HD Law: 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 Law
Largest movements
- Receivables within one year +€24,156
up €24,156 (+113%), from €21,368 to €45,524
- Intangible fixed assets -€22,500
down €22,500 (-15.4%), from €146,250 to €123,750
- Cash -€8,905
down €8,905 (-20.7%), from €43,026 to €34,121
mainly Debts after one year (-€150,323) and Contributions, distributions and other (-€37,000)
- Tangible fixed assets -€8,213
down €8,213 (-28.9%), from €28,405 to €20,192
of which Assets under construction and advance payments: -€14,690
- Deferred charges and accrued income -€2,875
down €2,875 (-61.5%), from €4,674 to €1,799
- Debts after one year -€150,323
down €150,323 (-82.2%), from €182,983 to €32,660
of which Other amounts payable: -€130,000
- Other debts +€126,787
up €126,787 (+483%), from €26,264 to €153,051
- Tax, wage and social debts +€7,122
up €7,122 (+167%), from €4,259 to €11,381
- Gross operating margin +€42,628
up €42,628 (+89.3%), from €47,743 to €90,371
- Taxes +€13,314
up €13,314 (+851%), from €1,565 to €14,879
- Other operating charges -€4,545
down €4,545 (-54.2%), from €8,386 to €3,841
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 | €243,723 | €225,387 | -€18,336 | -7.5% |
| Fixed assets | 21/28 | €174,655 | €143,942 | -€30,713 | -17.6% |
| Intangible fixed assets | 21 | €146,250 | €123,750 | -€22,500 | -15.4% |
| Tangible fixed assets | 22/27 | €28,405 | €20,192 | -€8,213 | -28.9% |
| Plant, machinery and equipment | 23 | €105 | - | -€105 | |
| Furniture and vehicles | 24 | €11,949 | €6,859 | -€5,090 | -42.6% |
| Leasing and similar rights | 25 | €1,661 | €903 | -€758 | -45.6% |
| Other tangible fixed assets | 26 | - | €12,430 | +€12,430 | |
| Assets under construction and advance payments | 27 | €14,690 | - | -€14,690 | |
| Current assets | 29/58 | €69,068 | €81,445 | +€12,377 | +17.9% |
| Amounts receivable within one year | 40/41 | €21,368 | €45,524 | +€24,156 | +113% |
| Trade receivables | 40 | €21,368 | €45,524 | +€24,156 | +113% |
| Cash at bank and in hand | 54/58 | €43,026 | €34,121 | -€8,905 | -20.7% |
| Deferred charges and accrued income | 490/1 | €4,674 | €1,799 | -€2,875 | -61.5% |
| Total equity and liabilities | 10/49 | €243,723 | €225,387 | -€18,336 | -7.5% |
| Equity | 10/15 | €5,755 | €5,428 | -€327 | -5.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €755 | €428 | -€327 | -43.3% |
| Amounts payable | 17/49 | €237,968 | €219,959 | -€18,009 | -7.6% |
| Amounts payable after more than one year | 17 | €182,983 | €32,660 | -€150,323 | -82.2% |
| Financial debts | 170/4 | €52,983 | €32,660 | -€20,323 | -38.4% |
| Other amounts payable | 178/9 | €130,000 | - | -€130,000 | |
| Amounts payable within one year | 42/48 | €53,250 | €185,564 | +€132,314 | +248% |
| Current portion of amounts payable after more than one year | 42 | €20,091 | €20,323 | +€232 | +1.2% |
| Trade debts | 44 | €2,636 | €808 | -€1,828 | -69.3% |
| Suppliers | 440/4 | €2,636 | €808 | -€1,828 | -69.3% |
| Taxes, remuneration and social security | 45 | €4,259 | €11,381 | +€7,122 | +167% |
| Taxes | 450/3 | €4,259 | €11,381 | +€7,122 | +167% |
| Other amounts payable | 47/48 | €26,264 | €153,051 | +€126,787 | +483% |
| Accrued charges and deferred income | 492/3 | €1,735 | €1,735 | +€0 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,008 | €32,397 | -€611 | -1.9% |
| Other operating charges | 640/8 | €8,386 | €3,841 | -€4,545 | -54.2% |
| Gross operating margin | 9900 | €47,743 | €90,371 | +€42,628 | +89.3% |
| Operating profit (loss) | 9901 | €6,349 | €54,133 | +€47,784 | +753% |
| Financial income | 75/76B | €48 | €100 | +€52 | +108% |
| Recurring financial income | 75 | €48 | €100 | +€52 | +108% |
| Financial charges | 65/66B | €1,816 | €2,681 | +€865 | +47.6% |
| Recurring financial charges | 65 | €1,816 | €2,681 | +€865 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | €4,581 | €51,552 | +€46,971 | +1,025% |
| Income taxes | 67/77 | €1,565 | €14,879 | +€13,314 | +851% |
| Profit (loss) for the period | 9904 | €3,016 | €36,673 | +€33,657 | +1,116% |
| Profit (loss) for the period to be appropriated | 9905 | €3,016 | €36,673 | +€33,657 | +1,116% |
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 17 October 2026 via checked.be.