HDfarma: 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.
HDfarma
Largest movements
- Cash +€231,143
up €231,143 (+117%), from €197,000 to €428,144
mainly Net result for the year (+€121,927) and Investment in fixed assets (net) (+€66,451)
- Tangible fixed assets -€90,186
down €90,186 (-27.9%), from €323,490 to €233,305
of which Land and buildings: -€97,725
- Stocks and contracts -€14,325
down €14,325 (-14.6%), from €98,096 to €83,772
- Reserves +€121,927
up €121,927 (+41.4%), from €294,713 to €416,640
of which Distributable reserves: +€121,927
- Tax, wage and social debts +€33,162
up €33,162 (+168%), from €19,710 to €52,872
of which Taxes: +€39,450
- Debts after one year -€23,400
down €23,400 (-8.9%), from €263,400 to €240,000
- Current portion of long-term debt -€21,600
no longer reported in 2026 (was €21,600)
- Trade debts +€14,404
up €14,404 (+62.6%), from €22,997 to €37,402
- Gross operating margin +€131,467
up €131,467 (+118%), from €111,055 to €242,522
- Taxes +€47,552
up €47,552 (+406%), from €11,703 to €59,255
- Depreciation -€10,841
down €10,841 (-31.4%), from €34,576 to €23,734
- Staff costs +€8,817
up €8,817 (+103%), from €8,526 to €17,343
- Financial charges -€2,598
down €2,598 (-12.7%), from €20,470 to €17,872
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €654,099 | €779,162 | +€125,063 | +19.1% |
| Fixed assets | 21/28 | €323,490 | €233,305 | -€90,186 | -27.9% |
| Tangible fixed assets | 22/27 | €323,490 | €233,305 | -€90,186 | -27.9% |
| Land and buildings | 22 | €319,594 | €221,868 | -€97,725 | -30.6% |
| Plant, machinery and equipment | 23 | - | €4,296 | +€4,296 | |
| Furniture and vehicles | 24 | €3,896 | €7,140 | +€3,243 | +83.2% |
| Current assets | 29/58 | €330,609 | €545,857 | +€215,248 | +65.1% |
| Stocks and contracts in progress | 3 | €98,096 | €83,772 | -€14,325 | -14.6% |
| Stocks | 30/36 | €98,096 | €83,772 | -€14,325 | -14.6% |
| Amounts receivable within one year | 40/41 | €32,458 | €33,942 | +€1,484 | +4.6% |
| Trade receivables | 40 | €29,162 | €32,800 | +€3,638 | +12.5% |
| Other amounts receivable | 41 | €3,297 | €1,142 | -€2,154 | -65.4% |
| Cash at bank and in hand | 54/58 | €197,000 | €428,144 | +€231,143 | +117% |
| Deferred charges and accrued income | 490/1 | €3,054 | - | -€3,054 | |
| Total equity and liabilities | 10/49 | €654,099 | €779,162 | +€125,063 | +19.1% |
| Equity | 10/15 | €313,313 | €435,240 | +€121,927 | +38.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €294,713 | €416,640 | +€121,927 | +41.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €275,963 | €397,890 | +€121,927 | +44.2% |
| Amounts payable | 17/49 | €340,786 | €343,922 | +€3,136 | +0.9% |
| Amounts payable after more than one year | 17 | €263,400 | €240,000 | -€23,400 | -8.9% |
| Financial debts | 170/4 | €263,400 | €240,000 | -€23,400 | -8.9% |
| Amounts payable within one year | 42/48 | €64,307 | €90,274 | +€25,966 | +40.4% |
| Current portion of amounts payable after more than one year | 42 | €21,600 | - | -€21,600 | |
| Trade debts | 44 | €22,997 | €37,402 | +€14,404 | +62.6% |
| Suppliers | 440/4 | €22,997 | €37,402 | +€14,404 | +62.6% |
| Taxes, remuneration and social security | 45 | €19,710 | €52,872 | +€33,162 | +168% |
| Taxes | 450/3 | €9,709 | €49,158 | +€39,450 | +406% |
| Remuneration and social security | 454/9 | €10,001 | €3,713 | -€6,288 | -62.9% |
| Accrued charges and deferred income | 492/3 | €13,079 | €13,648 | +€569 | +4.4% |
| Non-recurring operating income | 76A | - | €169,065 | +€169,065 | |
| Remuneration, social security and pensions | 62 | €8,526 | €17,343 | +€8,817 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,576 | €23,734 | -€10,841 | -31.4% |
| Other operating charges | 640/8 | €3,160 | €2,689 | -€471 | -14.9% |
| Gross operating margin | 9900 | €111,055 | €242,522 | +€131,467 | +118% |
| Operating profit (loss) | 9901 | €64,793 | €198,756 | +€133,962 | +207% |
| Financial income | 75/76B | - | €299 | +€299 | |
| Recurring financial income | 75 | - | €299 | +€299 | |
| Financial charges | 65/66B | €20,470 | €17,872 | -€2,598 | -12.7% |
| Recurring financial charges | 65 | €20,470 | €17,872 | -€2,598 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €44,323 | €181,182 | +€136,859 | +309% |
| Income taxes | 67/77 | €11,703 | €59,255 | +€47,552 | +406% |
| Profit (loss) for the period | 9904 | €32,619 | €121,927 | +€89,308 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €32,619 | €121,927 | +€89,308 | +274% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.