HD Square Engineering: 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 Square Engineering
Largest movements
- Cash +€261,495
up €261,495 (+306.3%), from €85,362 to €346,857
mainly Tax, wage and social debts (+€57,419) and Net result for the year (+€53,075)
- Receivables within one year -€51,719
down €51,719 (-27.2%), from €190,049 to €138,330
of which Trade receivables: -€64,702
- Stocks and contracts -€15,000
down €15,000 (-74.9%), from €20,017 to €5,017
- Tax, wage and social debts +€57,419
up €57,419 (+215.9%), from €26,595 to €84,014
of which Taxes: +€29,331
- Other debts +€45,180
up €45,180 (+1147.7%), from €3,937 to €49,117
- Advances received +€36,093
new in 2025: €36,093
- Trade debts +€34,929
up €34,929 (+21.9%), from €159,278 to €194,207
- Debts after one year +€9,490
up €9,490 (+58.4%), from €16,245 to €25,736
- Gross operating margin +€135,784
up €135,784 (+36.5%), from €372,191 to €507,976
- Staff costs +€46,084
up €46,084 (+13.5%), from €341,449 to €387,533
- Taxes +€29,378
up €29,378 (+1203.5%), from €2,441 to €31,819
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 | €473,283 | €667,270 | +€193,987 | +41.0% |
| Fixed assets | 21/28 | €170,553 | €170,684 | +€131 | +0.1% |
| Tangible fixed assets | 22/27 | €169,520 | €169,651 | +€131 | +0.1% |
| Land and buildings | 22 | €117,775 | €126,254 | +€8,478 | +7.2% |
| Plant, machinery and equipment | 23 | - | €2,229 | +€2,229 | |
| Furniture and vehicles | 24 | €51,745 | €41,169 | -€10,576 | -20.4% |
| Financial fixed assets | 28 | €1,033 | €1,033 | = | 0.0% |
| Current assets | 29/58 | €302,730 | €496,586 | +€193,856 | +64.0% |
| Stocks and contracts in progress | 3 | €20,017 | €5,017 | -€15,000 | -74.9% |
| Stocks | 30/36 | €20,017 | €5,017 | -€15,000 | -74.9% |
| Amounts receivable within one year | 40/41 | €190,049 | €138,330 | -€51,719 | -27.2% |
| Trade receivables | 40 | €182,046 | €117,344 | -€64,702 | -35.5% |
| Other amounts receivable | 41 | €8,003 | €20,986 | +€12,983 | +162.2% |
| Cash at bank and in hand | 54/58 | €85,362 | €346,857 | +€261,495 | +306.3% |
| Deferred charges and accrued income | 490/1 | €7,302 | €6,382 | -€920 | -12.6% |
| Total equity and liabilities | 10/49 | €473,283 | €667,270 | +€193,987 | +41.0% |
| Equity | 10/15 | €254,879 | €265,849 | +€10,970 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €247,851 | €253,449 | +€5,598 | +2.3% |
| Distributable reserves | 133 | €247,851 | €253,449 | +€5,598 | +2.3% |
| Profit (loss) carried forward | 14 | -€5,372 | - | +€5,372 | |
| Amounts payable | 17/49 | €218,404 | €401,421 | +€183,017 | +83.8% |
| Amounts payable after more than one year | 17 | €16,245 | €25,736 | +€9,490 | +58.4% |
| Financial debts | 170/4 | €16,245 | €25,736 | +€9,490 | +58.4% |
| Amounts payable within one year | 42/48 | €200,118 | €373,645 | +€173,527 | +86.7% |
| Current portion of amounts payable after more than one year | 42 | €5,998 | €9,128 | +€3,131 | +52.2% |
| Financial debts | 43 | €4,311 | €1,086 | -€3,225 | -74.8% |
| Credit institutions | 430/8 | €4,311 | €1,086 | -€3,225 | -74.8% |
| Trade debts | 44 | €159,278 | €194,207 | +€34,929 | +21.9% |
| Suppliers | 440/4 | €159,278 | €194,207 | +€34,929 | +21.9% |
| Advances received on contracts in progress | 46 | - | €36,093 | +€36,093 | |
| Taxes, remuneration and social security | 45 | €26,595 | €84,014 | +€57,419 | +215.9% |
| Taxes | 450/3 | €4,395 | €33,726 | +€29,331 | +667.4% |
| Remuneration and social security | 454/9 | €22,201 | €50,288 | +€28,088 | +126.5% |
| Other amounts payable | 47/48 | €3,937 | €49,117 | +€45,180 | +1147.7% |
| Accrued charges and deferred income | 492/3 | €2,040 | €2,040 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €341,449 | €387,533 | +€46,084 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,252 | €25,554 | -€1,698 | -6.2% |
| Other operating charges | 640/8 | €6,868 | €7,961 | +€1,093 | +15.9% |
| Non-recurring operating charges | 66A | €637 | - | -€637 | |
| Gross operating margin | 9900 | €372,191 | €507,976 | +€135,784 | +36.5% |
| Operating profit (loss) | 9901 | -€4,014 | €86,927 | +€90,942 | |
| Financial income | 75/76B | €403 | €445 | +€42 | +10.4% |
| Recurring financial income | 75 | €403 | €445 | +€42 | +10.4% |
| Financial charges | 65/66B | €2,377 | €2,479 | +€102 | +4.3% |
| Recurring financial charges | 65 | €2,377 | €2,479 | +€102 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,988 | €84,894 | +€90,882 | |
| Income taxes | 67/77 | €2,441 | €31,819 | +€29,378 | +1203.5% |
| Profit (loss) for the period | 9904 | -€8,429 | €53,075 | +€61,504 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,429 | €53,075 | +€61,504 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.