HDL TRADING: 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.
What changed
HDL TRADING
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€78,553
2024 · €131,816-€53,262
Equity
€2.1m
2024 · €2.1m+€18,553
Cash
€171,994
2024 · €151,618+€20,376
Balance sheet total
€3.6m
2024 · €3.6m+€37,635
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€56,089
down €56,089 (-84.5%), from €66,407 to €10,318
- Gross operating margin +€4,809
up €4,809 (+4.3%), from €112,143 to €116,952
- Taxes +€1,745
up €1,745 (+9.4%), from €18,476 to €20,221
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.
Result 2024
€131,816
Gross operating margin
+€4,809
Depreciation
-€192
Other operating charges
-€31
Financial income
-€56,089
Financial charges
-€15
Taxes
-€1,745
Result 2025
€78,553
raises the resultlowers the result
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.
From operations
+€82,843
Investment
-€2,467
Financing
-€60,000
Cash 2024
€151,618
From operations (derived)
+€82,843
Net result for the year
+€78,553
Depreciation
+€462
Receivables within one year
-€5,600
Deferred charges and accrued income
-€9,655
Trade debts
-€48
Tax, wage and social debts
-€7,242
Other debts
+€18,279
Accrued charges and deferred income
+€8,093
Investment (derived)
-€2,467
Investment in fixed assets (net)
-€2,467
Financing
-€60,000
Contributions, distributions and other
-€60,000
Cash 2025
€171,994
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,586,028 | €3,623,663 | +€37,635 | +1.0% |
| Fixed assets | 21/28 | €2,804,212 | €2,806,217 | +€2,005 | +0.1% |
| Tangible fixed assets | 22/27 | - | €2,005 | +€2,005 | |
| Furniture and vehicles | 24 | - | €2,005 | +€2,005 | |
| Financial fixed assets | 28 | €2,804,212 | €2,804,212 | = | 0.0% |
| Current assets | 29/58 | €781,816 | €817,446 | +€35,631 | +4.6% |
| Amounts receivable within one year | 40/41 | €608,391 | €613,991 | +€5,600 | +0.9% |
| Trade receivables | 40 | €90,191 | €53,991 | -€36,200 | -40.1% |
| Other amounts receivable | 41 | €518,200 | €560,000 | +€41,800 | +8.1% |
| Cash at bank and in hand | 54/58 | €151,618 | €171,994 | +€20,376 | +13.4% |
| Deferred charges and accrued income | 490/1 | €21,807 | €31,461 | +€9,655 | +44.3% |
| Total equity and liabilities | 10/49 | €3,586,028 | €3,623,663 | +€37,635 | +1.0% |
| Equity | 10/15 | €2,092,833 | €2,111,386 | +€18,553 | +0.9% |
| Contributions | 10/11 | €1,400,000 | €1,400,000 | = | 0.0% |
| Capital | 10 | €1,400,000 | €1,400,000 | = | 0.0% |
| Issued capital | 100 | €1,400,000 | €1,400,000 | = | 0.0% |
| Reserves | 13 | €31,852 | €31,852 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,852 | €31,852 | = | 0.0% |
| Legal reserve | 130 | €31,852 | €31,852 | = | 0.0% |
| Profit (loss) carried forward | 14 | €660,982 | €679,535 | +€18,553 | +2.8% |
| Amounts payable | 17/49 | €1,493,194 | €1,512,276 | +€19,082 | +1.3% |
| Amounts payable within one year | 42/48 | €1,447,333 | €1,458,322 | +€10,989 | +0.8% |
| Trade debts | 44 | €197 | €149 | -€48 | -24.3% |
| Suppliers | 440/4 | €197 | €149 | -€48 | -24.3% |
| Taxes, remuneration and social security | 45 | €17,971 | €10,729 | -€7,242 | -40.3% |
| Taxes | 450/3 | €17,459 | €10,217 | -€7,242 | -41.5% |
| Remuneration and social security | 454/9 | €513 | €513 | = | 0.0% |
| Other amounts payable | 47/48 | €1,429,165 | €1,447,444 | +€18,279 | +1.3% |
| Accrued charges and deferred income | 492/3 | €45,861 | €53,955 | +€8,093 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €270 | €462 | +€192 | +70.9% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €112,143 | €116,952 | +€4,809 | +4.3% |
| Operating profit (loss) | 9901 | €110,906 | €115,492 | +€4,586 | +4.1% |
| Financial income | 75/76B | €66,407 | €10,318 | -€56,089 | -84.5% |
| Recurring financial income | 75 | €66,407 | €10,318 | -€56,089 | -84.5% |
| Financial charges | 65/66B | €27,021 | €27,036 | +€15 | +0.1% |
| Recurring financial charges | 65 | €27,021 | €27,036 | +€15 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €150,292 | €98,774 | -€51,517 | -34.3% |
| Income taxes | 67/77 | €18,476 | €20,221 | +€1,745 | +9.4% |
| Profit (loss) for the period | 9904 | €131,816 | €78,553 | -€53,262 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €131,816 | €78,553 | -€53,262 | -40.4% |
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 1 November 2026 via checked.be.