HD - I: 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 - I
Largest movements
- Cash -€35,101
down €35,101 (-69.2%), from €50,725 to €15,624
mainly Net result for the year (-€32,231) and Trade debts (-€24,477)
- Tangible fixed assets -€12,540
down €12,540 (-43.9%), from €28,578 to €16,038
of which Furniture and vehicles: -€12,238
- Receivables within one year -€8,734
down €8,734 (-17.9%), from €48,660 to €39,926
of which Other amounts receivable: -€11,080
- Profit (loss) carried forward -€32,231
down €32,231 (-447.9%), from -€7,196 to -€39,427
- Trade debts -€24,477
down €24,477 (-71.4%), from €34,295 to €9,818
- Gross operating margin +€35,258
up €35,258 (+65.5%), from -€53,793 to -€18,536
- Financial income -€4,041
down €4,041 (-67.7%), from €5,973 to €1,932
of which Non-recurring financial income: -€4,366
- Write-downs +€2,154
new in 2025: €2,154
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 | €183,228 | €126,868 | -€56,360 | -30.8% |
| Fixed assets | 21/28 | €83,579 | €71,039 | -€12,540 | -15.0% |
| Tangible fixed assets | 22/27 | €28,578 | €16,038 | -€12,540 | -43.9% |
| Plant, machinery and equipment | 23 | €340 | €38 | -€302 | -88.7% |
| Furniture and vehicles | 24 | €27,188 | €14,950 | -€12,238 | -45.0% |
| Other tangible fixed assets | 26 | €1,050 | €1,050 | = | 0.0% |
| Financial fixed assets | 28 | €55,001 | €55,001 | = | 0.0% |
| Current assets | 29/58 | €99,648 | €55,828 | -€43,820 | -44.0% |
| Amounts receivable within one year | 40/41 | €48,660 | €39,926 | -€8,734 | -17.9% |
| Trade receivables | 40 | €3,932 | €6,279 | +€2,347 | +59.7% |
| Other amounts receivable | 41 | €44,727 | €33,647 | -€11,080 | -24.8% |
| Cash at bank and in hand | 54/58 | €50,725 | €15,624 | -€35,101 | -69.2% |
| Deferred charges and accrued income | 490/1 | €264 | €279 | +€15 | +5.6% |
| Total equity and liabilities | 10/49 | €183,228 | €126,868 | -€56,360 | -30.8% |
| Equity | 10/15 | €148,301 | €116,070 | -€32,231 | -21.7% |
| Contributions | 10/11 | €72,800 | €72,800 | = | 0.0% |
| Reserves | 13 | €82,697 | €82,697 | = | 0.0% |
| Tax-exempt reserves | 132 | €224 | €224 | = | 0.0% |
| Distributable reserves | 133 | €82,473 | €82,473 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,196 | -€39,427 | -€32,231 | -447.9% |
| Amounts payable | 17/49 | €34,927 | €10,798 | -€24,129 | -69.1% |
| Amounts payable within one year | 42/48 | €34,785 | €10,798 | -€23,987 | -69.0% |
| Trade debts | 44 | €34,295 | €9,818 | -€24,477 | -71.4% |
| Suppliers | 440/4 | €34,295 | €9,818 | -€24,477 | -71.4% |
| Taxes, remuneration and social security | 45 | €490 | €980 | +€490 | +100.1% |
| Taxes | 450/3 | €490 | €980 | +€490 | +100.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €142 | €0 | -€142 | -100.0% |
| Non-recurring operating income | 76A | €2,208 | €597 | -€1,611 | -73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,540 | €12,540 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,154 | +€2,154 | |
| Other operating charges | 640/8 | €610 | €672 | +€62 | +10.2% |
| Gross operating margin | 9900 | -€53,793 | -€18,536 | +€35,258 | +65.5% |
| Operating profit (loss) | 9901 | -€66,943 | -€33,902 | +€33,041 | +49.4% |
| Financial income | 75/76B | €5,973 | €1,932 | -€4,041 | -67.7% |
| Recurring financial income | 75 | €1,607 | €1,932 | +€325 | +20.2% |
| Non-recurring financial income | 76B | €4,366 | €0 | -€4,366 | -100.0% |
| Financial charges | 65/66B | €281 | €147 | -€135 | -47.9% |
| Recurring financial charges | 65 | €281 | €147 | -€135 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€61,251 | -€32,116 | +€29,135 | +47.6% |
| Income taxes | 67/77 | €174 | €115 | -€59 | -34.1% |
| Profit (loss) for the period | 9904 | -€61,425 | -€32,231 | +€29,194 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,425 | -€32,231 | +€29,194 | +47.5% |
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 9 October 2026 via checked.be.