HD METAL: 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 METAL
Largest movements
- Receivables within one year +€120,248
up €120,248 (+23.7%), from €507,032 to €627,279
of which Trade receivables: +€107,219
- Stocks and contracts -€15,400
down €15,400 (-3.5%), from €435,750 to €420,350
of which Contracts in progress: -€62,600
- Short-term financial debts +€120,500
up €120,500 (+52.4%), from €230,000 to €350,500
- Trade debts -€35,560
down €35,560 (-9.0%), from €396,637 to €361,077
- Current portion of long-term debt +€16,023
up €16,023 (+58.3%), from €27,499 to €43,522
- Profit (loss) carried forward +€12,294
up €12,294 (+8.4%), from €146,175 to €158,469
- Gross operating margin -€39,983
down €39,983 (-9.7%), from €411,793 to €371,810
- Staff costs -€29,348
down €29,348 (-8.8%), from €335,042 to €305,694
- Depreciation -€11,691
down €11,691 (-27.6%), from €42,293 to €30,602
- Other operating charges -€8,217
down €8,217 (-74.6%), from €11,016 to €2,800
- Financial charges -€7,938
down €7,938 (-32.6%), from €24,315 to €16,376
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 | €1,120,874 | €1,222,716 | +€101,841 | +9.1% |
| Fixed assets | 21/28 | €132,241 | €125,318 | -€6,923 | -5.2% |
| Intangible fixed assets | 21 | €5,946 | €3,582 | -€2,364 | -39.8% |
| Tangible fixed assets | 22/27 | €97,688 | €88,889 | -€8,799 | -9.0% |
| Plant, machinery and equipment | 23 | €77,172 | €68,836 | -€8,336 | -10.8% |
| Furniture and vehicles | 24 | €1,095 | €5,010 | +€3,916 | +358% |
| Other tangible fixed assets | 26 | €19,420 | €15,043 | -€4,378 | -22.5% |
| Financial fixed assets | 28 | €28,607 | €32,847 | +€4,240 | +14.8% |
| Current assets | 29/58 | €988,633 | €1,097,398 | +€108,764 | +11.0% |
| Stocks and contracts in progress | 3 | €435,750 | €420,350 | -€15,400 | -3.5% |
| Stocks | 30/36 | €97,150 | €144,350 | +€47,200 | +48.6% |
| Contracts in progress | 37 | €338,600 | €276,000 | -€62,600 | -18.5% |
| Amounts receivable within one year | 40/41 | €507,032 | €627,279 | +€120,248 | +23.7% |
| Trade receivables | 40 | €477,591 | €584,810 | +€107,219 | +22.5% |
| Other amounts receivable | 41 | €29,441 | €42,470 | +€13,029 | +44.3% |
| Cash at bank and in hand | 54/58 | €45,852 | €49,768 | +€3,916 | +8.5% |
| Total equity and liabilities | 10/49 | €1,120,874 | €1,222,716 | +€101,841 | +9.1% |
| Equity | 10/15 | €252,057 | €264,351 | +€12,294 | +4.9% |
| Contributions | 10/11 | €68,983 | €68,983 | = | 0.0% |
| Capital | 10 | €68,983 | €68,983 | = | 0.0% |
| Issued capital | 100 | €68,983 | €68,983 | = | 0.0% |
| Reserves | 13 | €36,898 | €36,898 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,898 | €6,898 | = | 0.0% |
| Legal reserve | 130 | €6,898 | €6,898 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,175 | €158,469 | +€12,294 | +8.4% |
| Amounts payable | 17/49 | €868,818 | €958,364 | +€89,547 | +10.3% |
| Amounts payable after more than one year | 17 | €19,948 | €10,111 | -€9,836 | -49.3% |
| Financial debts | 170/4 | €19,948 | €10,111 | -€9,836 | -49.3% |
| Amounts payable within one year | 42/48 | €848,870 | €948,253 | +€99,383 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €27,499 | €43,522 | +€16,023 | +58.3% |
| Financial debts | 43 | €230,000 | €350,500 | +€120,500 | +52.4% |
| Credit institutions | 430/8 | €230,000 | €350,500 | +€120,500 | +52.4% |
| Trade debts | 44 | €396,637 | €361,077 | -€35,560 | -9.0% |
| Suppliers | 440/4 | €396,637 | €361,077 | -€35,560 | -9.0% |
| Taxes, remuneration and social security | 45 | €13,662 | €13,882 | +€220 | +1.6% |
| Taxes | 450/3 | €1,766 | €4,044 | +€2,278 | +129% |
| Remuneration and social security | 454/9 | €11,896 | €9,837 | -€2,058 | -17.3% |
| Other amounts payable | 47/48 | €181,073 | €179,273 | -€1,800 | -1.0% |
| Remuneration, social security and pensions | 62 | €335,042 | €305,694 | -€29,348 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,293 | €30,602 | -€11,691 | -27.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,499 | €0 | -€1,499 | -100% |
| Other operating charges | 640/8 | €11,016 | €2,800 | -€8,217 | -74.6% |
| Gross operating margin | 9900 | €411,793 | €371,810 | -€39,983 | -9.7% |
| Operating profit (loss) | 9901 | €21,943 | €32,715 | +€10,772 | +49.1% |
| Financial income | 75/76B | €5,020 | €0 | -€5,020 | -100.0% |
| Recurring financial income | 75 | €5,020 | €0 | -€5,020 | -100.0% |
| Financial charges | 65/66B | €24,315 | €16,376 | -€7,938 | -32.6% |
| Recurring financial charges | 65 | €24,315 | €16,376 | -€7,938 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €2,649 | €16,339 | +€13,690 | +517% |
| Income taxes | 67/77 | €829 | €4,044 | +€3,216 | +388% |
| Profit (loss) for the period | 9904 | €1,820 | €12,294 | +€10,474 | +575% |
| Profit (loss) for the period to be appropriated | 9905 | €1,820 | €12,294 | +€10,474 | +575% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.