HDKL: 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.
HDKL
Largest movements
- Cash +€86,615
up €86,615 (+84.8%), from €102,156 to €188,771
mainly Net result for the year (+€105,174) and Tax, wage and social debts (+€5,346)
- Receivables within one year +€23,514
up €23,514 (+10.5%), from €224,732 to €248,246
of which Trade receivables: +€26,982
- Reserves +€105,174
up €105,174 (+58.9%), from €178,675 to €283,848
of which Distributable reserves: +€105,174
- Tax, wage and social debts +€5,346
up €5,346 (+6.0%), from €89,212 to €94,559
of which Taxes: +€18,475
- Gross operating margin +€102,208
up €102,208 (+18.5%), from €553,373 to €655,581
- Staff costs +€90,076
up €90,076 (+21.4%), from €420,951 to €511,028
- Taxes -€11,765
down €11,765 (-29.2%), from €40,329 to €28,564
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 | €332,228 | €441,261 | +€109,033 | +32.8% |
| Fixed assets | 21/28 | €5,160 | €4,079 | -€1,081 | -20.9% |
| Tangible fixed assets | 22/27 | €5,160 | €4,079 | -€1,081 | -20.9% |
| Furniture and vehicles | 24 | €5,160 | €4,079 | -€1,081 | -20.9% |
| Current assets | 29/58 | €327,068 | €437,182 | +€110,114 | +33.7% |
| Amounts receivable within one year | 40/41 | €224,732 | €248,246 | +€23,514 | +10.5% |
| Trade receivables | 40 | €218,066 | €245,048 | +€26,982 | +12.4% |
| Other amounts receivable | 41 | €6,666 | €3,198 | -€3,468 | -52.0% |
| Cash at bank and in hand | 54/58 | €102,156 | €188,771 | +€86,615 | +84.8% |
| Deferred charges and accrued income | 490/1 | €181 | €165 | -€15 | -8.4% |
| Total equity and liabilities | 10/49 | €332,228 | €441,261 | +€109,033 | +32.8% |
| Equity | 10/15 | €240,175 | €345,348 | +€105,174 | +43.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €178,675 | €283,848 | +€105,174 | +58.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €172,525 | €277,698 | +€105,174 | +61.0% |
| Amounts payable | 17/49 | €92,053 | €95,913 | +€3,860 | +4.2% |
| Amounts payable within one year | 42/48 | €92,053 | €95,913 | +€3,860 | +4.2% |
| Trade debts | 44 | €2,841 | €1,354 | -€1,487 | -52.3% |
| Suppliers | 440/4 | €2,841 | €1,354 | -€1,487 | -52.3% |
| Taxes, remuneration and social security | 45 | €89,212 | €94,559 | +€5,346 | +6.0% |
| Taxes | 450/3 | €13,329 | €31,804 | +€18,475 | +138.6% |
| Remuneration and social security | 454/9 | €75,883 | €62,755 | -€13,128 | -17.3% |
| Remuneration, social security and pensions | 62 | €420,951 | €511,028 | +€90,076 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,945 | €2,749 | -€2,195 | -44.4% |
| Other operating charges | 640/8 | €1,973 | €2,113 | +€141 | +7.1% |
| Gross operating margin | 9900 | €553,373 | €655,581 | +€102,208 | +18.5% |
| Operating profit (loss) | 9901 | €125,505 | €139,691 | +€14,186 | +11.3% |
| Financial charges | 65/66B | €4,896 | €5,954 | +€1,058 | +21.6% |
| Recurring financial charges | 65 | €4,896 | €5,954 | +€1,058 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €120,609 | €133,738 | +€13,128 | +10.9% |
| Income taxes | 67/77 | €40,329 | €28,564 | -€11,765 | -29.2% |
| Profit (loss) for the period | 9904 | €80,280 | €105,174 | +€24,894 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,280 | €105,174 | +€24,894 | +31.0% |
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 1 October 2026 via checked.be.