HD GROUP: 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.
What changed
HD GROUP
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€122,810
2024 · €1.0m-€922,652
Equity
€1.4m
2024 · €2.3m-€958,213
Cash
€459,571
2024 · €394,499+€65,072
Balance sheet total
€2.9m
2024 · €9.6m-€6.7m
Largest movements
Assets
- Financial fixed assets -€3.8m
down €3.8m (-100.0%), from €3.9m to €1,768
of which Affiliated companies: -€3.8m
- Intangible fixed assets -€2.6m
no longer reported in 2025 (was €2.6m)
- Receivables within one year -€293,357
down €293,357 (-27.0%), from €1.1m to €793,552
of which Trade receivables: -€256,728
Equity and liabilities
- Debts after one year -€3.3m
down €3.3m (-82.3%), from €4.0m to €706,495
- Other debts -€2.0m
down €2.0m (-85.4%), from €2.4m to €346,811
- Profit (loss) carried forward -€650,656
down €650,656 (-40.6%), from €1.6m to €951,965
- Current portion of long-term debt -€403,701
down €403,701 (-54.3%), from €744,037 to €340,336
- Contributions -€161,989
down €161,989 (-45.9%), from €352,941 to €190,952
Income statement
- Turnover -€1.7m
no longer reported in 2025 (was €1.7m)
- Financial income -€678,971
down €678,971 (-99.4%), from €682,742 to €3,771
- Services and other goods -€599,447
no longer reported in 2025 (was €599,447)
- Gross operating margin +€305,429
new in 2025: €305,429
- Depreciation -€286,390
down €286,390 (-77.0%), from €371,955 to €85,565
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.
Result 2024
€1.0m
Turnover
-€1.7m
Other operating income
-€4,468
Services and other goods
+€599,447
Depreciation
+€286,390
Other operating charges
+€1,538
Other operating items
+€305,429
Financial income
-€678,971
Financial charges
+€82,143
Taxes
+€175,786
Result 2025
€122,810
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.
From operations
-€1.6m
Investment
+€6.4m
Financing
-€4.8m
Cash 2024
€394,499
From operations (derived)
-€1.6m
Net result for the year
+€122,810
Depreciation
+€85,565
Receivables within one year
+€293,357
Smaller working-capital items
-€539
Trade debts
-€47,542
Other debts
-€2.0m
Investment (derived)
+€6.4m
Investment in fixed assets (net)
+€6.4m
Financing
-€4.8m
Debts after one year
-€3.3m
Current portion of long-term debt
-€403,701
Short-term financial debts
+€6,590
Contributions, distributions and other
-€1.1m
Cash 2025
€459,571
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,575,956 | €2,859,539 | -€6.7m | -70.1% |
| Fixed assets | 21/28 | €8,092,697 | €1,606,416 | -€6.5m | -80.1% |
| Intangible fixed assets | 21 | €2,551,116 | - | -€2.6m | |
| Tangible fixed assets | 22/27 | €1,690,213 | €1,604,647 | -€85,565 | -5.1% |
| Land and buildings | 22 | €1,690,213 | €1,604,647 | -€85,565 | -5.1% |
| Financial fixed assets | 28 | €3,851,368 | €1,768 | -€3.8m | -100.0% |
| Affiliated companies | 280/1 | €3,849,600 | - | -€3.8m | |
| Participating interests | 280 | €3,849,600 | - | -€3.8m | |
| Other financial fixed assets | 284/8 | €1,768 | - | -€1,768 | |
| Amounts receivable and cash guarantees | 285/8 | €1,768 | - | -€1,768 | |
| Current assets | 29/58 | €1,483,260 | €1,253,123 | -€230,136 | -15.5% |
| Amounts receivable within one year | 40/41 | €1,086,909 | €793,552 | -€293,357 | -27.0% |
| Trade receivables | 40 | €318,478 | €61,750 | -€256,728 | -80.6% |
| Other amounts receivable | 41 | €768,431 | €731,803 | -€36,629 | -4.8% |
| Cash at bank and in hand | 54/58 | €394,499 | €459,571 | +€65,072 | +16.5% |
| Deferred charges and accrued income | 490/1 | €1,851 | - | -€1,851 | |
