HD L TRAVERS: 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 L TRAVERS
Largest movements
- Current investments -€175,000
no longer reported in 2025 (was €175,000)
- Cash +€174,293
up €174,293 (+175%), from €99,315 to €273,608
mainly Net result for the year (+€230,909) and Other debts (+€178,691)
- Intangible fixed assets -€80,000
down €80,000 (-25.0%), from €320,000 to €240,000
- Other debts +€178,691
up €178,691 (+2,200%), from €8,123 to €186,814
- Reserves -€166,856
down €166,856 (-74.9%), from €222,764 to €55,909
- Debts after one year -€82,294
down €82,294 (-30.3%), from €271,374 to €189,080
- Tax, wage and social debts -€20,492
down €20,492 (-73.3%), from €27,956 to €7,464
of which Taxes: -€21,862
- Gross operating margin +€27,208
up €27,208 (+7.1%), from €381,910 to €409,118
- Taxes +€7,722
up €7,722 (+12.1%), from €63,968 to €71,690
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 | €630,812 | €541,351 | -€89,460 | -14.2% |
| Fixed assets | 21/28 | €344,200 | €259,962 | -€84,237 | -24.5% |
| Intangible fixed assets | 21 | €320,000 | €240,000 | -€80,000 | -25.0% |
| Tangible fixed assets | 22/27 | €24,200 | €19,962 | -€4,237 | -17.5% |
| Plant, machinery and equipment | 23 | €5,542 | €5,152 | -€390 | -7.0% |
| Furniture and vehicles | 24 | €1,456 | €456 | -€1,000 | -68.7% |
| Other tangible fixed assets | 26 | €17,201 | €14,354 | -€2,847 | -16.6% |
| Current assets | 29/58 | €286,612 | €281,389 | -€5,223 | -1.8% |
| Amounts receivable within one year | 40/41 | €11,810 | €7,403 | -€4,407 | -37.3% |
| Trade receivables | 40 | €5,778 | €7,403 | +€1,625 | +28.1% |
| Other amounts receivable | 41 | €6,032 | - | -€6,032 | |
| Current investments | 50/53 | €175,000 | - | -€175,000 | |
| Cash at bank and in hand | 54/58 | €99,315 | €273,608 | +€174,293 | +175% |
| Deferred charges and accrued income | 490/1 | €487 | €379 | -€109 | -22.3% |
| Total equity and liabilities | 10/49 | €630,812 | €541,351 | -€89,460 | -14.2% |
| Equity | 10/15 | €241,364 | €74,509 | -€166,856 | -69.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €222,764 | €55,909 | -€166,856 | -74.9% |
| Distributable reserves | 133 | €222,764 | €55,909 | -€166,856 | -74.9% |
| Amounts payable | 17/49 | €389,447 | €466,843 | +€77,396 | +19.9% |
| Amounts payable after more than one year | 17 | €271,374 | €189,080 | -€82,294 | -30.3% |
| Financial debts | 170/4 | €271,374 | €189,080 | -€82,294 | -30.3% |
| Amounts payable within one year | 42/48 | €118,073 | €277,763 | +€159,690 | +135% |
| Current portion of amounts payable after more than one year | 42 | €81,242 | €82,294 | +€1,052 | +1.3% |
| Trade debts | 44 | €752 | €1,191 | +€438 | +58.3% |
| Suppliers | 440/4 | €752 | €1,191 | +€438 | +58.3% |
| Taxes, remuneration and social security | 45 | €27,956 | €7,464 | -€20,492 | -73.3% |
| Taxes | 450/3 | €22,500 | €638 | -€21,862 | -97.2% |
| Remuneration and social security | 454/9 | €5,456 | €6,826 | +€1,370 | +25.1% |
| Other amounts payable | 47/48 | €8,123 | €186,814 | +€178,691 | +2,200% |
| Remuneration, social security and pensions | 62 | €14,587 | €16,289 | +€1,702 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,446 | €88,111 | -€335 | -0.4% |
| Other operating charges | 640/8 | €1,051 | €1,341 | +€290 | +27.6% |
| Gross operating margin | 9900 | €381,910 | €409,118 | +€27,208 | +7.1% |
| Operating profit (loss) | 9901 | €277,827 | €303,377 | +€25,550 | +9.2% |
| Financial income | 75/76B | - | €3,507 | +€3,507 | |
| Recurring financial income | 75 | - | €3,507 | +€3,507 | |
| Financial charges | 65/66B | €5,296 | €4,286 | -€1,011 | -19.1% |
| Recurring financial charges | 65 | €5,296 | €4,286 | -€1,011 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €272,530 | €302,598 | +€30,068 | +11.0% |
| Income taxes | 67/77 | €63,968 | €71,690 | +€7,722 | +12.1% |
| Profit (loss) for the period | 9904 | €208,562 | €230,909 | +€22,346 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €208,562 | €230,909 | +€22,346 | +10.7% |
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 15 October 2026 via checked.be.