HDMusic: 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.
HDMusic
Largest movements
- Cash -€68,148
down €68,148 (-79.5%), from €85,680 to €17,532
mainly Investment in fixed assets (net) (-€47,193) and Receivables within one year (-€45,624)
- Receivables within one year +€45,624
up €45,624 (+721%), from €6,326 to €51,950
of which Trade receivables: +€47,035
- Tangible fixed assets +€35,066
up €35,066 (+37.9%), from €92,591 to €127,657
of which Land and buildings: +€33,069
- Profit (loss) carried forward +€66,500
up €66,500 (+48.8%), from -€136,235 to -€69,735
- Tax, wage and social debts -€37,961
down €37,961 (-71.4%), from €53,135 to €15,173
of which Remuneration and social security: -€30,326
- Debts after one year -€14,153
down €14,153 (-6.7%), from €211,680 to €197,527
- Gross operating margin +€65,831
up €65,831 (+306%), from €21,547 to €87,378
- Depreciation +€3,985
up €3,985 (+57.1%), from €6,985 to €10,970
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.
Derived cash bridge
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 | €184,597 | €198,794 | +€14,197 | +7.7% |
| Fixed assets | 21/28 | €92,591 | €128,814 | +€36,223 | +39.1% |
| Tangible fixed assets | 22/27 | €92,591 | €127,657 | +€35,066 | +37.9% |
| Land and buildings | 22 | €90,160 | €123,229 | +€33,069 | +36.7% |
| Plant, machinery and equipment | 23 | €1,365 | €865 | -€500 | -36.6% |
| Furniture and vehicles | 24 | €1,066 | €3,563 | +€2,498 | +234% |
| Financial fixed assets | 28 | - | €1,157 | +€1,157 | |
| Current assets | 29/58 | €92,006 | €69,980 | -€22,026 | -23.9% |
| Amounts receivable within one year | 40/41 | €6,326 | €51,950 | +€45,624 | +721% |
| Trade receivables | 40 | €4,390 | €51,425 | +€47,035 | +1,071% |
| Other amounts receivable | 41 | €1,936 | €525 | -€1,411 | -72.9% |
| Cash at bank and in hand | 54/58 | €85,680 | €17,532 | -€68,148 | -79.5% |
| Deferred charges and accrued income | 490/1 | - | €498 | +€498 | |
| Total equity and liabilities | 10/49 | €184,597 | €198,794 | +€14,197 | +7.7% |
| Equity | 10/15 | -€121,880 | -€55,380 | +€66,500 | +54.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,235 | -€69,735 | +€66,500 | +48.8% |
| Amounts payable | 17/49 | €306,477 | €254,174 | -€52,303 | -17.1% |
| Amounts payable after more than one year | 17 | €211,680 | €197,527 | -€14,153 | -6.7% |
| Financial debts | 170/4 | €211,680 | €197,527 | -€14,153 | -6.7% |
| Amounts payable within one year | 42/48 | €94,796 | €56,247 | -€38,549 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €8,845 | €8,999 | +€154 | +1.7% |
| Financial debts | 43 | - | €5 | +€5 | |
| Credit institutions | 430/8 | - | €5 | +€5 | |
| Trade debts | 44 | €32,817 | €32,070 | -€747 | -2.3% |
| Suppliers | 440/4 | €32,817 | €32,070 | -€747 | -2.3% |
| Taxes, remuneration and social security | 45 | €53,135 | €15,173 | -€37,961 | -71.4% |
| Taxes | 450/3 | €20,809 | €13,173 | -€7,636 | -36.7% |
| Remuneration and social security | 454/9 | €32,326 | €2,000 | -€30,326 | -93.8% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,985 | €10,970 | +€3,985 | +57.1% |
| Other operating charges | 640/8 | €7,325 | €8,101 | +€776 | +10.6% |
| Gross operating margin | 9900 | €21,547 | €87,378 | +€65,831 | +306% |
| Operating profit (loss) | 9901 | €7,237 | €68,307 | +€61,070 | +844% |
| Financial income | 75/76B | €0 | €1 | +€1 | +290% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +290% |
| Financial charges | 65/66B | €2,072 | €1,667 | -€405 | -19.5% |
| Recurring financial charges | 65 | €2,072 | €1,667 | -€405 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €5,166 | €66,641 | +€61,475 | +1,190% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €5,026 | €66,500 | +€61,474 | +1,223% |
| Profit (loss) for the period to be appropriated | 9905 | €5,026 | €66,500 | +€61,474 | +1,223% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.