HD Partners: 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.
What changed
HD Partners
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€53,515
2024 · €56,397-€2,882
Equity
€908,071
2024 · €854,556+€53,515
Cash
€98,731
2024 · €30,551+€68,180
Balance sheet total
€4.4m
2024 · €4.8m-€359,617
Largest movements
Assets
- Receivables within one year -€1.6m
down €1.6m (-75.9%), from €2.1m to €509,920
of which Other amounts receivable: -€1.5m
- Receivables after one year +€1.5m
new in 2025: €1.5m
- Tangible fixed assets -€355,580
down €355,580 (-22.9%), from €1.6m to €1.2m
of which Leasing and similar rights: -€359,298
- Cash +€68,180
up €68,180 (+223%), from €30,551 to €98,731
mainly Receivables within one year (+€1.6m) and Current portion of long-term debt (+€631,926)
Equity and liabilities
- Debts after one year -€1.1m
down €1.1m (-56.2%), from €2.0m to €876,896
- Current portion of long-term debt +€631,926
up €631,926 (+119%), from €529,210 to €1.2m
- Other debts +€188,488
up €188,488 (+19.6%), from €960,920 to €1.1m
- Profit (loss) carried forward +€145,431
up €145,431 (+19.0%), from -€767,340 to -€621,909
- Reserves -€91,916
down €91,916 (-23.2%), from €396,896 to €304,980
of which Tax-exempt reserves: -€91,916
Income statement
- Turnover +€318,226
up €318,226 (+47.0%), from €677,023 to €995,249
- Goods and materials +€171,296
up €171,296 (+121%), from €141,865 to €313,161
- Depreciation +€111,512
up €111,512 (+42.3%), from €263,779 to €375,292
- Services and other goods +€20,375
up €20,375 (+10.4%), from €195,478 to €215,853
- Financial charges -€15,555
down €15,555 (-14.3%), from €108,407 to €92,852
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.
Result 2024
€56,397
Turnover
+€318,226
Goods and materials
-€171,296
Services and other goods
-€20,375
Depreciation
-€111,512
Other operating charges
-€8,161
Other operating items
-€20,000
Financial income
-€10,370
Financial charges
+€15,555
Taxes
+€2,141
Deferred taxes and other
+€2,909
Result 2025
€53,515
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€612,871
Investment
-€19,711
Financing
-€524,980
Cash 2024
€30,551
From operations (derived)
+€612,871
Net result for the year
+€53,515
Depreciation
+€375,292
Receivables after one year
-€1.5m
Receivables within one year
+€1.6m
Deferred charges and accrued income
-€4,713
Provisions
-€30,639
Trade debts
+€20,710
Tax, wage and social debts
-€66,571
Other debts
+€188,488
Accrued charges and deferred income
-€141
Investment (derived)
-€19,711
Investment in fixed assets (net)
-€19,711
Financing
-€524,980
Debts after one year
-€1.1m
Current portion of long-term debt
+€631,926
Short-term financial debts
-€33,874
Cash 2025
€98,731
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,757,237 | €4,397,619 | -€359,617 | -7.6% |
| Fixed assets | 21/28 | €1,863,562 | €1,507,982 | -€355,580 | -19.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,550,605 | €1,195,025 | -€355,580 | -22.9% |
| Plant, machinery and equipment | 23 | €7,733 | €13,286 | +€5,552 | +71.8% |
| Furniture and vehicles | 24 | €9,106 | €7,272 | -€1,834 | -20.1% |
| Leasing and similar rights | 25 | €1,533,766 | €1,174,468 | -€359,298 | -23.4% |
| Financial fixed assets | 28 | €312,957 | €312,957 | = | 0.0% |
| Affiliated companies | 280/1 | €312,822 | €312,822 | = | 0.0% |
| Participating interests | 280 | €312,822 | €312,822 | = | 0.0% |
| Other financial fixed assets | 284/8 | €135 | €135 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €2,893,674 | €2,889,637 | -€4,037 | -0.1% |
| Amounts receivable after more than one year | 29 | - | €1,526,273 | +€1.5m | |
| Other amounts receivable | 291 | - | €1,526,273 | +€1.5m | |
| Amounts receivable within one year | 40/41 | €2,113,123 | €509,920 | -€1.6m | -75.9% |
| Trade receivables | 40 | €490,911 | €403,942 | -€86,969 | -17.7% |
| Other amounts receivable | 41 | €1,622,212 | €105,978 | -€1.5m | -93.5% |
| Current investments | 50/53 | €750,000 | €750,000 | = | 0.0% |
