HDM: 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.
HDM
Largest movements
- Stocks and contracts +€230,941
up €230,941 (+87.6%), from €263,647 to €494,588
- Cash -€51,478
down €51,478 (-93.5%), from €55,050 to €3,572
mainly Stocks and contracts (-€230,941) and Receivables within one year (-€44,462)
- Receivables within one year +€44,462
up €44,462 (+56.1%), from €79,256 to €123,718
of which Trade receivables: +€44,322
- Tangible fixed assets -€14,185
down €14,185 (-9.1%), from €155,998 to €141,813
- Other debts +€96,272
up €96,272 (+26.4%), from €364,517 to €460,790
- Reserves +€63,000
up €63,000 (+46.0%), from €137,000 to €200,000
- Trade debts +€26,988
up €26,988 (+104.5%), from €25,832 to €52,820
- Profit (loss) carried forward +€12,947
up €12,947 (+19959.0%), from €65 to €13,012
- Tax, wage and social debts +€8,539
up €8,539 (+141.9%), from €6,018 to €14,557
- Gross operating margin +€63,456
up €63,456 (+75.9%), from €83,562 to €147,018
- Financial income +€19,567
up €19,567 (+4552.7%), from €430 to €19,997
- Taxes +€11,252
up €11,252 (+74.3%), from €15,134 to €26,386
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 | €554,155 | €763,909 | +€209,753 | +37.9% |
| Fixed assets | 21/28 | €156,017 | €141,813 | -€14,204 | -9.1% |
| Tangible fixed assets | 22/27 | €155,998 | €141,813 | -€14,185 | -9.1% |
| Land and buildings | 22 | €155,998 | €141,813 | -€14,185 | -9.1% |
| Financial fixed assets | 28 | €19 | - | -€19 | |
| Current assets | 29/58 | €398,139 | €622,096 | +€223,957 | +56.3% |
| Stocks and contracts in progress | 3 | €263,647 | €494,588 | +€230,941 | +87.6% |
| Stocks | 30/36 | €263,647 | €494,588 | +€230,941 | +87.6% |
| Amounts receivable within one year | 40/41 | €79,256 | €123,718 | +€44,462 | +56.1% |
| Trade receivables | 40 | €79,129 | €123,451 | +€44,322 | +56.0% |
| Other amounts receivable | 41 | €127 | €267 | +€141 | +111.1% |
| Cash at bank and in hand | 54/58 | €55,050 | €3,572 | -€51,478 | -93.5% |
| Deferred charges and accrued income | 490/1 | €186 | €218 | +€31 | +16.9% |
| Total equity and liabilities | 10/49 | €554,155 | €763,909 | +€209,753 | +37.9% |
| Equity | 10/15 | €155,665 | €231,612 | +€75,947 | +48.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,000 | €200,000 | +€63,000 | +46.0% |
| Distributable reserves | 133 | €137,000 | €200,000 | +€63,000 | +46.0% |
| Profit (loss) carried forward | 14 | €65 | €13,012 | +€12,947 | +19959.0% |
| Amounts payable | 17/49 | €398,491 | €532,296 | +€133,806 | +33.6% |
| Amounts payable within one year | 42/48 | €396,368 | €528,167 | +€131,799 | +33.3% |
| Trade debts | 44 | €25,832 | €52,820 | +€26,988 | +104.5% |
| Suppliers | 440/4 | €25,832 | €52,820 | +€26,988 | +104.5% |
| Taxes, remuneration and social security | 45 | €6,018 | €14,557 | +€8,539 | +141.9% |
| Taxes | 450/3 | €6,018 | €14,557 | +€8,539 | +141.9% |
| Other amounts payable | 47/48 | €364,517 | €460,790 | +€96,272 | +26.4% |
| Accrued charges and deferred income | 492/3 | €2,123 | €4,129 | +€2,006 | +94.5% |
| Remuneration, social security and pensions | 62 | - | €387 | +€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,185 | €14,185 | = | 0.0% |
| Other operating charges | 640/8 | €220 | €221 | +€0 | +0.2% |
| Gross operating margin | 9900 | €83,562 | €147,018 | +€63,456 | +75.9% |
| Operating profit (loss) | 9901 | €69,157 | €132,225 | +€63,068 | +91.2% |
| Financial income | 75/76B | €430 | €19,997 | +€19,567 | +4552.7% |
| Recurring financial income | 75 | €430 | €19,997 | +€19,567 | +4552.7% |
| Financial charges | 65/66B | €9,506 | €9,888 | +€382 | +4.0% |
| Recurring financial charges | 65 | €9,506 | €9,888 | +€382 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €60,080 | €142,333 | +€82,253 | +136.9% |
| Income taxes | 67/77 | €15,134 | €26,386 | +€11,252 | +74.3% |
| Profit (loss) for the period | 9904 | €44,946 | €115,947 | +€71,001 | +158.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,946 | €115,947 | +€71,001 | +158.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.