HD PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€167,334
down €167,334 (-6.7%), from €2.5m to €2.3m
of which Land and buildings: -€159,525
- Receivables after one year +€150,000
new in 2025: €150,000
- Financial fixed assets -€70,000
no longer reported in 2025 (was €70,000)
- Receivables within one year +€41,750
up €41,750 (+17.7%), from €236,171 to €277,922
of which Other amounts receivable: +€53,264
- Reserves +€392,413
up €392,413 (+91.9%), from €426,896 to €819,309
- Debts after one year -€348,716
down €348,716 (-26.9%), from €1.3m to €947,726
- Current portion of long-term debt -€102,530
down €102,530 (-60.5%), from €169,493 to €66,963
- Financial income +€540,792
up €540,792 (+12,315%), from €4,391 to €545,183
of which Non-recurring financial income: +€530,000
- Gross operating margin -€75,912
down €75,912 (-38.2%), from €198,860 to €122,948
- Other operating charges -€22,417
down €22,417 (-49.7%), from €45,103 to €22,686
- Depreciation -€2,078
down €2,078 (-1.0%), from €209,650 to €207,573
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 | €2,845,953 | €2,782,772 | -€63,180 | -2.2% |
| Fixed assets | 21/28 | €2,575,130 | €2,333,995 | -€241,135 | -9.4% |
| Intangible fixed assets | 21 | €19,365 | €15,564 | -€3,801 | -19.6% |
| Tangible fixed assets | 22/27 | €2,485,765 | €2,318,430 | -€167,334 | -6.7% |
| Land and buildings | 22 | €2,360,729 | €2,201,204 | -€159,525 | -6.8% |
| Plant, machinery and equipment | 23 | €7,968 | €13,834 | +€5,866 | +73.6% |
| Furniture and vehicles | 24 | €117,068 | €103,392 | -€13,676 | -11.7% |
| Financial fixed assets | 28 | €70,000 | - | -€70,000 | |
| Current assets | 29/58 | €270,823 | €448,777 | +€177,955 | +65.7% |
| Amounts receivable after more than one year | 29 | - | €150,000 | +€150,000 | |
| Other amounts receivable | 291 | - | €150,000 | +€150,000 | |
| Amounts receivable within one year | 40/41 | €236,171 | €277,922 | +€41,750 | +17.7% |
| Trade receivables | 40 | €18,343 | €6,830 | -€11,514 | -62.8% |
| Other amounts receivable | 41 | €217,828 | €271,092 | +€53,264 | +24.5% |
| Cash at bank and in hand | 54/58 | €27,674 | €14,870 | -€12,804 | -46.3% |
| Deferred charges and accrued income | 490/1 | €6,977 | €5,986 | -€992 | -14.2% |
| Total equity and liabilities | 10/49 | €2,845,953 | €2,782,772 | -€63,180 | -2.2% |
| Equity | 10/15 | €526,896 | €919,309 | +€392,413 | +74.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €426,896 | €819,309 | +€392,413 | +91.9% |
| Distributable reserves | 133 | €426,896 | €819,309 | +€392,413 | +91.9% |
| Amounts payable | 17/49 | €2,319,057 | €1,863,463 | -€455,593 | -19.6% |
| Amounts payable after more than one year | 17 | €1,296,442 | €947,726 | -€348,716 | -26.9% |
| Financial debts | 170/4 | €1,296,442 | €947,726 | -€348,716 | -26.9% |
| Amounts payable within one year | 42/48 | €1,022,614 | €915,737 | -€106,877 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €169,493 | €66,963 | -€102,530 | -60.5% |
| Trade debts | 44 | €40,835 | €35,326 | -€5,509 | -13.5% |
| Suppliers | 440/4 | €40,835 | €35,326 | -€5,509 | -13.5% |
| Advances received on contracts in progress | 46 | €3,663 | - | -€3,663 | |
| Taxes, remuneration and social security | 45 | €4,495 | €600 | -€3,895 | -86.7% |
| Taxes | 450/3 | €4,495 | €600 | -€3,895 | -86.7% |
| Other amounts payable | 47/48 | €804,129 | €812,849 | +€8,719 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209,650 | €207,573 | -€2,078 | -1.0% |
| Other operating charges | 640/8 | €45,103 | €22,686 | -€22,417 | -49.7% |
| Gross operating margin | 9900 | €198,860 | €122,948 | -€75,912 | -38.2% |
| Operating profit (loss) | 9901 | -€55,893 | -€107,311 | -€51,418 | -92.0% |
| Financial income | 75/76B | €4,391 | €545,183 | +€540,792 | +12,315% |
| Recurring financial income | 75 | €4,391 | €15,183 | +€10,792 | +246% |
| Non-recurring financial income | 76B | - | €530,000 | +€530,000 | |
| Financial charges | 65/66B | €44,598 | €44,019 | -€579 | -1.3% |
| Recurring financial charges | 65 | €44,598 | €44,019 | -€579 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€96,099 | €393,853 | +€489,952 | |
| Income taxes | 67/77 | €574 | €1,440 | +€866 | +151% |
| Profit (loss) for the period | 9904 | -€96,673 | €392,413 | +€489,086 | |
| Profit (loss) for the period to be appropriated | 9905 | -€96,673 | €392,413 | +€489,086 |
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.