HD MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€560,396
up €560,396 (+68.6%), from €817,420 to €1.4m
of which Assets under construction and advance payments: +€572,665
- Receivables within one year +€481,447
up €481,447 (+431.0%), from €111,701 to €593,148
of which Other amounts receivable: +€505,397
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Cash -€148,331
down €148,331 (-47.1%), from €314,616 to €166,285
mainly Investment in fixed assets (net) (-€591,665) and Receivables within one year (-€481,447)
- Debts after one year +€434,216
up €434,216 (+60.7%), from €715,084 to €1.1m
- Reserves +€153,303
up €153,303 (+23.3%), from €657,360 to €810,663
of which Distributable reserves: +€153,303
- Short-term financial debts +€75,000
new in 2025: €75,000
- Trade debts +€48,900
up €48,900 (+217141.4%), from €23 to €48,923
- Financial charges +€27,289
up €27,289 (+188.0%), from €14,518 to €41,808
- Taxes -€9,348
down €9,348 (-14.9%), from €62,551 to €53,203
- Gross operating margin +€7,277
up €7,277 (+2.8%), from €263,290 to €270,567
- Financial income +€3,126
up €3,126 (+49.0%), from €6,384 to €9,509
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 | €1,499,227 | €2,197,866 | +€698,639 | +46.6% |
| Fixed assets | 21/28 | €872,910 | €1,438,433 | +€565,523 | +64.8% |
| Intangible fixed assets | 21 | €55,490 | €41,617 | -€13,872 | -25.0% |
| Tangible fixed assets | 22/27 | €817,420 | €1,377,815 | +€560,396 | +68.6% |
| Land and buildings | 22 | €294,769 | €289,130 | -€5,639 | -1.9% |
| Furniture and vehicles | 24 | €21,634 | €15,004 | -€6,630 | -30.6% |
| Assets under construction and advance payments | 27 | €501,017 | €1,073,682 | +€572,665 | +114.3% |
| Financial fixed assets | 28 | - | €19,000 | +€19,000 | |
| Current assets | 29/58 | €626,318 | €759,433 | +€133,116 | +21.3% |
| Amounts receivable within one year | 40/41 | €111,701 | €593,148 | +€481,447 | +431.0% |
| Trade receivables | 40 | €72,600 | €48,650 | -€23,950 | -33.0% |
| Other amounts receivable | 41 | €39,101 | €544,498 | +€505,397 | +1292.5% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €314,616 | €166,285 | -€148,331 | -47.1% |
| Total equity and liabilities | 10/49 | €1,499,227 | €2,197,866 | +€698,639 | +46.6% |
| Equity | 10/15 | €673,367 | €826,670 | +€153,303 | +22.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €657,360 | €810,663 | +€153,303 | +23.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €655,500 | €808,803 | +€153,303 | +23.4% |
| Profit (loss) carried forward | 14 | €3,607 | €3,607 | = | 0.0% |
| Amounts payable | 17/49 | €825,860 | €1,371,196 | +€545,336 | +66.0% |
| Amounts payable after more than one year | 17 | €715,084 | €1,149,300 | +€434,216 | +60.7% |
| Financial debts | 170/4 | €715,084 | €1,149,300 | +€434,216 | +60.7% |
| Amounts payable within one year | 42/48 | €110,776 | €221,896 | +€111,120 | +100.3% |
| Current portion of amounts payable after more than one year | 42 | €89,971 | €94,664 | +€4,693 | +5.2% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €23 | €48,923 | +€48,900 | +217141.4% |
| Suppliers | 440/4 | €23 | €48,923 | +€48,900 | +217141.4% |
| Taxes, remuneration and social security | 45 | €3,200 | €3,310 | +€110 | +3.4% |
| Taxes | 450/3 | €3,200 | €3,310 | +€110 | +3.4% |
| Other amounts payable | 47/48 | €17,583 | - | -€17,583 | |
| Remuneration, social security and pensions | 62 | €1,498 | €1,680 | +€182 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,142 | €26,142 | = | 0.0% |
| Other operating charges | 640/8 | €4,652 | €3,940 | -€711 | -15.3% |
| Gross operating margin | 9900 | €263,290 | €270,567 | +€7,277 | +2.8% |
| Operating profit (loss) | 9901 | €230,998 | €238,804 | +€7,807 | +3.4% |
| Financial income | 75/76B | €6,384 | €9,509 | +€3,126 | +49.0% |
| Recurring financial income | 75 | €6,384 | €9,509 | +€3,126 | +49.0% |
| Financial charges | 65/66B | €14,518 | €41,808 | +€27,289 | +188.0% |
| Recurring financial charges | 65 | €14,518 | €41,808 | +€27,289 | +188.0% |
| Profit (loss) for the period before taxes | 9903 | €222,863 | €206,506 | -€16,357 | -7.3% |
| Income taxes | 67/77 | €62,551 | €53,203 | -€9,348 | -14.9% |
| Profit (loss) for the period | 9904 | €160,312 | €153,303 | -€7,009 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €160,312 | €153,303 | -€7,009 | -4.4% |
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 30 September 2026 via checked.be.