HDAV: 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.
HDAV
Largest movements
- Tangible fixed assets +€25,782
up €25,782 (+139%), from €18,552 to €44,335
of which Other tangible fixed assets: +€24,401
- Cash +€16,253
up €16,253 (+42.0%), from €38,660 to €54,913
mainly Net result for the year (+€32,903) and Other debts (+€7,501)
- Receivables within one year -€4,937
down €4,937 (-12.0%), from €41,114 to €36,176
of which Other amounts receivable: -€3,418
- Reserves +€31,185
up €31,185 (+18.0%), from €173,078 to €204,264
- Other debts +€7,501
up €7,501 (+80.7%), from €9,290 to €16,791
- Tax, wage and social debts -€2,461
down €2,461 (-38.0%), from €6,476 to €4,014
of which Taxes: -€2,796
- Gross operating margin +€43,700
up €43,700 (+258%), from €16,934 to €60,634
- Financial income -€12,898
down €12,898 (-86.0%), from €15,006 to €2,108
- Taxes +€6,645
up €6,645 (+110%), from €6,063 to €12,708
- Staff costs +€2,692
up €2,692, from €0 to €2,692
- Write-downs -€1,543
down €1,543 (-100%), from €1,543 to €0
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 | €198,135 | €235,338 | +€37,202 | +18.8% |
| Fixed assets | 21/28 | €18,552 | €44,335 | +€25,782 | +139% |
| Tangible fixed assets | 22/27 | €18,552 | €44,335 | +€25,782 | +139% |
| Plant, machinery and equipment | 23 | - | €1,870 | +€1,870 | |
| Furniture and vehicles | 24 | €1,015 | €526 | -€489 | -48.2% |
| Other tangible fixed assets | 26 | €17,538 | €41,939 | +€24,401 | +139% |
| Current assets | 29/58 | €179,583 | €191,003 | +€11,420 | +6.4% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Other amounts receivable | 291 | €90,000 | €90,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,114 | €36,176 | -€4,937 | -12.0% |
| Trade receivables | 40 | €35,459 | €33,939 | -€1,519 | -4.3% |
| Other amounts receivable | 41 | €5,655 | €2,237 | -€3,418 | -60.4% |
| Cash at bank and in hand | 54/58 | €38,660 | €54,913 | +€16,253 | +42.0% |
| Deferred charges and accrued income | 490/1 | €9,809 | €9,913 | +€104 | +1.1% |
| Total equity and liabilities | 10/49 | €198,135 | €235,338 | +€37,202 | +18.8% |
| Equity | 10/15 | €174,078 | €205,264 | +€31,185 | +17.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €173,078 | €204,264 | +€31,185 | +18.0% |
| Distributable reserves | 133 | €173,078 | €204,264 | +€31,185 | +18.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,057 | €30,074 | +€6,017 | +25.0% |
| Amounts payable within one year | 42/48 | €23,447 | €29,270 | +€5,824 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,681 | €8,465 | +€784 | +10.2% |
| Suppliers | 440/4 | €7,681 | €8,465 | +€784 | +10.2% |
| Taxes, remuneration and social security | 45 | €6,476 | €4,014 | -€2,461 | -38.0% |
| Taxes | 450/3 | €6,476 | €3,680 | -€2,796 | -43.2% |
| Remuneration and social security | 454/9 | - | €335 | +€335 | |
| Other amounts payable | 47/48 | €9,290 | €16,791 | +€7,501 | +80.7% |
| Accrued charges and deferred income | 492/3 | €610 | €803 | +€193 | +31.7% |
| Remuneration, social security and pensions | 62 | €0 | €2,692 | +€2,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,660 | €7,378 | +€718 | +10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,543 | €0 | -€1,543 | -100% |
| Other operating charges | 640/8 | €5,326 | €5,345 | +€19 | +0.4% |
| Gross operating margin | 9900 | €16,934 | €60,634 | +€43,700 | +258% |
| Operating profit (loss) | 9901 | €3,405 | €45,218 | +€41,813 | +1,228% |
| Financial income | 75/76B | €15,006 | €2,108 | -€12,898 | -86.0% |
| Recurring financial income | 75 | €15,006 | €2,108 | -€12,898 | -86.0% |
| Financial charges | 65/66B | €865 | €1,714 | +€849 | +98.2% |
| Recurring financial charges | 65 | €865 | €1,714 | +€849 | +98.2% |
| Profit (loss) for the period before taxes | 9903 | €17,546 | €45,612 | +€28,065 | +160% |
| Income taxes | 67/77 | €6,063 | €12,708 | +€6,645 | +110% |
| Profit (loss) for the period | 9904 | €11,483 | €32,903 | +€21,420 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €11,483 | €32,903 | +€21,420 | +187% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.