HD Systems: 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.
What changed
HD Systems
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€45,238
2024 · €2.8m-€2.7m
Equity
€3.8m
2024 · €3.8m+€45,238
Cash
€1.5m
2024 · €1.3m+€116,271
Balance sheet total
€16.8m
2024 · €18.6m-€1.8m
Largest movements
Assets
- Receivables within one year -€2.3m
down €2.3m (-18.6%), from €12.1m to €9.9m
of which Other amounts receivable: -€1.4m
- Tangible fixed assets +€215,333
up €215,333 (+34.7%), from €621,377 to €836,709
of which Plant, machinery and equipment: +€196,575
Equity and liabilities
- Other debts -€1.2m
down €1.2m (-59.4%), from €2.0m to €827,954
- Provisions -€1.2m
no longer reported in 2025 (was €1.2m)
- Trade debts +€628,689
up €628,689 (+11.1%), from €5.7m to €6.3m
- Advances received -€264,713
down €264,713 (-61.5%), from €430,213 to €165,500
Income statement
- Turnover -€2.8m
down €2.8m (-7.3%), from €38.9m to €36.1m
- Provisions -€1.9m
down €1.9m, from €709,578 to -€1.2m
- Services and other goods -€1.1m
down €1.1m (-19.8%), from €5.7m to €4.6m
- Staff costs +€963,936
up €963,936 (+18.8%), from €5.1m to €6.1m
- Taxes -€719,917
down €719,917 (-87.3%), from €824,351 to €104,434
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.
Result 2024
€2.8m
Turnover
-€2.8m
Other operating income
-€18,705
Goods and materials
+€710,225
Services and other goods
+€1.1m
Staff costs
-€963,936
Depreciation
-€100,408
Write-downs
-€89,462
Provisions
+€1.9m
Other operating charges
-€315,323
Other operating items
-€3.0m
Financial income
+€21,269
Financial charges
+€93,323
Taxes
+€719,917
Result 2025
€45,238
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.
From operations
+€572,947
Investment
-€537,832
Financing
+€81,156
Cash 2024
€1.3m
From operations (derived)
+€572,947
Net result for the year
+€45,238
Depreciation
+€304,757
Stocks and contracts
+€71,845
Receivables within one year
+€2.3m
Deferred charges and accrued income
-€170,325
Provisions
-€1.2m
Trade debts
+€628,689
Tax, wage and social debts
+€141,351
Advances received
-€264,713
Other debts
-€1.2m
Accrued charges and deferred income
-€34,297
Investment (derived)
-€537,832
Investment in fixed assets (net)
-€537,832
Financing
+€81,156
Debts after one year
+€143,269
Current portion of long-term debt
+€87,377
Short-term financial debts
-€149,491
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,624,422 | €16,818,042 | -€1.8m | -9.7% |
| Fixed assets | 21/28 | €1,471,008 | €1,704,082 | +€233,075 | +15.8% |
| Intangible fixed assets | 21 | €16,048 | €4,985 | -€11,063 | -68.9% |
| Tangible fixed assets | 22/27 | €621,377 | €836,709 | +€215,333 | +34.7% |
| Plant, machinery and equipment | 23 | €105,945 | €302,520 | +€196,575 | +185.5% |
| Furniture and vehicles | 24 | €307,975 | €309,547 | +€1,572 | +0.5% |
| Leasing and similar rights | 25 | €126,000 | €150,314 | +€24,314 | +19.3% |
| Other tangible fixed assets | 26 | €81,457 | €74,328 | -€7,128 | -8.8% |
| Financial fixed assets | 28 | €833,582 | €862,388 | +€28,805 | +3.5% |
| Other financial fixed assets | 284/8 | €833,582 | €862,388 | +€28,805 | +3.5% |
| Shares | 284 | €57,924 | €60,424 | +€2,500 | +4.3% |
| Amounts receivable and cash guarantees | 285/8 | €775,658 | €801,964 | +€26,305 | +3.4% |
| Current assets | 29/58 | €17,153,414 | €15,113,960 | -€2.0m | -11.9% |
| Amounts receivable after more than one year | 29 | €1,117,000 | €1,117,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,117,000 | €1,117,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,409,163 | €2,337,318 | -€71,845 | -3.0% |
| Stocks | 30/36 | €441,262 | €490,954 | +€49,692 | +11.3% |
| Raw materials and consumables | 30/31 | €441,262 | €490,954 | +€49,692 | +11.3% |
| Contracts in progress | 37 | €1,967,901 | €1,846,364 | -€121,537 | -6.2% |
| Amounts receivable within one year | 40/41 | €12,131,315 | €9,877,108 | -€2.3m | -18.6% |
| Trade receivables | 40 | €9,237,273 | €8,388,758 | -€848,515 | -9.2% |
| Other amounts receivable | 41 | €2,894,041 | €1,488,350 | -€1.4m | -48.6% |
| Cash at bank and in hand | 54/58 | €1,335,744 | €1,452,016 | +€116,271 | +8.7% |
| Deferred charges and accrued income | 490/1 | €160,192 | €330,518 | +€170,325 | +106.3% |
| Total equity and liabilities | 10/49 | €18,624,422 | €16,818,042 | -€1.8m | -9.7% |
| Equity | 10/15 | €3,803,150 | €3,848,388 | +€45,238 | +1.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,563,910 | €1,569,710 | +€5,800 | +0.4% |
| Non-distributable reserves | 130/1 | €1,120,700 | €1,126,500 | +€5,800 | +0.5% |
