HDLV: 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.
HDLV
Largest movements
- Receivables within one year -€27,779
down €27,779 (-39.9%), from €69,665 to €41,886
of which Trade receivables: -€29,455
- Tangible fixed assets -€11,972
down €11,972 (-22.8%), from €52,467 to €40,495
of which Land and buildings: -€6,871
- Cash +€8,174
up €8,174 (+4.4%), from €185,978 to €194,152
mainly Net result for the year (+€112,112) and Other debts (+€45,841)
- Other debts +€45,841
up €45,841 (+73.0%), from €62,785 to €108,626
- Contributions -€34,997
down €34,997 (-100%), from €34,997 to €0
- Trade debts -€32,436
down €32,436 (-27.3%), from €118,702 to €86,266
- Profit (loss) carried forward +€19,196
up €19,196 (+40,782%), from €47 to €19,243
- Current portion of long-term debt -€12,429
down €12,429 (-29.3%), from €42,395 to €29,966
- Gross operating margin +€31,699
up €31,699 (+5.6%), from €562,802 to €594,501
- Staff costs -€16,844
down €16,844 (-4.2%), from €401,905 to €385,062
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 | €544,216 | €507,503 | -€36,713 | -6.7% |
| Fixed assets | 21/28 | €81,027 | €69,055 | -€11,972 | -14.8% |
| Tangible fixed assets | 22/27 | €52,467 | €40,495 | -€11,972 | -22.8% |
| Land and buildings | 22 | €35,040 | €28,168 | -€6,871 | -19.6% |
| Furniture and vehicles | 24 | €17,427 | €12,327 | -€5,101 | -29.3% |
| Financial fixed assets | 28 | €28,560 | €28,560 | = | 0.0% |
| Current assets | 29/58 | €463,189 | €438,448 | -€24,741 | -5.3% |
| Stocks and contracts in progress | 3 | €206,855 | €202,286 | -€4,568 | -2.2% |
| Stocks | 30/36 | €206,855 | €202,286 | -€4,568 | -2.2% |
| Amounts receivable within one year | 40/41 | €69,665 | €41,886 | -€27,779 | -39.9% |
| Trade receivables | 40 | €62,988 | €33,533 | -€29,455 | -46.8% |
| Other amounts receivable | 41 | €6,677 | €8,353 | +€1,677 | +25.1% |
| Cash at bank and in hand | 54/58 | €185,978 | €194,152 | +€8,174 | +4.4% |
| Deferred charges and accrued income | 490/1 | €691 | €123 | -€568 | -82.2% |
| Total equity and liabilities | 10/49 | €544,216 | €507,503 | -€36,713 | -6.7% |
| Equity | 10/15 | €261,058 | €233,173 | -€27,885 | -10.7% |
| Contributions | 10/11 | €34,997 | €0 | -€34,997 | -100% |
| Reserves | 13 | €226,014 | €213,930 | -€12,084 | -5.3% |
| Non-distributable reserves | 130/1 | €6,500 | €0 | -€6,500 | -100% |
| Reserves not available under the articles | 1311 | €6,500 | €0 | -€6,500 | -100% |
| Tax-exempt reserves | 132 | €559 | €0 | -€559 | -100% |
| Distributable reserves | 133 | €218,955 | €213,930 | -€5,025 | -2.3% |
| Profit (loss) carried forward | 14 | €47 | €19,243 | +€19,196 | +40,782% |
| Amounts payable | 17/49 | €283,158 | €274,330 | -€8,829 | -3.1% |
| Amounts payable within one year | 42/48 | €283,158 | €274,330 | -€8,829 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €42,395 | €29,966 | -€12,429 | -29.3% |
| Trade debts | 44 | €118,702 | €86,266 | -€32,436 | -27.3% |
| Suppliers | 440/4 | €118,702 | €86,266 | -€32,436 | -27.3% |
| Advances received on contracts in progress | 46 | €630 | €600 | -€30 | -4.8% |
| Taxes, remuneration and social security | 45 | €58,646 | €48,871 | -€9,774 | -16.7% |
| Taxes | 450/3 | €12,077 | €2,425 | -€9,652 | -79.9% |
| Remuneration and social security | 454/9 | €46,568 | €46,446 | -€122 | -0.3% |
| Other amounts payable | 47/48 | €62,785 | €108,626 | +€45,841 | +73.0% |
| Remuneration, social security and pensions | 62 | €401,905 | €385,062 | -€16,844 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,006 | €20,034 | +€1,027 | +5.4% |
| Other operating charges | 640/8 | €31,443 | €32,916 | +€1,473 | +4.7% |
| Gross operating margin | 9900 | €562,802 | €594,501 | +€31,699 | +5.6% |
| Operating profit (loss) | 9901 | €110,447 | €156,490 | +€46,042 | +41.7% |
| Financial income | 75/76B | €6 | €4,503 | +€4,497 | +73,845% |
| Recurring financial income | 75 | €6 | €4,503 | +€4,497 | +73,845% |
| Financial charges | 65/66B | €24,550 | €27,067 | +€2,517 | +10.3% |
| Recurring financial charges | 65 | €24,550 | €27,067 | +€2,517 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €85,903 | €133,926 | +€48,023 | +55.9% |
| Income taxes | 67/77 | €21,629 | €21,814 | +€185 | +0.9% |
| Profit (loss) for the period | 9904 | €64,274 | €112,112 | +€47,838 | +74.4% |
| Transfer from tax-exempt reserves | 789 | - | €559 | +€559 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,274 | €112,671 | +€48,397 | +75.3% |
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 14 October 2026 via checked.be.