HDD PROJECTS: 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.
HDD PROJECTS
Largest movements
- Cash -€117,470
down €117,470 (-71.0%), from €165,432 to €47,962
mainly Stocks and contracts (-€83,450) and Other debts (-€39,942)
- Stocks and contracts +€83,450
new in 2025: €83,450
- Tangible fixed assets -€16,824
down €16,824 (-8.2%), from €204,756 to €187,932
of which Furniture and vehicles: -€12,674
- Receivables within one year +€15,986
up €15,986 (+100%), from €15,937 to €31,923
of which Other amounts receivable: +€9,826
- Other debts -€39,942
down €39,942 (-92.8%), from €43,023 to €3,081
- Reserves +€19,246
up €19,246 (+9.0%), from €214,372 to €233,618
- Debts after one year -€12,001
down €12,001 (-11.6%), from €103,677 to €91,675
- Trade debts +€6,396
up €6,396 (+163%), from €3,919 to €10,314
- Tax, wage and social debts -€4,673
no longer reported in 2025 (was €4,673)
- Gross operating margin +€44,417
up €44,417 (+162%), from €27,425 to €71,841
- Taxes +€10,242
up €10,242, from -€526 to €9,717
- Other operating charges +€7,773
up €7,773 (+189%), from €4,103 to €11,876
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 | €390,809 | €356,891 | -€33,918 | -8.7% |
| Fixed assets | 21/28 | €204,756 | €187,932 | -€16,824 | -8.2% |
| Tangible fixed assets | 22/27 | €204,756 | €187,932 | -€16,824 | -8.2% |
| Land and buildings | 22 | €146,416 | €138,855 | -€7,561 | -5.2% |
| Plant, machinery and equipment | 23 | €22,018 | €25,429 | +€3,410 | +15.5% |
| Furniture and vehicles | 24 | €36,322 | €23,648 | -€12,674 | -34.9% |
| Current assets | 29/58 | €186,053 | €168,959 | -€17,094 | -9.2% |
| Stocks and contracts in progress | 3 | - | €83,450 | +€83,450 | |
| Stocks | 30/36 | - | €83,450 | +€83,450 | |
| Amounts receivable within one year | 40/41 | €15,937 | €31,923 | +€15,986 | +100% |
| Trade receivables | 40 | €4,770 | €10,930 | +€6,160 | +129% |
| Other amounts receivable | 41 | €11,167 | €20,993 | +€9,826 | +88.0% |
| Cash at bank and in hand | 54/58 | €165,432 | €47,962 | -€117,470 | -71.0% |
| Deferred charges and accrued income | 490/1 | €4,684 | €5,623 | +€939 | +20.1% |
| Total equity and liabilities | 10/49 | €390,809 | €356,891 | -€33,918 | -8.7% |
| Equity | 10/15 | €220,572 | €239,818 | +€19,246 | +8.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €214,372 | €233,618 | +€19,246 | +9.0% |
| Distributable reserves | 133 | €214,372 | €233,618 | +€19,246 | +9.0% |
| Amounts payable | 17/49 | €170,237 | €117,072 | -€53,165 | -31.2% |
| Amounts payable after more than one year | 17 | €103,677 | €91,675 | -€12,001 | -11.6% |
| Financial debts | 170/4 | €103,677 | €91,675 | -€12,001 | -11.6% |
| Amounts payable within one year | 42/48 | €64,460 | €25,397 | -€39,063 | -60.6% |
| Current portion of amounts payable after more than one year | 42 | €12,845 | €12,001 | -€844 | -6.6% |
| Trade debts | 44 | €3,919 | €10,314 | +€6,396 | +163% |
| Suppliers | 440/4 | €3,919 | €10,314 | +€6,396 | +163% |
| Taxes, remuneration and social security | 45 | €4,673 | - | -€4,673 | |
| Taxes | 450/3 | €4,673 | - | -€4,673 | |
| Other amounts payable | 47/48 | €43,023 | €3,081 | -€39,942 | -92.8% |
| Accrued charges and deferred income | 492/3 | €2,100 | - | -€2,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,315 | €30,018 | -€296 | -1.0% |
| Other operating charges | 640/8 | €4,103 | €11,876 | +€7,773 | +189% |
| Gross operating margin | 9900 | €27,425 | €71,841 | +€44,417 | +162% |
| Operating profit (loss) | 9901 | -€6,992 | €29,947 | +€36,940 | |
| Financial income | 75/76B | €1,726 | €1,406 | -€320 | -18.6% |
| Recurring financial income | 75 | €1,726 | €1,406 | -€320 | -18.6% |
| Financial charges | 65/66B | €2,642 | €2,390 | -€253 | -9.6% |
| Recurring financial charges | 65 | €2,642 | €2,390 | -€253 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,909 | €28,963 | +€36,872 | |
| Income taxes | 67/77 | -€526 | €9,717 | +€10,242 | |
| Profit (loss) for the period | 9904 | -€7,383 | €19,246 | +€26,630 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,383 | €19,246 | +€26,630 |
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 19 October 2026 via checked.be.