| Financial assistance | 1313 | €1,117,000 | €1,117,000 | = | 0.0% |
| Other | 1319 | €3,700 | €9,500 | +€5,800 | +156.8% |
| Tax-exempt reserves | 132 | €298,910 | €298,910 | = | 0.0% |
| Distributable reserves | 133 | €144,300 | €144,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,220,240 | €2,259,678 | +€39,438 | +1.8% |
| Provisions and deferred taxes | 16 | €1,194,578 | - | -€1.2m | |
| Provisions for liabilities and charges | 160/5 | €1,194,578 | - | -€1.2m | |
| Other liabilities and charges | 164/5 | €1,194,578 | - | -€1.2m | |
| Amounts payable | 17/49 | €13,626,694 | €12,969,654 | -€657,040 | -4.8% |
| Amounts payable after more than one year | 17 | €152,221 | €295,490 | +€143,269 | +94.1% |
| Financial debts | 170/4 | €152,221 | €295,490 | +€143,269 | +94.1% |
| Leasing and similar obligations | 172 | €88,093 | €89,627 | +€1,534 | +1.7% |
| Credit institutions | 173 | €64,128 | €205,864 | +€141,735 | +221.0% |
| Amounts payable within one year | 42/48 | €13,370,725 | €12,604,713 | -€766,012 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €77,492 | €164,870 | +€87,377 | +112.8% |
| Financial debts | 43 | €4,617,139 | €4,467,648 | -€149,491 | -3.2% |
| Credit institutions | 430/8 | €4,617,139 | €4,467,648 | -€149,491 | -3.2% |
| Trade debts | 44 | €5,675,202 | €6,303,890 | +€628,689 | +11.1% |
| Suppliers | 440/4 | €5,675,202 | €6,303,890 | +€628,689 | +11.1% |
| Advances received on contracts in progress | 46 | €430,213 | €165,500 | -€264,713 | -61.5% |
| Taxes, remuneration and social security | 45 | €533,501 | €674,852 | +€141,351 | +26.5% |
| Taxes | 450/3 | €187,675 | €260,288 | +€72,612 | +38.7% |
| Remuneration and social security | 454/9 | €345,826 | €414,564 | +€68,739 | +19.9% |
| Other amounts payable | 47/48 | €2,037,179 | €827,954 | -€1.2m | -59.4% |
| Accrued charges and deferred income | 492/3 | €103,747 | €69,450 | -€34,297 | -33.1% |
| Operating income | 70/76A | €42,274,982 | €36,439,937 | -€5.8m | -13.8% |
| Turnover | 70 | €38,930,624 | €36,098,409 | -€2.8m | -7.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,862,820 | -€121,537 | -€3.0m | |
| Other operating income | 74 | €481,538 | €462,833 | -€18,705 | -3.9% |
| Non-recurring operating income | 76A | - | €232 | +€232 | |
| Operating charges | 60/66A | €38,433,401 | €36,155,036 | -€2.3m | -5.9% |
| Goods for resale, raw materials and consumables | 60 | €26,659,606 | €25,949,382 | -€710,225 | -2.7% |
| Purchases | 600/8 | €26,451,214 | €25,999,073 | -€452,141 | -1.7% |
| Change in stocks: decrease (increase) | 609 | €208,392 | -€49,692 | -€258,084 | |
| Services and other goods | 61 | €5,717,161 | €4,587,118 | -€1.1m | -19.8% |
| Remuneration, social security and pensions | 62 | €5,135,328 | €6,099,264 | +€963,936 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,349 | €304,757 | +€100,408 | +49.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€55,578 | €33,884 | +€89,462 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €709,578 | -€1,194,578 | -€1.9m | |
| Other operating charges | 640/8 | €47,551 | €362,874 | +€315,323 | +663.1% |
| Non-recurring operating charges | 66A | €15,406 | €12,334 | -€3,071 | -19.9% |
| Operating profit (loss) | 9901 | €3,841,581 | €284,901 | -€3.6m | -92.6% |
| Financial income | 75/76B | €64,257 | €85,526 | +€21,269 | +33.1% |
| Recurring financial income | 75 | €64,257 | €85,526 | +€21,269 | +33.1% |
| Income from financial fixed assets | 750 | €7,882 | €9,228 | +€1,345 | +17.1% |
| Other financial income | 752/9 | €56,375 | €76,299 | +€19,924 | +35.3% |
| Financial charges | 65/66B | €314,078 | €220,755 | -€93,323 | -29.7% |
| Recurring financial charges | 65 | €314,078 | €220,755 | -€93,323 | -29.7% |
| Debt charges | 650 | €247,779 | €191,447 | -€56,332 | -22.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €30,000 | - | -€30,000 | |
| Other financial charges | 652/9 | €36,299 | €29,308 | -€6,991 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €3,591,760 | €149,672 | -€3.4m | -95.8% |
| Income taxes | 67/77 | €824,351 | €104,434 | -€719,917 | -87.3% |
| Taxes | 670/3 | €824,351 | €104,434 | -€719,917 | -87.3% |
| Profit (loss) for the period | 9904 | €2,767,409 | €45,238 | -€2.7m | -98.4% |
| Transfer to tax-exempt reserves | 689 | €298,910 | - | -€298,910 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,468,499 | €45,238 | -€2.4m | -98.2% |
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 7 October 2026 via checked.be.