HDO: 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.
HDO
Largest movements
- Cash +€53,697
up €53,697 (+44.6%), from €120,283 to €173,979
mainly Current investments (+€50,000) and Depreciation (+€39,352)
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Tangible fixed assets -€40,965
down €40,965 (-19.5%), from €210,514 to €169,549
- Receivables within one year +€4,750
up €4,750 (+17.9%), from €26,611 to €31,361
of which Other amounts receivable: +€13,476
- Stocks and contracts -€4,687
down €4,687 (-49.3%), from €9,509 to €4,822
- Reserves -€39,554
down €39,554 (-14.2%), from €279,012 to €239,458
- Other debts +€34,753
up €34,753 (+48.7%), from €71,294 to €106,047
- Tax, wage and social debts -€21,075
down €21,075 (-77.9%), from €27,064 to €5,989
of which Remuneration and social security: -€16,159
- Current portion of long-term debt -€13,555
down €13,555 (-87.2%), from €15,536 to €1,981
- Trade debts +€6,758
up €6,758 (+115%), from €5,893 to €12,651
- Gross operating margin -€206,694
down €206,694 (-61.7%), from €334,988 to €128,294
- Staff costs -€156,030
down €156,030 (-64.1%), from €243,586 to €87,556
- Taxes -€8,994
down €8,994 (-99.4%), from €9,050 to €56
- Other operating charges -€8,075
down €8,075 (-65.4%), from €12,342 to €4,266
- Financial charges -€4,266
down €4,266 (-73.4%), from €5,809 to €1,543
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 | €419,539 | €381,295 | -€38,243 | -9.1% |
| Fixed assets | 21/28 | €210,514 | €169,549 | -€40,965 | -19.5% |
| Tangible fixed assets | 22/27 | €210,514 | €169,549 | -€40,965 | -19.5% |
| Plant, machinery and equipment | 23 | €34,233 | €21,144 | -€13,089 | -38.2% |
| Furniture and vehicles | 24 | €28,353 | €19,198 | -€9,156 | -32.3% |
| Other tangible fixed assets | 26 | €147,928 | €129,207 | -€18,721 | -12.7% |
| Current assets | 29/58 | €209,025 | €211,746 | +€2,722 | +1.3% |
| Stocks and contracts in progress | 3 | €9,509 | €4,822 | -€4,687 | -49.3% |
| Stocks | 30/36 | €9,509 | €4,822 | -€4,687 | -49.3% |
| Amounts receivable within one year | 40/41 | €26,611 | €31,361 | +€4,750 | +17.9% |
| Trade receivables | 40 | €11,373 | €2,648 | -€8,725 | -76.7% |
| Other amounts receivable | 41 | €15,238 | €28,713 | +€13,476 | +88.4% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €120,283 | €173,979 | +€53,697 | +44.6% |
| Deferred charges and accrued income | 490/1 | €2,622 | €1,584 | -€1,038 | -39.6% |
| Total equity and liabilities | 10/49 | €419,539 | €381,295 | -€38,243 | -9.1% |
| Equity | 10/15 | €297,612 | €254,628 | -€42,984 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €279,012 | €239,458 | -€39,554 | -14.2% |
| Distributable reserves | 133 | €279,012 | €239,458 | -€39,554 | -14.2% |
| Profit (loss) carried forward | 14 | €0 | -€3,430 | -€3,430 | |
| Amounts payable | 17/49 | €121,927 | €126,667 | +€4,741 | +3.9% |
| Amounts payable after more than one year | 17 | €1,981 | €0 | -€1,981 | -100% |
| Financial debts | 170/4 | €1,981 | €0 | -€1,981 | -100% |
| Amounts payable within one year | 42/48 | €119,786 | €126,667 | +€6,881 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €15,536 | €1,981 | -€13,555 | -87.2% |
| Trade debts | 44 | €5,893 | €12,651 | +€6,758 | +115% |
| Suppliers | 440/4 | €5,893 | €12,651 | +€6,758 | +115% |
| Taxes, remuneration and social security | 45 | €27,064 | €5,989 | -€21,075 | -77.9% |
| Taxes | 450/3 | €5,308 | €393 | -€4,916 | -92.6% |
| Remuneration and social security | 454/9 | €21,755 | €5,596 | -€16,159 | -74.3% |
| Other amounts payable | 47/48 | €71,294 | €106,047 | +€34,753 | +48.7% |
| Accrued charges and deferred income | 492/3 | €160 | €0 | -€160 | -100% |
| Non-recurring operating income | 76A | - | €2,337 | +€2,337 | |
| Remuneration, social security and pensions | 62 | €243,586 | €87,556 | -€156,030 | -64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,103 | €39,352 | -€2,750 | -6.5% |
| Other operating charges | 640/8 | €12,342 | €4,266 | -€8,075 | -65.4% |
| Non-recurring operating charges | 66A | €0 | €183 | +€183 | |
| Gross operating margin | 9900 | €334,988 | €128,294 | -€206,694 | -61.7% |
| Operating profit (loss) | 9901 | €36,957 | -€3,065 | -€40,022 | |
| Financial income | 75/76B | €595 | €1,234 | +€639 | +108% |
| Recurring financial income | 75 | €595 | €1,234 | +€639 | +108% |
| Financial charges | 65/66B | €5,809 | €1,543 | -€4,266 | -73.4% |
| Recurring financial charges | 65 | €5,809 | €1,543 | -€4,266 | -73.4% |
| Profit (loss) for the period before taxes | 9903 | €31,743 | -€3,374 | -€35,117 | |
| Income taxes | 67/77 | €9,050 | €56 | -€8,994 | -99.4% |
| Profit (loss) for the period | 9904 | €22,693 | -€3,430 | -€26,123 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,693 | -€3,430 | -€26,123 |
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 26 October 2026 via checked.be.