HD PHYSIO: 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 PHYSIO
Largest movements
- Tangible fixed assets +€31,186
up €31,186 (+578.6%), from €5,390 to €36,576
of which Plant, machinery and equipment: +€30,145
- Deferred charges and accrued income +€6,075
up €6,075 (+36.2%), from €16,775 to €22,850
- Receivables within one year -€2,148
down €2,148 (-100.0%), from €2,148 to €0
- Cash +€1,740
up €1,740 (+9.5%), from €18,408 to €20,149
mainly Short-term financial debts (+€18,730) and Trade debts (+€16,871)
- Short-term financial debts +€18,730
up €18,730 (+5408.7%), from €346 to €19,077
of which Other loans: +€19,000
- Trade debts +€16,871
up €16,871 (+86.2%), from €19,577 to €36,448
- Accrued charges and deferred income -€7,208
down €7,208 (-98.1%), from €7,345 to €137
- Reserves +€6,739
up €6,739 (+57.8%), from €11,652 to €18,391
- Tax, wage and social debts +€1,134
up €1,134 (+36.8%), from €3,081 to €4,215
- Gross operating margin -€5,034
down €5,034 (-27.8%), from €18,132 to €13,098
- Taxes -€1,932
down €1,932 (-62.7%), from €3,081 to €1,149
- Depreciation +€1,020
up €1,020 (+46.4%), from €2,197 to €3,217
- Financial charges +€966
up €966 (+158.7%), from €609 to €1,575
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 | €45,001 | €81,267 | +€36,266 | +80.6% |
| Fixed assets | 21/28 | €7,670 | €38,269 | +€30,599 | +398.9% |
| Intangible fixed assets | 21 | €2,280 | €1,692 | -€588 | -25.8% |
| Tangible fixed assets | 22/27 | €5,390 | €36,576 | +€31,186 | +578.6% |
| Plant, machinery and equipment | 23 | €5,390 | €35,535 | +€30,145 | +559.3% |
| Other tangible fixed assets | 26 | - | €1,041 | +€1,041 | |
| Current assets | 29/58 | €37,331 | €42,998 | +€5,668 | +15.2% |
| Amounts receivable within one year | 40/41 | €2,148 | €0 | -€2,148 | -100.0% |
| Trade receivables | 40 | €2,148 | €0 | -€2,148 | -100.0% |
| Cash at bank and in hand | 54/58 | €18,408 | €20,149 | +€1,740 | +9.5% |
| Deferred charges and accrued income | 490/1 | €16,775 | €22,850 | +€6,075 | +36.2% |
| Total equity and liabilities | 10/49 | €45,001 | €81,267 | +€36,266 | +80.6% |
| Equity | 10/15 | €14,652 | €21,391 | +€6,739 | +46.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €11,652 | €18,391 | +€6,739 | +57.8% |
| Distributable reserves | 133 | €11,652 | €18,391 | +€6,739 | +57.8% |
| Amounts payable | 17/49 | €30,349 | €59,876 | +€29,527 | +97.3% |
| Amounts payable within one year | 42/48 | €23,004 | €59,739 | +€36,735 | +159.7% |
| Financial debts | 43 | €346 | €19,077 | +€18,730 | +5408.7% |
| Credit institutions | 430/8 | €346 | €77 | -€270 | -77.9% |
| Other loans | 439 | - | €19,000 | +€19,000 | |
| Trade debts | 44 | €19,577 | €36,448 | +€16,871 | +86.2% |
| Suppliers | 440/4 | €19,577 | €36,448 | +€16,871 | +86.2% |
| Taxes, remuneration and social security | 45 | €3,081 | €4,215 | +€1,134 | +36.8% |
| Taxes | 450/3 | €3,081 | €4,215 | +€1,134 | +36.8% |
| Accrued charges and deferred income | 492/3 | €7,345 | €137 | -€7,208 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,197 | €3,217 | +€1,020 | +46.4% |
| Other operating charges | 640/8 | €594 | €481 | -€113 | -19.1% |
| Gross operating margin | 9900 | €18,132 | €13,098 | -€5,034 | -27.8% |
| Operating profit (loss) | 9901 | €15,341 | €9,400 | -€5,940 | -38.7% |
| Financial income | 75/76B | €1 | €63 | +€62 | +10767.2% |
| Recurring financial income | 75 | €1 | €63 | +€62 | +10767.2% |
| Financial charges | 65/66B | €609 | €1,575 | +€966 | +158.7% |
| Recurring financial charges | 65 | €609 | €1,575 | +€966 | +158.7% |
| Profit (loss) for the period before taxes | 9903 | €14,733 | €7,889 | -€6,844 | -46.5% |
| Income taxes | 67/77 | €3,081 | €1,149 | -€1,932 | -62.7% |
| Profit (loss) for the period | 9904 | €11,652 | €6,739 | -€4,912 | -42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,652 | €6,739 | -€4,912 | -42.2% |
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 12 October 2026 via checked.be.