HDBV: 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.
HDBV
Largest movements
- Stocks and contracts +€176,487
new in 2025: €176,487
- Tangible fixed assets +€65,947
new in 2025: €65,947
- Intangible fixed assets +€16,629
new in 2025: €16,629
- Cash -€4,859
down €4,859 (-54.3%), from €8,953 to €4,094
mainly Stocks and contracts (-€176,487) and Investment in fixed assets (net) (-€93,216)
- Debts after one year +€185,418
new in 2025: €185,418
- Profit (loss) carried forward -€64,489
down €64,489 (-1329.1%), from -€4,852 to -€69,341
- Trade debts +€49,024
up €49,024 (+11152.8%), from €440 to €49,464
- Tax, wage and social debts +€39,366
new in 2025: €39,366
of which Taxes: +€36,826
- Short-term financial debts +€26,000
new in 2025: €26,000
- Staff costs +€31,108
new in 2025: €31,108
- Financial charges +€12,523
up €12,523 (+83483.9%), from €15 to €12,538
- Depreciation +€10,640
new in 2025: €10,640
- Other operating charges +€5,509
up €5,509 (+1422.2%), from €387 to €5,896
- Gross operating margin +€120
up €120 (+2.7%), from -€4,450 to -€4,330
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 | €15,677 | €274,958 | +€259,281 | +1653.9% |
| Fixed assets | 21/28 | - | €82,576 | +€82,576 | |
| Intangible fixed assets | 21 | - | €16,629 | +€16,629 | |
| Tangible fixed assets | 22/27 | - | €65,947 | +€65,947 | |
| Plant, machinery and equipment | 23 | - | €21,572 | +€21,572 | |
| Furniture and vehicles | 24 | - | €26,448 | +€26,448 | |
| Other tangible fixed assets | 26 | - | €17,927 | +€17,927 | |
| Current assets | 29/58 | €15,677 | €192,382 | +€176,705 | +1127.2% |
| Stocks and contracts in progress | 3 | - | €176,487 | +€176,487 | |
| Stocks | 30/36 | - | €176,487 | +€176,487 | |
| Amounts receivable within one year | 40/41 | €6,724 | €9,091 | +€2,367 | +35.2% |
| Trade receivables | 40 | €6,050 | €8,958 | +€2,908 | +48.1% |
| Other amounts receivable | 41 | €674 | €133 | -€541 | -80.2% |
| Cash at bank and in hand | 54/58 | €8,953 | €4,094 | -€4,859 | -54.3% |
| Deferred charges and accrued income | 490/1 | - | €2,710 | +€2,710 | |
| Total equity and liabilities | 10/49 | €15,677 | €274,958 | +€259,281 | +1653.9% |
| Equity | 10/15 | €10,148 | -€54,341 | -€64,489 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,852 | -€69,341 | -€64,489 | -1329.1% |
| Amounts payable | 17/49 | €5,529 | €329,299 | +€323,770 | +5855.9% |
| Amounts payable after more than one year | 17 | - | €185,418 | +€185,418 | |
| Financial debts | 170/4 | - | €185,418 | +€185,418 | |
| Amounts payable within one year | 42/48 | €5,529 | €143,881 | +€138,352 | +2502.3% |
| Current portion of amounts payable after more than one year | 42 | - | €22,904 | +€22,904 | |
| Financial debts | 43 | - | €26,000 | +€26,000 | |
| Credit institutions | 430/8 | - | €26,000 | +€26,000 | |
| Trade debts | 44 | €440 | €49,464 | +€49,024 | +11152.8% |
| Suppliers | 440/4 | €440 | €49,464 | +€49,024 | +11152.8% |
| Taxes, remuneration and social security | 45 | - | €39,366 | +€39,366 | |
| Taxes | 450/3 | - | €36,826 | +€36,826 | |
| Remuneration and social security | 454/9 | - | €2,540 | +€2,540 | |
| Other amounts payable | 47/48 | €5,089 | €6,147 | +€1,058 | +20.8% |
| Remuneration, social security and pensions | 62 | - | €31,108 | +€31,108 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €10,640 | +€10,640 | |
| Other operating charges | 640/8 | €387 | €5,896 | +€5,509 | +1422.2% |
| Gross operating margin | 9900 | -€4,450 | -€4,330 | +€120 | +2.7% |
| Operating profit (loss) | 9901 | -€4,837 | -€51,973 | -€47,136 | -974.5% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €15 | €12,538 | +€12,523 | +83483.9% |
| Recurring financial charges | 65 | €15 | €12,538 | +€12,523 | +83483.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,852 | -€64,489 | -€59,637 | -1229.1% |
| Profit (loss) for the period | 9904 | -€4,852 | -€64,489 | -€59,637 | -1229.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,852 | -€64,489 | -€59,637 | -1229.1% |
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 6 October 2026 via checked.be.