | €35,862 | €159,781 | +€123,919 | +346% |
| Trade receivables | 40 | €9,439 | €104,746 | +€95,307 | +1,010% |
| Other amounts receivable | 41 | €26,423 | €55,035 | +€28,612 | +108% |
| Cash at bank and in hand | 54/58 | €140,082 | €107,069 | -€33,013 | -23.6% |
| Total equity and liabilities | 10/49 | €200,877 | €294,137 | +€93,260 | +46.4% |
| Equity | 10/15 | €86,088 | €177,225 | +€91,137 | +106% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Capital | 10 | - | €500 | +€500 | |
| Issued capital | 100 | - | €500 | +€500 | |
| Profit (loss) carried forward | 14 | €85,588 | €176,725 | +€91,137 | +106% |
| Amounts payable | 17/49 | €114,789 | €116,912 | +€2,123 | +1.8% |
| Amounts payable within one year | 42/48 | €114,789 | €116,912 | +€2,123 | +1.8% |
| Trade debts | 44 | €83,816 | €98,500 | +€14,684 | +17.5% |
| Suppliers | 440/4 | €83,816 | €98,500 | +€14,684 | +17.5% |
| Taxes, remuneration and social security | 45 | €30,973 | €18,412 | -€12,561 | -40.6% |
| Remuneration and social security | 454/9 | €30,973 | €18,412 | -€12,561 | -40.6% |
| Remuneration, social security and pensions | 62 | €223,540 | €115,193 | -€108,347 | -48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,717 | - | -€13,717 | |
| Other operating charges | 640/8 | €10,669 | €2,878 | -€7,791 | -73.0% |
| Non-recurring operating charges | 66A | €6,832 | - | -€6,832 | |
| Gross operating margin | 9900 | €264,730 | €211,281 | -€53,449 | -20.2% |
| Operating profit (loss) | 9901 | €9,972 | €93,210 | +€83,238 | +835% |
| Financial charges | 65/66B | €371 | - | -€371 | |
| Recurring financial charges | 65 | €371 | - | -€371 | |
| Profit (loss) for the period before taxes | 9903 | €9,601 | €93,210 | +€83,609 | +871% |
| Transfer to deferred taxes | 680 | - | €2,073 | +€2,073 | |
| Profit (loss) for the period | 9904 | €9,601 | €91,137 | +€81,536 | +849% |
| Profit (loss) for the period to be appropriated | 9905 | €9,601 | €91,137 | +€81,536 | +849% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.