HD2: 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.
HD2
Largest movements
- Cash -€5,107
down €5,107 (-39.1%), from €13,055 to €7,947
mainly Net result for the year (-€13,926) and Receivables within one year (-€3,604)
- Receivables within one year +€3,604
up €3,604 (+86.5%), from €4,168 to €7,771
- Stocks and contracts +€398
up €398 (+2.0%), from €20,358 to €20,756
- Profit (loss) carried forward -€13,926
down €13,926 (-14.9%), from -€93,471 to -€107,398
- Trade debts +€8,482
up €8,482 (+36.5%), from €23,213 to €31,696
- Other debts +€4,188
up €4,188 (+4.8%), from €88,161 to €92,349
- Financial charges +€760
up €760 (+124.0%), from €613 to €1,373
- Depreciation -€723
down €723 (-84.3%), from €858 to €135
- Other operating charges -€346
down €346 (-42.8%), from €808 to €462
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 | €38,550 | €37,310 | -€1,240 | -3.2% |
| Fixed assets | 21/28 | €970 | €835 | -€135 | -13.9% |
| Tangible fixed assets | 22/27 | €970 | €835 | -€135 | -13.9% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €970 | €835 | -€135 | -13.9% |
| Current assets | 29/58 | €37,580 | €36,475 | -€1,106 | -2.9% |
| Stocks and contracts in progress | 3 | €20,358 | €20,756 | +€398 | +2.0% |
| Stocks | 30/36 | €20,358 | €20,756 | +€398 | +2.0% |
| Amounts receivable within one year | 40/41 | €4,168 | €7,771 | +€3,604 | +86.5% |
| Trade receivables | 40 | €4,168 | €7,771 | +€3,604 | +86.5% |
| Cash at bank and in hand | 54/58 | €13,055 | €7,947 | -€5,107 | -39.1% |
| Total equity and liabilities | 10/49 | €38,550 | €37,310 | -€1,240 | -3.2% |
| Equity | 10/15 | -€73,011 | -€86,938 | -€13,926 | -19.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,471 | -€107,398 | -€13,926 | -14.9% |
| Amounts payable | 17/49 | €111,562 | €124,248 | +€12,686 | +11.4% |
| Amounts payable within one year | 42/48 | €111,562 | €124,248 | +€12,686 | +11.4% |
| Trade debts | 44 | €23,213 | €31,696 | +€8,482 | +36.5% |
| Suppliers | 440/4 | €23,213 | €31,696 | +€8,482 | +36.5% |
| Taxes, remuneration and social security | 45 | €188 | €203 | +€15 | +8.1% |
| Taxes | 450/3 | €188 | €203 | +€15 | +8.1% |
| Other amounts payable | 47/48 | €88,161 | €92,349 | +€4,188 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €858 | €135 | -€723 | -84.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €79 | - | -€79 | |
| Other operating charges | 640/8 | €808 | €462 | -€346 | -42.8% |
| Gross operating margin | 9900 | -€11,908 | -€11,987 | -€79 | -0.7% |
| Operating profit (loss) | 9901 | -€13,652 | -€12,583 | +€1,069 | +7.8% |
| Financial income | 75/76B | €15 | €30 | +€16 | +107.9% |
| Recurring financial income | 75 | €15 | €30 | +€16 | +107.9% |
| Financial charges | 65/66B | €613 | €1,373 | +€760 | +124.0% |
| Recurring financial charges | 65 | €613 | €1,373 | +€760 | +124.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,251 | -€13,926 | +€325 | +2.3% |
| Profit (loss) for the period | 9904 | -€14,251 | -€13,926 | +€325 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,251 | -€13,926 | +€325 | +2.3% |
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 2 October 2026 via checked.be.