HD FINANCE: 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 FINANCE
Largest movements
- Receivables within one year +€97,792
up €97,792 (+236%), from €41,410 to €139,202
of which Other amounts receivable: +€123,202
- Cash -€43,626
down €43,626 (-57.0%), from €76,484 to €32,858
mainly Receivables within one year (-€97,792) and Debts after one year (-€37,269)
- Profit (loss) carried forward +€77,857
up €77,857 (+60.0%), from €129,846 to €207,703
- Other debts +€46,602
up €46,602 (+122%), from €38,047 to €84,649
- Debts after one year -€37,269
down €37,269 (-16.1%), from €231,811 to €194,542
- Tax, wage and social debts -€32,285
down €32,285 (-61.9%), from €52,156 to €19,871
of which Remuneration and social security: -€41,466
- Gross operating margin +€16,899
up €16,899 (+18.7%), from €90,167 to €107,066
- Taxes +€10,414
up €10,414 (+58.1%), from €17,916 to €28,330
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 | €461,534 | €515,434 | +€53,899 | +11.7% |
| Fixed assets | 21/28 | €343,641 | €343,373 | -€267 | -0.1% |
| Tangible fixed assets | 22/27 | €37,662 | €37,395 | -€267 | -0.7% |
| Land and buildings | 22 | €37,049 | €37,049 | = | 0.0% |
| Furniture and vehicles | 24 | €613 | €345 | -€267 | -43.6% |
| Financial fixed assets | 28 | €305,978 | €305,978 | = | 0.0% |
| Current assets | 29/58 | €117,894 | €172,061 | +€54,167 | +45.9% |
| Amounts receivable within one year | 40/41 | €41,410 | €139,202 | +€97,792 | +236% |
| Trade receivables | 40 | €25,410 | - | -€25,410 | |
| Other amounts receivable | 41 | €16,000 | €139,202 | +€123,202 | +770% |
| Cash at bank and in hand | 54/58 | €76,484 | €32,858 | -€43,626 | -57.0% |
| Total equity and liabilities | 10/49 | €461,534 | €515,434 | +€53,899 | +11.7% |
| Equity | 10/15 | €134,846 | €212,703 | +€77,857 | +57.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,846 | €207,703 | +€77,857 | +60.0% |
| Amounts payable | 17/49 | €326,689 | €302,730 | -€23,958 | -7.3% |
| Amounts payable after more than one year | 17 | €231,811 | €194,542 | -€37,269 | -16.1% |
| Financial debts | 170/4 | €231,811 | €194,542 | -€37,269 | -16.1% |
| Amounts payable within one year | 42/48 | €94,878 | €108,189 | +€13,311 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €3,629 | €3,669 | +€40 | +1.1% |
| Trade debts | 44 | €1,045 | - | -€1,045 | |
| Suppliers | 440/4 | €1,045 | - | -€1,045 | |
| Taxes, remuneration and social security | 45 | €52,156 | €19,871 | -€32,285 | -61.9% |
| Taxes | 450/3 | €8,355 | €17,536 | +€9,181 | +110% |
| Remuneration and social security | 454/9 | €43,801 | €2,335 | -€41,466 | -94.7% |
| Other amounts payable | 47/48 | €38,047 | €84,649 | +€46,602 | +122% |
| Remuneration, social security and pensions | 62 | €397 | €252 | -€145 | -36.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189 | €267 | +€78 | +41.3% |
| Gross operating margin | 9900 | €90,167 | €107,066 | +€16,899 | +18.7% |
| Operating profit (loss) | 9901 | €89,581 | €106,547 | +€16,966 | +18.9% |
| Financial charges | 65/66B | €432 | €360 | -€73 | -16.8% |
| Recurring financial charges | 65 | €432 | €360 | -€73 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €89,149 | €106,187 | +€17,039 | +19.1% |
| Income taxes | 67/77 | €17,916 | €28,330 | +€10,414 | +58.1% |
| Profit (loss) for the period | 9904 | €71,232 | €77,857 | +€6,625 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,232 | €77,857 | +€6,625 | +9.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.