HD Project: 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 Project
Largest movements
- Cash -€23,371
down €23,371 (-34.0%), from €68,678 to €45,307
mainly Debts after one year (-€28,256) and Investment in fixed assets (net) (-€17,018)
- Tangible fixed assets -€19,197
down €19,197 (-5.4%), from €354,755 to €335,558
of which Leasing and similar rights: -€12,244
- Receivables within one year +€14,100
up €14,100 (+374.9%), from €3,761 to €17,861
of which Trade receivables: +€9,076
- Debts after one year -€28,256
down €28,256 (-12.6%), from €224,529 to €196,273
- Reserves +€11,924
up €11,924 (+17.1%), from €69,577 to €81,501
- Other debts -€5,849
down €5,849 (-6.8%), from €86,375 to €80,526
- Trade debts -€5,755
down €5,755 (-85.7%), from €6,712 to €957
- Gross operating margin -€4,126
down €4,126 (-6.6%), from €62,540 to €58,414
- Depreciation +€2,094
up €2,094 (+6.1%), from €34,121 to €36,215
- Other operating charges +€1,679
up €1,679 (+349.9%), from €480 to €2,159
- Taxes -€1,292
down €1,292 (-32.5%), from €3,974 to €2,682
- Financial charges -€769
down €769 (-12.2%), from €6,325 to €5,557
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 | €428,588 | €400,019 | -€28,569 | -6.7% |
| Fixed assets | 21/28 | €354,755 | €335,558 | -€19,197 | -5.4% |
| Tangible fixed assets | 22/27 | €354,755 | €335,558 | -€19,197 | -5.4% |
| Land and buildings | 22 | €290,403 | €280,160 | -€10,243 | -3.5% |
| Plant, machinery and equipment | 23 | €19,172 | €15,402 | -€3,770 | -19.7% |
| Furniture and vehicles | 24 | €321 | €7,380 | +€7,059 | +2198.8% |
| Leasing and similar rights | 25 | €44,859 | €32,615 | -€12,244 | -27.3% |
| Current assets | 29/58 | €73,833 | €64,461 | -€9,372 | -12.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,761 | €17,861 | +€14,100 | +374.9% |
| Trade receivables | 40 | €2,055 | €11,131 | +€9,076 | +441.7% |
| Other amounts receivable | 41 | €1,706 | €6,730 | +€5,024 | +294.4% |
| Cash at bank and in hand | 54/58 | €68,678 | €45,307 | -€23,371 | -34.0% |
| Deferred charges and accrued income | 490/1 | €1,394 | €1,293 | -€101 | -7.2% |
| Total equity and liabilities | 10/49 | €428,588 | €400,019 | -€28,569 | -6.7% |
| Equity | 10/15 | €79,577 | €91,501 | +€11,924 | +15.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €69,577 | €81,501 | +€11,924 | +17.1% |
| Distributable reserves | 133 | €69,577 | €81,501 | +€11,924 | +17.1% |
| Amounts payable | 17/49 | €349,012 | €308,518 | -€40,494 | -11.6% |
| Amounts payable after more than one year | 17 | €224,529 | €196,273 | -€28,256 | -12.6% |
| Financial debts | 170/4 | €224,529 | €196,273 | -€28,256 | -12.6% |
| Amounts payable within one year | 42/48 | €124,483 | €112,245 | -€12,238 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €27,418 | €28,256 | +€838 | +3.1% |
| Trade debts | 44 | €6,712 | €957 | -€5,755 | -85.7% |
| Suppliers | 440/4 | €6,712 | €957 | -€5,755 | -85.7% |
| Taxes, remuneration and social security | 45 | €3,979 | €2,507 | -€1,472 | -37.0% |
| Taxes | 450/3 | €3,979 | €2,507 | -€1,472 | -37.0% |
| Other amounts payable | 47/48 | €86,375 | €80,526 | -€5,849 | -6.8% |
| Non-recurring operating income | 76A | €1,400 | €0 | -€1,400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,121 | €36,215 | +€2,094 | +6.1% |
| Other operating charges | 640/8 | €480 | €2,159 | +€1,679 | +349.9% |
| Gross operating margin | 9900 | €62,540 | €58,414 | -€4,126 | -6.6% |
| Operating profit (loss) | 9901 | €27,939 | €20,039 | -€7,900 | -28.3% |
| Financial income | 75/76B | €38 | €124 | +€86 | +224.0% |
| Recurring financial income | 75 | €38 | €124 | +€86 | +224.0% |
| Financial charges | 65/66B | €6,325 | €5,557 | -€769 | -12.2% |
| Recurring financial charges | 65 | €6,325 | €5,557 | -€769 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €21,652 | €14,607 | -€7,045 | -32.5% |
| Income taxes | 67/77 | €3,974 | €2,682 | -€1,292 | -32.5% |
| Profit (loss) for the period | 9904 | €17,677 | €11,924 | -€5,753 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,677 | €11,924 | -€5,753 | -32.5% |
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.