HDMC: 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.
HDMC
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash +€50,843
up €50,843 (+141.1%), from €36,036 to €86,879
mainly Current investments (+€100,000) and Depreciation (+€5,458)
- Intangible fixed assets +€15,678
new in 2025: €15,678
- Tax, wage and social debts -€26,400
down €26,400 (-57.2%), from €46,162 to €19,762
- Profit (loss) carried forward -€15,334
new in 2025: -€15,334
- Other debts +€4,032
up €4,032 (+4894.3%), from €82 to €4,115
- Gross operating margin -€60,747
down €60,747, from €53,368 to -€7,379
- Taxes -€13,283
down €13,283 (-98.9%), from €13,435 to €152
- Depreciation +€2,206
up €2,206 (+67.8%), from €3,252 to €5,458
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 | €164,032 | €126,496 | -€37,536 | -22.9% |
| Fixed assets | 21/28 | €12,740 | €27,281 | +€14,542 | +114.1% |
| Intangible fixed assets | 21 | - | €15,678 | +€15,678 | |
| Tangible fixed assets | 22/27 | €12,740 | €11,603 | -€1,136 | -8.9% |
| Plant, machinery and equipment | 23 | €5,896 | €4,214 | -€1,682 | -28.5% |
| Furniture and vehicles | 24 | €6,844 | €7,389 | +€545 | +8.0% |
| Current assets | 29/58 | €151,292 | €99,214 | -€52,077 | -34.4% |
| Amounts receivable within one year | 40/41 | €13,970 | €12,335 | -€1,635 | -11.7% |
| Trade receivables | 40 | €13,813 | €12,100 | -€1,713 | -12.4% |
| Other amounts receivable | 41 | €158 | €235 | +€78 | +49.3% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €36,036 | €86,879 | +€50,843 | +141.1% |
| Deferred charges and accrued income | 490/1 | €1,286 | €0 | -€1,286 | -100.0% |
| Total equity and liabilities | 10/49 | €164,032 | €126,496 | -€37,536 | -22.9% |
| Equity | 10/15 | €116,102 | €100,768 | -€15,334 | -13.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €111,102 | €111,102 | = | 0.0% |
| Distributable reserves | 133 | €111,102 | €111,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€15,334 | -€15,334 | |
| Amounts payable | 17/49 | €47,929 | €25,728 | -€22,201 | -46.3% |
| Amounts payable within one year | 42/48 | €47,929 | €25,728 | -€22,201 | -46.3% |
| Trade debts | 44 | €1,685 | €1,851 | +€166 | +9.9% |
| Suppliers | 440/4 | €1,685 | €1,851 | +€166 | +9.9% |
| Taxes, remuneration and social security | 45 | €46,162 | €19,762 | -€26,400 | -57.2% |
| Taxes | 450/3 | €46,162 | €19,762 | -€26,400 | -57.2% |
| Other amounts payable | 47/48 | €82 | €4,115 | +€4,032 | +4894.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,252 | €5,458 | +€2,206 | +67.8% |
| Other operating charges | 640/8 | €64 | €465 | +€402 | +629.5% |
| Non-recurring operating charges | 66A | - | €14 | +€14 | |
| Gross operating margin | 9900 | €53,368 | -€7,379 | -€60,747 | |
| Operating profit (loss) | 9901 | €50,052 | -€13,316 | -€63,369 | |
| Financial income | 75/76B | €0 | €438 | +€438 | +2189500.0% |
| Recurring financial income | 75 | €0 | €438 | +€438 | +2189500.0% |
| Financial charges | 65/66B | €2,803 | €2,304 | -€499 | -17.8% |
| Recurring financial charges | 65 | €2,803 | €2,304 | -€499 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €47,249 | -€15,182 | -€62,432 | |
| Income taxes | 67/77 | €13,435 | €152 | -€13,283 | -98.9% |
| Profit (loss) for the period | 9904 | €33,814 | -€15,334 | -€49,149 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,814 | -€15,334 | -€49,149 |
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 8 October 2026 via checked.be.