HDC-AZG: 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-AZG
Largest movements
- Cash -€33,893
down €33,893 (-91.6%), from €36,989 to €3,096
mainly Receivables within one year (-€25,708) and Net result for the year (-€25,411)
- Receivables within one year +€25,708
up €25,708 (+191%), from €13,487 to €39,195
of which Trade receivables: +€17,345
- Financial fixed assets -€5,000
down €5,000 (-95.6%), from €5,228 to €228
- Tangible fixed assets -€1,140
down €1,140 (-21.9%), from €5,197 to €4,057
- Profit (loss) carried forward -€25,411
down €25,411 (-70.7%), from €35,925 to €10,514
- Trade debts +€18,528
up €18,528 (+1,258%), from €1,473 to €20,001
- Tax, wage and social debts -€7,442
down €7,442 (-55.1%), from €13,503 to €6,061
of which Remuneration and social security: -€3,877
- Gross operating margin -€36,768
down €36,768 (-85.9%), from €42,794 to €6,026
- Taxes +€3,213
up €3,213 (+2,869%), from €112 to €3,325
- Staff costs +€1,257
up €1,257 (+4.8%), from €26,058 to €27,315
- Financial income +€850
new in 2025: €850
- Depreciation +€638
up €638 (+127%), from €501 to €1,140
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 | €60,900 | €46,576 | -€14,324 | -23.5% |
| Fixed assets | 21/28 | €10,425 | €4,285 | -€6,140 | -58.9% |
| Tangible fixed assets | 22/27 | €5,197 | €4,057 | -€1,140 | -21.9% |
| Furniture and vehicles | 24 | €5,197 | €4,057 | -€1,140 | -21.9% |
| Financial fixed assets | 28 | €5,228 | €228 | -€5,000 | -95.6% |
| Current assets | 29/58 | €50,475 | €42,291 | -€8,185 | -16.2% |
| Amounts receivable within one year | 40/41 | €13,487 | €39,195 | +€25,708 | +191% |
| Trade receivables | 40 | €0 | €17,345 | +€17,345 | +173,451,300% |
| Other amounts receivable | 41 | €13,487 | €21,850 | +€8,363 | +62.0% |
| Cash at bank and in hand | 54/58 | €36,989 | €3,096 | -€33,893 | -91.6% |
| Total equity and liabilities | 10/49 | €60,900 | €46,576 | -€14,324 | -23.5% |
| Equity | 10/15 | €45,925 | €20,514 | -€25,411 | -55.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,925 | €10,514 | -€25,411 | -70.7% |
| Amounts payable | 17/49 | €14,976 | €26,062 | +€11,087 | +74.0% |
| Amounts payable within one year | 42/48 | €14,976 | €26,062 | +€11,087 | +74.0% |
| Trade debts | 44 | €1,473 | €20,001 | +€18,528 | +1,258% |
| Suppliers | 440/4 | €1,473 | €20,001 | +€18,528 | +1,258% |
| Taxes, remuneration and social security | 45 | €13,503 | €6,061 | -€7,442 | -55.1% |
| Taxes | 450/3 | €5,125 | €1,561 | -€3,565 | -69.5% |
| Remuneration and social security | 454/9 | €8,378 | €4,501 | -€3,877 | -46.3% |
| Remuneration, social security and pensions | 62 | €26,058 | €27,315 | +€1,257 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €501 | €1,140 | +€638 | +127% |
| Gross operating margin | 9900 | €42,794 | €6,026 | -€36,768 | -85.9% |
| Operating profit (loss) | 9901 | €16,234 | -€22,429 | -€38,663 | |
| Financial income | 75/76B | - | €850 | +€850 | |
| Recurring financial income | 75 | - | €850 | +€850 | |
| Financial charges | 65/66B | €302 | €507 | +€205 | +67.8% |
| Recurring financial charges | 65 | €302 | €507 | +€205 | +67.8% |
| Profit (loss) for the period before taxes | 9903 | €15,932 | -€22,086 | -€38,018 | |
| Income taxes | 67/77 | €112 | €3,325 | +€3,213 | +2,869% |
| Profit (loss) for the period | 9904 | €15,820 | -€25,411 | -€41,231 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,820 | -€25,411 | -€41,231 |
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 24 October 2026 via checked.be.