HDL MF: 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.
HDL MF
Largest movements
- Financial fixed assets -€1.3m
down €1.3m (-75.1%), from €1.8m to €436,603
- Cash -€126,227
down €126,227 (-62.0%), from €203,593 to €77,366
mainly Net result for the year (-€1.6m)
- Current investments -€109,850
no longer reported in 2025 (was €109,850)
- Receivables within one year -€46,108
down €46,108 (-13.0%), from €353,711 to €307,603
- Profit (loss) carried forward -€1.6m
down €1.6m (-26.5%), from -€6.2m to -€7.8m
- Gross operating margin +€1.6m
up €1.6m (+53.7%), from -€3.0m to -€1.4m
- Financial income -€201,043
down €201,043 (-95.9%), from €209,580 to €8,537
- Financial charges +€192,059
up €192,059 (+491%), from €39,117 to €231,176
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 | €2,442,888 | €831,915 | -€1.6m | -65.9% |
| Fixed assets | 21/28 | €1,772,441 | €446,947 | -€1.3m | -74.8% |
| Intangible fixed assets | 21 | €10,396 | €7,897 | -€2,499 | -24.0% |
| Tangible fixed assets | 22/27 | €8,620 | €2,446 | -€6,173 | -71.6% |
| Furniture and vehicles | 24 | €8,620 | €2,446 | -€6,173 | -71.6% |
| Financial fixed assets | 28 | €1,753,426 | €436,603 | -€1.3m | -75.1% |
| Current assets | 29/58 | €670,446 | €384,969 | -€285,478 | -42.6% |
| Amounts receivable within one year | 40/41 | €353,711 | €307,603 | -€46,108 | -13.0% |
| Other amounts receivable | 41 | €353,711 | €307,603 | -€46,108 | -13.0% |
| Current investments | 50/53 | €109,850 | - | -€109,850 | |
| Cash at bank and in hand | 54/58 | €203,593 | €77,366 | -€126,227 | -62.0% |
| Deferred charges and accrued income | 490/1 | €3,292 | - | -€3,292 | |
| Total equity and liabilities | 10/49 | €2,442,888 | €831,915 | -€1.6m | -65.9% |
| Equity | 10/15 | €2,391,202 | €755,679 | -€1.6m | -68.4% |
| Contributions | 10/11 | €8,561,500 | €8,561,500 | = | 0.0% |
| Capital | 10 | €77,341 | €77,341 | = | 0.0% |
| Issued capital | 100 | €77,341 | €77,341 | = | 0.0% |
| Contributions outside capital | 11 | €8,484,159 | €8,484,159 | = | 0.0% |
| Share premium | 1100/10 | €8,484,159 | €8,484,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,170,298 | -€7,805,821 | -€1.6m | -26.5% |
| Amounts payable | 17/49 | €51,686 | €76,236 | +€24,550 | +47.5% |
| Amounts payable within one year | 42/48 | €51,686 | €66,811 | +€15,125 | +29.3% |
| Trade debts | 44 | €51,686 | €66,811 | +€15,125 | +29.3% |
| Suppliers | 440/4 | €51,686 | €66,811 | +€15,125 | +29.3% |
| Accrued charges and deferred income | 492/3 | - | €9,425 | +€9,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,146 | €8,672 | +€526 | +6.5% |
| Other operating charges | 640/8 | €21,645 | €998 | -€20,646 | -95.4% |
| Non-recurring operating charges | 66A | €31,322 | €3,333 | -€27,989 | -89.4% |
| Gross operating margin | 9900 | -€3,021,338 | -€1,399,880 | +€1.6m | +53.7% |
| Operating profit (loss) | 9901 | -€3,082,450 | -€1,412,884 | +€1.7m | +54.2% |
| Financial income | 75/76B | €209,580 | €8,537 | -€201,043 | -95.9% |
| Recurring financial income | 75 | €209,580 | €8,537 | -€201,043 | -95.9% |
| Financial charges | 65/66B | €39,117 | €231,176 | +€192,059 | +491% |
| Recurring financial charges | 65 | €39,117 | €231,176 | +€192,059 | +491% |
| Profit (loss) for the period before taxes | 9903 | -€2,911,987 | -€1,635,522 | +€1.3m | +43.8% |
| Profit (loss) for the period | 9904 | -€2,911,987 | -€1,635,522 | +€1.3m | +43.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,911,987 | -€1,635,522 | +€1.3m | +43.8% |
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 18 October 2026 via checked.be.