| Other investments | 51/53 | €750,000 | €750,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €30,551 | €98,731 | +€68,180 | +223% |
| Deferred charges and accrued income | 490/1 | - | €4,713 | +€4,713 | |
| Total equity and liabilities | 10/49 | €4,757,237 | €4,397,619 | -€359,617 | -7.6% |
| Equity | 10/15 | €854,556 | €908,071 | +€53,515 | +6.3% |
| Contributions | 10/11 | €1,225,000 | €1,225,000 | = | 0.0% |
| Capital | 10 | €1,225,000 | €1,225,000 | = | 0.0% |
| Issued capital | 100 | €1,225,000 | €1,225,000 | = | 0.0% |
| Reserves | 13 | €396,896 | €304,980 | -€91,916 | -23.2% |
| Non-distributable reserves | 130/1 | €20,506 | €20,506 | = | 0.0% |
| Legal reserve | 130 | €20,506 | €20,506 | = | 0.0% |
| Tax-exempt reserves | 132 | €376,390 | €284,475 | -€91,916 | -24.4% |
| Profit (loss) carried forward | 14 | -€767,340 | -€621,909 | +€145,431 | +19.0% |
| Provisions and deferred taxes | 16 | €125,463 | €94,825 | -€30,639 | -24.4% |
| Deferred taxes | 168 | €125,463 | €94,825 | -€30,639 | -24.4% |
| Amounts payable | 17/49 | €3,777,217 | €3,394,723 | -€382,494 | -10.1% |
| Amounts payable after more than one year | 17 | €1,999,928 | €876,896 | -€1.1m | -56.2% |
| Financial debts | 170/4 | €1,999,928 | €876,896 | -€1.1m | -56.2% |
| Leasing and similar obligations | 172 | €1,214,326 | €866,269 | -€348,057 | -28.7% |
| Credit institutions | 173 | €785,602 | €10,627 | -€774,975 | -98.6% |
| Amounts payable within one year | 42/48 | €1,776,551 | €2,517,231 | +€740,680 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €529,210 | €1,161,137 | +€631,926 | +119% |
| Financial debts | 43 | €52,911 | €19,037 | -€33,874 | -64.0% |
| Credit institutions | 430/8 | €52,911 | €19,037 | -€33,874 | -64.0% |
| Trade debts | 44 | €98,473 | €119,183 | +€20,710 | +21.0% |
| Suppliers | 440/4 | €98,473 | €119,183 | +€20,710 | +21.0% |
| Taxes, remuneration and social security | 45 | €135,037 | €68,466 | -€66,571 | -49.3% |
| Taxes | 450/3 | €135,037 | €68,466 | -€66,571 | -49.3% |
| Other amounts payable | 47/48 | €960,920 | €1,149,407 | +€188,488 | +19.6% |
| Accrued charges and deferred income | 492/3 | €737 | €596 | -€141 | -19.1% |
| Operating income | 70/76A | €747,023 | €1,045,249 | +€298,226 | +39.9% |
| Turnover | 70 | €677,023 | €995,249 | +€318,226 | +47.0% |
| Non-recurring operating income | 76A | €70,000 | €50,000 | -€20,000 | -28.6% |
| Operating charges | 60/66A | €611,164 | €922,507 | +€311,344 | +50.9% |
| Goods for resale, raw materials and consumables | 60 | €141,865 | €313,161 | +€171,296 | +121% |
| Purchases | 600/8 | €141,865 | €313,161 | +€171,296 | +121% |
| Services and other goods | 61 | €195,478 | €215,853 | +€20,375 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €263,779 | €375,292 | +€111,512 | +42.3% |
| Other operating charges | 640/8 | €10,042 | €18,203 | +€8,161 | +81.3% |
| Operating profit (loss) | 9901 | €135,859 | €122,741 | -€13,118 | -9.7% |
| Financial income | 75/76B | €49,856 | €39,487 | -€10,370 | -20.8% |
| Recurring financial income | 75 | €49,856 | €39,487 | -€10,370 | -20.8% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €49,856 | €39,487 | -€10,370 | -20.8% |
| Financial charges | 65/66B | €108,407 | €92,852 | -€15,555 | -14.3% |
| Recurring financial charges | 65 | €108,407 | €92,852 | -€15,555 | -14.3% |
| Debt charges | 650 | €108,407 | €92,199 | -€16,208 | -15.0% |
| Other financial charges | 652/9 | - | €653 | +€653 | |
| Profit (loss) for the period before taxes | 9903 | €77,309 | €69,377 | -€7,932 | -10.3% |
| Transfer from deferred taxes | 780 | €27,729 | €30,639 | +€2,909 | +10.5% |
| Income taxes | 67/77 | €48,641 | €46,500 | -€2,141 | -4.4% |
| Taxes | 670/3 | €48,641 | €46,500 | -€2,141 | -4.4% |
| Profit (loss) for the period | 9904 | €56,397 | €53,515 | -€2,882 | -5.1% |
| Transfer from tax-exempt reserves | 789 | €83,188 | €91,916 | +€8,728 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €139,585 | €145,431 | +€5,846 | +4.2% |
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 26 October 2026 via checked.be.