HDM Studiebureau: what changed
HDM Studiebureau
Largest movements
- Stocks and contracts +€369,647
new in 2025: €369,647
of which Contracts in progress: +€315,147
- Cash -€193,464
down €193,464 (-68.7%), from €281,708 to €88,243
mainly Stocks and contracts (-€369,647) and Tax, wage and social debts (-€72,241)
- Receivables within one year -€137,108
down €137,108 (-33.4%), from €410,561 to €273,453
of which Trade receivables: -€154,876
- Financial fixed assets -€25,000
down €25,000 (-21.7%), from €115,000 to €90,000
- Tangible fixed assets -€16,401
down €16,401 (-8.0%), from €204,649 to €188,248
of which Land and buildings: -€26,687
- Trade debts +€105,448
up €105,448 (+98.6%), from €106,939 to €212,387
- Tax, wage and social debts -€72,241
down €72,241 (-62.0%), from €116,465 to €44,224
of which Taxes: -€69,044
- Reserves +€17,739
up €17,739 (+3.4%), from €526,150 to €543,889
- Debts after one year -€17,653
down €17,653 (-38.7%), from €45,561 to €27,909
- Short-term financial debts -€15,000
down €15,000 (-13.0%), from €115,000 to €100,000
- Gross operating margin -€213,594
down €213,594 (-42.0%), from €508,810 to €295,216
- Staff costs -€59,052
down €59,052 (-25.0%), from €235,763 to €176,711
- Financial income -€50,222
down €50,222 (-99.6%), from €50,401 to €179
- Taxes -€45,344
down €45,344 (-93.5%), from €48,500 to €3,156
- Financial charges +€25,589
up €25,589 (+153%), from €16,713 to €42,302
of which Non-recurring financial charges: +€25,000
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,024,110 | €1,035,043 | +€10,933 | +1.1% |
| Fixed assets | 21/28 | €319,649 | €278,248 | -€41,401 | -13.0% |
| Tangible fixed assets | 22/27 | €204,649 | €188,248 | -€16,401 | -8.0% |
| Land and buildings | 22 | €160,422 | €133,735 | -€26,687 | -16.6% |
| Plant, machinery and equipment | 23 | €2,532 | €2,215 | -€316 | -12.5% |
| Furniture and vehicles | 24 | €35,828 | €47,846 | +€12,018 | +33.5% |
| Other tangible fixed assets | 26 | €5,868 | €4,453 | -€1,415 | -24.1% |
| Financial fixed assets | 28 | €115,000 | €90,000 | -€25,000 | -21.7% |
| Current assets | 29/58 | €704,461 | €756,795 | +€52,334 | +7.4% |
| Stocks and contracts in progress | 3 | - | €369,647 | +€369,647 | |
| Stocks | 30/36 | - | €54,500 | +€54,500 | |
| Contracts in progress | 37 | - | €315,147 | +€315,147 | |
| Amounts receivable within one year | 40/41 | €410,561 | €273,453 | -€137,108 | -33.4% |
| Trade receivables | 40 | €408,260 | €253,384 | -€154,876 | -37.9% |
| Other amounts receivable | 41 | €2,300 | €20,069 | +€17,768 | +772% |
| Cash at bank and in hand | 54/58 | €281,708 | €88,243 | -€193,464 | -68.7% |
| Deferred charges and accrued income | 490/1 | €12,192 | €25,452 | +€13,259 | +109% |
| Total equity and liabilities | 10/49 | €1,024,110 | €1,035,043 | +€10,933 | +1.1% |
| Equity | 10/15 | €609,818 | €627,557 | +€17,739 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €526,150 | €543,889 | +€17,739 | +3.4% |
| Distributable reserves | 133 | €526,150 | €543,889 | +€17,739 | +3.4% |
| Profit (loss) carried forward | 14 | €65,068 | €65,068 | = | 0.0% |
| Amounts payable | 17/49 | €414,292 | €407,485 | -€6,807 | -1.6% |
| Amounts payable after more than one year | 17 | €45,561 | €27,909 | -€17,653 | -38.7% |
| Financial debts | 170/4 | €45,561 | €27,909 | -€17,653 | -38.7% |
| Amounts payable within one year | 42/48 | €367,110 | €376,781 | +€9,670 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €23,053 | €17,653 | -€5,400 | -23.4% |
| Financial debts | 43 | €115,000 | €100,000 | -€15,000 | -13.0% |
| Credit institutions | 430/8 | €115,000 | €100,000 | -€15,000 | -13.0% |
| Trade debts | 44 | €106,939 | €212,387 | +€105,448 | +98.6% |
| Suppliers | 440/4 | €106,939 | €212,387 | +€105,448 | +98.6% |
| Taxes, remuneration and social security | 45 | €116,465 | €44,224 | -€72,241 | -62.0% |
| Taxes | 450/3 | €89,570 | €20,526 | -€69,044 | -77.1% |
| Remuneration and social security | 454/9 | €26,895 | €23,699 | -€3,197 | -11.9% |
| Other amounts payable | 47/48 | €5,652 | €2,516 | -€3,136 | -55.5% |
| Accrued charges and deferred income | 492/3 | €1,620 | €2,796 | +€1,176 | +72.6% |
| Non-recurring operating income | 76A | €613 | €0 | -€613 | -100% |
| Remuneration, social security and pensions | 62 | €235,763 | €176,711 | -€59,052 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,787 | €41,487 | -€8,300 | -16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,760 | €0 | +€1,760 | |
| Other operating charges | 640/8 | €5,892 | €3,834 | -€2,057 | -34.9% |
| Non-recurring operating charges | 66A | €0 | €10,165 | +€10,165 | |
| Gross operating margin | 9900 | €508,810 | €295,216 | -€213,594 | -42.0% |
| Operating profit (loss) | 9901 | €219,127 | €63,019 | -€156,109 | -71.2% |
| Financial income | 75/76B | €50,401 | €179 | -€50,222 | -99.6% |
| Recurring financial income | 75 | €50,401 | €179 | -€50,222 | -99.6% |
| Financial charges | 65/66B | €16,713 | €42,302 | +€25,589 | +153% |
| Recurring financial charges | 65 | €16,713 | €17,302 | +€589 | +3.5% |
| Non-recurring financial charges | 66B | - | €25,000 | +€25,000 | |
| Profit (loss) for the period before taxes | 9903 | €252,816 | €20,895 | -€231,920 | -91.7% |
| Income taxes | 67/77 | €48,500 | €3,156 | -€45,344 | -93.5% |
| Profit (loss) for the period | 9904 | €204,316 | €17,739 | -€186,576 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,316 | €17,739 | -€186,576 | -91.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.