HD TRANS: 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 TRANS
Largest movements
- Tangible fixed assets -€44,270
down €44,270 (-65.0%), from €68,133 to €23,863
of which Leasing and similar rights: -€30,105
- Cash -€10,056
down €10,056 (-52.0%), from €19,354 to €9,298
mainly Debts after one year (-€26,253) and Tax, wage and social debts (-€24,551)
- Receivables within one year +€6,436
up €6,436 (+6.9%), from €92,744 to €99,180
of which Other amounts receivable: +€5,488
- Debts after one year -€26,253
down €26,253 (-51.0%), from €51,521 to €25,268
- Tax, wage and social debts -€24,551
down €24,551 (-42.8%), from €57,362 to €32,811
of which Taxes: -€24,119
- Trade debts +€19,006
up €19,006 (+66.1%), from €28,733 to €47,739
- Profit (loss) carried forward -€9,729
down €9,729 (-293%), from -€3,318 to -€13,047
- Current portion of long-term debt -€6,671
down €6,671 (-20.3%), from €32,924 to €26,253
- Depreciation -€11,574
down €11,574 (-22.4%), from €51,661 to €40,087
- Taxes +€9,057
up €9,057, from -€5,451 to €3,606
- Financial charges +€5,971
up €5,971 (+85.9%), from €6,948 to €12,919
- Staff costs +€5,948
up €5,948 (+8.3%), from €71,732 to €77,680
- Gross operating margin -€4,257
down €4,257 (-2.5%), from €172,480 to €168,223
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 | €202,659 | €154,462 | -€48,197 | -23.8% |
| Fixed assets | 21/28 | €90,254 | €45,984 | -€44,270 | -49.1% |
| Tangible fixed assets | 22/27 | €68,133 | €23,863 | -€44,270 | -65.0% |
| Land and buildings | 22 | €818 | €546 | -€272 | -33.3% |
| Plant, machinery and equipment | 23 | €1,632 | €556 | -€1,076 | -65.9% |
| Furniture and vehicles | 24 | €35,578 | €22,761 | -€12,817 | -36.0% |
| Leasing and similar rights | 25 | €30,105 | - | -€30,105 | |
| Financial fixed assets | 28 | €22,121 | €22,121 | = | 0.0% |
| Current assets | 29/58 | €112,405 | €108,478 | -€3,927 | -3.5% |
| Amounts receivable within one year | 40/41 | €92,744 | €99,180 | +€6,436 | +6.9% |
| Trade receivables | 40 | €75,653 | €76,600 | +€948 | +1.3% |
| Other amounts receivable | 41 | €17,091 | €22,579 | +€5,488 | +32.1% |
| Cash at bank and in hand | 54/58 | €19,354 | €9,298 | -€10,056 | -52.0% |
| Deferred charges and accrued income | 490/1 | €307 | - | -€307 | |
| Total equity and liabilities | 10/49 | €202,659 | €154,462 | -€48,197 | -23.8% |
| Equity | 10/15 | €32,120 | €22,391 | -€9,729 | -30.3% |
| Contributions | 10/11 | €31,100 | €31,100 | = | 0.0% |
| Reserves | 13 | €4,338 | €4,338 | = | 0.0% |
| Distributable reserves | 133 | €4,338 | €4,338 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,318 | -€13,047 | -€9,729 | -293% |
| Amounts payable | 17/49 | €170,539 | €132,071 | -€38,468 | -22.6% |
| Amounts payable after more than one year | 17 | €51,521 | €25,268 | -€26,253 | -51.0% |
| Financial debts | 170/4 | €51,521 | €25,268 | -€26,253 | -51.0% |
| Amounts payable within one year | 42/48 | €119,018 | €106,802 | -€12,216 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €32,924 | €26,253 | -€6,671 | -20.3% |
| Trade debts | 44 | €28,733 | €47,739 | +€19,006 | +66.1% |
| Suppliers | 440/4 | €28,733 | €47,739 | +€19,006 | +66.1% |
| Taxes, remuneration and social security | 45 | €57,362 | €32,811 | -€24,551 | -42.8% |
| Taxes | 450/3 | €40,677 | €16,558 | -€24,119 | -59.3% |
| Remuneration and social security | 454/9 | €16,685 | €16,253 | -€432 | -2.6% |
| Non-recurring operating income | 76A | €15,114 | €8,092 | -€7,022 | -46.5% |
| Remuneration, social security and pensions | 62 | €71,732 | €77,680 | +€5,948 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,661 | €40,087 | -€11,574 | -22.4% |
| Other operating charges | 640/8 | €30,852 | €27,508 | -€3,344 | -10.8% |
| Non-recurring operating charges | 66A | €7,116 | €17,097 | +€9,981 | +140% |
| Gross operating margin | 9900 | €172,480 | €168,223 | -€4,257 | -2.5% |
| Operating profit (loss) | 9901 | €11,119 | €5,851 | -€5,268 | -47.4% |
| Financial income | 75/76B | €2,304 | €945 | -€1,358 | -59.0% |
| Recurring financial income | 75 | €2,304 | €945 | -€1,358 | -59.0% |
| Financial charges | 65/66B | €6,948 | €12,919 | +€5,971 | +85.9% |
| Recurring financial charges | 65 | €6,948 | €12,919 | +€5,971 | +85.9% |
| Profit (loss) for the period before taxes | 9903 | €6,475 | -€6,123 | -€12,598 | |
| Income taxes | 67/77 | -€5,451 | €3,606 | +€9,057 | |
| Profit (loss) for the period | 9904 | €11,926 | -€9,729 | -€21,655 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,926 | -€9,729 | -€21,655 |
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 13 October 2026 via checked.be.