HDC 5.1: 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.
HDC 5.1
Largest movements
- Cash +€103,264
up €103,264 (+42.3%), from €244,116 to €347,379
mainly Other debts (+€259,917) and Net result for the year (+€100,987)
- Receivables within one year +€6,981
up €6,981 (+35.0%), from €19,931 to €26,911
of which Other amounts receivable: +€8,049
- Current investments -€6,000
down €6,000 (-10.4%), from €57,661 to €51,661
- Other debts +€259,917
up €259,917 (+2,220%), from €11,708 to €271,625
- Reserves -€180,393
down €180,393 (-65.4%), from €275,960 to €95,566
- Tax, wage and social debts +€26,558
up €26,558 (+278%), from €9,568 to €36,126
- Gross operating margin +€35,088
up €35,088 (+34.2%), from €102,602 to €137,690
- Depreciation -€3,795
down €3,795 (-51.5%), from €7,366 to €3,571
- Taxes +€2,499
up €2,499 (+8.9%), from €27,975 to €30,474
- Financial income -€1,451
down €1,451 (-53.0%), from €2,740 to €1,289
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 | €339,035 | €444,214 | +€105,180 | +31.0% |
| Fixed assets | 21/28 | €15,806 | €14,713 | -€1,093 | -6.9% |
| Tangible fixed assets | 22/27 | €15,806 | €14,713 | -€1,093 | -6.9% |
| Plant, machinery and equipment | 23 | €7,618 | €5,896 | -€1,722 | -22.6% |
| Furniture and vehicles | 24 | €8,188 | €8,818 | +€629 | +7.7% |
| Current assets | 29/58 | €323,229 | €429,501 | +€106,273 | +32.9% |
| Amounts receivable within one year | 40/41 | €19,931 | €26,911 | +€6,981 | +35.0% |
| Trade receivables | 40 | €18,057 | €16,988 | -€1,069 | -5.9% |
| Other amounts receivable | 41 | €1,874 | €9,923 | +€8,049 | +430% |
| Current investments | 50/53 | €57,661 | €51,661 | -€6,000 | -10.4% |
| Cash at bank and in hand | 54/58 | €244,116 | €347,379 | +€103,264 | +42.3% |
| Deferred charges and accrued income | 490/1 | €1,520 | €3,549 | +€2,028 | +133% |
| Total equity and liabilities | 10/49 | €339,035 | €444,214 | +€105,180 | +31.0% |
| Equity | 10/15 | €295,960 | €115,566 | -€180,393 | -61.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €275,960 | €95,566 | -€180,393 | -65.4% |
| Distributable reserves | 133 | €275,960 | €95,566 | -€180,393 | -65.4% |
| Amounts payable | 17/49 | €43,075 | €328,648 | +€285,573 | +663% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 170/4 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €22,498 | €307,963 | +€285,466 | +1,269% |
| Trade debts | 44 | €1,222 | €212 | -€1,010 | -82.6% |
| Suppliers | 440/4 | €1,222 | €212 | -€1,010 | -82.6% |
| Taxes, remuneration and social security | 45 | €9,568 | €36,126 | +€26,558 | +278% |
| Taxes | 450/3 | €9,568 | €36,126 | +€26,558 | +278% |
| Other amounts payable | 47/48 | €11,708 | €271,625 | +€259,917 | +2,220% |
| Accrued charges and deferred income | 492/3 | €577 | €685 | +€107 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,366 | €3,571 | -€3,795 | -51.5% |
| Other operating charges | 640/8 | €1,328 | €1,363 | +€35 | +2.6% |
| Non-recurring operating charges | 66A | €252 | €68 | -€184 | -72.9% |
| Gross operating margin | 9900 | €102,602 | €137,690 | +€35,088 | +34.2% |
| Operating profit (loss) | 9901 | €93,656 | €132,687 | +€39,032 | +41.7% |
| Financial income | 75/76B | €2,740 | €1,289 | -€1,451 | -53.0% |
| Recurring financial income | 75 | €2,740 | €1,289 | -€1,451 | -53.0% |
| Financial charges | 65/66B | €2,552 | €2,514 | -€37 | -1.5% |
| Recurring financial charges | 65 | €2,552 | €2,514 | -€37 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €93,843 | €131,462 | +€37,618 | +40.1% |
| Income taxes | 67/77 | €27,975 | €30,474 | +€2,499 | +8.9% |
| Profit (loss) for the period | 9904 | €65,868 | €100,987 | +€35,119 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,868 | €100,987 | +€35,119 | +53.3% |
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 29 October 2026 via checked.be.