HdN: 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.
HdN
Largest movements
- Cash -€10,839
down €10,839 (-4.9%), from €219,061 to €208,222
mainly Tax, wage and social debts (-€19,769) and Investment in fixed assets (net) (-€9,000)
- Tangible fixed assets +€7,341
up €7,341 (+37.8%), from €19,400 to €26,741
of which Other tangible fixed assets: +€9,000
- Deferred charges and accrued income +€3,078
new in 2025: €3,078
- Profit (loss) carried forward +€29,360
up €29,360 (+15.7%), from €186,590 to €215,950
- Tax, wage and social debts -€19,769
down €19,769 (-33.6%), from €58,915 to €39,146
- Other debts -€7,278
down €7,278 (-100.0%), from €7,278 to €0
- Gross operating margin -€45,260
down €45,260 (-52.6%), from €86,037 to €40,777
- Taxes -€8,509
down €8,509 (-44.0%), from €19,359 to €10,850
- Financial income +€1,768
up €1,768 (+2633.0%), from €67 to €1,835
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 | €257,657 | €258,928 | +€1,270 | +0.5% |
| Fixed assets | 21/28 | €19,400 | €26,741 | +€7,341 | +37.8% |
| Tangible fixed assets | 22/27 | €19,400 | €26,741 | +€7,341 | +37.8% |
| Plant, machinery and equipment | 23 | €1,006 | €780 | -€226 | -22.5% |
| Furniture and vehicles | 24 | €3,290 | €1,856 | -€1,433 | -43.6% |
| Other tangible fixed assets | 26 | €15,104 | €24,104 | +€9,000 | +59.6% |
| Current assets | 29/58 | €238,258 | €232,187 | -€6,071 | -2.5% |
| Amounts receivable within one year | 40/41 | €19,197 | €20,888 | +€1,691 | +8.8% |
| Trade receivables | 40 | €19,197 | €0 | -€19,197 | -100.0% |
| Other amounts receivable | 41 | - | €20,888 | +€20,888 | |
| Cash at bank and in hand | 54/58 | €219,061 | €208,222 | -€10,839 | -4.9% |
| Deferred charges and accrued income | 490/1 | - | €3,078 | +€3,078 | |
| Total equity and liabilities | 10/49 | €257,657 | €258,928 | +€1,270 | +0.5% |
| Equity | 10/15 | €189,590 | €218,950 | +€29,360 | +15.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,590 | €215,950 | +€29,360 | +15.7% |
| Amounts payable | 17/49 | €68,067 | €39,978 | -€28,089 | -41.3% |
| Amounts payable within one year | 42/48 | €68,067 | €39,978 | -€28,089 | -41.3% |
| Trade debts | 44 | €1,874 | €831 | -€1,043 | -55.6% |
| Suppliers | 440/4 | €1,874 | €831 | -€1,043 | -55.6% |
| Taxes, remuneration and social security | 45 | €58,915 | €39,146 | -€19,769 | -33.6% |
| Taxes | 450/3 | €58,915 | €39,146 | -€19,769 | -33.6% |
| Other amounts payable | 47/48 | €7,278 | €0 | -€7,278 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,134 | €1,659 | +€525 | +46.3% |
| Other operating charges | 640/8 | €1,165 | €623 | -€542 | -46.5% |
| Gross operating margin | 9900 | €86,037 | €40,777 | -€45,260 | -52.6% |
| Operating profit (loss) | 9901 | €83,739 | €38,495 | -€45,244 | -54.0% |
| Financial income | 75/76B | €67 | €1,835 | +€1,768 | +2633.0% |
| Recurring financial income | 75 | €67 | €1,835 | +€1,768 | +2633.0% |
| Financial charges | 65/66B | €102 | €120 | +€18 | +17.2% |
| Recurring financial charges | 65 | €102 | €120 | +€18 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €83,704 | €40,210 | -€43,494 | -52.0% |
| Income taxes | 67/77 | €19,359 | €10,850 | -€8,509 | -44.0% |
| Profit (loss) for the period | 9904 | €64,345 | €29,360 | -€34,985 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €64,345 | €29,360 | -€34,985 | -54.4% |
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 28 September 2026 via checked.be.