HDC unlimited: 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 unlimited
Largest movements
- Current investments +€854,508
up €854,508 (+10.2%), from €8.4m to €9.2m
- Cash -€601,850
down €601,850 (-43.3%), from €1.4m to €788,713
mainly Contributions, distributions and other (-€1.5m) and Current investments (-€854,508)
- Other debts +€178,500
up €178,500 (+527%), from €33,868 to €212,368
- Financial income +€956,892
up €956,892 (+113%), from €848,699 to €1.8m
- Gross operating margin +€186,860
up €186,860 (+592%), from €31,570 to €218,430
- Taxes +€57,313
up €57,313 (+27.0%), from €212,274 to €269,587
- Financial charges +€6,078
up €6,078 (+10.1%), from €59,947 to €66,025
- Other operating charges -€2,654
down €2,654 (-13.6%), from €19,491 to €16,837
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 | €15,520,216 | €15,831,686 | +€311,469 | +2.0% |
| Fixed assets | 21/28 | €4,263,636 | €4,263,636 | = | 0.0% |
| Financial fixed assets | 28 | €4,263,636 | €4,263,636 | = | 0.0% |
| Current assets | 29/58 | €11,256,580 | €11,568,050 | +€311,469 | +2.8% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,316 | €60,103 | +€58,787 | +4,467% |
| Trade receivables | 40 | - | €59,633 | +€59,633 | |
| Other amounts receivable | 41 | €1,316 | €470 | -€846 | -64.3% |
| Current investments | 50/53 | €8,364,701 | €9,219,209 | +€854,508 | +10.2% |
| Cash at bank and in hand | 54/58 | €1,390,563 | €788,713 | -€601,850 | -43.3% |
| Deferred charges and accrued income | 490/1 | - | €25 | +€25 | |
| Total equity and liabilities | 10/49 | €15,520,216 | €15,831,686 | +€311,469 | +2.0% |
| Equity | 10/15 | €15,381,481 | €15,511,826 | +€130,345 | +0.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €15,319,481 | €15,449,826 | +€130,345 | +0.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €15,313,281 | €15,443,626 | +€130,345 | +0.9% |
| Amounts payable | 17/49 | €138,735 | €319,859 | +€181,124 | +131% |
| Amounts payable within one year | 42/48 | €138,735 | €319,859 | +€181,124 | +131% |
| Trade debts | 44 | €12,649 | €12,909 | +€261 | +2.1% |
| Suppliers | 440/4 | €12,649 | €12,909 | +€261 | +2.1% |
| Taxes, remuneration and social security | 45 | €92,218 | €94,582 | +€2,364 | +2.6% |
| Taxes | 450/3 | €92,218 | €94,582 | +€2,364 | +2.6% |
| Other amounts payable | 47/48 | €33,868 | €212,368 | +€178,500 | +527% |
| Other operating charges | 640/8 | €19,491 | €16,837 | -€2,654 | -13.6% |
| Gross operating margin | 9900 | €31,570 | €218,430 | +€186,860 | +592% |
| Operating profit (loss) | 9901 | €12,079 | €201,593 | +€189,514 | +1,569% |
| Financial income | 75/76B | €848,699 | €1,805,591 | +€956,892 | +113% |
| Recurring financial income | 75 | €848,699 | €1,805,591 | +€956,892 | +113% |
| Financial charges | 65/66B | €59,947 | €66,025 | +€6,078 | +10.1% |
| Recurring financial charges | 65 | €59,947 | €66,025 | +€6,078 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €800,831 | €1,941,159 | +€1.1m | +142% |
| Income taxes | 67/77 | €212,274 | €269,587 | +€57,313 | +27.0% |
| Profit (loss) for the period | 9904 | €588,557 | €1,671,572 | +€1.1m | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €588,557 | €1,671,572 | +€1.1m | +184% |
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 26 October 2026 via checked.be.