HD FULL CONCEPT: 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 FULL CONCEPT
Largest movements
- Stocks and contracts +€45,102
up €45,102 (+10.1%), from €447,283 to €492,385
- Tangible fixed assets -€43,148
down €43,148 (-8.2%), from €526,787 to €483,639
of which Other tangible fixed assets: -€22,126
- Cash -€22,159
down €22,159 (-14.0%), from €157,977 to €135,819
mainly Contributions, distributions and other (-€77,212) and Debts after one year (-€59,372)
- Receivables within one year +€20,083
up €20,083 (+62.5%), from €32,152 to €52,236
of which Trade receivables: +€18,862
- Debts after one year -€59,372
down €59,372 (-42.3%), from €140,474 to €81,102
- Trade debts +€44,627
up €44,627 (+75.5%), from €59,080 to €103,707
- Other debts +€39,747
up €39,747 (+299%), from €13,310 to €53,057
- Advances received -€28,920
down €28,920 (-19.8%), from €146,370 to €117,451
- Gross operating margin +€37,841
up €37,841 (+11.9%), from €318,897 to €356,738
- Taxes +€15,260
up €15,260 (+76.2%), from €20,030 to €35,290
- Staff costs -€10,832
down €10,832 (-5.9%), from €183,537 to €172,705
- Depreciation -€8,696
down €8,696 (-12.9%), from €67,231 to €58,535
- Other operating charges +€3,935
up €3,935 (+45.2%), from €8,699 to €12,633
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 | €1,183,036 | €1,179,288 | -€3,749 | -0.3% |
| Fixed assets | 21/28 | €528,994 | €485,396 | -€43,598 | -8.2% |
| Intangible fixed assets | 21 | €657 | €207 | -€450 | -68.5% |
| Tangible fixed assets | 22/27 | €526,787 | €483,639 | -€43,148 | -8.2% |
| Land and buildings | 22 | €350,187 | €334,865 | -€15,322 | -4.4% |
| Plant, machinery and equipment | 23 | €6,111 | €3,614 | -€2,497 | -40.9% |
| Furniture and vehicles | 24 | €32,784 | €29,580 | -€3,203 | -9.8% |
| Other tangible fixed assets | 26 | €137,706 | €115,580 | -€22,126 | -16.1% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €654,042 | €693,891 | +€39,849 | +6.1% |
| Stocks and contracts in progress | 3 | €447,283 | €492,385 | +€45,102 | +10.1% |
| Stocks | 30/36 | €447,283 | €492,385 | +€45,102 | +10.1% |
| Amounts receivable within one year | 40/41 | €32,152 | €52,236 | +€20,083 | +62.5% |
| Trade receivables | 40 | €29,704 | €48,566 | +€18,862 | +63.5% |
| Other amounts receivable | 41 | €2,448 | €3,669 | +€1,221 | +49.9% |
| Cash at bank and in hand | 54/58 | €157,977 | €135,819 | -€22,159 | -14.0% |
| Deferred charges and accrued income | 490/1 | €16,629 | €13,452 | -€3,178 | -19.1% |
| Total equity and liabilities | 10/49 | €1,183,036 | €1,179,288 | -€3,749 | -0.3% |
| Equity | 10/15 | €714,691 | €717,720 | +€3,029 | +0.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €420,348 | €426,359 | +€6,011 | +1.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €410,348 | €416,359 | +€6,011 | +1.5% |
| Profit (loss) carried forward | 14 | €144,395 | €143,436 | -€959 | -0.7% |
| Investment grants | 15 | €49,947 | €47,924 | -€2,023 | -4.1% |
| Amounts payable | 17/49 | €468,345 | €461,568 | -€6,778 | -1.4% |
| Amounts payable after more than one year | 17 | €140,474 | €81,102 | -€59,372 | -42.3% |
| Financial debts | 170/4 | €140,474 | €81,102 | -€59,372 | -42.3% |
| Amounts payable within one year | 42/48 | €325,673 | €378,198 | +€52,525 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €63,957 | €60,297 | -€3,660 | -5.7% |
| Trade debts | 44 | €59,080 | €103,707 | +€44,627 | +75.5% |
| Suppliers | 440/4 | €59,080 | €103,707 | +€44,627 | +75.5% |
| Advances received on contracts in progress | 46 | €146,370 | €117,451 | -€28,920 | -19.8% |
| Taxes, remuneration and social security | 45 | €42,955 | €43,686 | +€730 | +1.7% |
| Taxes | 450/3 | €16,841 | €15,997 | -€844 | -5.0% |
| Remuneration and social security | 454/9 | €26,114 | €27,688 | +€1,574 | +6.0% |
| Other amounts payable | 47/48 | €13,310 | €53,057 | +€39,747 | +299% |
| Accrued charges and deferred income | 492/3 | €2,199 | €2,268 | +€69 | +3.1% |
| Non-recurring operating income | 76A | €2,879 | €8,264 | +€5,386 | +187% |
| Remuneration, social security and pensions | 62 | €183,537 | €172,705 | -€10,832 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,231 | €58,535 | -€8,696 | -12.9% |
| Other operating charges | 640/8 | €8,699 | €12,633 | +€3,935 | +45.2% |
| Gross operating margin | 9900 | €318,897 | €356,738 | +€37,841 | +11.9% |
| Operating profit (loss) | 9901 | €59,430 | €112,864 | +€53,434 | +89.9% |
| Financial income | 75/76B | €11,749 | €10,829 | -€920 | -7.8% |
| Recurring financial income | 75 | €11,749 | €10,829 | -€920 | -7.8% |
| Financial charges | 65/66B | €8,893 | €8,161 | -€732 | -8.2% |
| Recurring financial charges | 65 | €8,893 | €8,161 | -€732 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €62,286 | €115,531 | +€53,245 | +85.5% |
| Income taxes | 67/77 | €20,030 | €35,290 | +€15,260 | +76.2% |
| Profit (loss) for the period | 9904 | €42,256 | €80,241 | +€37,985 | +89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,256 | €80,241 | +€37,985 | +89.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.