HDM: 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.
HDM
Largest movements
- Cash -€4,169
no longer reported in 2025 (was €4,169)
mainly Net result for the year (-€8,349) and Debts after one year (-€3,098)
- Tangible fixed assets -€1,559
down €1,559 (-13.2%), from €11,788 to €10,229
of which Plant, machinery and equipment: -€1,323
- Profit (loss) carried forward -€8,349
down €8,349 (-20.8%), from -€40,116 to -€48,464
- Other debts +€6,714
up €6,714 (+44.7%), from €15,021 to €21,735
- Debts after one year -€3,098
down €3,098 (-22.8%), from €13,571 to €10,473
- Tax, wage and social debts -€2,426
down €2,426 (-62.6%), from €3,877 to €1,451
- Trade debts +€2,290
up €2,290 (+113.7%), from €2,014 to €4,304
- Gross operating margin -€10,380
down €10,380, from €7,004 to -€3,376
- Depreciation +€916
up €916 (+142.2%), from €644 to €1,559
- Financial charges -€735
down €735 (-27.6%), from €2,663 to €1,928
of which Non-recurring financial charges: -€1,873
- Taxes -€178
no longer reported in 2025 (was €178)
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 | €17,010 | €11,330 | -€5,680 | -33.4% |
| Fixed assets | 21/28 | €11,788 | €10,229 | -€1,559 | -13.2% |
| Tangible fixed assets | 22/27 | €11,788 | €10,229 | -€1,559 | -13.2% |
| Land and buildings | 22 | €870 | €633 | -€237 | -27.2% |
| Plant, machinery and equipment | 23 | €10,919 | €9,596 | -€1,323 | -12.1% |
| Current assets | 29/58 | €5,221 | €1,101 | -€4,120 | -78.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,053 | €1,101 | +€48 | +4.6% |
| Trade receivables | 40 | €1,020 | €985 | -€35 | -3.5% |
| Other amounts receivable | 41 | €32 | €116 | +€84 | +260.0% |
| Cash at bank and in hand | 54/58 | €4,169 | - | -€4,169 | |
| Total equity and liabilities | 10/49 | €17,010 | €11,330 | -€5,680 | -33.4% |
| Equity | 10/15 | -€21,524 | -€29,872 | -€8,349 | -38.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,116 | -€48,464 | -€8,349 | -20.8% |
| Amounts payable | 17/49 | €38,533 | €41,202 | +€2,669 | +6.9% |
| Amounts payable after more than one year | 17 | €13,571 | €10,473 | -€3,098 | -22.8% |
| Financial debts | 170/4 | €13,571 | €10,473 | -€3,098 | -22.8% |
| Amounts payable within one year | 42/48 | €23,692 | €30,729 | +€7,037 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €2,780 | €3,098 | +€318 | +11.5% |
| Financial debts | 43 | - | €141 | +€141 | |
| Credit institutions | 430/8 | - | €141 | +€141 | |
| Trade debts | 44 | €2,014 | €4,304 | +€2,290 | +113.7% |
| Suppliers | 440/4 | €2,014 | €4,304 | +€2,290 | +113.7% |
| Taxes, remuneration and social security | 45 | €3,877 | €1,451 | -€2,426 | -62.6% |
| Taxes | 450/3 | €3,877 | €1,451 | -€2,426 | -62.6% |
| Other amounts payable | 47/48 | €15,021 | €21,735 | +€6,714 | +44.7% |
| Accrued charges and deferred income | 492/3 | €1,270 | - | -€1,270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €644 | €1,559 | +€916 | +142.2% |
| Other operating charges | 640/8 | €1,532 | €1,493 | -€39 | -2.6% |
| Gross operating margin | 9900 | €7,004 | -€3,376 | -€10,380 | |
| Operating profit (loss) | 9901 | €4,828 | -€6,428 | -€11,256 | |
| Financial income | 75/76B | €19 | €8 | -€12 | -60.8% |
| Recurring financial income | 75 | €19 | €8 | -€12 | -60.8% |
| Financial charges | 65/66B | €2,663 | €1,928 | -€735 | -27.6% |
| Recurring financial charges | 65 | €790 | €1,928 | +€1,138 | +144.2% |
| Non-recurring financial charges | 66B | €1,873 | - | -€1,873 | |
| Profit (loss) for the period before taxes | 9903 | €2,185 | -€8,349 | -€10,533 | |
| Income taxes | 67/77 | €178 | - | -€178 | |
| Profit (loss) for the period | 9904 | €2,007 | -€8,349 | -€10,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,007 | -€8,349 | -€10,356 |
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.