HDEX: 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.
HDEX
Largest movements
- Cash -€146,045
down €146,045 (-58.0%), from €251,686 to €105,642
mainly Other debts (-€145,000) and Contributions, distributions and other (-€100,000)
- Other debts -€145,000
down €145,000 (-59.2%), from €245,000 to €100,000
- Financial income -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Gross operating margin +€134
up €134 (+12.8%), from -€1,046 to -€912
- Other operating charges +€31
up €31 (+3.2%), from €968 to €999
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 | €1,425,686 | €1,279,642 | -€146,045 | -10.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,174,000 | €1,174,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,174,000 | €1,174,000 | = | 0.0% |
| Current assets | 29/58 | €251,686 | €105,642 | -€146,045 | -58.0% |
| Cash at bank and in hand | 54/58 | €251,686 | €105,642 | -€146,045 | -58.0% |
| Total equity and liabilities | 10/49 | €1,425,686 | €1,279,642 | -€146,045 | -10.2% |
| Equity | 10/15 | €1,179,798 | €1,177,841 | -€1,957 | -0.2% |
| Contributions | 10/11 | €1,174,000 | €1,174,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,798 | €3,841 | -€1,957 | -33.8% |
| Amounts payable | 17/49 | €245,888 | €101,801 | -€144,088 | -58.6% |
| Amounts payable within one year | 42/48 | €245,000 | €100,000 | -€145,000 | -59.2% |
| Other amounts payable | 47/48 | €245,000 | €100,000 | -€145,000 | -59.2% |
| Accrued charges and deferred income | 492/3 | €888 | €1,801 | +€912 | +102.7% |
| Other operating charges | 640/8 | €968 | €999 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€1,046 | -€912 | +€134 | +12.8% |
| Operating profit (loss) | 9901 | -€2,014 | -€1,911 | +€103 | +5.1% |
| Financial income | 75/76B | €250,000 | €100,000 | -€150,000 | -60.0% |
| Recurring financial income | 75 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Financial charges | 65/66B | €46 | €46 | = | 0.0% |
| Recurring financial charges | 65 | €46 | €46 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €247,940 | €98,043 | -€149,897 | -60.5% |
| Profit (loss) for the period | 9904 | €247,940 | €98,043 | -€149,897 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €247,940 | €98,043 | -€149,897 | -60.5% |
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 29 September 2026 via checked.be.