HD MED: 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 MED
Largest movements
- Cash +€72,227
up €72,227 (+119.3%), from €60,527 to €132,755
mainly Net result for the year (+€89,556) and Depreciation (+€57,100)
- Intangible fixed assets -€27,200
down €27,200 (-11.8%), from €230,641 to €203,441
- Tangible fixed assets -€26,755
down €26,755 (-7.5%), from €357,823 to €331,068
of which Land and buildings: -€24,251
- Reserves +€89,556
up €89,556 (+85.7%), from €104,496 to €194,052
- Debts after one year -€51,846
down €51,846 (-11.8%), from €439,030 to €387,184
- Other debts -€23,903
down €23,903 (-47.6%), from €50,262 to €26,359
- Gross operating margin +€46,943
up €46,943 (+30.7%), from €153,127 to €200,070
- Taxes +€16,406
up €16,406 (+77.8%), from €21,077 to €37,483
- Financial charges -€2,333
down €2,333 (-15.3%), from €15,237 to €12,905
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 | €659,893 | €680,922 | +€21,029 | +3.2% |
| Fixed assets | 21/28 | €588,464 | €534,509 | -€53,955 | -9.2% |
| Intangible fixed assets | 21 | €230,641 | €203,441 | -€27,200 | -11.8% |
| Tangible fixed assets | 22/27 | €357,823 | €331,068 | -€26,755 | -7.5% |
| Land and buildings | 22 | €326,951 | €302,700 | -€24,251 | -7.4% |
| Plant, machinery and equipment | 23 | €9,375 | €7,713 | -€1,662 | -17.7% |
| Furniture and vehicles | 24 | €4,213 | €5,342 | +€1,129 | +26.8% |
| Other tangible fixed assets | 26 | €17,284 | €15,312 | -€1,972 | -11.4% |
| Current assets | 29/58 | €71,429 | €146,413 | +€74,984 | +105.0% |
| Amounts receivable within one year | 40/41 | €1,224 | €2,697 | +€1,474 | +120.4% |
| Trade receivables | 40 | - | €2,697 | +€2,697 | |
| Other amounts receivable | 41 | €1,224 | - | -€1,224 | |
| Cash at bank and in hand | 54/58 | €60,527 | €132,755 | +€72,227 | +119.3% |
| Deferred charges and accrued income | 490/1 | €9,678 | €10,961 | +€1,283 | +13.3% |
| Total equity and liabilities | 10/49 | €659,893 | €680,922 | +€21,029 | +3.2% |
| Equity | 10/15 | €109,496 | €199,052 | +€89,556 | +81.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €104,496 | €194,052 | +€89,556 | +85.7% |
| Distributable reserves | 133 | €104,496 | €194,052 | +€89,556 | +85.7% |
| Amounts payable | 17/49 | €550,397 | €481,871 | -€68,527 | -12.5% |
| Amounts payable after more than one year | 17 | €439,030 | €387,184 | -€51,846 | -11.8% |
| Financial debts | 170/4 | €439,030 | €387,184 | -€51,846 | -11.8% |
| Amounts payable within one year | 42/48 | €111,367 | €94,686 | -€16,681 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €50,156 | €51,846 | +€1,690 | +3.4% |
| Trade debts | 44 | €10,872 | €11,014 | +€142 | +1.3% |
| Suppliers | 440/4 | €10,872 | €11,014 | +€142 | +1.3% |
| Taxes, remuneration and social security | 45 | €77 | €5,467 | +€5,390 | +7010.6% |
| Taxes | 450/3 | €77 | €5,467 | +€5,390 | +7010.6% |
| Other amounts payable | 47/48 | €50,262 | €26,359 | -€23,903 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,937 | €57,100 | -€1,836 | -3.1% |
| Other operating charges | 640/8 | €3,013 | €3,082 | +€69 | +2.3% |
| Gross operating margin | 9900 | €153,127 | €200,070 | +€46,943 | +30.7% |
| Operating profit (loss) | 9901 | €91,177 | €139,888 | +€48,710 | +53.4% |
| Financial income | 75/76B | - | €56 | +€56 | |
| Recurring financial income | 75 | - | €56 | +€56 | |
| Financial charges | 65/66B | €15,237 | €12,905 | -€2,333 | -15.3% |
| Recurring financial charges | 65 | €15,237 | €12,905 | -€2,333 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €75,940 | €127,039 | +€51,099 | +67.3% |
| Income taxes | 67/77 | €21,077 | €37,483 | +€16,406 | +77.8% |
| Profit (loss) for the period | 9904 | €54,863 | €89,556 | +€34,693 | +63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,863 | €89,556 | +€34,693 | +63.2% |
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 11 October 2026 via checked.be.