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 +€31,946
up €31,946 (+40.6%), from €78,688 to €110,634
of which Other amounts receivable: +€27,711
- Tangible fixed assets -€1,710
down €1,710 (-8.7%), from €19,664 to €17,954
- Tax, wage and social debts +€29,210
up €29,210 (+97.6%), from €29,938 to €59,148
- Accrued charges and deferred income +€18,266
up €18,266 (+1,128%), from €1,619 to €19,885
- Debts after one year -€12,542
down €12,542 (-62.2%), from €20,151 to €7,609
- Current portion of long-term debt -€5,315
down €5,315 (-29.8%), from €17,857 to €12,542
- Reserves +€5,261
up €5,261 (+25.9%), from €20,284 to €25,545
- Gross operating margin +€7,945
up €7,945 (+46.6%), from €17,056 to €25,001
- Depreciation +€4,033
up €4,033 (+764%), from €528 to €4,560
- Taxes +€3,334
up €3,334 (+75.9%), from €4,392 to €7,726
- Other operating charges -€572
down €572 (-26.6%), from €2,146 to €1,574
- Financial charges +€406
up €406 (+11.5%), from €3,525 to €3,930
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €98,412 | €128,588 | +€30,176 | +30.7% |
| Fixed assets | 21/28 | €19,664 | €17,954 | -€1,710 | -8.7% |
| Tangible fixed assets | 22/27 | €19,664 | €17,954 | -€1,710 | -8.7% |
| Furniture and vehicles | 24 | €19,664 | €17,954 | -€1,710 | -8.7% |
| Current assets | 29/58 | €78,748 | €110,634 | +€31,886 | +40.5% |
| Amounts receivable within one year | 40/41 | €78,688 | €110,634 | +€31,946 | +40.6% |
| Trade receivables | 40 | €8,470 | €12,705 | +€4,235 | +50.0% |
| Other amounts receivable | 41 | €70,218 | €97,929 | +€27,711 | +39.5% |
| Deferred charges and accrued income | 490/1 | €61 | - | -€61 | |
| Total equity and liabilities | 10/49 | €98,412 | €128,588 | +€30,176 | +30.7% |
| Equity | 10/15 | €20,434 | €25,695 | +€5,261 | +25.7% |
| Contributions | 10/11 | €150 | €150 | = | 0.0% |
| Reserves | 13 | €20,284 | €25,545 | +€5,261 | +25.9% |
| Distributable reserves | 133 | €20,284 | €25,545 | +€5,261 | +25.9% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €77,978 | €102,893 | +€24,915 | +32.0% |
| Amounts payable after more than one year | 17 | €20,151 | €7,609 | -€12,542 | -62.2% |
| Financial debts | 170/4 | €20,151 | €7,609 | -€12,542 | -62.2% |
| Amounts payable within one year | 42/48 | €56,208 | €75,399 | +€19,191 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €17,857 | €12,542 | -€5,315 | -29.8% |
| Financial debts | 43 | €4,884 | €1,537 | -€3,347 | -68.5% |
| Credit institutions | 430/8 | €4,884 | €1,537 | -€3,347 | -68.5% |
| Trade debts | 44 | €3,529 | €2,172 | -€1,357 | -38.5% |
| Suppliers | 440/4 | €3,529 | €2,172 | -€1,357 | -38.5% |
| Taxes, remuneration and social security | 45 | €29,938 | €59,148 | +€29,210 | +97.6% |
| Taxes | 450/3 | €29,938 | €59,148 | +€29,210 | +97.6% |
| Accrued charges and deferred income | 492/3 | €1,619 | €19,885 | +€18,266 | +1,128% |
| Non-recurring operating income | 76A | €583 | €30,579 | +€29,995 | +5,142% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €528 | €4,560 | +€4,033 | +764% |
| Other operating charges | 640/8 | €2,146 | €1,574 | -€572 | -26.6% |
| Non-recurring operating charges | 66A | €6,267 | €4,132 | -€2,135 | -34.1% |
| Gross operating margin | 9900 | €17,056 | €25,001 | +€7,945 | +46.6% |
| Operating profit (loss) | 9901 | €8,115 | €14,734 | +€6,619 | +81.6% |
| Financial income | 75/76B | €2,417 | €2,183 | -€233 | -9.7% |
| Recurring financial income | 75 | €2,417 | €2,183 | -€233 | -9.7% |
| Financial charges | 65/66B | €3,525 | €3,930 | +€406 | +11.5% |
| Recurring financial charges | 65 | €3,525 | €3,930 | +€406 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €7,007 | €12,987 | +€5,980 | +85.3% |
| Income taxes | 67/77 | €4,392 | €7,726 | +€3,334 | +75.9% |
| Profit (loss) for the period | 9904 | €2,615 | €5,261 | +€2,645 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €2,615 | €5,261 | +€2,645 | +101% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.