HD-Projecten: 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-Projecten
Largest movements
- Stocks and contracts +€350,503
up €350,503, from €0 to €350,503
- Cash -€74,028
down €74,028 (-44.3%), from €167,081 to €93,053
mainly Stocks and contracts (-€350,503) and Contributions, distributions and other (-€175,209)
- Tangible fixed assets +€36,917
up €36,917 (+43.6%), from €84,623 to €121,540
of which Furniture and vehicles: +€21,579
- Other debts +€274,605
up €274,605 (+807.4%), from €34,011 to €308,617
- Short-term financial debts +€175,000
new in 2025: €175,000
- Reserves -€98,979
down €98,979 (-56.5%), from €175,209 to €76,230
- Trade debts -€20,335
down €20,335 (-90.4%), from €22,499 to €2,164
- Tax, wage and social debts -€12,745
down €12,745 (-42.9%), from €29,737 to €16,993
of which Taxes: -€9,545
- Staff costs +€13,507
new in 2025: €13,507
- Financial charges +€8,048
up €8,048 (+262.2%), from €3,069 to €11,117
- Taxes -€7,989
down €7,989 (-29.1%), from €27,459 to €19,470
- Gross operating margin -€7,906
down €7,906 (-5.2%), from €150,869 to €142,963
- Depreciation +€7,465
up €7,465 (+54.0%), from €13,831 to €21,296
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 | €283,418 | €595,482 | +€312,064 | +110.1% |
| Fixed assets | 21/28 | €84,623 | €121,540 | +€36,917 | +43.6% |
| Tangible fixed assets | 22/27 | €84,623 | €121,540 | +€36,917 | +43.6% |
| Plant, machinery and equipment | 23 | €3,526 | €2,438 | -€1,088 | -30.9% |
| Furniture and vehicles | 24 | €45,891 | €67,471 | +€21,579 | +47.0% |
| Assets under construction and advance payments | 27 | €35,206 | €51,631 | +€16,426 | +46.7% |
| Current assets | 29/58 | €198,795 | €473,942 | +€275,147 | +138.4% |
| Stocks and contracts in progress | 3 | €0 | €350,503 | +€350,503 | |
| Stocks | 30/36 | €0 | €350,503 | +€350,503 | |
| Amounts receivable within one year | 40/41 | €31,715 | €30,239 | -€1,476 | -4.7% |
| Trade receivables | 40 | €8,996 | €18,307 | +€9,311 | +103.5% |
| Other amounts receivable | 41 | €22,719 | €11,932 | -€10,787 | -47.5% |
| Cash at bank and in hand | 54/58 | €167,081 | €93,053 | -€74,028 | -44.3% |
| Deferred charges and accrued income | 490/1 | - | €148 | +€148 | |
| Total equity and liabilities | 10/49 | €283,418 | €595,482 | +€312,064 | +110.1% |
| Equity | 10/15 | €180,209 | €81,230 | -€98,979 | -54.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €175,209 | €76,230 | -€98,979 | -56.5% |
| Distributable reserves | 133 | €175,209 | €76,230 | -€98,979 | -56.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €103,209 | €514,252 | +€411,043 | +398.3% |
| Amounts payable after more than one year | 17 | €855 | €0 | -€855 | -100.0% |
| Financial debts | 170/4 | €855 | €0 | -€855 | -100.0% |
| Amounts payable within one year | 42/48 | €96,430 | €503,628 | +€407,198 | +422.3% |
| Current portion of amounts payable after more than one year | 42 | €10,183 | €855 | -€9,328 | -91.6% |
| Financial debts | 43 | - | €175,000 | +€175,000 | |
| Credit institutions | 430/8 | - | €175,000 | +€175,000 | |
| Trade debts | 44 | €22,499 | €2,164 | -€20,335 | -90.4% |
| Suppliers | 440/4 | €22,499 | €2,164 | -€20,335 | -90.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €29,737 | €16,993 | -€12,745 | -42.9% |
| Taxes | 450/3 | €26,537 | €16,993 | -€9,545 | -36.0% |
| Remuneration and social security | 454/9 | €3,200 | €0 | -€3,200 | -100.0% |
| Other amounts payable | 47/48 | €34,011 | €308,617 | +€274,605 | +807.4% |
| Accrued charges and deferred income | 492/3 | €5,924 | €10,624 | +€4,700 | +79.3% |
| Remuneration, social security and pensions | 62 | - | €13,507 | +€13,507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,831 | €21,296 | +€7,465 | +54.0% |
| Other operating charges | 640/8 | €1,663 | €1,343 | -€320 | -19.2% |
| Gross operating margin | 9900 | €150,869 | €142,963 | -€7,906 | -5.2% |
| Operating profit (loss) | 9901 | €135,376 | €106,818 | -€28,558 | -21.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,069 | €11,117 | +€8,048 | +262.2% |
| Recurring financial charges | 65 | €3,069 | €11,117 | +€8,048 | +262.2% |
| Profit (loss) for the period before taxes | 9903 | €132,307 | €95,700 | -€36,606 | -27.7% |
| Income taxes | 67/77 | €27,459 | €19,470 | -€7,989 | -29.1% |
| Profit (loss) for the period | 9904 | €104,847 | €76,230 | -€28,617 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,847 | €76,230 | -€28,617 | -27.3% |
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 3 October 2026 via checked.be.