| Total equity and liabilities | 10/49 | €9,575,956 | €2,859,539 | -€6.7m | -70.1% |
| Equity | 10/15 | €2,347,107 | €1,388,894 | -€958,213 | -40.8% |
| Contributions | 10/11 | €352,941 | €190,952 | -€161,989 | -45.9% |
| Capital | 10 | €352,941 | €190,952 | -€161,989 | -45.9% |
| Issued capital | 100 | €352,941 | €190,952 | -€161,989 | -45.9% |
| Reserves | 13 | €308,944 | €167,148 | -€141,796 | -45.9% |
| Non-distributable reserves | 130/1 | €35,294 | €19,095 | -€16,199 | -45.9% |
| Legal reserve | 130 | €35,294 | €19,095 | -€16,199 | -45.9% |
| Tax-exempt reserves | 132 | €273,650 | €148,053 | -€125,597 | -45.9% |
| Profit (loss) carried forward | 14 | €1,602,621 | €951,965 | -€650,656 | -40.6% |
| Investment grants | 15 | €82,600 | €78,829 | -€3,771 | -4.6% |
| Amounts payable | 17/49 | €7,228,850 | €1,470,646 | -€5.8m | -79.7% |
| Amounts payable after more than one year | 17 | €3,981,552 | €706,495 | -€3.3m | -82.3% |
| Financial debts | 170/4 | €3,981,552 | €706,495 | -€3.3m | -82.3% |
| Subordinated loans | 170 | €2,402,198 | - | -€2.4m | |
| Credit institutions | 173 | €1,579,355 | - | -€1.6m | |
| Amounts payable within one year | 42/48 | €3,247,297 | €764,151 | -€2.5m | -76.5% |
| Current portion of amounts payable after more than one year | 42 | €744,037 | €340,336 | -€403,701 | -54.3% |
| Financial debts | 43 | - | €6,590 | +€6,590 | |
| Credit institutions | 430/8 | - | €6,590 | +€6,590 | |
| Trade debts | 44 | €101,320 | €53,777 | -€47,542 | -46.9% |
| Suppliers | 440/4 | €101,320 | €53,777 | -€47,542 | -46.9% |
| Taxes, remuneration and social security | 45 | €19,026 | €16,637 | -€2,389 | -12.6% |
| Taxes | 450/3 | €19,026 | €16,637 | -€2,389 | -12.6% |
| Other amounts payable | 47/48 | €2,382,915 | €346,811 | -€2.0m | -85.4% |
| Operating income | 70/76A | €1,694,415 | - | -€1.7m | |
| Turnover | 70 | €1,689,947 | - | -€1.7m | |
| Other operating income | 74 | €4,468 | - | -€4,468 | |
| Operating charges | 60/66A | €999,876 | - | -€999,876 | |
| Services and other goods | 61 | €599,447 | - | -€599,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €371,955 | €85,565 | -€286,390 | -77.0% |
| Other operating charges | 640/8 | €28,474 | €26,936 | -€1,538 | -5.4% |
| Gross operating margin | 9900 | - | €305,429 | +€305,429 | |
| Operating profit (loss) | 9901 | €694,539 | €192,928 | -€501,611 | -72.2% |
| Financial income | 75/76B | €682,742 | €3,771 | -€678,971 | -99.4% |
| Recurring financial income | 75 | €682,742 | €3,771 | -€678,971 | -99.4% |
| Income from financial fixed assets | 750 | €663,000 | - | -€663,000 | |
| Other financial income | 752/9 | €19,742 | - | -€19,742 | |
| Financial charges | 65/66B | €114,396 | €32,253 | -€82,143 | -71.8% |
| Recurring financial charges | 65 | €114,396 | €32,253 | -€82,143 | -71.8% |
| Debt charges | 650 | €112,428 | - | -€112,428 | |
| Other financial charges | 652/9 | €1,968 | - | -€1,968 | |
| Profit (loss) for the period before taxes | 9903 | €1,262,885 | €164,447 | -€1.1m | -87.0% |
| Income taxes | 67/77 | €217,423 | €41,637 | -€175,786 | -80.8% |
| Taxes | 670/3 | €217,423 | - | -€217,423 | |
| Profit (loss) for the period | 9904 | €1,045,462 | €122,810 | -€922,652 | -88.3% |
| Transfer to tax-exempt reserves | 689 | €273,650 | - | -€273,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €771,812 | €122,810 | -€649,002 | -84.1% |
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 3 October 2026 via checked.be.