HD34: 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.
HD34
Largest movements
- Current investments +€36,045
up €36,045 (+401%), from €9,000 to €45,045
- Cash -€15,981
down €15,981 (-25.3%), from €63,101 to €47,120
mainly Current investments (-€36,045) and Receivables within one year (-€7,110)
- Receivables within one year +€7,110
up €7,110 (+146%), from €4,880 to €11,990
of which Trade receivables: +€3,649
- Deferred charges and accrued income +€4,173
up €4,173 (+120%), from €3,465 to €7,639
- Tangible fixed assets +€2,142
up €2,142 (+74.9%), from €2,859 to €5,000
of which Plant, machinery and equipment: +€2,930
- Profit (loss) carried forward +€32,419
up €32,419 (+63.5%), from €51,065 to €83,484
- Tax, wage and social debts +€4,108
up €4,108 (+46.2%), from €8,891 to €12,999
- Trade debts -€3,037
down €3,037 (-35.3%), from €8,597 to €5,560
- Gross operating margin +€17,476
up €17,476 (+58.1%), from €30,060 to €47,537
- Taxes +€4,127
up €4,127 (+46.4%), from €8,891 to €13,018
- Other operating charges +€479
up €479 (+263%), from €182 to €660
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €83,305 | €116,794 | +€33,490 | +40.2% |
| Fixed assets | 21/28 | €2,859 | €5,000 | +€2,142 | +74.9% |
| Tangible fixed assets | 22/27 | €2,859 | €5,000 | +€2,142 | +74.9% |
| Plant, machinery and equipment | 23 | €874 | €3,804 | +€2,930 | +335% |
| Furniture and vehicles | 24 | €1,985 | €1,196 | -€789 | -39.7% |
| Current assets | 29/58 | €80,446 | €111,794 | +€31,348 | +39.0% |
| Amounts receivable within one year | 40/41 | €4,880 | €11,990 | +€7,110 | +146% |
| Trade receivables | 40 | - | €3,649 | +€3,649 | |
| Other amounts receivable | 41 | €4,880 | €8,341 | +€3,461 | +70.9% |
| Current investments | 50/53 | €9,000 | €45,045 | +€36,045 | +401% |
| Cash at bank and in hand | 54/58 | €63,101 | €47,120 | -€15,981 | -25.3% |
| Deferred charges and accrued income | 490/1 | €3,465 | €7,639 | +€4,173 | +120% |
| Total equity and liabilities | 10/49 | €83,305 | €116,794 | +€33,490 | +40.2% |
| Equity | 10/15 | €64,365 | €96,784 | +€32,419 | +50.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €800 | €800 | = | 0.0% |
| Distributable reserves | 133 | €800 | €800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,065 | €83,484 | +€32,419 | +63.5% |
| Amounts payable | 17/49 | €18,940 | €20,011 | +€1,071 | +5.7% |
| Amounts payable within one year | 42/48 | €18,940 | €20,011 | +€1,071 | +5.7% |
| Trade debts | 44 | €8,597 | €5,560 | -€3,037 | -35.3% |
| Suppliers | 440/4 | €8,597 | €5,560 | -€3,037 | -35.3% |
| Taxes, remuneration and social security | 45 | €8,891 | €12,999 | +€4,108 | +46.2% |
| Taxes | 450/3 | €8,891 | €12,999 | +€4,108 | +46.2% |
| Other amounts payable | 47/48 | €1,452 | €1,452 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,080 | €1,358 | +€278 | +25.8% |
| Other operating charges | 640/8 | €182 | €660 | +€479 | +263% |
| Gross operating margin | 9900 | €30,060 | €47,537 | +€17,476 | +58.1% |
| Operating profit (loss) | 9901 | €28,798 | €45,518 | +€16,719 | +58.1% |
| Financial income | 75/76B | €0 | €64 | +€64 | +91,771% |
| Recurring financial income | 75 | €0 | €64 | +€64 | +91,771% |
| Financial charges | 65/66B | €104 | €145 | +€42 | +40.1% |
| Recurring financial charges | 65 | €104 | €145 | +€42 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €28,695 | €45,437 | +€16,742 | +58.3% |
| Income taxes | 67/77 | €8,891 | €13,018 | +€4,127 | +46.4% |
| Profit (loss) for the period | 9904 | €19,804 | €32,419 | +€12,615 | +63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,804 | €32,419 | +€12,615 | +63.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.