HD LOGO: 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.
HD LOGO
Largest movements
- Tangible fixed assets -€8,432
down €8,432 (-21.4%), from €39,383 to €30,951
of which Leasing and similar rights: -€9,750
- Cash +€7,150
up €7,150 (+206.4%), from €3,464 to €10,614
mainly Depreciation (+€10,199) and Receivables within one year (+€5,764)
- Receivables within one year -€5,764
down €5,764 (-97.8%), from €5,892 to €127
of which Other amounts receivable: -€5,764
- Debts after one year -€5,484
down €5,484 (-16.5%), from €33,158 to €27,673
- Current portion of long-term debt -€4,867
no longer reported in 2025 (was €4,867)
- Profit (loss) carried forward +€4,018
up €4,018 (+128.8%), from €3,121 to €7,138
- Other operating charges -€1,600
down €1,600 (-81.7%), from €1,958 to €358
- Depreciation +€353
up €353 (+3.6%), from €9,846 to €10,199
- Taxes +€300
new in 2025: €300
- Gross operating margin +€179
up €179 (+1.2%), from €14,777 to €14,956
- Financial income -€177
down €177 (-94.8%), from €187 to €10
of which Non-recurring financial income: -€187
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 | €48,738 | €41,992 | -€6,746 | -13.8% |
| Fixed assets | 21/28 | €39,383 | €31,251 | -€8,132 | -20.6% |
| Tangible fixed assets | 22/27 | €39,383 | €30,951 | -€8,432 | -21.4% |
| Plant, machinery and equipment | 23 | - | €1,414 | +€1,414 | |
| Furniture and vehicles | 24 | €383 | €287 | -€96 | -25.0% |
| Leasing and similar rights | 25 | €39,000 | €29,250 | -€9,750 | -25.0% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €9,355 | €10,741 | +€1,386 | +14.8% |
| Amounts receivable within one year | 40/41 | €5,892 | €127 | -€5,764 | -97.8% |
| Trade receivables | 40 | - | €0 | +€0 | |
| Other amounts receivable | 41 | €5,892 | €127 | -€5,764 | -97.8% |
| Cash at bank and in hand | 54/58 | €3,464 | €10,614 | +€7,150 | +206.4% |
| Total equity and liabilities | 10/49 | €48,738 | €41,992 | -€6,746 | -13.8% |
| Equity | 10/15 | €7,121 | €11,138 | +€4,018 | +56.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,121 | €7,138 | +€4,018 | +128.8% |
| Amounts payable | 17/49 | €41,618 | €30,854 | -€10,764 | -25.9% |
| Amounts payable after more than one year | 17 | €33,158 | €27,673 | -€5,484 | -16.5% |
| Financial debts | 170/4 | €33,158 | €27,673 | -€5,484 | -16.5% |
| Amounts payable within one year | 42/48 | €8,460 | €3,181 | -€5,280 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €4,867 | - | -€4,867 | |
| Trade debts | 44 | €2,826 | €2,802 | -€25 | -0.9% |
| Suppliers | 440/4 | €2,826 | €2,802 | -€25 | -0.9% |
| Taxes, remuneration and social security | 45 | €767 | €379 | -€388 | -50.6% |
| Taxes | 450/3 | - | €300 | +€300 | |
| Remuneration and social security | 454/9 | €767 | €79 | -€688 | -89.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,846 | €10,199 | +€353 | +3.6% |
| Other operating charges | 640/8 | €1,958 | €358 | -€1,600 | -81.7% |
| Gross operating margin | 9900 | €14,777 | €14,956 | +€179 | +1.2% |
| Operating profit (loss) | 9901 | €2,973 | €4,398 | +€1,425 | +47.9% |
| Financial income | 75/76B | €187 | €10 | -€177 | -94.8% |
| Recurring financial income | 75 | €187 | €10 | -€177 | -94.8% |
| Non-recurring financial income | 76B | €187 | - | -€187 | |
| Financial charges | 65/66B | €39 | €90 | +€51 | +129.7% |
| Recurring financial charges | 65 | €39 | €90 | +€51 | +129.7% |
| Profit (loss) for the period before taxes | 9903 | €3,121 | €4,318 | +€1,197 | +38.4% |
| Income taxes | 67/77 | - | €300 | +€300 | |
| Profit (loss) for the period | 9904 | €3,121 | €4,018 | +€897 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,121 | €4,018 | +€897 | +28.8% |
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 6 October 2026 via checked.be.