HDMD: 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.
HDMD
Largest movements
- Tangible fixed assets -€28,449
down €28,449 (-73.8%), from €38,570 to €10,121
of which Furniture and vehicles: -€15,755
- Cash +€24,942
up €24,942 (+52.3%), from €47,702 to €72,645
mainly Net result for the year (+€60,602) and Investment in fixed assets (net) (+€18,110)
- Receivables within one year +€8,896
up €8,896 (+81.8%), from €10,875 to €19,771
of which Other amounts receivable: +€13,897
- Deferred charges and accrued income +€3,738
up €3,738 (+112.0%), from €3,336 to €7,073
- Reserves +€60,602
up €60,602 (+150.6%), from €40,230 to €100,832
- Other debts -€43,529
no longer reported in 2025 (was €43,529)
- Trade debts -€7,946
down €7,946 (-80.7%), from €9,850 to €1,904
- Gross operating margin +€24,914
up €24,914 (+39.3%), from €63,350 to €88,264
- Taxes +€5,504
up €5,504 (+48.0%), from €11,461 to €16,965
- Depreciation -€892
down €892 (-7.9%), from €11,231 to €10,339
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 | €100,484 | €109,611 | +€9,127 | +9.1% |
| Fixed assets | 21/28 | €38,570 | €10,121 | -€28,449 | -73.8% |
| Tangible fixed assets | 22/27 | €38,570 | €10,121 | -€28,449 | -73.8% |
| Furniture and vehicles | 24 | €21,167 | €5,411 | -€15,755 | -74.4% |
| Other tangible fixed assets | 26 | €17,403 | €4,710 | -€12,693 | -72.9% |
| Current assets | 29/58 | €61,914 | €99,490 | +€37,576 | +60.7% |
| Amounts receivable within one year | 40/41 | €10,875 | €19,771 | +€8,896 | +81.8% |
| Trade receivables | 40 | €6,336 | €1,336 | -€5,001 | -78.9% |
| Other amounts receivable | 41 | €4,539 | €18,436 | +€13,897 | +306.2% |
| Cash at bank and in hand | 54/58 | €47,702 | €72,645 | +€24,942 | +52.3% |
| Deferred charges and accrued income | 490/1 | €3,336 | €7,073 | +€3,738 | +112.0% |
| Total equity and liabilities | 10/49 | €100,484 | €109,611 | +€9,127 | +9.1% |
| Equity | 10/15 | €42,230 | €102,832 | +€60,602 | +143.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €40,230 | €100,832 | +€60,602 | +150.6% |
| Distributable reserves | 133 | €40,230 | €100,832 | +€60,602 | +150.6% |
| Amounts payable | 17/49 | €58,254 | €6,779 | -€51,475 | -88.4% |
| Amounts payable within one year | 42/48 | €58,254 | €6,779 | -€51,475 | -88.4% |
| Trade debts | 44 | €9,850 | €1,904 | -€7,946 | -80.7% |
| Suppliers | 440/4 | €9,850 | €1,904 | -€7,946 | -80.7% |
| Taxes, remuneration and social security | 45 | €4,875 | €4,875 | = | 0.0% |
| Taxes | 450/3 | €4,875 | €4,875 | = | 0.0% |
| Other amounts payable | 47/48 | €43,529 | - | -€43,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,231 | €10,339 | -€892 | -7.9% |
| Other operating charges | 640/8 | €379 | €288 | -€90 | -23.8% |
| Gross operating margin | 9900 | €63,350 | €88,264 | +€24,914 | +39.3% |
| Operating profit (loss) | 9901 | €51,740 | €77,636 | +€25,896 | +50.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €49 | €69 | +€20 | +40.8% |
| Recurring financial charges | 65 | €49 | €69 | +€20 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €51,691 | €77,567 | +€25,876 | +50.1% |
| Income taxes | 67/77 | €11,461 | €16,965 | +€5,504 | +48.0% |
| Profit (loss) for the period | 9904 | €40,230 | €60,602 | +€20,373 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,230 | €60,602 | +€20,373 | +50.6% |
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.