HDG Group: 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.
HDG Group
Largest movements
- Stocks and contracts +€164,274
up €164,274 (+30.2%), from €543,563 to €707,837
- Receivables within one year +€150,553
up €150,553 (+138.7%), from €108,561 to €259,114
of which Trade receivables: +€155,799
- Deferred charges and accrued income -€23,885
down €23,885 (-72.1%), from €33,106 to €9,221
- Cash -€15,875
down €15,875 (-12.7%), from €124,672 to €108,797
mainly Stocks and contracts (-€164,274) and Receivables within one year (-€150,553)
- Debts after one year +€160,394
up €160,394 (+119.8%), from €133,925 to €294,318
- Other debts -€115,916
down €115,916 (-92.9%), from €124,842 to €8,926
- Tax, wage and social debts +€87,012
up €87,012 (+57.9%), from €150,168 to €237,179
of which Taxes: +€90,862
- Profit (loss) carried forward +€60,764
up €60,764 (+17.1%), from €354,843 to €415,607
- Trade debts +€38,403
up €38,403 (+76.7%), from €50,097 to €88,500
- Gross operating margin -€62,920
down €62,920 (-14.5%), from €434,349 to €371,429
- Taxes -€18,804
down €18,804 (-21.5%), from €87,348 to €68,544
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 | €826,739 | €1,105,988 | +€279,249 | +33.8% |
| Fixed assets | 21/28 | €16,836 | €21,019 | +€4,182 | +24.8% |
| Tangible fixed assets | 22/27 | €6,336 | €10,519 | +€4,182 | +66.0% |
| Plant, machinery and equipment | 23 | €318 | €3,154 | +€2,836 | +892.8% |
| Furniture and vehicles | 24 | €2,680 | €4,008 | +€1,327 | +49.5% |
| Other tangible fixed assets | 26 | €3,338 | €3,357 | +€19 | +0.6% |
| Financial fixed assets | 28 | €10,500 | €10,500 | = | 0.0% |
| Current assets | 29/58 | €809,902 | €1,084,969 | +€275,067 | +34.0% |
| Stocks and contracts in progress | 3 | €543,563 | €707,837 | +€164,274 | +30.2% |
| Stocks | 30/36 | €543,563 | €707,837 | +€164,274 | +30.2% |
| Amounts receivable within one year | 40/41 | €108,561 | €259,114 | +€150,553 | +138.7% |
| Trade receivables | 40 | €103,169 | €258,968 | +€155,799 | +151.0% |
| Other amounts receivable | 41 | €5,392 | €146 | -€5,246 | -97.3% |
| Cash at bank and in hand | 54/58 | €124,672 | €108,797 | -€15,875 | -12.7% |
| Deferred charges and accrued income | 490/1 | €33,106 | €9,221 | -€23,885 | -72.1% |
| Total equity and liabilities | 10/49 | €826,739 | €1,105,988 | +€279,249 | +33.8% |
| Equity | 10/15 | €355,943 | €416,707 | +€60,764 | +17.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €354,843 | €415,607 | +€60,764 | +17.1% |
| Amounts payable | 17/49 | €470,795 | €689,280 | +€218,485 | +46.4% |
| Amounts payable after more than one year | 17 | €133,925 | €294,318 | +€160,394 | +119.8% |
| Financial debts | 170/4 | €133,925 | €294,318 | +€160,394 | +119.8% |
| Amounts payable within one year | 42/48 | €336,871 | €394,962 | +€58,092 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €11,764 | €35,749 | +€23,984 | +203.9% |
| Financial debts | 43 | - | €24,608 | +€24,608 | |
| Credit institutions | 430/8 | - | €24,608 | +€24,608 | |
| Trade debts | 44 | €50,097 | €88,500 | +€38,403 | +76.7% |
| Suppliers | 440/4 | €50,097 | €88,500 | +€38,403 | +76.7% |
| Taxes, remuneration and social security | 45 | €150,168 | €237,179 | +€87,012 | +57.9% |
| Taxes | 450/3 | €125,423 | €216,285 | +€90,862 | +72.4% |
| Remuneration and social security | 454/9 | €24,744 | €20,894 | -€3,850 | -15.6% |
| Other amounts payable | 47/48 | €124,842 | €8,926 | -€115,916 | -92.9% |
| Remuneration, social security and pensions | 62 | €82,964 | €81,183 | -€1,780 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,815 | €3,067 | +€252 | +9.0% |
| Other operating charges | 640/8 | €3,661 | €2,669 | -€992 | -27.1% |
| Gross operating margin | 9900 | €434,349 | €371,429 | -€62,920 | -14.5% |
| Operating profit (loss) | 9901 | €344,910 | €284,510 | -€60,400 | -17.5% |
| Financial income | 75/76B | €1,823 | €19 | -€1,803 | -98.9% |
| Recurring financial income | 75 | €1,823 | €19 | -€1,803 | -98.9% |
| Financial charges | 65/66B | €10,359 | €10,221 | -€139 | -1.3% |
| Recurring financial charges | 65 | €10,359 | €10,221 | -€139 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €336,373 | €274,308 | -€62,065 | -18.5% |
| Income taxes | 67/77 | €87,348 | €68,544 | -€18,804 | -21.5% |
| Profit (loss) for the period | 9904 | €249,025 | €205,764 | -€43,261 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €249,025 | €205,764 | -€43,261 | -17.4% |
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 12 October 2026 via checked.be.