HD Group: 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 Group
Largest movements
- Financial fixed assets +€3.7m
up €3.7m (+1462000.0%), from €250 to €3.7m
- Deferred charges and accrued income +€2.4m
up €2.4m, from €0 to €2.4m
- Receivables within one year +€1.4m
up €1.4m (+241.4%), from €570,260 to €1.9m
of which Trade receivables: +€958,295
- Cash +€1.2m
up €1.2m (+147986.5%), from €788 to €1.2m
mainly Debts after one year (+€4.2m) and Accrued charges and deferred income (+€2.5m)
- Tangible fixed assets +€818,882
up €818,882 (+49.0%), from €1.7m to €2.5m
of which Leasing and similar rights: +€2.4m
- Debts after one year +€4.2m
up €4.2m (+178.4%), from €2.4m to €6.6m
of which Financial debts: +€4.2m
- Accrued charges and deferred income +€2.5m
up €2.5m (+12192.9%), from €20,700 to €2.5m
- Short-term financial debts +€1.2m
up €1.2m (+224.2%), from €533,727 to €1.7m
- Trade debts +€741,255
up €741,255 (+317.1%), from €233,751 to €975,005
- Tax, wage and social debts +€615,322
up €615,322 (+655.7%), from €93,839 to €709,160
of which Taxes: +€584,374
- Staff costs +€169,758
up €169,758 (+881.8%), from €19,251 to €189,009
- Gross operating margin +€134,452
up €134,452 (+41.1%), from €327,325 to €461,777
- Financial charges +€57,556
up €57,556 (+55.1%), from €104,467 to €162,022
- Other operating charges +€40,909
up €40,909 (+358.1%), from €11,425 to €52,334
- Depreciation -€19,786
down €19,786 (-55.9%), from €35,404 to €15,618
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,949,036 | €14,150,287 | +€10.2m | +258.3% |
| Formation expenses | 20 | €1,521 | €943 | -€578 | -38.0% |
| Fixed assets | 21/28 | €1,673,619 | €6,148,226 | +€4.5m | +267.4% |
| Intangible fixed assets | 21 | €1,694 | €2,421 | +€726 | +42.9% |
| Tangible fixed assets | 22/27 | €1,671,674 | €2,490,556 | +€818,882 | +49.0% |
| Land and buildings | 22 | €1,671,674 | €64,000 | -€1.6m | -96.2% |
| Plant, machinery and equipment | 23 | - | €1,411 | +€1,411 | |
| Furniture and vehicles | 24 | - | €16,149 | +€16,149 | |
| Leasing and similar rights | 25 | - | €2,408,996 | +€2.4m | |
| Financial fixed assets | 28 | €250 | €3,655,250 | +€3.7m | +1462000.0% |
| Current assets | 29/58 | €2,273,897 | €8,001,118 | +€5.7m | +251.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,702,848 | €2,519,177 | +€816,329 | +47.9% |
| Stocks | 30/36 | €1,702,848 | €2,519,177 | +€816,329 | +47.9% |
| Amounts receivable within one year | 40/41 | €570,260 | €1,946,724 | +€1.4m | +241.4% |
| Trade receivables | 40 | €399,358 | €1,357,653 | +€958,295 | +240.0% |
| Other amounts receivable | 41 | €170,902 | €589,071 | +€418,169 | +244.7% |
| Cash at bank and in hand | 54/58 | €788 | €1,167,203 | +€1.2m | +147986.5% |
| Deferred charges and accrued income | 490/1 | €0 | €2,368,015 | +€2.4m | |
| Total equity and liabilities | 10/49 | €3,949,036 | €14,150,287 | +€10.2m | +258.3% |
| Equity | 10/15 | €110,858 | €619,542 | +€508,684 | +458.9% |
| Contributions | 10/11 | €105,000 | €605,000 | +€500,000 | +476.2% |
| Reserves | 13 | €5,858 | €14,542 | +€8,684 | +148.3% |
| Distributable reserves | 133 | €5,858 | €14,542 | +€8,684 | +148.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,838,178 | €13,530,745 | +€9.7m | +252.5% |
| Amounts payable after more than one year | 17 | €2,371,151 | €6,601,744 | +€4.2m | +178.4% |
| Financial debts | 170/4 | €1,260,862 | €5,488,121 | +€4.2m | +335.3% |
| Other amounts payable | 178/9 | €1,110,288 | €1,113,623 | +€3,335 | +0.3% |
| Amounts payable within one year | 42/48 | €1,446,328 | €4,384,341 | +€2.9m | +203.1% |
| Current portion of amounts payable after more than one year | 42 | €381,342 | €356,058 | -€25,284 | -6.6% |
| Financial debts | 43 | €533,727 | €1,730,128 | +€1.2m | +224.2% |
| Credit institutions | 430/8 | €533,727 | €1,730,128 | +€1.2m | +224.2% |
| Trade debts | 44 | €233,751 | €975,005 | +€741,255 | +317.1% |
| Suppliers | 440/4 | €233,751 | €975,005 | +€741,255 | +317.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €93,839 | €709,160 | +€615,322 | +655.7% |
| Taxes | 450/3 | €92,973 | €677,347 | +€584,374 | +628.5% |
| Remuneration and social security | 454/9 | €866 | €31,814 | +€30,948 | +3574.2% |
| Other amounts payable | 47/48 | €203,670 | €613,989 | +€410,320 | +201.5% |
| Accrued charges and deferred income | 492/3 | €20,700 | €2,544,660 | +€2.5m | +12192.9% |
| Non-recurring operating income | 76A | €0 | €12,765 | +€12,765 | |
| Remuneration, social security and pensions | 62 | €19,251 | €189,009 | +€169,758 | +881.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,404 | €15,618 | -€19,786 | -55.9% |
| Other operating charges | 640/8 | €11,425 | €52,334 | +€40,909 | +358.1% |
| Non-recurring operating charges | 66A | - | €31,562 | +€31,562 | |
| Gross operating margin | 9900 | €327,325 | €461,777 | +€134,452 | +41.1% |
| Operating profit (loss) | 9901 | €261,245 | €173,254 | -€87,991 | -33.7% |
| Financial income | 75/76B | €5,827 | €8,099 | +€2,272 | +39.0% |
| Recurring financial income | 75 | €5,827 | €8,099 | +€2,272 | +39.0% |
| Financial charges | 65/66B | €104,467 | €162,022 | +€57,556 | +55.1% |
| Recurring financial charges | 65 | €104,467 | €162,022 | +€57,556 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €162,605 | €19,330 | -€143,275 | -88.1% |
| Income taxes | 67/77 | €542 | €10,646 | +€10,104 | +1864.9% |
| Profit (loss) for the period | 9904 | €162,063 | €8,684 | -€153,379 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €162,063 | €8,684 | -€153,379 | -94.6% |
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 12 October 2026 via checked.be.